• Fiji’s example to help as IFC talks green bonds with SE Asian banks

    The main purposes of Fiji’s green bond issue are to highlight the importance of climate change, especially to island states, and to “lead by example” for other issuers in the Pacific region, said officials at the International Finance Corp who worked on the deal.

    20 Oct 2017

  • Kimi auto deal races past finish line at narrow spreads

    Santander Consumer Finance has priced the sixth transaction in its Kimi auto ABS series, ratcheting inside of the historical spread differential between Finnish and German auto paper.

    20 Oct 2017

  • Aroundtown pockets €450m of equity to grow its portfolio

    Aroundtown, the German commercial property company, raised €450m of growth capital on Thursday night in a share sale led by Goldman Sachs, Berenberg and Deutsche Bank.

    20 Oct 2017

  • Corporate bond week ahead: ECB the focus but demand continues to grow

    Bond market views vary as to what European Central Bank president Mario Draghi will announce after Thursday’s ECB meeting. However, corporate bond syndicate desks are all very clear about the rude health of the new issue market.

    20 Oct 2017

  • Goldman, Morgan Stanley lead Cabot Credit flotation

    Cabot Credit Management, the biggest debt collector in the UK, launched its highly anticipated IPO on Friday, adding its name to the already vibrant list of companies preparing to go public in London this autumn.

    20 Oct 2017

  • Nestlé feeds investors' craving across the curve with €2bn triple

    Just three months after Nestlé last extended its corporate bond curve, the Swiss food group is back in the market. On Friday it pushed its range of maturities even further.

    20 Oct 2017

  • PKO targets zloty market after mBank prints big

    PKO Bank Hipoteczny has mandated for a Polish zloty-denominated covered bond deal, following on from mBank, which has issued Z1.5bn in the domestic market recently.

    20 Oct 2017

  • China XD Plastics returns for $300m two year

    Nasdaq-listed China XD Plastics Co is in the loan market for a $300m financing, returning one year after signing its last deal.

    20 Oct 2017

  • TissueGene rakes in W202bn from 300x subscribed IPO

    Pharmaceutical firm TissueGene has raised W202.5bn ($178.9m) after pricing its IPO on South Korea’s second board at the top of guidance, according to a banker close to the deal.

    20 Oct 2017

  • China Forestry's debut loan grows to HK$4bn

    China Forestry Group has tied up its first international syndicated loan at HK$4bn ($513m), twice the launch size, as commitments flooded in from 18 banks during syndication.

    20 Oct 2017

  • China picks banks for dollar bond, snubs rating agencies

    China’s Ministry of Finance (MoF) has decided not to acquire a credit rating for its forthcoming dollar bond issuance – the country’s first dollar bond in over a decade. The news came as MoF mandated 10 banks as bookrunners and managers, including four foreign entities.

    20 Oct 2017

  • Issuers find debt success as buy-side appetite remains healthy

    A slew of new dollar deals hit the debt market on Thursday, with all of them easily gobbled up by investors.

    20 Oct 2017

  • RMB round-up: CBRC signals stricter regulations, China reports 6.8% GDP growth in Q3, US says China is not a currency manipulator

    The head of China Banking Regulatory Commission (CBRC) says financial regulations in China will become stricter in future, the Chinese economy grows by 6.8% in the third quarter, the US backtracks from labelling China a currency manipulator ahead of president Donald Trump’s visit to China.

    20 Oct 2017

  • China Merchants goes tight with inaugural offshore AT1

    China Merchants Bank priced its debut Basel III additional tier one dollar bond on Thursday, 10bp inside the main comparable, as the small deal size and rarity value proved attractive.

    20 Oct 2017

  • CPC reactions: Xi reforms and life after Zhou

    Expectations were low for breakthrough announcements on financial markets reform ahead of the Communist Party Congress, which started Wednesday. But regulators have dropped a few hints at what might be in store for the renminbi internationalisation (RMBi) agenda and the opening of the banking sector.

    20 Oct 2017

  • Senior Rabobank treasury banker to retire

    The former head of treasury at Rabobank London is set to retire at the end of the year.

    20 Oct 2017

  • Manulife US Reit seals rights issue for New Jersey acquisition

    Manulife US Real Estate Investment Trust has raised $208m to fund the acquisition of a Jersey City property after investors poured into its rights issue, according to a filing on Thursday.

    20 Oct 2017

  • Vietnam’s largest IPO sees investors rush in

    The order books for Vincom Retail’s record-breaking IPO in Vietnam will close a day early. The D15.4tr ($677.9m) listing has already attracted heavy demand.

    20 Oct 2017

  • Rise above: Latest China listing in US pierces guidance

    China-based Rise Education has wrapped up a Nasdaq IPO worth $159.5m after pricing the stock above the initial guidance range, according to a source close to the deal.

    20 Oct 2017

  • RHB taps Barclays banker to run Asia ECM

    Malaysia’s RHB Bank has hired Ankur Khandelwal from Barclays to head its Asia ECM unit, according to sources close to the matter.

    20 Oct 2017

  • Beware of the bond bull

    When market participants can’t see a possible end to a bond rally, the ending is likely to be brutal.

    19 Oct 2017

  • Bond buyers bet on Lenin as Ecuador returns for more

    The Republic of Ecuador raised $2.5bn of 10 year notes on Wednesday to take its total borrowing for the year to $5.5bn as — for the first time in seven deals — the sovereign mandated an institution beyond Citi to manage the issuance.

    19 Oct 2017

  • BanBra rallies, Azul flies as Brazil bonds boom

    Two Brazilian bond deals this week underlined the improved sentiment towards Latin America’s largest economy as Banco do Brasil’s first bond in three years traded a point up the day after pricing despite coming flat to fair value.

    19 Oct 2017

  • Davivienda sells global peso as Latins line up local currency test

    Colombian lender Banco Davivienda sold $500m-equivalent of peso-denominated bonds in global markets on Thursday to kick off an expected flurry of global local currency deals from Latin American issuers.

    19 Oct 2017

  • Belfius Bank EUR500m 1% Oct 24 SNP

    19 Oct 2017

  • Swedbank to join green universe with senior roadshow

    Swedbank is the latest issuer to unveil a green bond framework, with a roadshow for the first deal to take place between Wednesday and Friday next week.

    19 Oct 2017

  • Crédit Mutuel Arkéa EUR500m 1.875% Oct 29 tier two

    19 Oct 2017

  • Private placements, ABS dominate air finance discussions

    Industry pros at the Airline Economics Growth Frontiers Conference in New York this week were keen to point out the advantages of the private placement and ABS markets, citing the number of investors looking to increase allocations in both sectors.

    19 Oct 2017

  • Uruguay eyes clearing house deal for pesos

    Uruguay is in advanced discussions with clearing houses to make it easier for international investors to participate in its local curve, as the sovereign looks to integrate its domestically issued notes with the nominal global peso curve established this year.

    19 Oct 2017

  • KfW 0% EUR3bn Dec 22

    19 Oct 2017

  • Out Of The Money: Christmas MiFID excitement at ESMA conference

    Regulators, bankers and lawyers converged on Paris this week to attend the first ever conference organised by the European Securities and Markets Authority. Held at The Westin Paris Hotel right by the Tuileries Garden, the event came during an important year for ESMA.

    19 Oct 2017

  • Cades 1.75% USD3bn Sep 19

    19 Oct 2017

  • Eurobank unveils CPT in wake of NBG

    Eurobank Ergasias has mandated leads for a roadshow, marketing a near replica transaction of National Bank of Greece’s (NBG) three year conditional pass-through that was issued last week.

    19 Oct 2017

  • Fears rise for FICC after Wall Street disappoints

    Expectations for third quarter earnings at Europe’s investment banks have taken a knock, following a disappointing round of US bank earnings that saw trading performance remain muted. European banks may also be losing market share in trading, and any poor performance will be compounded by the strong euro.

    19 Oct 2017

  • IFC 2% USD1bn Oct 22 green bond

    19 Oct 2017

  • Arkéa and Belfius find new tights in ‘red hot’ market

    Issuers are finding new valuations for their bonds in the financial institutions bond market this autumn, with strong issuance conditions helping to drag spreads tighter and tighter.

    19 Oct 2017

  • Debt relief talks for Caribbean are real, says Branson

    Sir Richard Branson spoke with GlobalCapital’s Lucien Chauvin on Wednesday, after meeting Caribbean heads of government and leaders of the World Bank and International Monetary Fund in Washington. Branson is pushing for a Marshall Plan to help the Caribbean cope with the relentless onslaught of hurricanes, exacerbated by climate change.

    19 Oct 2017

  • Coventry Building Society GBP450m 1.875% Oct 23

    19 Oct 2017

  • Prudential USD750m 4.875% perpetual tier two

    19 Oct 2017

  • BondMarker results: French agencies meet mixed reviews

    The scores have been counted and the results are in. The BondMarker voters have delivered their verdict on last week's crop of benchmarks, including a scintillating pair of deals from supranationals. Two deals from French agencies met with drastically different levels of approval from the BondMarker voters, but both fared better than Land NRW.

    19 Oct 2017

  • SSA market hopes ECB to answer QE quiz

    With asset prices inflated to levels that would have seemed impossible a few years ago, capital market participants are looking forward to the European Central Bank’s (ECB’s) eventual exit from its quantitative easing (QE) programme with a mix of hope and dread, writes Lewis McLellan.

    19 Oct 2017

  • Orphaning question lingers over Wind CDS guarantee

    We noted last month that orphaned CDS seemed to be on the rise, with both EDP in Portugal and Italy’s Wind possibly losing their relationships with deliverable obligations.

    19 Oct 2017

  • Borrowers coming well inside curves thanks to green bonds

    A pair of public sector borrowers launched trades in the socially responsible investment (SRI) market this week, taking advantage of the dearth of green supply to land prices well inside their conventional curves.

    19 Oct 2017

  • RTE EUR750m 1.875% Oct 2037

    19 Oct 2017

  • Iren EUR500m 1.5% Oct 2027

    19 Oct 2017

  • Cohn points finger at clearing houses as the 'next problem'

    Director of the National Economic Council Gary Cohn has singled out clearing houses as “the next problem” that the financial industry will have to confront.

    19 Oct 2017

  • Santander on a roll as Yankees steal the show

    US and non-US issuers entered the dollar bond market in a busy week, including Banco Santander, which continued its US charm offensive with a $2.5bn three-part trade.

    19 Oct 2017

  • WM Housing keeps UK property bonds flowing

    WM Housing followed the successful path of its fellow UK housing association, Notting Hill Housing Trust, when it announced a copycat benchmark sterling 31 year deal on Friday.

    19 Oct 2017

  • Stedin debut survives aggressive tightening

    Dutch grid operator Stedin, formerly part of Eneco, was one of several issuers that met with investors before announcing deals this week. It had been discussing a sub-benchmark three year to five year floating rate note and a benchmark eight year fixed rate note, for what was essentially its bond market debut.

    19 Oct 2017

  • People moves in brief

    Barclays beefs up in UK M&A — MUFG hires ME veteran — Ex-HY syndicate banker heads to buy side

    19 Oct 2017

  • Facing collateral shortage, CLO managers turn to middle market

    CLO managers are buying smaller, less liquid middle market loans to boost the spread on offer in their funds, as aggressive repricing in the broadly syndicated loan sector squeezes the arbitrage in the structures.

    19 Oct 2017

  • Akka joins growing trend toward chunky Schuldschein transactions

    French engineering services company doubled its initial launch size to just over €400m, joining the growing proportion of Schuldschein deals closing over €200m. But, some question whether the growing number of larger companies accessing the German private placement market might affect funding chances for smaller SMEs

    19 Oct 2017

  • UnitedHealth shines with $4bn five tranche deal

    UnitedHealth Group rescued an otherwise lacklustre week for high grade dollar bond issuance with a $4bn deal as earnings blackouts kept a lid on supply.

    19 Oct 2017

  • Dollar market providing superb execution at short end

    Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.

    19 Oct 2017

  • RTE gets €2.75bn book for 20 year with tight premium

    Corporate bonds that are executed on Fridays are often brought then to give issuers some space in crowded markets, but in an otherwise quiet week French electricity grid operator Réseau de Transport d’Électricité had little competition for investor attention last Friday as it printed the longest dated deal of the week.

    19 Oct 2017

  • Supply shortage keeps pricing tight in green utilities

    After utility companies dominated the investment grade benchmark corporate bond market last week, Iren followed this week with a debut green bond that was priced tight to its secondary curve.

    19 Oct 2017

  • Brexit leaves €126bn of MREL in limbo

    The European Banking Authority (EBA) has warned banks in Europe that any debt they issue under English law may cease to count towards the minimum requirement for own funds and eligible liabilities (MREL) as soon as the UK leaves the European Union.

    19 Oct 2017

  • Italian supermarket Esselunga sweeps all before it — including BTPs

    Is this bond expensive or are BTPs cheap? That was the question investors considering Wednesday’s debut corporate bond issue from Italian supermarket chain Esselunga had to answer. But there was more to come as an Italian high yield borrower also raised funds at sub-2% writes Nigel Owen.

    19 Oct 2017

  • The Pained Trader: the price is right

    The Pained Trader pitches his package.

    19 Oct 2017

  • Sponsors business surges back to pre-crisis boom levels

    Big ticket European take-privates are back, evoking memories of the last buy-out boom, writes David Rothnie. Will it be different this time?

    19 Oct 2017

  • Oil & Gas Holding Company (Noga) USD1bn 7.5% Oct 27

    19 Oct 2017

  • Statnett benefits from state ownership on euro debut

    Norwegian state-owned grid operator Statnett priced its debut benchmark euro corporate bond on Wednesday, opting to go longer than the 10 year tenor many of the recent utility issuers chose.

    19 Oct 2017

  • PKO returns to Swissies after window opens

    PKO Bank Polski issued in Swiss francs for the first time in five years this week amid an improving basis swap out of the currency that is opening up a window for deals.

    19 Oct 2017

  • New tech seeks to fix secondary bond markets

    BNY Mellon and HSBC are building a network to match trades in the corporate bond market using custodian information.

    19 Oct 2017

  • World Bank’s Kim eyes debt-for-resilience swaps

    World Bank president Jim Yong Kim has told Caribbean leaders it is time to think creatively about ways to deal with the region's debt, low growth and the vulnerabilities posed by climate change-provoked disasters. By Lucien Chauvin, Oliver West and Virginia Furness.

    19 Oct 2017

  • Investors deaf to risk as Spain tightens grip over Catalonia

    Many in the financial industry in Madrid believe Catalonia’s independence adventure is over. But plenty in Barcelona expect lengthy spells of uncertainty after Spain’s government moved to end the region’s autonomy.

    19 Oct 2017

  • Spire builds out credit team with two hires

    CLO manager Spire Partners has added two hires to its credit team, as it looks to broaden its portfolio management capabilities.

    19 Oct 2017

  • KfW benefits from green Kangaroo development

    KfW tapped its July 2020 Australian dollar green bond for A$200m ($156.9m) on Wednesday, pricing well inside its existing Kangaroo curve — an illustration of the developing maturity of green markets down under.

    19 Oct 2017

  • Barclays beefs up in UK M&A

    Barclays has beefed up the senior management of its UK mergers and acquisitions business, as part of a plan to boost its market share across Europe.

    19 Oct 2017

  • Second time lucky for Varta as it soars by 15% on day one

    Shares in Varta, the German maker of micro-batteries for hearing aids and wireless headphones, closed 15% higher on Thursday after the company priced its €203m Frankfurt IPO at the top of the range.

    19 Oct 2017

  • Land NRW goes ultra-long in ultra-hot market

    The Federal State of North Rhine-Westphalia came to market for its longest ever bond on Thursday, raising €1bn with a 40 year transaction in a market that “just can’t get any hotter”, according to a banker at one of the leads.

    19 Oct 2017

  • Euro ABS issuers to race to market ahead of QE tapering

    The European ABS market has never been hotter, at least in the post-crisis era, and issuers are being advised to stuff the pipeline with deals to take advantage of record tight spreads and beat expected tapering of QE by the European Central Bank in 2018. Sam Kerr reports.

    19 Oct 2017

  • Aedas Homes prices €664m IPO despite Catalonia worries

    The IPO of Aedas Homes, the Spanish home builder, has been priced at €31.65, the bottom of the €31.65 to €33.15 initial range, after receiving orders from almost 100 investors.

    19 Oct 2017

  • ESMA puts euro derivs market at $478tr

    The European derivatives market has a combined notional value of $478tr, with 330m transactions outstanding, said the European Securities and Markets Authority (ESMA) after it analysed data from six EU-authorised trade repositories.

    19 Oct 2017

  • Can’t touch this: bankers weigh Qatar bond

    Qatar is looking to issue a jumbo bond before the end of this year, but bond syndicates and DCM desks are agonising over whether it would be good business for them to work with the state, since it has been cut off by its neighbours.

    19 Oct 2017

  • SEC names head of trading and markets

    The SEC has hired a former JP Morgan market structure specialist to run the agency’s trading and markets division.

    19 Oct 2017

  • Italian builder Salini joins sub-2% coupon HY elite

    Salini Impregilo, the Italian construction firm, printed new bonds with a coupon under 2% on Thursday, becoming only the third high yield borrower to duck under the hurdle this year.

    19 Oct 2017

  • Do Italian supermarkets need even cheaper funding?

    This week, Esselunga, a 60 year old Italian supermarket chain issued its debut corporate bonds. It is rated Baa2/BBB-, the same as its own government.

    19 Oct 2017

  • Belfius nets tighter pricing in non-preferred double dipping

    Belfius Bank opened books on a second non-preferred senior deal on Thursday, setting a final spread inside where it priced its debut — a shorter dated deal — just six weeks earlier.

    19 Oct 2017

  • BMO ends Canadian euro drought

    Bank of Montreal (BMO) became the first Canadian name to issue a covered bond in euros since March with a €1.5bn trade on Thursday.

    19 Oct 2017

  • Helaba taps bond with ‘no hurdles’

    Helaba faced few difficulties on Thursday with a €250m tap of a ten year bond.

    19 Oct 2017

  • Kernel goes for smaller loan but longer tenor

    Kernel, the Ukrainian grain and sunflower producer, has signed a $200m syndicated loan to refinance a $300m facility from last year, with a longer three year tenor.

    19 Oct 2017

  • Eurotorg trades up as investors embrace new corporate paper

    Belarusian food retailer Eurotorg’s $350m new issue traded up in the secondary market on Thursday morning, demonstrating the high appetite for rare corporate bonds from emerging markets.

    19 Oct 2017

  • Wanda smarts as downgrades trigger loan repayments

    Two credit rating downgrades of Dalian Wanda Commercial Properties (DWCP) have put its offshore loans in lenders’ cross-hairs. DWCP is talking to its lenders, who have the power to force an acceleration of payments. Shruti Chaturvedi reports.

    19 Oct 2017

  • Fisch hooks former Barings HY director

    Swiss boutique investment fund Fisch Asset Management,has hired a new senior credit analyst for its high yield desk by raiding Barings.

    19 Oct 2017

  • Noga snaps tighter after pricing wide to Bahrain

    The $1bn 10 year note issued by Bahrain’s Oil and Gas Holding Company (Noga) had already traded up by two cash points in the secondary market on Thursday, after landing at the top end of where deal watchers saw fair value.

    19 Oct 2017

  • Sweet success: Qudian rings in $900m from red-hot IPO

    Qudian priced its $900m US float above the initial range this week, then soared as much as 48% on its debut, underscoring investors’ ravenous appetite for Chinese fintech stocks.

    19 Oct 2017

  • China to reset country’s bond curve with new deal

    China is preparing to challenge South Korea as the tightest-priced sovereign issuer in Asia, as it lines up its first dollar bond in a decade next week. The market expects China to take an aggressive approach for the deal, which could reset the curve for all of the country’s debt issuers. Morgan Davis reports.

    19 Oct 2017

  • US on a roll as Chinese firms eye deals bonanza

    Baidu has picked banks to list its video streaming arm in the US, as a host of Chinese issuers stormed into Wall Street this week for their IPOs.

    19 Oct 2017

  • People news in brief, October 19, 2017

    China Minsheng Bank has named Sheau Huei Wang as the new head of syndicated finance, succeeding Foster Lee who left the firm earlier this month.

    19 Oct 2017

  • China Literature steals attention for IPO with tech page-turner

    China Literature, the e-book subsidiary of Chinese tech firm Tencent, is on track for a red-hot IPO after shadow orders immediately flooded in during pre-marketing. Some smaller companies have already delayed their IPOs to avoid being eclipsed by a deal that looks sure to dominate discussion in the coming weeks. Jonathan Breen reports.

    19 Oct 2017

  • ’Tis the season for forced jollity

    As winter creeps up on us, it is time to celebrate that cherished time of year when people come together in a spirit of love, fraternity, and violent rivalry. Yes, it is awards season.

    19 Oct 2017

  • Adnoc picks four for bond, more to be added

    Abu Dhabi Crude Oil Pipeline (Adcop), a wholly owned subsidiary and strategic asset of Abu Dhabi National Oil Co. (Adnoc), has named four of the arrangers of its loan to lead bond investor meetings, and those who joined the syndication will be added later.

    19 Oct 2017

  • LSE's Rolet to step down by late 2018

    The CEO of London Stock Exchange Group, Xavier Rolet, will leave the company by the end of December next year, it was revealed in a statement on Thursday.

    19 Oct 2017

  • Former RBS head of HY back as hedge fund investor

    Millenium Management has appointed a co-manager of its European Credit Fund, who was once head of European high yield syndicate at Royal Bank of Scotland.

    19 Oct 2017

  • Verizon is the pipeline as eyes turn to central bank meetings

    All four of the investment grade corporate bond deals to price so far this week were preceded by investor roadshows. This leaves Verizon as the only publicly acknowledged deal yet to launch, but next week’s European Central Bank meeting may persuade some issuers to bring deals unannounced.

    19 Oct 2017

  • PBoC’s Zhou: No quick change to RMB trading band

    China will not amend the RMB trading band in the near term, Zhou Xiaochuan, governor of the People’s Bank of China, said on October 19. Zhou made the remarks shortly after the central bank defended its recent changes to the FX rate mechanism in a report.

    19 Oct 2017

  • China Grand Auto gets going for second dollar perp

    China Grand Automative Services Co, a car dealership, is readying a return to the international debt market, hiring two banks for a senior perpetual bond.

    19 Oct 2017

  • Chinese trio keep bond momentum going

    Zhongrong Xinda Group Co and Jiangsu Nantong Sanjian Construction Group Co (JNTC) are set to make their debuts in the international bond market on Thursday, as Tongchuangjiuding Investment Management Group Co returns for a tap.

    19 Oct 2017

  • China CDS market opens to foreign banks

    The market for credit default swaps (CDS) in China is still in its very early stages, but the government is looking to promote their use and the first foreign bank has already got involved.

    19 Oct 2017

  • Bring on the bulls: LatAm quartet line up local currency trades

    A potential Costa Rican colón bond issue is arguably the most eye-catching of a flurry of global local currency transactions planned by Latin American borrowers as bankers say the bull market could hit new heights.

    19 Oct 2017

  • Ecuador changes leads as investors see change in direction

    The Republic of Ecuador raised $2.5bn of 10 year notes on Wednesday to take its total borrowing for the year to $5.5bn as — for the first time in seven deals — the sovereign mandated an institution beyond Citi to manage the issuance.

    19 Oct 2017

  • BanBra back with a bang in first trade in three years

    Government-owned Banco do Brasil attracted more than $6bn of orders for a $1bn trade on Wednesday as bankers said there was a strong pent-up bid from Brazilian debt.

    19 Oct 2017

  • Kia Motors turns on engine for dual-trancher

    Kia Motors Corp is returning to the international bond market, opening books for a dual-tranche 144A/Reg transaction on Thursday morning.

    19 Oct 2017

  • SGX inks dual-listing pact with Nasdaq

    Singapore Exchange (SGX) is stepping up its efforts to attract new listings by partnering with Nasdaq, as Asian issuers increasingly look to tap global investors.

    19 Oct 2017

  • Hyderabad Airport’s maiden dollar bond hits the runway

    The operator of Hyderabad’s international airport launched its debut dollar bond on Thursday morning, following a global roadshow last week.

    19 Oct 2017

  • China Merchants throws open maiden dollar AT1

    China Merchants Bank is marketing its inaugural dollar-denominated Basel III additional tier one transaction, which analysts say is attractive to investors.

    19 Oct 2017

  • Industry weighs benefits of EETC funding

    The Enhanced Equipment Trust Certificate (EETC) sector could be a better option than bank debt for carriers looking to finance themselves in one fell swoop, said aviation experts at the Airline Economics Growth Frontiers Conference in New York.

    18 Oct 2017

  • Mortgage lenders rush RMBS pipeline

    RMBS issuers have flocked to the primary market this week, with five deals hitting the pipeline through Wednesday across a range of asset types, including a new structure from Freddie Mac, a second prime jumbo deal from AIG, and a rare mortgage insurance deal from Arch Capital.

    18 Oct 2017

  • Mosaic prices solar ABS at tight spreads

    Mosaic sold a solar loan securitization at tight spreads on Wednesday, as investors report that the market for renewable energy ABS is turning into a food fight amid heavy demand and low supply.

    18 Oct 2017

  • Teva unit to inject CVC’s LBO loans soon

    The non-US women's health unit of Israel’s Teva Pharmaceutical Industries is mulling the option of issuing its first term loans in euros to fund its buyout by private equity firm CVC.

    18 Oct 2017

  • Fresh talks on Emissions Trading System in next fortnight

    EU politicians are determined to reach agreement on reforming the EU Emissions Trading System — which has so far eluded them — before the COP 23 meeting in November, and a fresh round of talks will be set up in the next couple of weeks.

    18 Oct 2017

  • Deutsche Bahn buys return ticket to Swiss mart

    Deutsche Bahn returned to the market after a two year absence with the longest dated Swiss franc bond from a German corporate. Swap costs have made it tricky for Deutsche Bahn to borrow in the Swiss currency. But the lead managers found a window at 13 years for the issuer to exploit.

    18 Oct 2017

  • Fiji green bond has domestic buyers, international structure

    Fiji is set to become the third country to issue a sovereign green bond, with a F$100m ($50m) issue in Fiji dollars. The country, highly vulnerable to climate change, has just taken over as president of the COP meetings on climate change.

    18 Oct 2017

  • Brexit provides push for Capital Markets Union part deux

    EU regulators vowed to push ahead with an EU27 version of the 'Capital Markets Union' as they look at life after Brexit.

    18 Oct 2017

  • LCH's Maguire becomes CEO

    Major clearing house LCH on Wednesday announced that its COO, Daniel Maguire, has been appointed CEO of the firm.

    18 Oct 2017

  • LCH clears for new Swiss overnight rate

    LCH has begun clearing Swiss Franc interest rate swaps referencing the Swiss Average Overnight Rate (Saron), with Basler Kantonalbank, Credit Suisse and Zürcher Kantonalbank among the first to clear using the new benchmark.

    18 Oct 2017

  • EU rescues securitization market from EU-inflicted screw-up

    The European Union has fixed a regulation which would have accidentally banned securitization of many legacy assets, after an outraged response from the industry when the planned rule was published in the summer.

    18 Oct 2017

  • RWS raises £185m to fund Moravia takeover

    Shares in RWS Holdings, the UK translation company, closed 14.6% lower on Wednesday after it raised £185m, 19% of its share capital, through a daytime capital increase to partly finance its $320m acquisition of Moravia, the Czech provider of technology-enabled translation and localisation services.

    18 Oct 2017

  • Laender score strong 10 year euros as EU cleans up at long end

    The Joint Laender printed €1bn of 10 year paper on Tuesday, filling the book unusually quickly for a Laender deal. The deal was joined in the market by a European Union (EU) tap of an April 2031 line.

    18 Oct 2017

  • KenGen to launch $300m loan

    Kenya’s largest power producer Kenya Electricity Generating Company (KenGen) is looking to raise $300m in the loan market, which the World Bank is providing a $180m guarantee for.

    18 Oct 2017

  • Quantile debuts LCH compression service

    Quantile Technologies has completed its first compression run for client derivative positions held at LCH, executing the exercise in euro interest rate swaps.

    18 Oct 2017

  • Exotix expands its frontiers

    Exotix, a research firm and investment bank has made three senior hires to expand business in frontier markets.

    18 Oct 2017

  • NEX docks third party on to Infinity

    NEX Optimisation has hit a target in the roll out of its Infinity platform, signing up a third party service provider for FX spot transactions.

    18 Oct 2017

  • Latest Irish RMBS deal draws a crowd

    Euro ABS investors flocked to an Irish RMBS deal from Permanent TSB that was priced on Wednesday, with the bonds well oversubscribed throughout the capital stack.

    18 Oct 2017

  • Italian supermarket prices inside BTPs after Moody's reports on sector

    On Wednesday, Italian supermarket chain, Esselunga, became the first non-utility issuer to sell a benchmark corporate bond since Iliad’s €650m deal on October 5. The company’s debut deal saw one tranche priced at a lower yield than Italian government bonds.

    18 Oct 2017

  • Statnett debut taps into investor positioning

    Norwegian state owned grid operator, Statnett, priced its debut benchmark euro corporate bond on Wednesday, continuing the recent supply of utility issuers selling longer dated new issues.

    18 Oct 2017

  • BB Energy signs oversubscribed refi

    Lebanon energy trading company BB Energy signed a $225m revolving credit facility (RCF) on Wednesday to refinance a $200m facility from last year.

    18 Oct 2017

  • Morgan Stanley dives into euros for €2.75bn after results

    A day after announcing results, Morgan Stanley came to the euro market on Wednesday with two tranches of senior debt bringing the bank’s total issuance in the currency so far this year to €6.25bn.

    18 Oct 2017

  • Wind blows through HY with roadshow for €7.3bn refinancing

    Italian telecoms firm Wind called on the high yield market on Wednesday, as it planned to refinance most of its debt with a dual currency five tranche offering, deploying 20 bookrunners in the process.

    18 Oct 2017

  • VW sells auto lease ABS transaction

    VW Finance has priced its latest auto ABS transaction 1bp shy of post crisis tights, with both the senior and mezzanine notes attracting heavy demand.

    18 Oct 2017

  • Rivals question Eurotorg spread over sovereign

    Belarusian food retailer Eurotorg tightened price guidance on Wednesday for a $300m-$350m bond to 9.125%-9.25%. Syndicate officials away from the deal said that level was much wider than they expected for the note but a lead manager has launched a staunch defence of pricing.

    18 Oct 2017

  • Noga draws $2.6bn book for debut bond

    Bahrain’s Oil and Gas Holding Company (Noga) had taken books of $2.6bn for its debut 10 year bond on Wednesday, while bankers debated the significance of the spread over the Bahraini sovereign.

    18 Oct 2017

  • 'Big spread', little supply helps Arkéa to 8x subscription on first callable T2

    More than 250 investors put in orders for Crédit Mutuel Arkéa’s first ever callable tier two bond on Wednesday, finding an attractive pick-up in spread versus subordinated bonds sold by other French banks.

    18 Oct 2017

  • Apicorp roadshows for sukuk

    Arab Petroleum Investments Corporation (Apicorp) is embarking on investor meetings for a benchmark five year sukuk.

    18 Oct 2017

  • Europcar defies Catalexit with HY deal for Goldcar LBO

    French car hire group Europcar opened the high yield bond primary market on Monday with new debt to fund the acquisition of Spanish peer Goldcar, demonstrating how little investors are worrying about the escalating crisis between Catalonia and Spain over the former's push for independence.

    18 Oct 2017

  • SSA market strong but investors wary of central banks

    The public sector debt market is providing high volumes of funding at astonishingly tight spreads as investors brush off political concerns and scramble to pick up what supply remains for 2017. However, central banks around the world are weighing on investors’ minds.

    18 Oct 2017

  • ESMA exec: We could issue ICO warning

    Vice-chair of the European Securities and Markets Authority (ESMA) Anneli Tuominen has said that the body could issue a warning on Initial Coin Offerings (ICOs), a method of capital raising using cryptocurrencies on a blockchain.

    18 Oct 2017

  • Investors unconvinced by Egypt euro plans

    The Republic of Egypt is planning to issue a euro denominated bond, its finance minister Amr El-Garhy told GlobalCapital at the IMF Annual Meetings in Washington DC. However, investors are not convinced the sovereign will be able to get the deal done.

    18 Oct 2017

  • MUFG hires ME veteran as Segal returns to London

    MUFG has hired a new head of Middle East capital markets in Dubai as Jonathan Segal relocates to London to focus on Europe.

    18 Oct 2017

  • Fiji ups the temperature: what to look out for at COP 23

    Fiji has fewer than 1m people and its CO2 output per head is only 8% of US levels. A strange country, perhaps, to preside over the world’s most important process for cutting greenhouse gas emissions.

    18 Oct 2017

  • Invitations out for Reliance $2.5bn three tranche refi

    A $2.5bn refinancing by Reliance Industries (RIL) and its telecommunications arm, Reliance Jio Infocomm, has been opened to retail participants.

    18 Oct 2017

  • EM investors weigh up IMF/World Bank meetings

    Emerging market bond investors have returned from the International Monetary Fund/World Bank Annual Meetings in Washington DC, held last week, with little more than jetlag and a feeling that they learned little that was new.

    18 Oct 2017

  • Commission signals future for new ESN asset class

    The European Commission has asked the European Banking Authority (EBA) to consider how European Secured Notes (ESNs) should be treated for regulatory purposes. The future of ESNs is expected to depend on their regulatory treatment, bankers said.

    18 Oct 2017

  • CDBL squeezes pricing for dual-tranche deal

    China Development Bank Financial Leasing Co priced its 5.5 and 10 year bonds inside its curve on Tuesday, amid a busy day for Asia’s primary bond market.

    18 Oct 2017

  • Investors stay with corporate credit despite extreme tightness

    Seven of the eight benchmark investment grade corporate bonds to have been priced in euros in the last fortnight have been from utilities. And longer dated utility bonds were also among the best performers in the third quarter.

    18 Oct 2017

  • KDB feeds Taiwan investors’ Korea need with Formosa

    The Korea Development Bank grabbed $300m from a Formosa deal on Tuesday, catering to Taiwanese investors' demand for South Korean paper.

    18 Oct 2017

  • Investors sing the praises of fledging RT1 market

    ASR Nederland completed the first sale of restricted tier one (RT1) capital in a major currency last week but the deal has remained very popular in the secondary market, with buyers praising the new structure’s investor-friendly qualities.

    18 Oct 2017

  • European IPOs fizzing, despite political risk

    Despite the rise of the far right in the Austrian election, political turmoil in Catalonia and sputtering Brexit negotiations, there is further evidence this week that the IPO market is in great health.

    18 Oct 2017

  • Chinese issuers take centre stage in offshore DCM

    Four Chinese corporations priced a total of $1.175bn of bonds on Tuesday, the day before the start of the Communist Party’s five-yearly congress.

    18 Oct 2017

  • Xi: Give markets bigger role in RMB exchange rate

    China will allow the markets to have a greater influence on the renminbi’s exchange rate, Xi Jinping, president of China, said in the opening speech of the 19th Communist Party Congress on Wednesday.

    18 Oct 2017

  • Qudian seals US IPO above guidance to net $900m

    Chinese micro-lender Qudian has bagged $900m from its US listing, after robust demand allowed it to price the stock above the initial range, according to a banker close to the deal.

    18 Oct 2017

  • Studio Dragon eyes IPO as TissueGene closes

    Studio Dragon has filed terms for its IPO in South Korea, with the “hallyu” company looking to raise W210bn ($186m).

    18 Oct 2017

  • Wang takes over China Minsheng HK's loans team

    There has been a change in leadership of the loan syndications department at China Minsheng Bank in Hong Kong, according to sources close to the matter.

    18 Oct 2017

  • Game on: Razer hits the road for $500m HK listing

    Internet gaming company Razer has kicked off investor education for its $500m Hong Kong IPO, which is expected to hit screens at the end of the month.

    18 Oct 2017

  • Economic growth no guarantee of RMBi success, says Swift

    China’s economic growth will do little to help promote renminbi internationalisation, according to an October 17 report by Swift. The comment came as the renminbi falls to eighth place in the league table of the world’s most used payment currencies.

    18 Oct 2017

  • China Merchants joins dollar AT1 party

    China Merchants Bank has named the leads on its proposed dollar additional tier one transaction, two months after receiving regulatory approval.

    18 Oct 2017

  • Azul ready for bond take-off

    Brazil’s third largest airline could sell international bonds as soon as this week after mandating for a fixed-income investor roadshow.

    18 Oct 2017

  • Lat Am retail giant to shop for more debt

    Chile-headquartered Falabella will begin investor meetings on Wednesday as it plots its first international bond issuance in three years.

    18 Oct 2017

  • SFC pulls lawsuit against StanChart, UBS

    Hong Kong’s market watchdog has withdrawn a lawsuit filed against Standard Chartered and UBS over the 2009 IPO of China Forestry Holdings Co, although this does not mark the end of possible enforcement action, according to sources close to the matter.

    18 Oct 2017

  • Renew prices second 2017 PACE ABS deal

    Property Assessed Clean Energy (PACE) finance company Renew Financial priced its second ABS transaction of the year on Tuesday.

    17 Oct 2017

  • First Eagle to buy middle market lender NewStar

    First Eagle Investment Management has struck a deal to acquire US middle market lender NewStar. GSO Capital Partners will buy a $2.4bn portfolio of middle market loans as part of the deal, which is expected to generate tax refunds that will form part of the consideration for the acquisition.

    17 Oct 2017

  • CRT market deepens as Freddie prices new STACR offering

    Freddie Mac priced a new iteration of its credit risk transfer (CRT) residential mortgage-backed securities (RMBS) product on Thursday, with investors saying that the agency CRT market is becoming the most liquid and tradeable way of accessing US housing credit.

    17 Oct 2017

  • Who would want to be Mark Carney?

    The Bank of England is now odds on to raise interest rates at the November meeting of the Monetary Policy Committee in November, after the Consumer Price index reported inflation exceeding 3%, but such a move could tip the UK economy over a cliff.

    17 Oct 2017

  • Big price moves in short end dollar flurry

    Three agencies launched short end dollar transactions on Tuesday, two of which managed to pull their spreads into impressively tight levels.

    17 Oct 2017

  • KfW lands short dated euros; EU lining up at long end

    The European Union (EU) is set to tap an April 2031 line on Wednesday, coming on the heels of KfW five year benchmark on Tuesday, that raised €3bn.

    17 Oct 2017

  • Trump dominates IMF meetings for all the wrong reasons

    As the world’s finance ministers, central bank governors and investment bankers dispersed from Washington DC at the weekend after the IMF-World Bank annual meetings, a sense of oppression hung over them.

    17 Oct 2017

  • Danske Bank scoops up loan sales VP from ING

    Danske Bank has hired a new director for its loan syndications team in London, who was previously a vice-president on ING.

    17 Oct 2017

  • What should a European IMF look like?

    In recent years, the European Union has reformed in the teeth of a crisis. Banking Union was sketched out on the back of a napkin to help break the “sovereign-bank doom loop” which was threatening peripheral economies. The financing vehicles of the European Financial Stability Fund and then the European Stability Mechanism were called into being to rescue states whose finances were already weak.

    17 Oct 2017

  • IFC raises $1bn of green cash at super-tight spread

    The International Finance Corporation achieved the tightest level of the year with a $1bn five year green bond, after managing to pull in its spread 3bp from initial price thoughts to final spread.

    17 Oct 2017

  • BMW lines up first UK auto ABS transaction

    BMW Bank is looking to duplicate the success of its continental European ABS programme with its first UK-backed Bavarian Sky auto ABS transaction.

    17 Oct 2017

  • Hapag-Lloyd's €352m rights offer ends 96.5% subscribed

    Hapag-Lloyd, the German container shipping company, has raised €352m to reduce its debt after its one-for-14 rights issue won a high take-up from its shareholders.

    17 Oct 2017

  • SGX opens first US office in Chicago

    Singapore Exchange (SGX) has opened its first US office in Chicago, as it aims to meet institutional investors' demand for exposure to Asian markets.

    17 Oct 2017

  • SMCP heads for €1.57bn valuation as its IPO closes

    The €549m IPO of SMCP, the French fashion group, is set to be priced at €22 a share, valuing the business at €1.57bn.

    17 Oct 2017

  • Linklaters hires derivatives lawyer from Mayer Brown

    A partner at Mayer Brown in New York has moved to Linklaters, which is pushing to expand its US capital markets business.

    17 Oct 2017

  • Surteco debuts in Schuldschein market

    Surteco, a German plastics manufacturer, doubled its initial €100m deal size, entering the Schuldschein market to refinance the acquisition of Probos, and used additional demand to repay an existing US private placement.

    17 Oct 2017

  • Syndicates clash over ‘clumsy’ Coventry execution accusation

    Syndicates clashed over the execution of a Coventry Building Society senior bond offering on Tuesday. Bankers away from the deal said the UK firm started ‘extremely cheap’ at initial price thoughts, but a lead manager believed the notes tightening by 1bp in the secondary market on Wednesday morning showed that the deal was priced correctly.

    17 Oct 2017

  • London property price drop not enough to spook RMBS players

    Asking prices for London property fell by 2.5% annually in October, reflecting a growing belief among UK mortgage lenders and investors that the capital’s property boom is slowing, though there is little panic among RMBS market participants.

    17 Oct 2017

  • Equiniti bags £122m in smooth rights issue, stock rises

    Equiniti, the UK share registrar and payments services company, has concluded its £122.2m rights issue, intended to partly finance its entry into the US market.

    17 Oct 2017

  • HY demand at CMA’s sails for new benchmark bond after upgrade

    CMA CGM, the French container liner, priced its first bond issue on Tuesday after improving on its triple-C ratings. Investor demand was enough for the issuer to double the size of the deal.

    17 Oct 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.

    17 Oct 2017

  • Berlin Hyp follows Japanese into blossoming euro greens

    Berlin Hyp has become the latest FIG issuer to enter the green senior unsecured market in euros, after Sumitomo Mitsui Financial Group (SMFG) and Mizuho Financial Group opened up issuance from Japan earlier this month.

    17 Oct 2017

  • Uruguay to unveil local market deal with Euroclear, Clearstream

    Uruguay is in advanced discussions with clearing houses to make it easier for international investors to participate in its local curve, as the sovereign looks to integrate its domestically issued notes with the nominal global peso curve established this year.

    17 Oct 2017

  • EUROPEAN CORPORATE BOND PIPELINE

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

    17 Oct 2017

  • Iren and Stedin keep the flow up as utilities hit six

    All four investment grade benchmark corporate bond deals that priced last week were from utilities. On Tuesday, Italian multi-services utility, Iren, and Dutch grid operator, Stedin, took the count to six.

    17 Oct 2017

  • Hunt for yield allows Pru through fixed-for-life market

    Prudential plc secured an attractive rate of funding when it sold a new perpetual tier two bond on Tuesday, but market participants remain unclear whether or not there is enough demand for fixed-for-life coupons to allow a flurry of new issuance from other European insurers.

    17 Oct 2017

  • Investors chase KBC’s covered ‘with fervour’ despite large price revision

    KBC Bank took full advantage of limited Belgian covered bond supply this year to radically tighten pricing for its first deal of the year, only the second Pandbrieven of 2017.

    17 Oct 2017

  • DFIs fund Serbia's biggest wind farm

    Development finance institutions the European Bank for Reconstruction and Development (EBRD) and International Finance Corp have lent €215m to Vetroelektrane Balkana (WEBG) to develop Čibuk 1, the largest wind farm in Serbia and the western Balkans.

    17 Oct 2017

  • Uzbekistan starts ratings process with eye on Eurobond

    Emboldened by the ability of its neighbour Tajikistan to access the capital markets, Uzbekistan is preparing ground to secure its first sovereign rating, with a view to issuing a Eurobond in the future, according to sources.

    17 Oct 2017

  • RenCap hires two for FICC in New York

    RenCap Securities, the US subsidiary of Renaissance Capital has made two senior hires in fixed income, currencies and commodities (FICC) in New York.

    17 Oct 2017

  • SP Mortgage Bank broadens net catching new covered bond investors

    SP Mortgage Bank’s second covered bond brought in many new investors enabling the transaction to price inside interpolated fair value. With more buyers chasing this name and more trading desks expected to quote it, SP’s curve has a fair chance of repricing tighter.

    17 Oct 2017

  • Vietnam should learn from Vincom’s speedy listing

    Vincom Retail is treading new ground in Vietnam’s snail-paced listing market, aiming to list its shares just two weeks after the IPO. But any hopes that this will be the dawn of a new age may be dashed. The big deals set to follow are a slew of privatisations — and Vietnam’s state-owned enterprises are notoriously tardy.

    17 Oct 2017

  • MEP proposes new CCP resolution fund

    Jakob von Weizsäcker, the European Parliament's co-rapporteur for draft central counterparty (CCP) clearing house resolution regulation, said on Monday that he will table an amendment to create a new resolution fund for the entities, a move that could cost €500bn but is unlikely to happen.

    17 Oct 2017

  • Crystal Group launches bookbuilding for HK$4.5bn IPO

    Clothing manufacturer Crystal International Group has opened books for its Hong Kong IPO, with a view to raising as much as HK$4.5bn ($573.8m) from selling new stock.

    17 Oct 2017

  • CCB lands maiden Singapore dollar deal

    China Construction Bank Corp closed its first Singapore dollar bond on Monday, taking advantage of the thriving local currency market in southeast Asia.

    17 Oct 2017

  • China’s JNTC roadshows, Yihua Group nets $250m

    Jiangsu Nantong Sanjian Construction Group Co (JNTC) has named banks to run its first dollar bond transaction. Separately, Chinese privately-owned company Yihua Enterprises (Group) Co has sealed its maiden international deal, raising $250m on Monday.

    17 Oct 2017

  • Time to let the barbarians through the gate

    Xi Jinping's first term has seen a series of concrete steps taken towards opening up the country's capital markets. With the five-yearly Party Congress starting this week, it is now time for China's leadership to take the leap from granting access to giving global investors real influence on the market.

    17 Oct 2017

  • Schuldschein from an international investor’s perspective

    Penelope Smith, Director, Head of non-German Schuldschein Origination, DCM Loans at Commerzbank, considered the role of this unique private placement instrument in international investors’ portfolios.

    17 Oct 2017

  • Shandong Marine set for debut, LVGEM opens tap

    Shandong Marine Group is marketing its inaugural international Reg S bond, while LVGEM (China) Real Estate Investment Company reopened its 2020s priced two months ago to fund new property projects.

    17 Oct 2017

  • KDB looks to Taiwan for latest bond outing

    The Korea Development Bank returned to the offshore market on Tuesday, adding a dash of variety to its funding with a Formosa transaction.

    17 Oct 2017

  • Analysts delve into China Literature as $800m IPO kicks off

    Tencent Holdings-backed China Literature’s $600m-$800m Hong Kong IPO is off to a red-hot start as pre-deal investor education begins, with shadow indications of interest already strong after the first day.

    17 Oct 2017

  • Banco General sniffs out 2nd Asian syndication

    Panamanian commercial lender Banco General is distributing a $500m loan into the Asian market, the second time it has tapped bank liquidity in the region.

    17 Oct 2017

  • Tewoo Group, Maoye eye short-dated bonds

    Chinese commodity trader Tewoo Group and retail chain operator Maoye International Holdings are in the market with bonds of less than a year, getting ahead of the Chinese Communist Party’s National Congress meeting that will kick off from Wednesday.

    17 Oct 2017

  • Press Metal names banks for debut dollar bond

    Malaysia’s Press Metal Aluminium Holdings has mandated banks for its maiden foray into the dollar bond market.

    17 Oct 2017

  • CDBL hits screens ahead of National Congress

    China Development Bank Financial Leasing Co began marketing a dual-tranche dollar bond on Tuesday morning local time, as a number of issuers attempt to get ahead of China’s 19th National Congress of the Communist Party meeting taking place on Wednesday.

    17 Oct 2017

  • iQiyi lines up trio to run $1bn US IPO

    Baidu-backed iQiyi, a video streaming platform in China, has selected three banks to prepare an IPO in the US, which is expected to raise $1bn-$2bn, according to a banker close to the deal.

    17 Oct 2017

  • Third CIMB block fetches Khazanah $132m

    Shares in Malaysia’s CIMB Group Holdings have been sold down for the third time this year through an overnight block trade, though at a lower price than the previous two deals.

    17 Oct 2017

  • Trouble brewing in US leveraged loans, says S&P

    The US leveraged loan market is increasingly vulnerable to external shocks, as investors pile into the market despite alarm bells ringing over the number of riskier borrowers issuing debt and the weakening of investor protections, S&P Global Ratings warned this week.

    16 Oct 2017

  • Prosper markets third PMIT consumer loan deal

    Online consumer lender Prosper is marketing its third multi-seller transaction from its PMIT shelf, as market sources tout heightened liquidity as an advantage of the deal format format, which has been used by more and more lenders in 2017.

    16 Oct 2017

  • Barclays hires pair for new bank research roles

    Barclays has enhanced its bank research operation in Europe with the hire of two senior analysts to head the team.

    16 Oct 2017

  • Latest CMBS conduit priced tight as analysts eye rally

    JP Morgan and Deutsche Bank priced the latest conduit CMBS deal at year tight levels last Friday, as analysts predict further tightening in CMBS debt after the market lagged a rally in corporate debt last month.

    16 Oct 2017

  • UBS’s levfin revival

    UBS’s EMEA leveraged finance business has been through the wringer, but co-head David Slade, who joined in 2015, is rebuilding it.

    16 Oct 2017

  • CMA CGM jumps on upgrade to refi at coupon below 6%

    French shipping group CMA CGM will launch a sub-benchmark sized bond on Tuesday, a week after S&P Global upgraded the rating of its unsecured note issuance from CCC+ to B-, bringing it into line with Moody's B3 rating.

    16 Oct 2017

  • Tradeweb hosts first swaption trade on SEF

    Electronic trading provider Tradeweb has begun electronic swaptions trading with investment firm Garda Capital Partners executing a transaction in the product.

    16 Oct 2017

  • Catalonia dreams of being a Luxembourg for co-op bank issuance

    The ministry for the economy of Catalonia, the rebellious region seeking independence from Spain, is working on a white paper on what role the potential new state will play in international markets. The document reveals an aspiration to become a hub for co-operative and ethical bank issuance.

    16 Oct 2017

  • KfW mandates for euro five year

    KfW hit screens on Monday, mandating three banks for a five year euro transaction.

    16 Oct 2017

  • JD Sports co-founders prepare to float Footasylum

    Footasylum, the UK sports shoe retailer, plans to float on London’s Alternative Investment Market next month, it said in an intention to float document on Monday.

    16 Oct 2017

  • Lenders on Yapi Kredi’s $1.35bn refi loan revealed

    Turkey’s fourth largest private bank Yapi Kredi signed a $1.36bn syndicated loan with 37 banks on Monday.

    16 Oct 2017

  • Citi and ING launch €200m loan for Digi’s deal in Hungary

    Digi Communications’ Hungarian subsidiary signed a €200m bridge loan on Friday to finance its acquisition of compatriot communications company Invitel Tavkozlesi, a subsidiary of Invitel group. The lead banks have launched the syndication and held a bank meeting on Tuesday.

    16 Oct 2017

  • Senior executive leaves NEX

    The CEO of NEX Optimisation has handed in her resignation from the firm after just over two years in the job.

    16 Oct 2017

  • SSAs line up for short dollars

    Agencies from the Netherlands, France and Germany are set to come to market on Tuesday for short dated dollar deals.

    16 Oct 2017

  • IFC prepares green bond

    The International Finance Corporation hit screens on Monday, announcing its intention to sell a $1bn green bond on Tuesday.

    16 Oct 2017

  • BoE confirms SONIA takeover in April 2018

    The Bank of England will take over the “end-to-end” administration of the Sterling Over Night Index Average (SONIA) benchmark and implement key reforms on April 23, 2018, the central bank confirmed on Monday.

    16 Oct 2017

  • IFRS 9 talks lag before crucial deadline

    A few months before the the new accounting standard is supposed to apply, the European Parliament and the 28 member states are still divided on how to implement a five year transition period.

    16 Oct 2017

  • Yorkshire Building Society readies RMBS

    Yorkshire Building Society is selling its first RMBS of the year, continuing the steady surge in UK prime issuance seen since the summer.

    16 Oct 2017

  • Aedas Homes IPO covered throughout revised range

    The price range for the €680m IPO of Aedas Homes, the Spanish home builder, has been narrowed to €31.65 to €32.40, the bottom half of the initial range. The deal is covered throughout that range, according to a banker involved in the deal.

    16 Oct 2017

  • Akka doubles up in buzzy Schuldschein mart

    French engineering services company Akka doubled its initial €200m launch size to just over €400m. With rising participation from Asian and European commercial bank lenders, issuers from the technology sector are finding higher levels of interest in the Schuldschein market.

    16 Oct 2017

  • Tesco and Verizon announce dual currency tender offers

    UK grocer Tesco and US telecoms company Verizon both announced tender offers for some of their outstanding bonds in euros and sterling. Tesco is offering to buy up to £700m equivalent, while Verizon will confirm the size of its repurchase once it has sold new euro and sterling bonds.

    16 Oct 2017

  • Eurobank to follow NBG with duplicate three year covered bond

    Eurobank Ergasias has mandated leads for a roadshow, marketing a near replica transaction of National Bank of Greece’s (NBG) three year conditional pass-through that was issued last week.

    16 Oct 2017

  • MuHyp swipes €250m of super-cheap long Pfandbriefe as SP readies

    Muenchener Hypothekenbank (MuHyp) doubled the size of its 10 year Pfandbrief tap despite pricing it at extremely tight levels, as SP Mortgage Bank announced plans to proceed with its second ever benchmark. Unlike SP's debut last year, the new deal will probably be priced through mid-swaps.

    16 Oct 2017

  • Mercada enjoys clear run at sub-benchmark debut

    Finnish property company, Mercada, was a lone issuer in the corporate bond market on Monday. Its €175m five year deal q was printed while issuers that completed roadshows last week paused.

    16 Oct 2017

  • BPCE goes back on tour with dollar senior non-preferred

    Groupe BPCE returned to the dollar bond market on Monday with 10 year senior non-preferred paper, in its latest sale of the instrument in a foreign currency.

    16 Oct 2017

  • Prudential bids to reopen fixed-for-life debt market

    Prudential plc will look to sell a tier two bond with a coupon that is fixed for life this week, about a year on from the last time European insurers showed keen interest in issuing the product.

    16 Oct 2017

  • 3i inaugurates US infrastructure branch with majority stake in Smart Carte

    UK-based private equity firm 3i has made its first investment in the US infrastructure sector, it said on Monday. It has acquired Minnesota’s Smarte Carte, an equipment vendor for the travel and leisure industry.

    16 Oct 2017

  • Olam International seals $1.75bn RCF

    Singapore-based agriculture company Olam International has secured a $1.75bn revolving credit facility (RCF) with 21 banks.

    16 Oct 2017

  • Davivienda eyes global peso deal

    Colombia’s third largest lender Banco Davivienda is planning a peso-denominated issuance of up to $500m-equivalent a week after Bancolombia reignited FIG issuance from the country.

    16 Oct 2017

  • Co-op Bank surprises market with Warwick deal

    The Co-operative Bank sold more than £1.7bn ($2.24bn) of UK mortgage notes in its latest Warwick transaction on Friday, surprising many in the market who had little idea that the issuer was actively marketing a new deal.

    16 Oct 2017

  • Gerdau increases tender limit

    Brazilian steelmaker Gerdau has increased the amount of bonds it will buy back in its latest tender offer after raising $650m of 10 year notes on Thursday.

    16 Oct 2017

  • Bond investors make room for new Qatar trade

    Investors are expecting a jumbo trade from the Qatari sovereign in the coming weeks, with money already shifting out of the borrower’s curve in preparation.

    16 Oct 2017

  • Fitch hacks at Gabon’s rating

    Fitch took the knife to Gabon’s credit rating after market close on Friday, cutting the creditworthiness of the West African sovereign a notch to B at a time of increasing funding requirements for the country.

    16 Oct 2017

  • Four takers for HDFC Bank’s $500m loan

    A $500m borrowing by Indian lender HDFC Bank has attracted four participants during general syndication. Allocations have emerged for the deal, which was signed in September.

    16 Oct 2017

  • Elion Resources digs interest for dollar debut

    Beijing-headquartered Elion Resources Group Co will sell an international bond for the first time, having mandated the joint leads to work on an Asian roadshow and the proposed issuance.

    16 Oct 2017

  • Don’t be surprised by renminbi weakness

    China watchers have struggled to come to terms with the renminbi’s weakness during most of September. But while China’s leaders can sometimes be hard to analyse, the monetary authorities have been pretty clear about their currency policy — and they mean it.

    16 Oct 2017

  • Piramal nets bumper demand for rare Indian CB

    Piramal Enterprises has closed what bankers are touting as the first offering of mandatory convertible bonds in India through a qualified institutional placement, with the deal bagging close to $1bn in investor orders.

    16 Oct 2017

  • GLP eyes long term funding with interbank Panda

    Global Logistic Properties returned to the Panda bond market with a five year note on October 13, raising Rmb1bn ($151.8m). But unlike its last issuance in 2016, GLP opted for the interbank instead of the exchange market, as the company searches for longer-term RMB funding for its China business.

    16 Oct 2017

  • Four Seasons starts education for $120m US IPO

    Chinese after-school tutoring service Four Seasons Education has begun premarketing for its potential $120m IPO on the New York Stock Exchange, according to a source close to the deal.

    16 Oct 2017

  • PPDAI plots $350m IPO on NYSE

    China's PPDAI Group, an online platform for peer-to-peer loans, is sounding out investors for its $350m listing of American Depositary Shares on the New York Stock Exchange.

    16 Oct 2017

  • Sogou gears up for $600m NYSE flotation

    Sogou, the internet search arm of US-listed Sohu.com, has filed for a $600m IPO on the New York Stock Exchange.

    16 Oct 2017

  • Mongolia’s new PM makes quick approach to bonds

    It is barely six months since Mongolia pulled off a daring debt exchange after the country’s finances — and its credit rating — fell into disrepair. But the new government is now planning a full return to the debt market, having picked three global banks to help ease a passage to the market.

    16 Oct 2017

  • Power company Huaneng Group to fire up senior perp

    China Huaneng Group, one of China’s largest state-owned power companies, has picked four banks to work on a dollar-denominated senior perpetual bond. The company will visit Hong Kong and Singapore to pitch the deal from Tuesday.

    16 Oct 2017

  • Yihua crafts dollar bond debut, eyes three year

    Chinese private company Yihua Enterprises Group Co ventured into the international bond market on Monday, pitching its maiden deal with a three year tenor.

    16 Oct 2017

  • Vincom covers $678m IPO on first day

    Vincom Retail covered books within hours of starting to take orders for its IPO, which could raise D15.4tr ($677.9m), a huge deal by the usual standards of Vietnam’s domestic equity market.

    16 Oct 2017

  • Crystal, China Literature take HK spotlight for IPOs

    Crystal International Group intends to start taking orders for its $574m Hong Kong IPO on Tuesday at a valuation of up to 15 times earnings, according to bankers close to the matter.

    16 Oct 2017

  • CCB eyes bond to bolster Sing dollar reserves

    China Construction Bank Corporation launched a Singapore dollar bond on Monday, preparing to issue the bond through its local branch.

    16 Oct 2017

  • Tongchuangjiuding back for bond tap

    Chinese private equity manager Tongchuangjiuding Investment Management Group Co is planning to reopen a dollar bond it priced just three months ago. The issuer will hold a two-day roadshow in Hong Kong from Monday.

    16 Oct 2017

  • The week in renminbi: PBoC governor urges corporate debt redefinition, China’s GDP growth to hit 7% in H2, IMF, World Bank to hold annual BRI forums

    The governor of the People’s Bank of China says the country should redefine corporate debt, China’s GDP growth could rise to 7% in the second half, and the International Monetary Fund and the World Bank plan annual forums on the Belt and Road Initiative (BRI).

    16 Oct 2017

  • Rate hikes could hit indebted Asian banks — IMF

    Rapid increases in private sector debt across Asia could leave some countries vulnerable as interest rates return to more normal levels, Changyong Rhee, director in the Asia and Pacific department at the International Monetary Fund, has warned.

    15 Oct 2017

  • Trump’s Iran nuclear decision triggers market shockwaves

    US president Donald Trump’s refusal to certify that Iran is compliant with the 2015 nuclear accord will have wide ramifications on everything from global commodities to the US’s already fraught relationship with North Korea, analysts warned on Saturday.

    15 Oct 2017

  • African countries hope growth will prevent China repayment problems down the track

    African countries are moving full steam ahead to develop their economies through Chinese-funded railway infrastructure, hoping faster growth will forestall concerns about the costs and their ability to pay it back.

    15 Oct 2017

  • Out of the woods

    Seen and heard in the corridors of the Annual Meetings

    15 Oct 2017

  • Fiji ups the temperature at COP 23 with call to action

    Fiji has fewer than 1m people and its CO2 output per head is only 8% of US levels. A strange country, perhaps, to preside over the world’s most important process for cutting greenhouse gas emissions. But from another perspective, Fiji is supremely well qualified to tackle climate change — its task as president of COP 23, the global climate negotiations scheduled for November.

    15 Oct 2017

  • Election season threatens new wave of political unrest in LatAm

    Voters in five Latin American countries go the polls over the coming year that could see left-wing candidates win a platform of rejecting the current prescription of orthodox economic policies

    15 Oct 2017

  • Central Asia urged to use upturn to embark on reform

    Economic growth in Central Asia is picking up but experts at the IMF are concerned that leaders are not doing enough to address fiscal deficits

    15 Oct 2017

  • A new era of development banking

    The EIB is stepping up support for the private sector through higher risk co-investment.

    15 Oct 2017

  • South Africa central banker warns on political wrangling

    Political uncertainty is crimping South Africa’s growth potential, the central bank’s governor has warned, as the finance minister says maintaining its credit rating is a key priority

    15 Oct 2017

  • Xi Jinping reshapes himself in Mao's image as party holds landmark congress

    The twice-in-a-decade summit of China’s National Party Congress next week could see premier Xi Jinping take on Mao’s mantle of party chairman and extend his power yet further.

    15 Oct 2017

  • Call to capital markets to aid in rebuilding nations after disaster

    The World Bank is achieving success in using the capital markets to put together financial facilities to help hurricane-afflicted Caribbean countries receive swift aid to deal with the aftermath, its Treasurer Arunma Oteh tells GlobalMarkets

    15 Oct 2017

  • Lebanese CB calls on world to do more to overcome refugee burden

    Lebanon is angry because it is a small, highly-indebted country that has been left to deal with the influx of a million Syrian refugees without sufficient support from the rich countries that are engaged in the conflict

    15 Oct 2017

  • Neighbours claim immunity from late-paying Venezuela

    As investors keep a close eye on Venezuela’s outstanding debt payments, the country’s neighbours insisted that they would not be affected by a default

    15 Oct 2017

  • LatAm rushes to launch Cat bond as countries brace for earthquakes

    With another earthquake about to hit Latin America, finance ministers from four countries are rushing to launch a World Bank-backed catastrophe bond to ensure that money is paid quickly

    15 Oct 2017

  • West Africa financial crime cops lack cash to hit terror funding

    Senior officers of GIABA, the West African financial police organisation, tell GlobalMarkets how they plan to target terrorist finance despite being handicapped by budget and software constraints

    15 Oct 2017

  • India mulls recap bonds to tackle banks’ capital shortfall

    The possible return of recapitalisation bonds after a two decade absence could help India tackle a triple threat of a stressed banking sector, rising leverage among corporates and challenges to the public financial system

    15 Oct 2017

  • Europe sounds warning on cryptocurrencies as EMs rush to digital payments

    Bankers and policymakers have sounded the alarm over the impact that cryptocurrencies could have an areas as wide-ranging as anti-terrorism, anti-money laundering and tax evasion even as they embrace the potential of fintech

    15 Oct 2017

  • Countries must feel ‘ownership’ when using European Monetary Fund

    With the idea of a European Monetary Fund back on the table at this week’s IMF annual meetings, one Eurozone minister insisted any financing must give a state “ownership” rather than being seen as a directive from Brussels to carry out reforms

    15 Oct 2017

  • Politicians rally round globalist standard as US shuns multilateral legacy

    Policymakers from across the globe have striven to present a consensus in favour of multilateralism this week while they fret about the impact on the world’s economic order if America’s withdrawal from the global stage

    15 Oct 2017

  • Frustrated Russia blasts EBRD for funding ban

    In an exclusive interview with GlobalMarkets, Russia’s executive director on the EBRD has hit out at the bank’s decision to shut five offices, saying it went against shareholders’ desire to see more private sector development

    15 Oct 2017

  • Haier closes $1bn bond with a bang

    China’s Haier Group Corp made a splash in the international market late week, pulling off a $1bn perpetual bond.

    15 Oct 2017

  • Reliance $2.5bn refi heads to general

    The mandate for Reliance Industries’ $2.5bn refinancing has been revealed. The deal will consist of three portions, the bulk of which will replace a $1.5bn loan taken by one of its subsidiaries in late 2014.

    15 Oct 2017

  • Vujović reinforces reform agenda as Serbia’s star rises

    Following much needed but long delayed reforms, Serbia is turning its economy round and attracting foreign investment at an unprecedented rate. But can the Balkan country keep up the momentum? GlobalMarkets talks to Serbia’s finance minister Dušan Vujović about the next challenges, including fiscal consolidation, trade blocs and EU accession

    14 Oct 2017

  • All aboard for the Europe special Belt route crucial to China’s global ambitions

    This article is the fourth and final part of a series on China’s Belt and Road Initiative that we are publishing during the 2017 IMF-World Bank annual meetings in Washington DC. We have devoted two articles to the Road element, and two to the Belt element, of which this piece is the second and focuses on the western part of the overland route

    14 Oct 2017

  • Dombrovskis wants EU to ‘lead the world’ in green finance

    The man in charge of financial services in the EU talks up Capital Markets Union post-Brexit, green finance, fintech and just how difficult it is to push through reforms in the banking sector

    14 Oct 2017

  • Can European banks ever compete again?

    American banks dominate global banking to an unprecedented extent and look set to gain yet more market share as US policymakers mull softer touch regulation. Will European firms ever be able to compete again?

    14 Oct 2017

  • Mobilising financing is key to tackling climate change

    The Final Word, by Emmanuel Macron, President of France

    14 Oct 2017

  • IDA cash deal 'victory for multilateralism'

    Africa and fragile states will be the main beneficiary of the record $75bn that has been agreed to replenish the finances of the World Bank’s International Development Association

    14 Oct 2017

  • Argentina to tighten fiscal policy after returning to Eurobond market

    Argentinian finance minister Luis Caputo tells GlobalMarkets of his determination to meet the new fiscal targets

    14 Oct 2017

  • Banking crisis looms in Caribbean and Central America

    Battered by the recent run of hurricanes, Caribbean and Central American countries face a different kind of storm as global banks cut off ties to local financial systems.

    14 Oct 2017

  • ADB to accelerate PPP plans to fill infra gap

    The head of the Asian Development Bank tells GlobalMarkets that speed is of the essence when it comes to injecting new investment into infrastructure projects that could boost growth and raise living standards

    14 Oct 2017

  • LatAm giants looks to resurrect trade deal from TPP's ashes

    After the US withdrew from the Trans-Pacific Partnership and opened up the Nafta agreement, four Pacific Alliance countries are to hold talks to admit four advanced economies in a move that will be seen as a sign that free trade is still on the agenda

    14 Oct 2017

  • Ukraine FM dismisses pessimist critics as dedicated followers of fashion

    Ukrainian finance minister Oleksandr Danylyuk uses an interview with GlobalMarkets to take on the country's critics, insisting that it has not only dealt with the challenges but has managed to implement tough reforms

    14 Oct 2017

  • Quick fix insurance plan offers model for vulnerable states

    An insurance plan that pays out at once when a natural disaster hits rather than months after the loss assessment offers a route for small countries to secure protection against hurricanes and earthquakes

    14 Oct 2017

  • African leaders hail offer of 'entente cordiale' with Macron’s France

    Policymakers in Africa have responded positively to the overture from French president Emmanuel Macron to treat the continent as a partner rather than as the source of unwanted migrants

    14 Oct 2017

  • Russia's central bank plays down domino run fear after bank failures

    The deputy governor of Russia’s central bank reassures investors over private bank woes after the collapses of Russian lenders Otkritie and B&N bank in an interview with GlobalMarkets

    14 Oct 2017

  • Out of the woods

    Seen and heard in the corridors of the Annual Meetings

    14 Oct 2017

  • CEE countries show support for euro project even as Britons, Catalans lose faith

    Policymakers in Africa have responded positively to the overture from French president Emmanuel Macron to treat the continent as a partner rather than as the source of unwanted migrants

    14 Oct 2017

  • Bundesbank's Dombret sees mixed system beating mega banks

    Bundesbank board member Andreas Dombret tells GlobalMarkets that he believes in a banking system that consists of institutions big and small with a variety of specialisms and focuses

    14 Oct 2017

  • SRI bonds advance despite market divisions on green

    Despite nearly $100bn of issuance this year, the product continues to divide borrowers including sovereign issuers who have so far been reluctant

    14 Oct 2017

  • Multilaterals urged to speed up to stay relevant in crowded world

    In a series of interviews with GlobalMarkets, multilateral development chiefs set out their vision to become faster institutions that work with the private sector to deliver development finance more effectively

    14 Oct 2017

  • Europe 'falling behind' warns EIB chief as leaders look to build own IMF

    The head of the EIB tells GlobalMarkets that Europe must urgently address a woeful lack of competitiveness as some countries raised the idea of an IMF body for the 28-nation zone

    14 Oct 2017

  • Warnings over EM bond bubble as markets break records

    Record bond market inflows, low volatility and narrow credit spreads have pot bankers and analysts on alert for a sudden bursting of a bubble — the only problem is that no one is sure what the trigger will be

    14 Oct 2017

  • Central Bank Governor of the Year, the Caribbean

    Héctor Valdez Albizu, the Dominican Republic

    13 Oct 2017

  • Despite a turbulent year, Meade stays focused on structural goals

    Mexico has battled with market fright over the implications of US policy, Nafta changes and a series of natural disasters. But the country’s finance minister now says advancing with reforms is top priority

    13 Oct 2017

  • Central Bank Governor of the Year, Central & Eastern Europe

    Jiří Rusnok, Czech Republic

    13 Oct 2017

  • Finance Minister of the Year, Latin America

    José Antonio Meade, Mexico

    13 Oct 2017

  • Indonesia’s central bank reformer

    GlobalMarkets talks to Agus Martowardojo, governor of Bank Indonesia, about making changes to his policy toolkit and whether another rate cut is on the cards

    13 Oct 2017

  • Central Bank Governor of the Year, Sub-Saharan Africa

    Lesetja Kganyago, South Africa

    13 Oct 2017

  • Dealing with the Trump squeeze: World Bank focuses on agility and innovation

    Facing a squeeze on funding from the Trump administration for its work in middle income countries, the World Bank is looking at innovative ways to fulfil its mission to end poverty and inequality

    13 Oct 2017

  • Finance Minister of the Year, Middle East & North Africa

    Anas Khalid Al Aaleh, Kuwait

    13 Oct 2017

  • Central Bank Governor of the Year, Latin America

    Ilan Goldfajn, Brazil

    13 Oct 2017

  • Central Bank Governor of the Year, East Asia Pacific

    Agus Martowardojo, Indonesia

    13 Oct 2017

  • Finance Minister of the Year, the Caribbean

    Audley Shaw, Jamaica

    13 Oct 2017

  • Central Bank Governor of the Year, South Asia

    Indrajit Coomaraswamy, Sri Lanka

    13 Oct 2017

  • Rebuilding Asia key to success of China’s Belt and Road

    This article is the third part in a series of four on China’s Belt and Road Initiative that we are publishing during the 2017 IMF-World Bank annual meetings in Washington DC. We have devoted two articles to the Road element and two to the Belt element, of which this piece is the first and focuses on the Asian part of the overland route

    13 Oct 2017

  • Finance Minister of the Year, East Asia Pacific

    Carlós Dominguez, Philippines

    13 Oct 2017

  • Finance Minister of the Year, Sub-Saharan Africa

    Kemi Adeosun, Nigeria

    13 Oct 2017

  • Espenilla eyes reforms, bond market boost

    Nestor Espenilla, the new governor of the Philippines central bank, talks to GlobalMarkets about the country’s infrastructure spending push, the need for a deeper bond market and his long wait for reform

    13 Oct 2017

  • Central Bank Governor of the Year, Middle East & North Africa

    Tarek Amer, Egypt

    13 Oct 2017

  • A philosophy for living from a Buddhist turned banker

    Buddhist monk and former investment banker Michael Dobbs-Higginson has written a rip-roaring account of an astonishing life that has included success and failure in equal measures. Now facing terminal illness he uses this book to offer lessons on running a balanced life

    13 Oct 2017

  • Finance Minister of the Year, Central & Eastern Europe

    Dušan Vujović, Serbia

    13 Oct 2017

  • Finance Minister of the Year, South Asia

    Arun Jaitley, India

    13 Oct 2017

  • US and EU authorities surge forward on derivatives harmonisation

    European and US derivatives regulators have struck common ground in their approach to electronic trading and agreed equivalence in their oversight of the OTC market, a move that will reduce margin requirements for cross-border market participants.

    13 Oct 2017

  • Berenberg leads €122m Solutions 30 share sale

    Shareholders in Solutions 30, the French software services company, came to market on Thursday night with an equity block trade, intended to increase liquidity in the shares and give new investors the opportunity to buy into the name.

    13 Oct 2017

  • New UK marketplace loan deal mandated

    P2P Global Investments has mandated Deutsche Bank to arrange a new consumer ABS transaction backed by marketplace loans originated by Zopa.

    13 Oct 2017

  • ADCB follows Emirates into Kanga market

    Abu Dhabi Commercial Bank issued a A$400m ($315.5m) triple tranche Kangaroo bond last Friday, following a similar deal from Emirates NBD in late September — a promising sign for prospective GCC banks looking to return to the Australian dollar market.

    13 Oct 2017

  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at how much funding remains for European supranationals and agencies in 2017.

    13 Oct 2017

  • Covered bond investors weigh Catalan, Greek and Portuguese risks

    Covered bond investors are stoical on the outlook for Catalonia and prospective asset tapering. But one was less enamoured with deals issued this week by National Bank of Greece and Caixa Económica Montepio Geral.

    13 Oct 2017

  • Belmont Green prices debut RMBS

    UK mortgage lender Belmont Green priced its debut £243.5m RMBS deal late on Thursday, with the bonds heavily bid at the mezzanine level of the capital stack.

    13 Oct 2017

  • CVC goes Dutch with two unitranches

    CVC has made two unitranche loans in the Netherlands, to Voogd & Voogd and Berning, amid busy activity in leveraged debt markets of all kinds.

    13 Oct 2017

  • Q3 BondMarker euro focus: long bonds find favour with voters

    No fewer than five euro benchmark bond issues achieved an average score of nine or above in BondMarker voting in the third quarter. Voter preference was heavily weighted towards the long end of the curve: four of the five top-scoring deals of the quarter had tenors of 10 years or longer and two were longer than 30 years.

    13 Oct 2017

  • Corporate bond week ahead: hot market but where are the issuers?

    Companies that have priced bonds in Europe this week have paid very small new issue premiums, but only four deals have been priced in euros. The sterling market was almost as busy, with three issues. Bankers are, however, working hard to bring deals to market.

    13 Oct 2017

  • Crucial deal on EU Emissions Trading System still elusive

    European officials failed to reach agreement on Thursday on a crucial reform to improve the effectiveness of the European Union’s Emissions Trading Scheme, the world’s largest carbon cap and trade scheme.

    13 Oct 2017

  • RTE and WM Housing get good long Friday deals

    Corporate bond deals are often executed on Fridays to give issuers some space in crowded weeks. However, Friday was one the busiest days of this week, with both euro and sterling investors offered long dated deals to consider.

    13 Oct 2017

  • BASF set for busy 2018 after agreeing €5.9bn acquisition from Bayer

    BASF is set for a busy year in the bond market in 2018, after announcing on Friday that it had agreed to buy parts of Bayer’s seed and non-selective herbicide businesses for €5.9bn, all in cash.

    13 Oct 2017

  • Deutsche hires big trader for bigger interest rates

    Deutsche Bank has hired a big hitter from Goldman betting on the return of volatility to credit trading.

    13 Oct 2017

  • Piramal markets CBs, GIC Re in the clear

    India’s Piramal Enterprises is in the market with an unusual sale of mandatory convertible bonds through a qualified institutional placement, part of a fundraising drive to that could fetch up to Rp70bn ($1.1bn).

    13 Oct 2017

  • Nissan’s China JV jumps on Bond Connect bandwagon

    Dongfeng-Nissan Auto Finance has tapped the Chinese asset-backed securities (ABS) market for a third time this year with a Rmb3.5bn ($531.9m) two-tranche deal. The company made its first attempt to attract foreign investors trading through Bond Connect in the October 12 deal – with mixed results.

    13 Oct 2017

  • RMB round-up: PBoC governor urges looser capital control, HK leader backs cross-border RMB business, UK RMB deposits up in Q2

    The governor of the People’s Bank of China calls for capital controls to be scaled back, Hong Kong’s chief executive says the city will expand its RMB business by increasing the level of cross-border fund flows, and RMB deposits in the UK grow in the second quarter.

    13 Oct 2017

  • Zhongrong Xinda to meet bond investors

    Zhongrong Xinda Group Co is planning to debut in the international bond market, after mandating four firms to lead a Reg S transaction. The roadshow will take place early next week.

    13 Oct 2017

  • ChemChina in talks for $5.5bn two tranche refinancing

    China National Chemical Corp (ChemChina) has approached banks for a $5.5bn two tranche borrowing to help refinance a $12.7bn acquisition loan signed last September.

    13 Oct 2017

  • CDB Leasing aims to beat National Congress with dollar bond

    CDB Leasing is on the road pitching a dollar bond deal which it wants to price as early as Monday, just ahead of the 19th National Congress of the Communist Party of China.

    13 Oct 2017

  • Sumitomo raises $4bn across opco and holdco

    Sumitomo Mitsui Banking Corp returned to market as it took a combined $4bn amid red-hot funding conditions.

    13 Oct 2017

  • Chailease, CSPC snag $608m from equity raises

    Two North Asian issuers raised $608m in separate overnight primary equity placements on Thursday after both deals were fully upsized, although they priced near the bottom of their respective offering ranges.

    13 Oct 2017

  • ‘Climate in everything we do’

    In terms of sheer volume of lending, the EIB have done more to address the problem of climate change than any other institution.

    13 Oct 2017

  • HK market warms to Stock Connect investor ID

    Market participants in Hong Kong have welcomed plans by regulators to install a new investor identification mechanism, which will require northbound investors participating in Stock Connect to reveal their identities by the middle of 2018.

    13 Oct 2017

  • Green finance and the role of government

    By Ma Jun, Chairman of the Green Finance Committee of China Society for Finance and Banking, Co-Chair of G20 Green Finance Study Group and Special Advisor to United Nations Environment on Sustainable Finance

    13 Oct 2017

  • Sea IPO gets $100m commitment from Tencent

    Sea said its backer Tencent Holdings, the Chinese technology giant, will take up a $100m portion of the southeast Asian e-sports company’s $696m IPO in the US.

    13 Oct 2017

  • Investors will look through crisis to 'great' Myanmar opportunities

    Myanmar may be in the middle of a crisis as more than half a million Rohingya flee anti-Muslim militants. But investors are willing to look past the humanitarian crisis and find opportunities in the frontier market.

    13 Oct 2017

  • Saudi ready for 'failure' as it looks to boost M&A

    Saudi Arabia must be ready to accept the risk of companies failing as it relaxes rules on mergers and acquisitions, the head of the country's Capital Markets Authority tells GlobalMarkets

    13 Oct 2017

  • IMF backs regulation review in wake of Treasury plans

    The IMF has indicated it would back proposals by the US Treasury to ease the burden of regulation on US firms and capital markets while Europe could follow the US lead as moves to review the Capital Requirements Regulation

    13 Oct 2017

  • WB's Oteh expects IDA bond to be 'phenomenal'

    The World Bank’s head of treasury tells GlobalMarkets she has high hopes for the International Development Bank’s debut in the international bond markets and thinks it will make a big difference to the effectiveness of the institution

    13 Oct 2017

  • Citi appoints former UBS veteran to run China CIB

    Citi has hired Guorong Jiang as chairman and head of corporate and investment banking for China, according to a press release the bank sent out on Friday.

    13 Oct 2017

  • Emerging markets 'exposed' to corporate debt strains

    Exposure by banks in emerging markets to bad corporate loans raise concerns of the potential for a bout of financial instability and warns that strong short-term growth is masking the need for ministers to take action to boost longer term prospects

    13 Oct 2017

  • Pakistan's worsening numbers raise questions over role of China and IMF

    Who does Pakistan turn to in the event of a new liquidity crisis: to China or the IMF? Widening trade and current account deficits and dwindling FX reserves could mean the South Asian country has to make up its mind sooner rather later

    13 Oct 2017

  • Nigeria deputy CBG defends FX system amid local market inflows

    Joseph Nnanna, deputy governor at the central bank, tells GlobalMarkets that there should be no more complaints about the flexibility of the FX market.

    13 Oct 2017

  • Indonesia, China take securitization route to infrastructure finance

    Big questions remain around how China’s ambitious Belt and Road Initiative will be financed. But experts tell GlobalMarkets the answer, or at least part of it, may be in asset-backed securitization — with Indonesia making some headway recently and China gearing up for some action.

    13 Oct 2017

  • Out of the woods

    Seen and heard in the corridors of the Annual Meetings

    13 Oct 2017

  • Brazil rebuffs fears over EM market threat to 'very high' deficit

    Brazil's finance minister Henrique Meirelles tells GlobalMarkets that the strength of its economic fundamentals will be enough to withstand any impact from turbulence in financial markets as rates rise despite World Bank worried over the size of its deficit

    13 Oct 2017

  • Schäuble backs integration agenda but dodges treaty changes

    Germany's finance minister tells the Institute for International Finance that Europe needs to be strengthened but that treaty change is not the way to go

    13 Oct 2017

  • Dealing with the Trump shock: Banxico looking at all options amid crucial Nafta talks

    Tight monetary policy has served as shock absorber this year, says Díaz de León

    13 Oct 2017

  • Hurricane-ravaged Caribbean islands demand polluters pay for rebuild

    Gaston Browne thinks that developed countries are contributing to the frequency and savagery of hurricanes with their carbon emissions and that they therefore should write off debts and help his country rebuild

    13 Oct 2017

  • Echoes of China as India warned of excessive state debts

    Debt owed by India’s 29 states has doubled over the past five years to $304bn, triggering calls by analysts on the central government to impose regulations or face the danger of following China down a path of over-indebtedness

    13 Oct 2017

  • End of Pax Americana as emerging powers sense global shift

    The retreat of the United States from the world stage has left a vacuum that will be filled by many different players in a world where transnational corporations will gain greater power, experts told GlobalMarkets

    13 Oct 2017

  • Protectionism fears intensify as world gathers in Washington

    A coalition of key figures gathered at this week's IMF meetings has coalesced around the fear that a further move towards protectionism by the Trump administration will hit emerging economies

    13 Oct 2017

  • Investment Corporation of Dubai USD200m 4.625% May 24

    12 Oct 2017

  • Romania EUR1bn 2.375% Apr 27

    12 Oct 2017

  • Fidelity Bank USD400m 10.5% Oct 22

    12 Oct 2017

  • Tupras shrugs off macro noise in return to bonds

    Turkish oil refiner Tupras hit screens for the first time in five years on Thursday, with the transaction successful despite a geopolitical ruckus and a fatal tragedy at one of the company’s plants.

    12 Oct 2017

  • Bancolombia brings Basel III to Colombia

    Colombia’s largest lender, Bancolombia, raised $750m of tier two subordinated bonds this week in the first Basel III-compliant transaction from the country.

    12 Oct 2017

  • Brazil bond run stays hot as Gerdau issues at a steal

    Brazilian steel producer Gerdau this week became the latest Latin American issuer to take advantage of hugely benign conditions to issue new debt inside where its existing curve was trading.

    12 Oct 2017

  • Afghanistan’s new battle for economic development

    Is Afghanistan finally turning the corner? The desert country, a crossroads between Central and South Asia, has for so long strived for stability and security and found neither

    12 Oct 2017

  • The other America says ‘yes’ to Paris Agreement

    Three devastating hurricanes this summer have not changed President Trump’s mind about leaving the Paris Agreement. But the response from US business and municipalities has been remarkable. Many reject Trump’s decision and are determined to carry on regardless, resisting climate change

    12 Oct 2017

  • Belt and Road to bring vision to China’s blindspot beyond the Malacca Strait

    This article is the second part in a series of four on China’s Belt and Road Initiative that we are publishing during the 2017 IMF-World Bank annual meetings in Washington DC. We have devoted two articles to the Belt element, and two to the Road element, of which this piece is the second and focuses on the western part of the maritime route

    12 Oct 2017

  • Trump casts long shadow over IMF’s multilateral ambitions

    The Western financial crises saw the IMF ride to the rescue. Now the storms have passed, poorer economies want the fund’s attention but may lack political unity to engineer long term change

    12 Oct 2017

  • Flint eases home in smooth succession race

    The appointment this week of John Flint as chief executive of HSBC carried none of the drama and internecine rivalry that marked the elevation of his predecessor Stuart Gulliver six years ago, but could have implications for the future leadership of the firm’s global banking and markets division.

    12 Oct 2017

  • Goldman Sachs buys US fix-and-flip mortgage company

    Goldman Sachs has bought Genesis Capital, a US mortgage firm that finances residential real estate development loans, as a long period of house price increases drives loan origination in that sector prompting expectations of more securitization activity.

    12 Oct 2017

  • Italian bank fundraising: not all la dolce vita

    At first glance the flurry of Italian banks entering the capital markets — including such unfamiliar names as Banca Popolare Dell’alto Adige (BPAA) and Banca Sistema — is an indication that international investors will lap up the debt of Italian minnows just as readily as they do for larger lenders in other peripheral Eurozone countries.

    12 Oct 2017

  • People moves in brief

    Molchanov joins RenCap to head Russian IB — Lloyds moves up three senior bankers — ABN Amro hires former IKB director for new levfin role in Germany — Exotix loses analyst to Renaissance Capital — Exotix extends hiring spree — FSB names new secretary-general to replace Andresen — Citi rewards corporate banker with markets promotion

    12 Oct 2017

  • DBJ USD1bn 2.5% Oct 22 sustainability bond

    12 Oct 2017

  • EIB USD3bn 2% Oct 22

    12 Oct 2017

  • Dexia EUR1.5bn 1% Oct 27

    12 Oct 2017

  • BondMarker results: Ireland stands alone

    The BondMarker voters have spoken. The results are in for last week's solitary benchmark from Ireland.

    12 Oct 2017

  • EFSF EUR3bn 0.125% Oct 23

    12 Oct 2017

  • Lloyds Banking Group GBP1bn 2.25% Oct 24 senior

    12 Oct 2017

  • Ignore Catalan risk at your peril

    There was a time, not so very long ago, when a ‘yes’ vote in a secession referendum in the most prosperous region of the eurozone’s fastest growing economy might have sparked some concerns. Those days appear to be behind us.

    12 Oct 2017

  • Treasury capital market reforms put ball in industry’s court

    Most of the US Treasury’s proposed reforms for the US capital markets avoid the need for congressional approval, giving the financial services industry a strong opportunity to roll back some of the perceived excesses of post crisis rule making, US sources have said.

    12 Oct 2017

  • Catalonia to markets: ‘Expect worse’

    By 10am on Monday October 16, Catalonia's president Carles Puigdemont must clarify whether this week’s declaration of independence was firm. Many in capital markets have dismissed the possibility of Spain’s constitutional crisis causing market volatility, but the Catalan government is approaching its week of reckoning in combative mood, write Lewis McLellan and Victor Jimenez.

    12 Oct 2017

  • Subprime auto ABS credit enhancements spark debate

    ABS industry players have expressed mixed views this year on the trend of increased credit enhancement on subprime auto deals, with some observers starting to question whether deal structures will hold up during market shocks.

    12 Oct 2017

  • UBI Banca EUR750m 0.75% Oct 22 senior

    12 Oct 2017

  • Northrop fires $8.25bn rocket as records tumble in dollar market

    Northrop Grumman and Wal-Mart printed the biggest deals in their history as event-driven dollar bond supply roared back to life following the Columbus Day holiday.

    12 Oct 2017

  • The Pained Trader: state of independence

    The Pained Trader mulls a new political settlement

    12 Oct 2017

  • AfDB readies social debut as DBJ scores big with SRI bond

    The African Development Bank (AfDB) said that it intends to enter the social bond market and will be roadshowing its social bond framework beginning October 19, it said this week.

    12 Oct 2017

  • NBG covered bond shows sub-IG future

    National Bank of Greece showed this week that a covered bond does not need to have an investment grade rating to be a success. By implication the product has almost unlimited funding potential for a broad swathe of global issuers, particularly those from the emerging markets, writes Bill Thornhill.

    12 Oct 2017

  • Romania doubles April 2027 bond

    Romania reopened its 2.375% April 2027s on Tuesday for €1bn, pricing the tap 12bp inside initial price thoughts that were described as “very attractive”.

    12 Oct 2017

  • Fidelity Bank prints at nosebleed yield

    Nigeria’s Fidelity Bank printed a $400m five year bond this week at the highest yield seen in emerging markets this year, and the paper was snapped up immediately in the aftermarket.

    12 Oct 2017

  • Mixed results for SSAs in super-tight dollars

    While the dollar market produced one of its strongest deals of the year on Wednesday, another deal enjoyed markedly less success on the day, indicating that investors’ tolerance for tight levels may be becoming stretched.

    12 Oct 2017

  • Bella Italia: improved sector brings FIG deal rush

    Improved investor confidence in Italy has been conducive to issuance, although some trades remain domestically focused.

    12 Oct 2017

  • Bella Italia: investors pile cash into the Boot

    With the struggle for the control of Catalonia dominating European markets, investors seem to be turning to Italy, of all places, as a safe haven. Jasper Cox and Sam Kerr report.

    12 Oct 2017

  • Capital output floors: a tempest in a teapot

    The noise surrounding a widely cited 72.5% capital output floor, which is the ratio between how EU regulators calculate a bank’s risk model, is just that, according to several industry sources.

    12 Oct 2017

  • Aroundtown GBP500m 3.00% Oct 2029

    12 Oct 2017

  • Snam EUR650m 1.375% Oct 2027

    12 Oct 2017

  • Nestlé extends and replaces revolvers

    Swiss food and drinks company Nestlé extended and replaced €11bn worth of one and five year loans on Wednesday.

    12 Oct 2017

  • A2A EUR300m 1.625% Oct 2027

    12 Oct 2017

  • Utilities buyers kept busy with run of new issues

    In a busy week for utility company bonds Iren, the Italian electricity and gas distributor, on Tuesday announced a new benchmark green bond alongside a tender offer for some of its outstanding bonds.

    12 Oct 2017

  • Aroundtown sterling debut highlights market strength

    The sterling bond market is enjoying a golden age. That was in clear evidence this week when a German-focused property company with very few sterling assets to fund chose to sell its debut deal in the currency. Nigel Owen reports.

    12 Oct 2017

  • Giancarlo postpones de minimis decision

    Chairman of the Commodity Futures Trading Commission Christopher Giancarlo on Wednesday announced his intention to postpone a decision on the derivatives threshold that forces firms to register as swap dealers.

    12 Oct 2017

  • Goldman cleans up Dong after it goes green

    The private equity arm of Goldman Sachs has sold the last of its shares in Dong Energy, the Danish power company, for Dkr4.3bn (€576m).

    12 Oct 2017

  • Elis looks to refinance M&A debt with Schuldschein

    French laundry group Elis has entered the Schuldschein market in the hope of refinancing part of a bridge facility used in its £2.2bn acquisition of UK rival Berendsen.

    12 Oct 2017

  • Kangaroo market reopens for Middle East borrowers

    Abu Dhabi Commercial Bank is set to come to market for a potential triple tranche kangaroo bond on Friday, following a deal from Emirates NBD that, according to a banker at one of ADCB’s leads, showed the market was still accessible to Middle Eastern borrowers.

    12 Oct 2017

  • Power producer ContourGlobal starts $400m London IPO

    Yet another new London IPO was unveiled on Thursday, when ContourGlobal, the emerging markets-focused power generation company, said it would raise $400m to finance growth and cut debt, by selling new shares to institutional investors.

    12 Oct 2017

  • Folli Follie finds success in Swiss francs

    Unrated jewellery company Folli Follie debuted in the Swiss franc bond market on Wednesday, having failed in a previous attempt — a sign that retail buyers are becoming more receptive, market participants said.

    12 Oct 2017

  • Bella Italia: ABS market debates Italy’s merits

    The record tight pricing of Agos Ducato’s Sunrise consumer ABS transaction this week showed that European investors are hot for Italian debt despite the country's political and economic turmoil. But sources speaking to GlobalCapital said that their foray into Italy is just the latest example of European buyers' desperate hunt for yield.

    12 Oct 2017

  • Giancarlo to postpone swap dealer threshold

    The chair of the commodity futures trading Commission, Christopher Giancarlo, on Wednesday announced

    12 Oct 2017

  • Citi doubles ECM revenue but fixed income disappoints

    JP Morgan and Citigroup gave earnings season a rocky start on Thursday, with fixed income revenues at both firms well down on last year, as record low volatility levels bite deeper into trading activity. But investment banking remained largely resilient, and Citi’s ECM numbers surged.

    12 Oct 2017

  • Giancarlo to EU: 'US is rulemaker, not ruletaker'

    The chairman of the United States' primary derivatives regulator, Christopher Giancarlo, on Wednesday delivered a stinging rebuke of unilateral rulemaking by the European Union on foreign clearing house supervision, saying that as a “sovereign nation”, the “United States is a rule maker” and not a “ruletaker”.

    12 Oct 2017

  • Oman Electricity Holding Co launches second loan

    Oman Electricity Holding Co (EHC) has launched its second loan this year as part of its plan to raise $2bn across six of its subsidiaries.

    12 Oct 2017

  • Inovyn’s 225bp margin stuns lev loan mart

    Chlorvinyls firm Inovyn, a subsidiary of chemicals group Ineos, was on course to shave 150bp from its 2024 term loans in a repricing on Thursday. But market participants warned that the trade betrays signs of a lack of discipline in the market.

    12 Oct 2017

  • NBG covered bond does not include put option

    The National Bank of Greece’s €750m three year conditional pass through (CPT) covered bond does not include an investor put option. Although the programme allows for put options it was not used in this week’s deal and is unlikely to be used in future deals, according to the head of covered bond structuring at UBS which arranged the transaction.

    12 Oct 2017

  • Portugal forges ahead with NPL plan

    A joint debt management platform formed by Portugual's largest banks is moving ahead with plans to ease the country's non-performing loan burden.

    12 Oct 2017

  • Fidelity Bank soars in secondary

    Nigeria’s Fidelity Bank has seen its freshly printed $400m five year paper rocket in the secondary market after pricing the bond on Wednesday.

    12 Oct 2017

  • Tupras shrugs off macro noise in return to bonds

    Turkish oil refiner Tüpraş is on screens for the first time in five years, with the transaction expected to be successful despite a geopolitical ruckus and a fatal tragedy at one of the company’s plants.

    12 Oct 2017

  • ‘Small deal, big splash’ as ASR unveils first euro RT1

    ASR Nederland brought its perpetual non-call 10 year restricted tier one (RT1) deal on Thursday, the first RT1 instrument to be issued in a core currency.

    12 Oct 2017

  • Asian loans bankers weigh up cornerstone support

    Cornerstone investors are becoming increasingly common in overseas loan syndications, especially those involving Indian borrowers. While some may argue that this goes against the true purpose of syndication, which is to spread risk, loans bankers believe the change is for the better as it introduces borrowers to sturdy lenders for future funding needs. Shruti Chaturvedi reports.

    12 Oct 2017

  • Investors come running as GIC Re hits market with $1.7bn IPO

    General Insurance Corp looks set to close the largest Indian IPO in seven years, after offering investors a whopping Rp113.7bn ($1.7bn) deal — and managing to cover 75% of the book on the first day. That was a rare show of early demand for an Indian listing, but the deal was simply too big to ignore, said local bankers. Jonathan Breen reports.

    12 Oct 2017

  • Innogy gets upgraded, then sells super-tight green bond

    Innogy, the German utility split off from RWE in April 2016, on Wednesday announced it would be holding investor calls about a new benchmark 10 year debut green bond issue. Later in the day, Standard & Poor’s upgraded the issuer to BBB.

    12 Oct 2017

  • FCA squeezed for staff as it copes with Brexit, moves to Stratford

    The UK's Financial Conduct Authority needs all hands on deck. It faces an iceberg of approaching regulation, Brexit, an asset management review and its day-to-day business. Plus, it is moving to Stratford, east London, in April.

    12 Oct 2017

  • Chailease $314m capital raise fully covered

    Chailease Holding Co’s offering of global depositary shares, worth as much as $314m, has been covered to the full size including the greenshoe, said sources close to the transaction.

    12 Oct 2017

  • Markets eye key China meeting as Xi consolidates

    Chinese capital market bankers will be keeping a close eye on a crucial meeting of the country’s Communist Party next week, as China’s president, Xi Jinping, attempts to consolidate his power. Although analysts and economists admit it is hard to read the tea leaves, most think the country’s financial market reform efforts are going to gather pace in the next five years. Paolo Danese reports.

    12 Oct 2017

  • Bank of Zhengzhou plays musical chairs with bond banks

    Bank of Zhengzhou Co’s inaugural offshore additional tier one (AT1) bond drew attention for the wrong reasons this week, after last-minute changes in the syndicate group — including one bank being dropped from the global co-ordinator group. Addison Gong reports.

    12 Oct 2017

  • Socram Banque sets new record for French auto ABS

    The European ABS market notched another record this week, as French issuer Socram Banque broke through post-crisis tight spread levels for a French auto ABS transaction.

    12 Oct 2017

  • Asian trio fire up NYSE, Nasdaq as investors pile in

    A trio of Asian firms listing in the US have received stellar responses to their IPOs, with Qudian, Rise Education and Sea all getting the thumbs-up from investors.

    12 Oct 2017

  • Tenaga block nets $116m after pricing at the top

    An unnamed investor bagged MR489.3m ($116.1m) from the accelerated sale of shares in Malaysia’s Tenaga Nasional on Wednesday evening, after the deal priced at the tight end of the marketing range.

    12 Oct 2017

  • Hong Kong to pursue its first green bond sale next year

    Hong Kong will pursue the sale of a green bond next year, the city’s chief executive Carrie Lam announced in her first policy address this week.

    12 Oct 2017

  • Citic Envirotech rakes in S$240m with ease

    Citic Envirotech turned to the Singapore dollar market for a perpetual non-call three year bond this week, revising pricing 40bp from initial guidance. The company was helped by its deep roots in Singapore and its ownership by China’s Citic Group.

    12 Oct 2017

  • China picks banks for rare dollar bond deal

    The Chinese Ministry of Finance (MoF) has begun mandating underwriters to issue two tranches of sovereign dollar bonds – the country’s first outing in the dollar market for more than a decade.

    12 Oct 2017

  • IEX pulls off Rp10bn IPO despite anchor book fumble

    Indian Energy Exchange wrapped up its Rp10bn ($153.6m) IPO on Wednesday, closing more than two times subscribed. But it suffered a hiccup during bookbuilding after local regulators changed their stance on whether foreign investors could participate.

    12 Oct 2017

  • Dim sum gets shot in the arm: BOC Avi, BMW issue

    Don’t write an obituary for the dim sum bond market just yet. BOC Aviation and BMW showed there are still signs of life this week, pricing a pair of three year bonds that added variety to a market that clearly needs it.

    12 Oct 2017

  • People news in brief, October 13, 2017

    Credit Suisse has expanded the responsibilities of two veteran bankers, naming one as the chairman of its Hong Kong operation and another as chief executive for Greater China.

    12 Oct 2017

  • UOB broadens investor base with tightly priced AT1

    United Overseas Bank sold its first dollar-denominated AT1 bond this week, managing to widen its investor base after regular appearances in its domestic market.

    12 Oct 2017

  • Zhongsheng sells one year CB to skirt NDRC

    Zhongsheng Group Holdings gave convertible bond investors a rare taste of sub-one year paper this week, replicating a structure that has gained popularity in the debt capital market for its ability to sidestep Chinese regulatory restrictions.

    12 Oct 2017

  • China Singyes saves on 364-day bond

    Renewable energy firm China Singyes Solar Technologies Holdings’ new 364-day transaction saw a tight pricing on Wednesday, well inside its secondary curve.

    12 Oct 2017

  • Celebrating a bond before closing it

    There is little that can affect a veteran bond banker more than experiencing the joy of a debut issuer. Whether they’re happy with the funding costs, impressed by the deal size, or just basking in surprise that no-one took a closer look at their accounts, new issuers often bring a child-like innocence to the debt markets. Sometimes, however, they go too far.

    12 Oct 2017

  • Haier kicks off dollar bond sale

    China’s Haier Group Corp launched its inaugural perpetual dollar bond transaction on Thursday morning.

    12 Oct 2017

  • Carbon pricing growing fast but firms need to use prices better

    More and more companies are recognising the principle that the atmosphere’s ability to absorb greenhouse gases from combustion cannot remain a free resource forever.

    12 Oct 2017

  • Yunnan Water back with $150m three year facility

    Yunnan Water HK Co has made a swift return to the overseas loan market with a $150m three year deal.

    12 Oct 2017

  • Supporting European Growth

    A core component of the European Investment Plan, the European Fund for Strategic Investments, is beginning to bear fruit

    12 Oct 2017

  • Thailand to use blockchain technology to boost corporate debt market

    The head of Thailand’s Bond Market Association tells GlobalMarkets about the potential of blockchain and wider market reforms to increase trading efficiency and help expand the size of its corporate debt market

    12 Oct 2017

  • Jordan: resilience in the face of crises

    Imad Najib Fakhoury, Minister of Planning and International Cooperation of Jordan and Chairman of the Board of Governors of the European Bank for Reconstruction and Development.

    12 Oct 2017

  • African countries eye $200bn diaspora windfall

    Remittances sent home by Africans living abroad could be used by their home nations to leverage diaspora bonds that would offer both potential sources of development capital but also threaten to disrupt existing markets

    12 Oct 2017

  • IFC deepens WB ties, preps new financing tools

    The World Bank’s private sector arm is close to executing its first frontier currency hedge as it refocuses on its development mandate, its CEO says.

    12 Oct 2017

  • Argentina eyes euros by early November

    Luis Caputo, the finance minister of Argentina, said on Wednesday that the South American sovereign would likely return to the euro-denominated bond market in late October or early November.

    12 Oct 2017

  • Ghana seeks Chinese FDI as World Bank cuts Africa growth forecast

    Africa’s finance ministers are turning their attention to private sector investment and trying to move beyond bilateral loans from China.

    12 Oct 2017

  • Cuba on verge of joining development bank club

    The president of the Cabei development bank tells GlobalMarkets about its work to admit Cuba as a member in move that would help the island normalise its relations with the rest of the world

    12 Oct 2017

  • Time to get serious: Sri Lanka's Coomaraswamy wants to give targets real teeth

    Indrajit Coomaraswamy wants to institutionalise Sri Lanka’s macro-economic framework by stiffening up the country’s Fiscal Management Responsibility Act.

    12 Oct 2017

  • SocGen's Oudéa sees a more united Europe despite Brexit threats

    Frederic Oudéa tells GlobalMarkets that a more integrated eurozone would be a way of showing the world that it was making progress in efficiency and capacity to stimulate growth despite the upheaval caused by Brexit and migration.

    12 Oct 2017

  • Canara tap dances to $200m bond upsize

    Canara Bank raised an additional $200m after tapping an outstanding bond on Wednesday, bringing the total size of its August 2022 note to $600m.

    12 Oct 2017

  • What Catalan crisis? Independence risks stability but IMF refuses comment

    Britain may have gone cold on Europe and Catalonia may be on the brink of falling out of both Spain and the EU, but governments of CEE powers Bulgaria, and Croatia are striving to foster support among their voters to join the euro while Slovenians remain big fans

    12 Oct 2017

  • Refugee bonds in play as Bangladesh succumbs to Rohingya crisis

    The World Bank is working on new refugee bonds, GlobalMarkets can reveal, as Bangladesh put in a request for financial support to cope with the burdens of the influx of Rohingya Muslim migrants from Myanmar

    12 Oct 2017

  • StanChart hands Malaysia CEO role to Anwar

    Standard Chartered has named Abrar Anwar as the new chief executive of its Malaysian business.

    12 Oct 2017

  • CSPC Pharma launches $254m placement

    CSPC Pharmaceutical Group opened books for HK$1.98bn ($253.6m) primary share placement on Thursday morning, according to a term sheet seen by GlobalCapital Asia.

    12 Oct 2017

  • India dusts off own Belt and Road plans but risks 'destructive competition' with China

    After initially treating China’s Belt and Road Initiative as a local venture, India has launched its own Project Mausam plan that experts say could be a “win-win” for the region at the risk of stirring tensions between the two powers

    12 Oct 2017

  • South Africa risks rapid outflows and junk ratings ahead of December ANC election

    December's election for a new head of the ruling ANC is a watershed moment for South Africa, which could see a rapid reversal of the strong investor inflows seen this year and a full house of junk ratings

    12 Oct 2017

  • BNDES 'warrior' lines up jumbo Eurobond to counter Brazil government's cash grab

    Paulo Rabello de Castro of BNDES is determined to protect the bank's liquidity, planning to raid the international bond markets to raise up to $5bn as the government cuts subsidies to hit fiscal targets

    12 Oct 2017

  • Mexico vs Cat bonds: 1-1

    Catastrophe bond pays out for one of two major earthquakes to hit Mexico in September

    12 Oct 2017

  • Out Of The Woods diary column

    Seen and heard in the corridors of the Annual Meetings

    12 Oct 2017

  • Kim confident of landing extra funding to turn 'billions into trillions'

    The World Bank's president, Jim Kim, will push rich countries' finance ministers to agree to a capital increase that will enable him to leverage trillions of dollars of private capital

    12 Oct 2017

  • 'Chronic abuse' of cheap money leaves frontier markets vulnerable to rate hikes

    Frontier markets that rushed to rack up cheap debt as funding costs hit historic lows are vulnerable to default if interest rates soar, raising the question whether they should have been allowed to borrow at all, leading experts tell GlobalMarkets

    12 Oct 2017

  • Election lifts hopes of greener Germany, perhaps even green bond

    Germany’s general election has put the Green party in a strong position to push for bolder policies on sustainability, and possibly to gain control of the energy ministry.

    12 Oct 2017

  • Belt and Road to transform Southeast Asia into China’s backyard

    This article is the first part in a series of four on China’s Belt and Road Initiative that we are publishing during the 2017 IMF-World Bank annual meetings in Washington DC. We have devoted two articles to the Belt element and two to the Road element, of which this piece is the first and focuses on the Southeast Asian part of the maritime route

    11 Oct 2017

  • Reforms for stability

    Finance minister Gillmore Hoefdraad had a front row seat as Suriname’s open economy was battered on three fronts — lower gold and oil prices, and the end of bauxite mining — leading to a recession in 2016. However, as Hoefdraad points out, the recovery is well underway and explains how, through several measures that the government is taking, it is becoming better prepared for external shocks.

    11 Oct 2017

  • Driving through reforms: Saudi gets behind the wheel

    One of the most closed and conservative societies in the world, Saudi is gradually opening its doors to both foreign investment and international ideals. In an exclusive interview with GlobalMarkets, Mohammed Abdullah El-Kuwaiz, chairman of Saudi’s Capital Market Authority, discusses the game-changing implications of emerging market status on the country’s equity markets and the planned IPO of prize asset Aramco

    11 Oct 2017

  • Extracting growth: oil and gold generate excitement

    The opening of Suriname’s second large gold mine has played a crucial role in the country’s economic recovery, and offshore oil discoveries in neighbouring Guyana have raised hopes for similar finds in Suriname. With the government apparently conscious of the need to be wise with the windfall, natural resources have the potential to transform the country.

    11 Oct 2017

  • Out of its comfort zone: EBRD’s home from home in MENA

    GlobalMarkets sits down with the EBRD’s head of Southern & Eastern Mediterranean, Janet Heckman, and finds out why the bank is operating in a region so far removed from its original cultural and operational parameters

    11 Oct 2017

  • Goldfajn’s great but gradual restoration

    Brazil’s central bank governor Ilan Goldfajn says the end of deleveraging may lead to a stronger recovery but that reforms are crucial to sustaining the country’s economic rehabilitation

    11 Oct 2017

  • Suriname making strides to fix macro weaknesses

    After suffering from the end of the commodity boom more than most, Suriname’s recovery is impressing many investors. Although questions linger around the fiscal consolidation plan, the government’s reform agenda looks to be putting the economy on the right track.

    11 Oct 2017

  • KKR closes risk retention fund, says rule has strengthened CMBS

    KKR closed a $1.1bn risk retention fund on Tuesday, and the firm’s co-head of real estate credit told GlobalCapital that market consolidation brought on by risk retention has strengthened credit quality in the asset class.

    11 Oct 2017

  • Kroll stands by Global Jet ABS ratings after hostile Fitch note

    Kroll Bond Rating Agency defended the ratings it assigned to private aircraft financier Global Jet Capital’s inaugural securitization, after Fitch Ratings deemed the deal non-investment grade in a note this week.

    11 Oct 2017

  • Bankers play the long game while scotching Commerzbank talk

    FIG bankers say that Germany’s Commerzbank is unlikely to remain a standalone entity forever. But a tie-up for the bank is firmly in the realm of fantasy M&A for now, writes David Rothnie.

    11 Oct 2017

  • Citi rewards corporate banker with markets promotion

    Citi has promoted Cecile Ratcliffe to markets head of France, Belgium and Luxembourg.

    11 Oct 2017

  • Blackstone jumps into hot CMBS market to finance two portfolios

    Blackstone is in the CMBS market this week with $1.4bn of paper across two deals, financing a pool of office properties in one of California’s media and entertainment hotspots and a group of furniture store rooms in Las Vegas and North Carolina.

    11 Oct 2017

  • HY investors gulp down €1.7bn as deals sell out early

    Empark, Vallourec and Dufry met strong demand for their new high yield bonds this week as investors opened their deep pockets.

    11 Oct 2017

  • ECB to take over post-Brexit broker-dealer supervision

    In December, the European Commission will propose that large investment firms conducting “bank-like activities” will be considered credit institutions, and therefore supervised by the European Central Bank’s Single Supervisory Mechanism (SSM). This move would close a major loophole that was expected to be used by capital markets firms relocating London-based markets activities to the EU27 after Brexit.

    11 Oct 2017

  • Lloyds moves up three senior bankers

    Lloyds Banking Group promoted three members of its senior commercial banking team this week.

    11 Oct 2017

  • ISDA shrinks down Venezuela CDS reach

    The International Swaps and Derivatives Association (ISDA) on Wednesday published a protocol that limits the scope of legacy credit default swaps referencing Venezuelan debt to obligations not restricted by recent US sanctions on the country.

    11 Oct 2017

  • DBJ pulls in spread with sustainability bond

    The Development Bank of Japan has managed to yank the spread in by 8bp for its third sustainability bond on Wednesday, which was still more than three times subscribed.

    11 Oct 2017

  • EIB scores super tight spread with five year dollar deal

    The European Investment Bank shrugged off any concerns over the divisions between the governments of Spain and Catalonia and the skinny spreads on offer, printing $3bn at one of the tightest spreads of the year.

    11 Oct 2017

  • CFTC fines prop trading firm for spoofing

    The US Commodity Futures Trading Commission has fined a Dubai based proprietary trading firm after finding one of its traders had spoofed the CME copper futures market.

    11 Oct 2017

  • VW Leasing mandates new auto ABS

    VW Leasing mandated banks this week for a new German auto ABS deal, as cheap funding continues to drive issuers to the market.

    11 Oct 2017

  • Bawag aims to break Vienna record with IPO at high multiple

    After a successful two week investor education process, Bawag, the Austrian bank, has unveiled the terms for its IPO on the Vienna Stock Exchange, which could value it at up to €5.2bn if it is priced at the top of the range.

    11 Oct 2017

  • Malaysia’s infrastructure finance market: a template for all

    Malaysia’s infrastructure financing market is well ahead of many of its peers, proving time and again that it can support greenfield financing when many other countries are still focused on funding pure brownfield projects.

    11 Oct 2017

  • Ex-Shawbrook duo launch specialist funding shop

    Structured finance veterans Marc Sefton and Kieran McSweeney have launched firm focusing on lending to companies in the specialty finance sector.

    11 Oct 2017

  • Kroll takes a shine to Dublin in post-Brexit Europe

    The outlook for financial services firms operating in Europe after Brexit remains unclear, particularly the issue of where to operate from now that London is not a guaranteed gateway to the continent. GlobalCapital caught up with Mauricio Noé, head of Kroll Bond Rating Agency’s European business about setting up shop in Dublin and why the time is ripe for the rating agency to plant its flag in the European ABS market.

    11 Oct 2017

  • ‘Growing following’ helps ABN Amro take £450m

    ABN Amro came to the sterling market for the fourth time this year, issuing a £450m senior deal at a spread of 80bp over Glits.

    11 Oct 2017

  • Romania doubles April 2027 debt

    Romania reopened its 2.375% April 2027s on Tuesday for a further €1bn, pricing the tap 12bp inside the “very attractive” initial price thoughts.

    11 Oct 2017

  • Molchanov joins RenCap to head Russian IB

    Russia’s Renaissance Capital has hired Petr Molchanov as head of investment banking for its home market.

    11 Oct 2017

  • Tight A2A sub-benchmark highlights how investors are hunting yield

    On Wednesday, A2A became the second Italian utility this week to sell a 10 year new issue. The company achieved the current benchmark low single digit new issue premium for its €300m deal.

    11 Oct 2017

  • Aroundtown taps sterling investors for fourth currency of the year

    On Wednesday, Aroundtown took advantage of the current very favourable conditions in the sterling market. The Germany-focused property company’s debut issue in the currency took to four the number of different currencies the issuer has sold bonds in during 2017.

    11 Oct 2017

  • KHFC hits covered bond road

    Korea Housing and Finance Corporation (KHFC) has mandated lead managers to arrange a roadshow for an Aa1 rated five year dollar covered bond.

    11 Oct 2017

  • Standard Life Aberdeen and Nationwide profit from ‘strong’ dollar market

    Standard Life Aberdeen and Nationwide Building Society both issued long duration tier two debt on Wednesday, taking advantage of a robust dollar market.

    11 Oct 2017

  • Rakbank signs $350m debut loan

    The National Bank of Ras Al Khaimah Rakbank has closed its debut syndicated loan for $350m with 22 banks.

    11 Oct 2017

  • Spanish rally after Puigdemont's speech fragile

    Tuesday’s speech from Catalan president Carles Puigdemont went some way towards restoring a sense of calm in Europe, as he stopped short of making a unilateral declaration of independence from Spain, instead offering to negotiate with the national government.

    11 Oct 2017

  • Terveystalo’s IPO biggest in Finland since ’98

    Shares in Terveystalo Healthcare, the Finnish private healthcare business owned by EQT Partners, rose 7% on Wednesday morning after they began trading in Helsinki. The company's IPO closed a day early due to the strength of demand.

    11 Oct 2017

  • Catalonia: ‘Markets fear violence, not our independence’

    Bond markets remain sanguine about the declaration of independence by Catalonia's president Carles Puigdemont on Tuesday, but that could change sharply if Spain clamps down with force.

    11 Oct 2017

  • Turkey-US spat puts bond investors on edge

    A diplomatic feud between the US and Turkey has caught the market’s attention this week, with some investors trying to decipher how severe the reaction in the bond market might become.

    11 Oct 2017

  • Corporate bond buyers scan horizon for fundamental risks

    The corporate bond market has endured many disruptive headlines in recent years, but it has remained resilient, thanks to investors sticking to considering credit fundamentals as the most important factor when evaluating their strategies.

    11 Oct 2017

  • Bank of Zhengzhou plays musical chairs with AT1 banks

    Bank of Zhengzhou Co priced its first offshore additional tier one (AT1) bond this week. But although the pricing of the deal appeared to make sense, the transaction drew attention for a number of last-minute changes in the syndicate group, including at the global co-ordinator level.

    11 Oct 2017

  • Edra starts soft-sounding investors for IPO

    Edra Global Energy, the Malaysian power producer formerly affiliated with embattled sovereign wealth fund 1MDB, has started sounding out investors for its IPO.

    11 Oct 2017

  • IEX cuts IPO anchor book as regulators backtrack

    Indian Energy Exchange has been forced to cut the size of the anchor book on its Rp10bn ($153.4m) IPO after local regulators decided foreign investors could not participate in the deal, said a source close to the transaction.

    11 Oct 2017

  • NBG steals the show with first sub-IG benchmark covered bond

    Covered bond investors had a rare opportunity to buy higher yielding debt this week with a trio of transactions offered across the credit spectrum from sub-investment grade to triple-A.

    11 Oct 2017

  • CBA prints in Swiss francs, capitalises on Kiwi cut

    Commonwealth Bank of Australia (CBA) this week raised Sf450m ($462.1m) from the Swiss franc bond market in the largest single tranche Swissie bond by an Australian financial since 2009. The borrower took advantage of the downgrade of a clutch of regular Swiss franc issuers to sell its trade.

    11 Oct 2017

  • Rusal block fetches $320m for Russian tycoons

    Shareholders in Russia’s United Co Rusal raised HK$2.5bn ($320.3m) through an overnight bookbuild, following a rally in the stock as its parent EN+ Group is seeking a $1.5bn IPO.

    11 Oct 2017

  • Quintet launches Victory City HK$2.6bn refi

    Victory City Co has hit the syndicated loan market for a HK$2.6bn ($333m) fundraising with five bookrunners at the helm.

    11 Oct 2017

  • Tewoo Group hits the road ahead of bond

    Frequent issuer Tewoo Group is readying a comeback to the offshore bond market. It has mandated firms to arrange a roadshow at the end of the week.

    11 Oct 2017

  • London IPOs thrive with Bakkavor, M7 Reit as deals trade up

    After a slump in volumes over the past year since the UK’s vote to leave the European Union, the London IPO market is reviving, with two more flotations announced so far this week.

    11 Oct 2017

  • GIC Re launches hot $1.7bn IPO to early demand

    Investors rushed toward the Rp113.7bn ($1.7bn) IPO of General Insurance Corp on Wednesday, bringing enough orders to cover over 70% of the book by midday, a show of early demand rarely seen in bookbuilding for an Indian listing.

    11 Oct 2017

  • Genting pulls off $500m bond tap

    Malaysia’s Genting Group grabbed an additional $500m on Tuesday from the tap of its debut bond sale earlier this year.

    11 Oct 2017

  • ING hires DB veteran as head of Asia corporate finance

    ING has scooped a Deutsche Bank veteran to lead its corporate finance and client coverage divisions in Asia.

    11 Oct 2017

  • Yes Bank considers upping $200m Taiwan loan

    Indian lender Yes Bank may increase the size of its latest borrowing, a $200m five year that was aimed at Taiwanese banks, as total commitments have exceeded the base amount.

    11 Oct 2017

  • Dim sum still alive: BOC Aviation, BMW return for deals

    BOC Aviation and BMW set out to sell offshore renminbi bonds on Wednesday, marking a return to the market for both issuers.

    11 Oct 2017

  • DoubleDragon Properties builds steam for re-IPO

    Philippines-listed DoubleDragon Properties Corp is gearing up to launch a re-IPO worth Ps7.5bn ($145.6m), aiming the deal firmly at international investors.

    11 Oct 2017

  • UOB serves up dollar AT1

    United Overseas Bank is making its first foray into the dollar tier one market in more than decade, after approaching investors with an AT1 bond on Wednesday.

    11 Oct 2017

  • Leong Hup eyes banks for $474m Malaysia IPO

    Leong Hup International is planning a Malaysia listing that could raise as much as MR2bn ($474m). The company is still firming up the syndicate, according to sources close to the matter.

    11 Oct 2017

  • Colbún gets 70% tender take-up

    Chilean power company Colbún will buy back more than 70% of its existing $500m 6% 2020s after wrapping up the early-bird portion of a tender offer.

    11 Oct 2017

  • Canara Bank re-opens August notes

    India’s Canara Bank opened a tap on its existing 2022s on Wednesday, looking to add to the $400m deal.

    11 Oct 2017

  • Suriname’s Staatsolie prepping for IPO, bond issue

    Staatsolie, the oil company 100% owned by the Surinamese government, will look to raise financing on international bond and stock markets if there are commercial oil finds in its waters.

    11 Oct 2017

  • StanChart to expand China ABS offering

    Like most foreign banks in the Chinese securitization market, Standard Chartered has focused on doing business with foreign originators. But now it wants to compete more directly with local underwriters by entering the growing asset-backed notes (ABN) market, Wesley Yang, the bank’s head of financial markets for China, told GlobalRMB.

    11 Oct 2017

  • China Singyes, Citic Envirotech out with bonds

    China Singyes Solar Technologies Holdings started marketing a 364-day dollar bond on Wednesday while Singapore-listed water and wastewater treatment company Citic Envirotech took bids for a new senior perpetual in Singapore dollars.

    11 Oct 2017

  • Neiman Marcus debt climbs after better earnings

    Debt investors showed some faith that luxury department store Neiman Marcus would ride out challenges in the US retail sector on Tuesday as it posted better than expected quarterly earnings, causing its debt to trade up in the secondary market.

    10 Oct 2017

  • LendingHome mulls new rated securitization

    Online mortgage lender LendingHome, which launched a master securitization trust last year, is exploring the option of bringing its first rated securitization, according to CEO Matt Humphrey and CFO Robert Stiles.

    10 Oct 2017

  • Mosaic solar ABS resurfaces in primary pipeline

    Residential rooftop solar finance company Mosaic is in the market with its second ABS offering of 2017, nearly four months after the company originally filed documents for the deal with the US Securities and Exchange Commission in June.

    10 Oct 2017

  • Qatari fears should not become paranoia

    Emerging market loan bankers are used to a little political drama but the recent spat between the Saudi-led group of six Arab states and Qatar has caused doubts about whether to engage in deals with Qatari exposure. This stance is understandable for pure Qatari credits but the penumbra of uncertainty has now spread to entities at one remove from Qatar. Banks should not be put off lending.

    10 Oct 2017

  • Guggenheim beefs up in US leveraged finance

    Guggenheim Securities has hired the former global head of fixed income loans at Lehman Brothers as a senior managing director in US leveraged loans and high yield.

    10 Oct 2017

  • Marlette Funding preps deal as industry heads for “critical quarter”

    Online lender Marlette Funding is marketing a securitization this week, as the wider marketplace lending industry gears up for an important fourth quarter.

    10 Oct 2017

  • NBG’s covered bond success does little to diminish Greek grief

    National Bank of Greece’s ability to attract a high oversubscription for its three year covered bond on Tuesday showed it is on the road to recovery. But without sovereign debt relief, the precarious state of Greece’s government finances will continue to blight the economy and its fragile banks.

    10 Oct 2017

  • Nationalist bank regulation from the US is the rule, not the exception

    Proposals from US treasury secretary Steven Mnuchin to “advance American interests in international financial regulatory negotiations and meetings” are part of a long tradition in the country’s regulatory rule making — global norms are honoured more in the breach than the observance. At least now the US is willing to admit it.

    10 Oct 2017

  • MEPs approve CCP relocation power

    Europe needs to upgrade its supervisory regime for clearing houses, the economic and monetary affairs committee of the European Parliament heard this week as it debated a European Commission proposal to relocate powers.

    10 Oct 2017

  • Wall Street’s empire strikes back in Treasury report

    A US Treasury report on capital markets, published on Friday, struck a populist tone, saying the rise of private credit at the expense of public market sources of financing has snatched money-making opportunities away from average Americans. But it is investment banking that has most to gain from a boost to public debt markets, not individual investors.

    10 Oct 2017

  • ASR RT1 will be market-defining if not market-generating

    Restricted tier one (RT1) bonds still do not make sense for Europe’s insurance industry and the asset class needs benchmark issuance before it can become a significant market in its own right. But the first deal in a major currency from ASR Nederland will be a very important line in the sand.

    10 Oct 2017

  • Audit reveals $3bn black hole at Croatia’s Agrokor

    Moody's expects Agrokor's creditors to recover at the low end of the 35% to 65% range on average, and that unsecured bondholders will get less than 35% of what they are owed.

    10 Oct 2017

  • European IPO boom rolls on with Bakkavor, HelloFresh deals

    Buoyed by low volatility, record high share prices, and a risk-on attitude among investors, Europe’s booming market for IPOs gained three more deals on Tuesday when Bakkavor, HelloFresh and M7 Multi-Let Reit all announced their intentions to float.

    10 Oct 2017

  • ISDA DCs should be more transparent, says IOSCO survey

    An association of global regulators on Tuesday revealed the results of a survey on the workings of the International Swaps and Derivatives Association (ISDA) determinations committees (DCs), in which market participants demanded more transparency and buy-side participation.

    10 Oct 2017

  • Marketplace lenders should seek to be boring

    As the industry continues to mature, marketplace lenders should drop their gimmicks and sell themselves on their underwriting records.

    10 Oct 2017

  • EIB and Land NRW ready dollar deals

    The European Investment Bank (EIB) and the German State of North Rhein-Westphalia (Land NRW) have picked banks for dollar benchmarks expected to hit the market on Wednesday.

    10 Oct 2017

  • Dexia and EFSF clean up in euros

    Both the European Financial Stability Facility (EFSF) and Dexia Crédit Local were able to take advantage of a strong market and cut 3bp from the spreads paid on their euro benchmarks on Tuesday.

    10 Oct 2017

  • ABN Amro hires former IKB director for new levfin role in Germany

    Dominik Felsmann has landed a job at ABN Amro as head of leveraged finance Germany. The bank has also named Arjan Van Rijn as global head of leveraged finance origination.

    10 Oct 2017

  • ESMA gives Indian CCPs equivalence

    ESMA has published an updated list of third country central counterparties that can offer their services in the European Union, with three Indian institutions joining the list.

    10 Oct 2017

  • Exotix loses analyst to Renaissance Capital

    An emerging market credit research analyst at Exotix has left to join Renaissance Capital next week after a month of gardening leave.

    10 Oct 2017

  • UPC and Belron bring €1bn-plus loans as multi-currency leveraged deals surge

    UPC Holding, the telecoms company owned by Liberty Global, and UK car glass specialist Belron announced multi-currency term loan offerings on Tuesday.

    10 Oct 2017

  • ECB’s new line on NPLs is tough, but probably wise

    Italy’s banks and politicians are worried about the European Central Bank’s non-performing loan crackdown. They are right to worry — but the answer is bankruptcy reform.

    10 Oct 2017

  • Konecranes debuts in Schuldschein market

    Crane maker Konecranes has launched its inaugural Schuldschein, following in the footsteps of its Finnish compatriot, food packager Huhtamäki.

    10 Oct 2017

  • NBG reopens Greek covered bond market

    National Bank of Greece attracted a diverse and deep pool of demand for its €750m three year covered bond on Tuesday, illustrating its ability to overcome investor concerns over its high non-performing loan ratio and the sustainability of the Greek government’s debt reduction programme.

    10 Oct 2017

  • Italian consumer ABS enters negative yield territory

    An Italian consumer ABS transaction was priced at a negative yield on Tuesday, as euro ABS buyers continue to deal with a tightening market with no end to the trend in sight.

    10 Oct 2017

  • Snam plays it again with 10 year but has to settle for 2bp NIC

    Italian gas utility Snam repeated the new issue-and-tender strategy it used in 2016 as it printed its third ever 10 year bond on Tuesday. The company was not able to replicate the zero new issue premium it achieved 12 months ago, but did still price at a very tight spread.

    10 Oct 2017

  • European marketplace lenders tap private ABS market

    Panellists at LendIt Europe on Monday said that there may be more to Europe’s marketplace loan ABS market than meets the eye, with a number of platforms issuing deals under the radar.

    10 Oct 2017

  • Iren to go green with tender

    On Tuesday, Iren, the electricity and gas distributor, announced a new benchmark green bond alongside a tender offer for some of its outstanding bonds.

    10 Oct 2017

  • Mizuho goes green for first ever senior euro trade

    Mizuho Financial Group came to the market with a bond financing green projects on Tuesday, becoming the second Japanese bank to do a green euro deal in two weeks.

    10 Oct 2017

  • SMCP's €560m Parisian fashion IPO covered on day one

    The IPO of SMCP, the French fashion group that owns the brands Sandro, Maje and Claudie Pierlot, is covered, one working day into the bookbuild.

    10 Oct 2017

  • IFIS joins Italian bond bonanza ahead of creditor hierarchy changes

    Banca IFIS became the fourth Italian bank to open books on a new public bond offering this October, with the country’s financial institutions returning to the capital markets ahead of the introduction of non-preferred senior debt in Italy.

    10 Oct 2017

  • Noga makes first foray into bonds

    Bahrain’s Oil and Gas Holding Company (Noga) is set to hit the road to market a debut 144A/Reg S dollar denominated benchmark trade with a tenor of up to 10 years, less than two years after the company made its debut in the syndicated loan market.

    10 Oct 2017

  • ICD reopens 2024s with room to tighten

    Unrated issuer, Investment Corporation of Dubai is out with initial price thoughts of 4.15% area on a tap of its $300m 4.625% 2024 bonds, with analysts expecting a tightening of around 10bp in yield terms.

    10 Oct 2017

  • Fidelity Bank hits screens with nosebleed yield

    Nigeria’s Fidelity Bank has caught the eye of yield hungry investors after announcing initial price thoughts of 11% area on a five year dollar trade.

    10 Oct 2017

  • CCB names Tian to chairman, exec director role

    China Construction Bank has appointed respected senior banker Tian Guoli as chairman and executive director, effective Monday, the lender has said in a Hong Kong stock exchange filing.

    10 Oct 2017

  • Yapi Kredi seals $1.35bn refi loan

    Turkey’s fourth largest private bank Yapi Kredi signed a $1.36bn syndicated loan with 37 banks on Monday.

    10 Oct 2017

  • Tata Motors mandates for $850m refi

    Tata Motors has enlisted six banks for a $850m refinancing exercise that will consolidate two earlier borrowings.

    10 Oct 2017

  • Chinese absence an opportunity, and a test, for Asia bonds

    Chinese issuers and investors are likely to be largely absent from the dollar bond market for the next few weeks, as the country prepares for a crucial meeting of Communist Party officials. The slowdown will be a good chance for issuers from elsewhere in the region to tap the market — and demonstrate whether Asia’s bond market can remain standing without Chinese liquidity.

    10 Oct 2017

  • No quick fix: Mongolian PM should stress consistency

    Mongolia’s macho new prime minister Ukhnaagiin Khurelsukh is taking the reins of a country that has suffered from excessive debt, a woeful credit rating and a corruption scandal which felled his predecessor. But despite the country’s struggles, his best policy approach may be simply to maintain the current course.

    10 Oct 2017

  • China Power turns on HK$2bn rights issue

    China Power Development International is planning a rights issue to raise at least HK$2bn ($256.3m), helping the company fund acquisitions of various clean energy project companies.

    10 Oct 2017

  • Crystal nears launch of $800m HK listing

    Crystal International Group is sounding out investors for its $600m-$800m Hong Kong IPO and could launch the offering as soon as next week.

    10 Oct 2017

  • Final allotments out for Aster DM Healthcare loan

    The final allocations are out for a $295m multi-tranche facility for Aster DM Healthcare. The loan, which contains tranches with tenors of up to 10 years, attracted a mix of Middle Eastern and Indian banks.

    10 Oct 2017

  • Reliance General, Amber Enterprises ready Indian IPOs

    Reliance General Insurance Co has become the latest Indian insurer to announce plans to list, having filed a prospectus amid a stream of IPOs from the sector.

    10 Oct 2017

  • Genting re-opens $1bn debut bond

    Malaysian conglomerate Genting Group is looking to add to its inaugural bond sale from earlier this year.

    10 Oct 2017

  • CICC loses ECM banker in Hong Kong

    CICC has lost one of its equity capital markets bankers in Hong Kong, according to sources close to the move.

    10 Oct 2017

  • Credit Suisse gives more responsibility to Stoehr, Chow

    Credit Suisse expanded the responsibilities of two veteran bankers, naming one as the chairman of its Hong Kong operation and another as chief executive for Greater China.

    10 Oct 2017

  • Keppel-KBS US Reit to drum up interest in IPO

    The lead banks on Keppel-KBS US Reit plan to kick off pre-deal investor education for the $500m Singapore IPO towards the second half of this week.

    10 Oct 2017

  • Qudian, Rise Education and Sea on fire with IPOs

    Asian investors have piled into Qudian’s IPO on the New York Stock Exchange, with the $825m fundraising heavily oversubscribed even before it begins roadshows in the US, said bankers.

    10 Oct 2017

  • Chinese firms take charge of Bank of Zhengzhou’s AT1

    Bank of Zhengzhou Co started taking bids for its first offshore additional tier one (AT1) bond on Tuesday, after picking five Chinese banks as global co-ordinators. Only two foreign names made it onto the bookrunner list despite taking the lead in almost all previous Chinese AT1s.

    10 Oct 2017

  • Hyderabad Airport’s debut dollar bond nears take off

    The operator of Hyberabad’s international airport is planning a visit to the dollar bond market.

    10 Oct 2017

  • Renew adds to list of banks for new PACE ABS

    Residential and commercial Property Assessed Clean Energy (PACE) firm Renew Financial has tapped Barclays and Morgan Stanley for the first time as managers for its latest residential PACE transaction, in addition to repeat bookrunner Natixis.

    09 Oct 2017

  • KKR sells 12.3% of Pets at Home for £119m

    On Monday night, KKR, the US private equity group, sold a 12.2% stake in Pets at Home, the UK pet supplies retailer it floated in 2014, through an accelerated bookbuild led solely by Bank of America Merrill Lynch.

    09 Oct 2017

  • Liberbank’s €500m rights issue is on after investor vote

    Liberbank’s shareholders approved on Monday all the resolutions at its general meeting, including a €500m rights issue, which Deutsche Bank and Citigroup had already pre-underwritten.

    09 Oct 2017

  • US Treasury looks to ease ABS regs, says Dodd-Frank ‘went too far’

    A capital markets report from the US Treasury said that post-crisis regulation has hindered the US securitization market, and proposes a set of regulatory tweaks largely not requiring Congressional involvement to ease the burden on market participants.

    09 Oct 2017

  • Borr drills investors for another $650m to buy new rigs

    Borr Drilling, a Bermuda-registered, Oslo-headquartered offshore oil drilling company, has raised $650m with a 51% capital increase that was placed in an accelerated way on Friday evening.

    09 Oct 2017

  • ESMA: get your LEIs in order or else

    The European Securities and Markets Authority (ESMA) threw its weight behind Legal Entity Identifiers (LEIs) on Monday, urging investment firm clients and other market participants to get a code by January 3.

    09 Oct 2017

  • Eurex makes play for euro rates clearing biz

    Deutsche Börse-owned Eurex Clearing announced a new partnership programme, which was six months in the making, this week that will offer its clearing members revenue share and governance rights.

    09 Oct 2017

  • Tumble in transparency mars impressive Turkish growth

    President Erdogan’s consolidation of power in April has translated into the stronger economic growth that he and his followers had hoped for. But questions about its sustainability are growing louder and they are feeding into an undercurrent of distrust among international investors. Virginia Furness reports.

    09 Oct 2017

  • FMS-W picks banks for sterling benchmark

    FMS Wertmanagement has announced that it will come to market for a sterling bond on Tuesday, hoping to follow Export Development Canada’s success last week.

    09 Oct 2017

  • AfDB hitting the road for social bond

    The African Development Bank (AfDB) announced on Monday that it intends to enter the social bond market and will be roadshowing its social bond framework beginning October 19.

    09 Oct 2017

  • EFSF and Dexia hit screens for euros

    The European Financial Stability Facility (EFSF) will launch its fourth quarter issuance programme with a new six year benchmark, sharing investors’ screens with a 10 year deal from Dexia.

    09 Oct 2017

  • Three hit the road in European high yield

    Three high yield bond borrowers will be roadshowing for a combined volume of €1.2bn of new high yield bonds this week, with a mixture of familiar refinancing and leveraged buyout funding.

    09 Oct 2017

  • ICE backs away from ISDA DC position

    The International Swaps and Derivatives Association (ISDA) on Friday revealed that Intercontinental Exchange’s (ICE) benchmarking arm was “unable to reach agreement” with its credit determinations committee members over becoming their new secretary.

    09 Oct 2017

  • Santander CB almost 5x subscribed despite Catalonia risks

    Santander Consumer Bank attracted over €2.4bn in orders for a €500m five year senior deal on Monday.

    09 Oct 2017

  • UBI Banca and Sistema bet on ‘confidence’ in Italy

    Unioni di Banche Italiane (UBI Banca) and Banca Sistema came to the market on Monday with new senior deals, adding to a string of recent bank bonds out of Italy as confidence begins to creep back into the sector.

    09 Oct 2017

  • ASB extends covered curve with tightest price yet

    ASB Finance reaped the rewards of a comprehensive roadshow and strong market conditions to issue its tightest and longest covered bond ever this week.

    09 Oct 2017

  • Lloyds sticks by bullet structure on return to sterling

    Lloyds added to a barrage of sterling-denominated bond deals from banks in 2017, on Monday selling its first senior unsecured bond in the currency in nearly seven years.

    09 Oct 2017

  • DomusVi bags 325bp margin for LBO loan amid repricings

    Europe’s leveraged loan market was set for more than €4bn of offerings this week, as borrowers revel in friendly pricing conditions. Large facilities such as the €1bn loan for DomusVi that was launched on Monday could achieve the tightest prices, said bankers.

    09 Oct 2017

  • Montepio manages mountainous covered demand

    Caixa Económica Montepio Geral this week attracted strong demand for its first covered bond since 2009 and the first ever Portuguese deal with a conditional pass through (CPT) maturity.

    09 Oct 2017

  • Statnett to debut in euros as RWE announces buy-back results

    On Monday, Statnett, the Norwegian state electricity grid company, mandated banks for its debut benchmark bond issue in euros. This followed German power utility RWE announcing the results of its recent tender offer on Friday.

    09 Oct 2017

  • NewDay prices second card ABS of 2017

    NewDay Funding has priced its second credit card ABS deal of the year, NewDay Partnership Funding Trust 2017-1.

    09 Oct 2017

  • Eurotorg preps Belarusian first course

    Food retailer Eurotorg met investors this week to market the first ever international bond from a Belarusian corporate, but bankers were sceptical about whether there will be an influx of issuance from the former soviet state.

    09 Oct 2017

  • El Salvador notches double upgrade after distressed domestic exchange

    S&P and Fitch have upgraded El Salvador’s foreign currency debt rating after the Central American sovereign completed a restructuring of debt owed to local private pension funds.

    09 Oct 2017

  • UAE banks headed for soaring credit growth

    The United Arab Emirates’ banking system is expected to more than double its credit growth next year, compared with 2017, with stabilising oil prices and international bond issuance set to support funding in the country.

    09 Oct 2017

  • Exotix extends hiring spree

    Investment bank and research firm Exotix made two senior hires this week.

    09 Oct 2017

  • Columbus Day squeezes corporate bond issuance into four days

    Issuers and syndicates in the corporate bond market are lining deals up for a four day week this week. The Columbus Day holiday in the US shouldn’t necessarily mean no deals in the European market, but a mixed tone to the secondary market means participants are erring on the side of caution.

    09 Oct 2017

  • Yanggu Xiangguang plots $100m financing

    Yanggu Xiangguang Copper has rolled out a $100m syndicated loan with one lender leading the deal.

    09 Oct 2017

  • Mapletree Logistics prices rights issue to S$287m

    Mapletree Logistics Trust has raised S$286.5m ($209.98m) through a preferential offering of shares, part of a dual-pronged equity fund raising plan, according to a Singapore Exchange filing.

    09 Oct 2017

  • ANZ rejigs Asia DCM leadership

    ANZ has promoted one of its own to head up its debt capital markets group in Asia, while adding a banker from a Chinese rival to lead the north Asia team.

    09 Oct 2017

  • FSB names new secretary-general to replace Andresen

    Dietrich Domanski has been appointed secretary-general of the G20's Financial Stability Board (FSB), the organ that has helped steer the world's response to the financial crisis.

    09 Oct 2017

  • SSA market steels itself for MiFID’s arrival

    Public sector bond market participants are having to wrap their heads around about as much regulation as those in other sectors. For some, the unique aspects of public sector issuance means there will probably be fewer headaches than elsewhere in the primary capital markets — although problems could still arise if volatility replaces the sanguine funding conditions issuers have enjoyed this year. By Craig McGlashan.

    09 Oct 2017

  • Rise Education builds $154m Nasdaq IPO

    Rise Education, a Bain Capital-backed language trainer, has launched a Nasdaq IPO that could be worth $154m. The deal comes hot on the heels of RYB Education’s scorching success in the aftermarket.

    09 Oct 2017

  • Godrej prices popular IPO as IEX powers up

    After overwhelming demand from investors, Godrej Agrovet has priced its IPO at the top of guidance. The deal, which was more than 95 times subscribed, was worth Rp11.29bn ($172.8m), according to a banker on the deal.

    09 Oct 2017

  • EU member states likely to drop controversial ‘pre-resolution’ moratorium

    National experts and banking representatives are pushing against the EU Commission's proposal to give further moratorium powers to supervision authorities, according to a set of documents obtained by GlobalCapital.

    09 Oct 2017

  • Sea hits the road for $696m New York listing

    Sea, the e-sports giant formerly known as Garena, opened the books for its $695.8m US IPO on Monday, after adding a group of southeast Asian banks as underwriters.

    09 Oct 2017

  • Haier courts dollar bond investors

    China’s Haier Group Corp will meet investors this week to pitch its debut dollar bond.

    09 Oct 2017

  • China Singyes Solar powers up for dollar bond

    China Singyes Solar Technologies Holdings announced on Monday that it had mandated three banks to lead a dollar bond, eyeing a return to the market eight months after making its debut.

    09 Oct 2017

  • The week in renminbi: Fitch says shadow banking shrinking in China, US delays Chinese tariff decision, CDB approves $50bn loans to Africa

    Fitch Ratings says China has made progress in downsizing the country’s shadow banking sector, the US Department of Commerce delays its decision over imposing tariffs on Chinese goods, and China Development Bank (CDB) loans to Africa total more than $50bn in the first half of this year.

    09 Oct 2017

  • Saka Energi's $250m loan more than covered

    Banks that committed to a $250m loan for Saka Energi Indonesia, the upstream oil and gas arm of Indonesian state-owned Perusahaan Gas Negara, can expect to be scaled back after $285m of pledges came in by the end of general syndication.

    09 Oct 2017

  • Corporate bond week ahead: Columbus to affect supply, not Catexit

    After effectively a three day week this week, due to the German Unity Day holiday, syndicate desks are expecting the corporate bond market to operate for at least four days next week, after the Columbus Day holiday in the US. Some syndicate managers are saying the days off have come at a good time.

    06 Oct 2017

  • Metals recycler Befesa heads for the Frankfurt Stock Exchange

    Befesa, the Spanish metals recycling group, has joined the queue of companies going public in Europe this autumn, having announced its intention to float on the Frankfurt Stock Exchange.

    06 Oct 2017

  • Handicare multiple times covered on penultimate day of IPO

    The IPO of Handicare Group, the Swedish maker of stair lifts and mobility products, is multiple times covered at its fixed price of Skr50.

    06 Oct 2017

  • Bank of England looks to limit damage from balance sheet Balkanisation

    The Bank of England has drawn up new rules for banks which seek to limit the UK’s exposure to the "deglobalisation" of bank balance sheets. Rules including the US requirement for "intermediate holding companies" and EU proposals for "intermediate parent undertakings" limit banks’ ability to move capital and liquidity around the banking group — leaving regulators without these safeguards concerned.

    06 Oct 2017

  • BondMarker Q3 focus: agencies battle for top spot in dollars

    A Japanese agency has pipped a Nordic one to the post in a tightly-fought race for the top dollar scores on BondMarker in the third quarter. Just 0.2 marks separate the top three scored dollar prints.

    06 Oct 2017

  • BCBS eases up on derivs funding ratio

    The Basel Committee on Banking Supervision (BCBS), which is working to improve the stability of financial markets after the 2008 crisis, on Friday announced it would soften its terms on banks' derivatives liabilities.

    06 Oct 2017

  • CME expands into Asia-Pacific

    The CME Group has opened an office in Sydney, its seventh in the Asia-Pacific region where it has been increasing business and launching new regional products.

    06 Oct 2017

  • Funding scorecard: French agencies

    This week's scorecard looks that the funding progress of French agencies as we move into the fourth quarter.

    06 Oct 2017

  • Permanent TSB mandates Irish prime RMBS

    Permanent TSB has mandated three banks to sell an Irish RMBS transaction, Fastnet 13, offering classes of senior and mezzanine bonds to investors.

    06 Oct 2017

  • Covered bond primary volume ‘biased to the upside’

    The primary market is likely to remain as active in October as it was in September, but in light of strong conditions and the European Central Bank meeting at the end of the month, volumes are ‘biased to the upside’, according to one banker.

    06 Oct 2017

  • PFC sends RFP for $300m five year borrowing

    Indian state-owned company Power Finance Corp (PFC) has sent a request for proposals for a loan of up to $300m, seven months after a failed attempt to raise $100m-equivalent from a 10 year deal.

    06 Oct 2017

  • Haitong UniTrust, Bestway eye October end for IPOs

    Haitong UniTrust is preparing for a late October or early November launch of its potential $500m Hong Kong listing, according to a banker working on the transaction.

    06 Oct 2017

  • Laos extends curve to 15 years, seals largest bond

    The Lao People’s Democratic Republic, through the Ministry of Finance, raised Bt14bn ($420m) this week from a six-tranche bond in Thailand — its largest ever print. The sovereign also managed to push out its curve to an unprecedented 15 years, leveraging on Thai investors’ familiarity with its credit.

    06 Oct 2017

  • RMB round-up: PBoC stresses neutral monetary policy, CSRC wants home-grown top tier investment banks, A-shares stay on watch list for FTSE Russell reclassification

    The People’s Bank of China sticks to its neutral monetary policy, China Securities Regulatory Commission (CSRC) says it wants to build first class investment banks in the domestic market, and FTSE Russell refrains from reclassifying the Chinese A-share market as a secondary emerging market.

    06 Oct 2017

  • Cathay Pacific glides in for $350m loan

    Hong Kong carrier Cathay Pacific Airways has landed in the international loan market for a $350m three year borrowing.

    06 Oct 2017

  • Sichuan Energy, China Boqi seek HK IPO approvals

    Sichuan Energy Investment Development Co is looking to list on the Hong Kong Stock Exchange, having filed a draft prospectus with the bourse this week.

    06 Oct 2017

  • CFTC's Quintenz kills off maligned HFT regulation

    Commissioner Brian Quintenz of the US Commodity Futures Trading Commission gave the high frequency trading industry a boost this week in a speech that confirmed the end of a regulatory bugbear for algo traders.

    06 Oct 2017

  • Lat Am corps cut pricing as BCI gets 10 year

    Chilean lender Banco de Crédito e Inversiones (BCI) became the latest Latin American issuer to take advantage of strong market conditions as it took the plunge on its first international bond issuance for more than four years.

    05 Oct 2017

  • Brazil builds new benchmark as funding costs drop

    Brazil sold new 10 year bonds this week as part of a liability management exercise, using a combination of a cash tender and exchange offer to buy back $3bn of short-dated bonds.

    05 Oct 2017

  • Trebles for issuers, not investors as trio of Lat Am issuers fund inside curve

    Three of the first four Latin American dollar deals of the week were priced inside each borrower’s respective curve as syndicate bankers covering the region struggled to remember such an extended period of bond market strength.

    05 Oct 2017

  • The mystery of IPOs is part of their appeal

    “Phew, you scared us there!” sums up the reaction of Europe’s equity capital market on Thursday, when Pirelli’s monster truck of an IPO, which had sagged by 2.8% from its launch price on its first morning of trading, perked up and began climbing as it ought.

    05 Oct 2017

  • Banks to bring forward bad loans as ECB brandishes provisions

    Banks are trying to digest the implications of a new move by the European Central Bank, which would set a deadline by which new non-performing loans should be fully written off. This could spark a rush to declare NPLs before the end of this year, write Owen Sanderson and Jon Hay.

    05 Oct 2017

  • CPS heads to market with subprime auto ABS

    Subprime auto lender Consumer Portfolio Services (CPS) is out with its fourth deal of the year, with market watchers eyeing value in the short duration triple-A bonds.

    05 Oct 2017

  • Iccrea Banca EUR600m 1.5% Oct 22

    05 Oct 2017

  • Sumitomo Mitsui Financial Group EUR500m 0.934% Oct 24 green

    05 Oct 2017

  • La Banque Postale EUR500m 1% Oct 24 SNP

    05 Oct 2017

  • Hungary EUR1bn 1.75% Oct 27

    05 Oct 2017

  • Jordan USD1bn 7.375% Oct 47

    05 Oct 2017

  • Sov ABS: a bad solution to a big problem

    The European Commission appears to be pushing ahead with plans to launch sovereign bond-backed securities, according to a draft document seen by GlobalCapital. While the intentions behind the product are noble, this is the wrong way to fix the eurozone’s sovereign-bank nexus.

    05 Oct 2017

  • Spain and Catalonia risk ‘Pyrrhic victories’ over debt decisions

    Spain and Catalonia could be heading for a “Pyrrhic victory on both sides” in terms of their capital markets access, if they fail to reach an agreement on the latter’s status after a disputed independence referendum on Sunday, according to capital markets lawyers.

    05 Oct 2017

  • Altice and SFR dial in jumbo levloans

    The leveraged loan market is showing no sign of slowing after a September filled with jumbo deals as French telecoms companies Altice and its subsidiary SFR join the fray with transactions of more than €1bn.

    05 Oct 2017

  • Catalan standoff damages Spanish banks

    Spanish banks face difficult market conditions amid belligerent rhetoric from the Spanish and Catalan governments after Sunday’s independence referendum.

    05 Oct 2017

  • Quintenz sends signal to HFT and cryptocurrency players

    Commissioner Brian Quintenz of the US Commodity Futures Trading Commission gave the high frequency trading industry a boost this week in a speech that also asked questions of the burgeoning cryptocurrency markets.

    05 Oct 2017

  • BondMarker results: impressive results across the board

    Last week's crop of benchmarks have been subjected to the scrutiny of the BondMarker voters and, on the whole, they were pretty impressed.

    05 Oct 2017

  • Barclays opts for stability with Marsh appointment

    Barclays has turned to an experienced hand to lead its corporate finance business in Europe and the Middle East, in a move that signals the end of a management overhaul notable for its reliance on bringing in external heavy hitters.

    05 Oct 2017

  • Abu Dhabi, Jordan offer quality and quantity in 30 year bonds

    Two Middle Eastern sovereigns this week showed the depth and breadth investor demand for EM credit this week, one with a high quality jumbo $10bn trade, and the other, junk rated, with a bold 30 year trade that took full advantage of ideal funding conditions.

    05 Oct 2017

  • Disney shows Maple is no Mickey Mouse market

    Walt Disney joined the swell of blue chips entering the Maple market, selling C$1.25bn ($1bn) of seven year notes on Wednesday. Maple bonds, a suburb of niche currency markets for years, is becoming a hotbed for blue chips in search of diversification, writes Silas Brown.

    05 Oct 2017

  • Adnoc shows upper hand with tightly priced $6bn loan debut

    State-owned Abu Dhabi National Oil Co. (Adnoc) launched a $6bn debut syndicated loan this week after increasing the credit’s size and tightening pricing in response to banks’ hunger for it.

    05 Oct 2017

  • Abu Dhabi USD10bn 2.5% Oct 22s, 3.125% Oct 27s, 4.125% Oct 47s

    05 Oct 2017

  • People Moves in Brief

    HSBC hires HY syndicate head — GS beefs up in corporate broking — CS hires for fintech coverage

    05 Oct 2017

  • Goldman Sachs beefs up in corporate broking

    Goldman Sachs is looking to shake up the established order in corporate broking after making its second senior hire in three months.

    05 Oct 2017

  • Ireland cleans up in fives as ECB minutes stay the course

    Ireland provided the lone benchmark of the week, returning to the syndicated market for the second time this year and printing €4bn of five year paper.

    05 Oct 2017

  • Investors are still risk-on for EMEA flotations

    Investors have largely managed to avoid getting their fingers burnt on deals that trade badly in this IPO season so far, and the market is continuing to power ahead, with the launch of several new large transactions.

    05 Oct 2017

  • Tight spreads helping CMBS market muscle back in

    As the CMBS market starts to claw back some of the market share it lost after the financial crisis, bankers have said the resurgence comes down to a simple factor — pricing.

    05 Oct 2017

  • Cofiroute pays low tariff for 10 year on first outing of 2017

    On Wednesday, French toll road operator Cofiroute paid a low single digit new issue premium for its first corporate bond deal in over a year. The 10 year deal found favour with its faithful French investor base.

    05 Oct 2017

  • Investors offered choice of telecoms providers on Thursday

    On Thursday, the European corporate bond markets had two new telecoms deals to consider. Iliad, and unrated French issuer, priced a seven year deal, while Telecom Italia opted for longer.

    05 Oct 2017

  • Franklin and friends get $1.25bn for deals with J2 SPAC vehicle

    J2 Acquisition Ltd, the latest cash shell vehicle of Martin Franklin, completed its London IPO on Thursday, raising $1.25bn for acquisitions in unspecified countries and sectors.

    05 Oct 2017

  • TMF Group chooses London for €340m debt-cutting IPO

    TMF Group, the Dutch business services firm, has chosen the London Stock Exchange as the venue for its €340m-plus IPO.

    05 Oct 2017

  • Investors clamour for Bank of Nova Scotia debut

    Bank of Nova Scotia made a stunning splash in the dollar market as it printed the first offshore additional tier one (AT1) bond by a Canadian lender.

    05 Oct 2017

  • The Pained Trader: old flames and the fireman

    The Pained Trader experiences a blast from the past

    05 Oct 2017

  • Bank bonds start to plateau but primary market marches on

    Shrinking order books this week suggested that the financial institutions bond market was finally starting to cool off following an immense rally in 2017. But the developments have not prevented borrowers from printing tightly priced new deals in the primary market or lining up a number of exciting and unusual transactions for the coming sessions.

    05 Oct 2017

  • NBG covered bond ‘cannot fail and is certain of success’

    National Bank of Greece (NBG) has appointed leads to market its first covered bond since the Greek sovereign crisis, a transaction which rival bankers believe is assured of success.

    05 Oct 2017

  • German investors chase yield with unrated BayWa hybrid

    The few hybrid deals that have been printed in 2017 have seen overwhelming demand amid the current low rate environment. A €300m deal from German agriculture servicing company BayWa on Wednesday was no different, even if some of the bond’s features were more unusual.

    05 Oct 2017

  • FCA Bank benefits from taking short option

    Italian auto finance bank FCA Bank on Wednesday opted to go for a short maturity for the lowest cost of funding for its latest bond issue. A €800m three year deal achieved just that, pricing with barely any new issue premium.

    05 Oct 2017

  • Football clubs eye return to funding mainstream

    Football clubs have become revenue generating machines, and with the English Premier League set to ban clubs from borrowing from non-Financial Conduct Authority regulated institutions starting next year, GlobalCapital investigates how some of the Premier League’s biggest teams fund their operations.

    05 Oct 2017

  • Three more tranches of fashionable real estate for sterling bond buyers

    Sterling corporate bond investors had three tranches of property company debt to evaluate on Wednesday, as Segro issued a £750m 12 year and 20 year deal and Notting Hill Housing Trust a £400m 31 year.

    05 Oct 2017

  • Ireland EUR4bn 0% Oct 22

    05 Oct 2017

  • Low volatility pulls on equity index trading

    Equity index derivative volumes were lower in September on many exchanges as a result of low volatility. But even so, overall trading volumes rose.

    05 Oct 2017

  • Puerto Rico munis battered as RMBS investors take stock

    Puerto Rico’s municipal debt slumped this week after comments from President Donald Trump spooked investors, but the impact on US RMBS investors will be far less immediate as service providers assess the scale of the damage on the island’s properties.

    05 Oct 2017

  • ASR readies market-opening euro RT1

    ASR Nederland picked banks to arrange the sale of a restricted tier one (RT1) note in euros this week, becoming the first insurance firm to consider issuing the rare debt format in a core currency. Investors are hungry for more hybrid capital trades from European insurers, but market participants are unsure whether or not the first euro RT1 will pave the way for a glut of issuance. Tyler Davies reports.

    05 Oct 2017

  • ECB to go ahead with taper plans in 2018

    The minutes of the European Central Bank’s meeting of September 6-7 reaffirmed the central bank’s intentions to gradually scale back its quantitative easing programme in 2017, but offered little in the way of new information.

    05 Oct 2017

  • EDC makes splash with sterling floater

    Export Development Canada (EDC) sold a five year sterling floater on Thursday, raising £750m with its largest deal ever in the currency and, in an unusual development for the sterling market, pulled in its spread by 2bp. The borrower paid up over its dollar curve but was, according to one of the leads, happy to do so to maintain a presence in sterling.

    05 Oct 2017

  • Supras widen niche horizons with MTNs

    Supranationals have delivered a spurt of niche currency medium term notes, returning to old favourites like South African rand as well as making use of demand for more exotic currencies, particularly in Latin America.

    05 Oct 2017

  • Negative headlines fail to dent latest SoFi deal

    SoFi priced a student loan refinancing securitization this week, with the online lender increasing the size of the deal on the back of surging demand for the bonds, indicating that investors were unfazed by a stream of headlines around allegations of misconduct at the company.

    05 Oct 2017

  • Altice follows lev loan with bond

    French telecoms company Altice has opened books on a €500m 10.25 year non-call five year senior bond, days after launching a leveraged loan.

    05 Oct 2017

  • Corialis and Tekni-Plex chip away at margins

    Leveraged borrowers turned the pricing screws on lenders on Thursday with Belgium’s Corialis looking to shave off a combined 125bp off existing loans while US firm Tekni-Plex has reversed flexed its dollar and euro facility.

    05 Oct 2017

  • Alain Afflelou talks mid-4% for six year bond

    French optician Alain Afflelou is considering a yield of about 4.5% for its first bond since suspending plans to float on the Paris bourse. Investors branded the figure “punchy”.

    05 Oct 2017

  • Euro ABS spreads show no sign of normalising as 2017 winds down

    European ABS spreads continue to break through historical tights as the market approaches the year’s end, with investors not only participating at record low yields but queuing up in droves to buy paper at what are effectively negative yields.

    05 Oct 2017

  • Mann+Hummel’s green SSD swells on strong demand

    German filter maker Mann+Hummel has joined the flock of borrowers issuing green Schuldscheine, raising €400m with a multitranche deal that closed on Wednesday.

    05 Oct 2017

  • Telecom Italia wows IG crowd

    Ratings crossover credit Telecom Italia has set final terms on a €1.25bn 10 year trade, which bankers say appeals to high grade investors despite most of the issuer’s ratings sitting at junk levels.

    05 Oct 2017

  • Deripaska’s EN+ launches $1.5bn IPO in London, Moscow

    One of the most widely anticipated IPOs in the EMEA region got going on Thursday when EN+ Group, the Russian power and metals business controlled by Oleg Deripaska, said it would sell up to $1.5bn worth of global depositary receipts in London and Moscow in November.

    05 Oct 2017

  • Iliad offers longer and larger unrated telco deal

    On Thursday the European corporate bond markets had two new telecoms deals to consider. In the investment grade sector, unrated French issuer, Iliad, equalled its largest and longest transaction to date. The seven year trade was the shorter deal on offer, with sub-investment grade Telecom Italia opting for a 10 year tenor.

    05 Oct 2017

  • No sign of covered bond fatigue as SG hammers home fifth French 10 year

    Investors piled into a 10 year covered bond from Société Générale this week, even though it was the fifth from a French issuer in the same tenor in the last month. But with issuers incentivised to pre-fund ahead of 2018, some market participants say that investor resistance will be seen before year-end.

    05 Oct 2017

  • Standard Life Aberdeen tees off with dollar T2

    Standard Life Aberdeen's 30.5 year non-call 10.5 deal will be the first from the firm since it was formed from a merger between Aberdeen Asset Management and Standard Life.

    05 Oct 2017

  • ASR readies euro market for first ever RT1

    ASR Nederland picked banks to arrange the sale of a restricted tier one (RT1) note in euros on Thursday, becoming the first insurance firm to look at issuing the rare debt format in a core currency.

    05 Oct 2017

  • Hungary on track to reduce FX debt to 23%

    After several years financing in the domestic and Asian markets, Hungary turned its attention to the next stage of reducing its external liabilities this week, and was overwhelmed by the positive response to its dollar euro switch, György Barcza, chief executive of Hungary’s debt management agency (AKK), told GlobalCapital.

    05 Oct 2017

  • Oil giant Adnoc launches debut $6bn loan with tighter pricing

    State-owned Abu Dhabi National Oil Co (Adnoc) has kicked off the syndication of its first syndicated loan for $6bn, after increasing its size and tightening pricing further in response to high demand for the facility.

    05 Oct 2017

  • CFTC: crypto regulation needs clarity

    The burgeoning cryptocurrency market is facing new questions as a Commissioner at the US derivatives regulator asked what “actual delivery” of a digital currency meant, in the context of derivatives rules.

    05 Oct 2017

  • IG buyers bite as Braskem pricing beats Brazil

    A decision not to take a rating from Moody’s proved wise for Braskem as the Brazilian company attracted significant interest from investment grade buyers on its way to a $1.75bn dual tranche deal on Wednesday.

    05 Oct 2017

  • Colbún comes inside curve in Lat Am LM love-in

    Extraordinarily strong appetite for EM corporate paper helped power company Colbún become the latest Latin American borrower to issue through its existing curve on Wednesday.

    05 Oct 2017

  • Chinese M&A back on the agenda after regulatory crackdown

    After a year-long barrage of regulatory intervention, Chinese corporates are re-emerging on the international deal making scene, and this time they are here to stay, writes David Rothnie.

    05 Oct 2017

  • African banks turn to LM to manage 2018 maturities

    Pan-Africa lender Guaranty Trust Bank has bought back $123.1bn of its outstanding bonds, making it the second African bank to address its upcoming maturities. Nigeria’s Fidelity Bank is looking to issue fresh debt to finance a buy-back of its $300m 2018s.

    05 Oct 2017

  • Verizon brings third 2017 cell phone ABS

    Verizon Communications is marketing its third securitization of 2017, pooling device payment plans (DPPs) on mobile phones as buzz around the budding asset class increases on the back of bullish predictions at ABS East last month.

    04 Oct 2017

  • Ladder Capital closes debut real estate CLO

    Ladder Capital closed its first CLO backed by bridge loans on commercial real estate properties on Tuesday, the second time this year it has stepped into the capital markets with a deal from its own shelf.

    04 Oct 2017

  • China’s central bank provides ‘escape valve’ for squeezed European repo mart

    The People’s Bank of China has used its extensive holdings of European government bonds to act as an “escape valve” at times when the European repo market has become squeezed — such as year-end and quarter-end periods, when certain French and German bonds were unobtainable at almost any price.

    04 Oct 2017

  • Fiat goes for short drive as it reopens euro market with French pair

    After three days without a deal, the euro corporate bond market reopened with nearly €2bn of new issuance from three different issuers. The auto finance lender, FCA Bank, issued a three year deal, French electrical equipment manufacturer, Legrand, sold six year bonds, while French toll road operator, Cofiroute offered a 10 year transaction.

    04 Oct 2017

  • Eurazeo cuts 4.6% slice off its Elis stake

    Eurazeo, the private equity group, is selling a 4.56% stake in Elis Services, the French bed linen and laundry company, through a block trade of about €220m.

    04 Oct 2017

  • Three more tranches of fashionable real estate for sterling bond buyers

    Sterling corporate bond investors had three tranches of property company debt to evaluate on Wednesday, as Segro issued a £750m 12 year and 20 year deal and Notting Hill Housing Trust a £400m 31 year.

    04 Oct 2017

  • Three more tranches of fashionable real estate for sterling investors

    On Wednesday sterling corporate bond investors had to evaluate the three latest tranches from property companies as Segro sold a £750m 12 year and 20 year offering and Notting Hill Housing Trust brought a £400m 31 year deal.

    04 Oct 2017

  • Siemens sells out of Osram via €1.2bn ABB

    Siemens, the German engineering group, sold nearly all its stake in Osram Licht, the Munich-based lighting company it span off in 2013, via an accelerated bookbuild led by Citigroup and Deutsche Bank on Wednesday night.

    04 Oct 2017

  • EC favours ECB's CCP amendments

    On Tuesday the European Commission (EC) voiced favour for statute amendments that would increase European Central Bank (ECB) regulatory powers over central counterparties (CCPs).

    04 Oct 2017

  • Heavy hitters return to European CLO market

    BlackRock and GSO are back in the European CLO market this month, following four deals in September from Accunia, Tikehau Capital, Cairn Capital and Partners Group.

    04 Oct 2017

  • Consumer finance pro takes the helm at Renovate America

    Former Discover Bank CFO Roy Guthrie has been tapped to replace JP McNeill as CEO at residential Property Assessed Clean Energy (PACE) shop Renovate America.

    04 Oct 2017

  • Walt Disney joins busy Maple market

    Walt Disney joined the swell of blue chips entering the Maple market, selling C$1.25bn ($1bn) of seven year notes on Tuesday. And, as recent issues from AB InBev, Apple and McDonald's demonstrate, the Maple market is becoming a central pillar of corporate funding diversification.

    04 Oct 2017

  • TP ICAP announces key hires

    Interdealer brokerage firm TP ICAP has made a number of hires in its Institutional Services division, the company announced on Wednesday. The division provides advice, sales and execution to clients like institutional asset managers and hedge funds.

    04 Oct 2017

  • Ireland brushes off Catalonia turmoil to clean up with five year

    Ireland has sold its first negative yielding bond, raising €4bn with a five year. The deal pulled in €10.1bn of orders, despite some trepidation over the developing situation between Catalonia and Spain.

    04 Oct 2017

  • Corialis boards term loan repricing bandwagon

    Belgium’s Corialis Group has launched a repricing attempt on €627m-equivalent of loans as the aluminium building systems company seeks to become the latest in a long line of price amendment exercises to hit the market.

    04 Oct 2017

  • EC pushes forward on sovereign ABS plan

    The European Commission is moving ahead with plans to develop sovereign bond-backed securities — which some market watchers have dubbed a “common eurozone safe asset”. The efforts come despite the idea being met with disdain from sovereign debt management offices (DMOs) earlier this year.

    04 Oct 2017

  • Iran oil links leave question mark over Turkey’s Tupras

    Turkish oil refiner Tüpraş will start roadshowing a 10 year dollar bond on Friday, but the issuer’s links to Iran are expected to raise questions on the roadshow.

    04 Oct 2017

  • Residomo seeks home for high yield bond

    Czech rental housing company Residomo is marketing a €680m seven year non-call three year senior secured bond that is expected to garner interest from global high yield accounts and emerging market investors.

    04 Oct 2017

  • BPCE takes size and duration with long 10 year

    The covered bond market has not looked this strong all year, and with the European Central Bank (ECB) widely expected to announce a tapering of asset purchases this month, borrowers are highly motivated to issue in size and duration — a message that BPCE understood loud and clear when it issued a long 10 year on Wednesday.

    04 Oct 2017

  • La Banque Postale debuts in senior non-preferred

    La Banque Postale was able to tighten pricing by over 10bp from initial price thoughts as it became the latest French name to issue in the senior non-preferred asset class.

    04 Oct 2017

  • SMFG starts Japanese green train in senior

    Sumitomo Mitsui Financial Group (SMFG) came to the market with a seven year senior unsecured bond on Wednesday to finance green projects, with Mizuho still in the pipeline for a green deal of its own.

    04 Oct 2017

  • Iccrea returns to euro market in big year for Italians

    Iccrea Banca sold its second euro senior deal of 2017 on Wednesday, with Italian banks piling back into the primary market and eclipsing last year’s issuance volumes.

    04 Oct 2017

  • Hungary draws €5.75bn book for debt switch

    Hungary had taken books of €5.75bn for its new euro benchmark on Wednesday, after announcing that investors had agreed to tender $3.3bn of its outstanding dollar notes.

    04 Oct 2017

  • NN’s debut covered bond enjoys record demand

    Nationale-Nederlanden Bank (NN Bank) issued its first covered bond flat to fair value, yet still managed to achieve a subscription ratio higher than any other Dutch covered bond in at least five years.

    04 Oct 2017

  • Dubai’s GEMS Education pencils in $1.2bn loan launch

    Global Education Management Systems (GEMS) Education of Dubai is to launch a $1.2bn syndicated loan, ahead of its planned initial public offering early next year.

    04 Oct 2017

  • Aktia’s FRN efforts ‘not to be sneezed at’ in busy FIG market

    Finland’s Aktia Bank sold a sub-benchmark three year floating rate deal on Wednesday, attracting attention despite competition from five other financial institutions in the euro market.

    04 Oct 2017

  • Investors cut European duration, eye Italy over Spain

    The buy-side is slowly removing European duration from portfolios in anticipation of the European Central Bank cutting its asset purchase programme, according to an investment director. Meanwhile, new cash flowing into the eurozone periphery is likely to go to Italy over Spain while uncertainty lingers over Catalonia’s future.

    04 Oct 2017

  • Investors seek right names to eke out further tightening

    German Unity Day and Golden Week in Asia have given European corporate bond investors a break from new issues and a chance to consider whether the current tight level of spreads is right or too tight. Many expect more tightening to come, so picking the right sectors and geographies will be the key to performance.

    04 Oct 2017

  • European Commission lays out plan for NPL disposals

    The European Commission is readying proposals to deal with the continent’s vast stock of non-performing loans (NPLs), including an out of court foreclosure process meant to speed up asset resolution.

    04 Oct 2017

  • Chief counsel to Bowen leaves CFTC

    The chief counsel to former Commissioner Sharon Bowen, Petal Walker, followed her boss on the way out of the Commodity Futures Trading Commission (CFTC) on Tuesday.

    04 Oct 2017

  • IPO market splutters as Pirelli, Rovio trade badly

    Despite the momentum in Europe’s equity capital markets showing little sign of stalling, with a new wave of deals this week across a number of sectors, two of the year’s most high profile IPOs have traded down in the aftermarket.

    04 Oct 2017

  • ECB meeting moves to the back of FIG investors’ minds in October

    Though the European Central Bank’s October 26 meeting has been very well talked about as the point at which it could start to step back from buying bonds, FIG investors remain focused on other issues.

    04 Oct 2017

  • ME sovereigns perfect balm to EM woes

    If it’s large, liquid and high grade, or small, obscure with a decent yield, it will fly. If it’s a repeat issuer, small in size, and tightly priced, it won’t. That is the status in EM according to debt capital markets bankers.

    04 Oct 2017

  • Khazanah nets $113m from Malaysia Airports' sale

    Malaysian sovereign wealth fund Khanazah Nasional offloaded a block of Malaysia Airports Holdings' shares on Tuesday night, raising MR476.2m ($112.7m).

    04 Oct 2017

  • India’s GIC Re sets range for Rp114bn IPO

    State-owned reinsurer General Insurance Corp of India has finalised the price range for its IPO, which will have a potential size of Rp113.7bn ($1.7bn).

    04 Oct 2017

  • Brazil offers slim concession after Mexico tests investors

    Brazil followed Mexico’s example in making the most of idyllic issuance conditions on Tuesday, though some investors argued that Brazil’s $3bn deal demonstrated that the market retained some sense of discipline.

    04 Oct 2017

  • Tian Lun Gas fires up HK$1.25bn borrowing

    Hong Kong-listed China Tian Lun Gas Holdings has enlisted two lenders to arrange a HK$1.25bn ($160m) five year loan, invitations for which were sent out this week.

    04 Oct 2017

  • India's Apollo Tyres launches Rp15bn QIP

    India's Apollo Tyres hit the market with a qualified institutional placement on Tuesday, aiming to add up to Rp15bn ($229.6m) to its coffers.

    04 Oct 2017

  • Citic Envirotech plans return, mulls between US/Sing dollars

    Chinese water treatment and recycling solution provider Citic Envirotech is readying its second international dollar bond, having mandated three to arrange a roadshow from the end of this week.

    04 Oct 2017

  • Reliance Jio dials banks for $1.5bn refinancing

    Reliance Industries’ telecommunication arm Reliance Jio Infocomm is in talks with banks to refinance a two-tranche loan raised in late 2014.

    04 Oct 2017

  • Nomura poaches from Deutsche for China FIG

    Nomura has grabbed senior Hong Kong-based banker Perry Tsea from Deutsche Bank to lead its Greater China financial institutions group.

    04 Oct 2017

  • Qudian opens books for $825m US listing

    Chinese micro-lender Qudian has launched bookbuilding for its IPO on the New York Stock Exchange, which could raise up to $825m, according to a banker close to the deal.

    04 Oct 2017

  • Barclays names Marsh, Khanna to new IB roles

    Barclays has promoted one of its most senior bankers to an expanded position overseeing its banking activities outside of the Americas.

    04 Oct 2017

  • ABS to weather federal student loan defaults, but pressure builds for borrowers

    An uptick in the three year federal student loan default rate is not likely to dampen the performance of Federal Family Education Loan Program (FFELP) ABS, but will be a drag on household balance sheets.

    03 Oct 2017

  • Hyatt portfolio, Standard Hotel set for CMBS as JPM warns on sector

    Lone Star’s portfolio of Hyatt properties and a Hong Kong fund’s loan on the Standard Hotel in Manhattan are both expected to surface in the CMBS market soon, as JP Morgan warns the sector still has credit concerns worthy of more attention.

    03 Oct 2017

  • Citi and Miliband launch partnership to train young refugees

    With 65m people displaced worldwide, the refugee crisis can seem insurmountable. But despite this daunting scale, initiatives are being tried that could help some of those affected. Citigroup’s charitable foundation is giving $2m to a project to train refugees for the job market and entrepreneurship, in Greece, Jordan and Nigeria.

    03 Oct 2017

  • The robots are coming, but for whom?

    Once again, fintech was a hot topic at the annual ABS East conference in Miami Beach last month. But unlike in the past, the focus was not on the newest trend among marketplace lenders or payments companies, which are looking more like run of the mill banking institutions, but on how technology will enhance, digitize and eventually automate financial services.

    03 Oct 2017

  • The crypto market is growing up

    The Wild West days are not over in the cryptocurrency market, but the shoots of a more civilised and reliable market are beginning to poke through.

    03 Oct 2017

  • FSB sets out UPI governance arrangements for derivs

    The Financial Stability Board (FSB) has laid out what it believes are the critical elements required for the governance in the provision of unique product identifiers (UPI) for the derivatives market.

    03 Oct 2017

  • A green capital cut is a bad plan: measure risk, not political appeal

    For politicians looking for policy tools, bank capital regulations are a blank canvas. But using prudential regulation to direct lending to favoured causes lacks transparency, obscures difficult decisions and piles up risks.

    03 Oct 2017

  • EIB readies sterling tap

    The European Investment Bank (EIB) has picked two banks to run the books for its eighth sterling trade of the year.

    03 Oct 2017

  • JC Flowers continues OneSavings Bank exit with £79m sale

    Investors got another chance to build up more exposure to the UK’s flourishing challenger banking sector on Tuesday night when JC Flowers, the US private equity firm, launched another block trade of shares in OneSavings Bank.

    03 Oct 2017

  • Despite losing Sifi designation AIG is still ‘too big to fail’

    The decision to strip AIG of its designation as a systemically important financial institution (Sifi) says more about the arbitrary and confusing nature of the Sifi designation process, rather than the American insurance giant’s importance in the US financial system.

    03 Oct 2017

  • Altice and SFR launch similar refis

    Details have emerged on the €3.675bn-equivalent of loans for French telecom companies Altice and its subsidiary SFR, as the companies launched similar refinancing facilities into syndication.

    03 Oct 2017

  • Alain Afflelou fixes sights on new bond

    French optician Alain Afflelou has mandated banks for its first bond since twice suspending plans to float on the Paris bourse.

    03 Oct 2017

  • Investors pounce on Puma’s high yield trade

    High yield and emerging market crossover issuer Puma Energy saw demand of more than $2bn for a seven year non-call three year bond on Tuesday, prompting the issuer to slash pricing and increase the size of the trade.

    03 Oct 2017

  • Old Money: running on live TV

    Reflecting on the run on the Rock, a full decade on.

    03 Oct 2017

  • NBG covered bond rating would be higher

    National Bank of Greece’s covered bond rating would be higher given the bank’s commitment to a 25% minimum overcollateralization ratio, but this is constrained by the sovereign and issuer rating.

    03 Oct 2017

  • France’s Elis prices €400m debut CB at 0% yield

    Elis, the French laundry services company, issued a €400m convertible bond on Tuesday to refinance its £2.2bn acquisition of Berendsen in the UK, which closed in September.

    03 Oct 2017

  • AfDB leads long end MTN flurry

    The African Development Bank has sold its longest MTN ever, leading a spurt of long dated private placement euro issuance from public sector borrowers.

    03 Oct 2017

  • Disney leaves dollars for Maple debut

    The Walt Disney Company is heading north for Canadian dollars, in its first public foray beyond the dollar market.

    03 Oct 2017

  • Dutch state buyers pile into Green Apple RMBS

    Dutch municipalities poured into the latest Dutch RMBS deal from Argenta Spaarbank last week, as low levels of supply sent buyers scrambling for new paper.

    03 Oct 2017

  • NBG and NN prepare to issue covered bonds

    National Bank of Greece (NBG) has appointed leads to market its first covered bond since the Greek sovereign crisis. Meanwhile, Nationale-Nederlanden (NN Bank) has signalled its intention to press ahead with its debut deal following its recent roadshow.

    03 Oct 2017

  • Corporate bond market looks unshakable by all but central banks

    The investment grade corporate bond markets in Europe have stood firm in the wake of the mass shooting in Las Vegas on Sunday and political uncertainty in Catalonia. German Unity Day led to a third blank day for corporate bonds in Europe, but syndicate managers were comfortable about new issuance conditions for the foreseeable future.

    03 Oct 2017

  • Belmont taps Macquarie, NatWest for new UK RMBS

    The UK RMBS pipeline is building in October, with first time issuer Belmont Green tapping two banks for a new offering.

    03 Oct 2017

  • Mexico goes long with spreads at three year lows

    Latin America DCM bankers saw Mexico’s latest bond issue priced with a negative new issue premium on Monday, though at one stage it looked like the deal could have come even further inside fair value as the $1.88bn sale was launched at the middle of the guidance range.

    03 Oct 2017

  • Jordan’s performance divides opinion

    The Hashemite Kingdom of Jordan served plenty of yield up to investors on Monday, proving that it is not just the double-A rated names which enjoy access to long dated funding in emerging market bonds. The deal traded up two cash points on Tuesday which drew a mixed response from market participants.

    03 Oct 2017

  • BFCM opts for ‘classic’ senior preferred Samurai

    French banks have been frequenting the Samurai market all year, and the latest trade from Banque Fédérative du Crédit Mutuel (BFCM) this week offered Japanese accounts a rare chance to invest in the senior preferred format.

    03 Oct 2017

  • Middle Eastern banks tap international loan market for first time

    Middle Eastern banks are diversifying their funding portfolios by entering the international syndicated loan market for the first time, with Bahrain Islamic Bank (BisB) signing a deal at the end of September and two more due to sign this month.

    03 Oct 2017

  • BMO targets sterling in senior funding frenzy

    Bank of Montreal (BMO) opened books on its first senior deal in sterling in nearly four years on Tuesday, having been very active in the capital markets in recent sessions.

    03 Oct 2017

  • Abu Dhabi books $30bn, will price inside Saudi

    Abu Dhabi was on track on Tuesday morning to print the second blowout trade from the Gulf in a week following Saudi Arabia's $12.5bn sale last Wednesday. It was also able to drive pricing through Saudi Arabia’s secondary curve, having taken orders of $30bn.

    03 Oct 2017

  • EC OKs new ECB powers as BoE warns on clearing disruption

    Debate on the location of euro clearing flared up again this week as the Bank of England warned of “substantial risk of disruption” for the activity, while the European Commission gave its blessing to more powers for the European Central Bank over central counterparties (CCPs).

    03 Oct 2017

  • Tata Motors reaches out to lenders for $850m refi

    India's Tata Motors has put out feelers with its relationship banks for a new borrowing to refinance $850m of syndicated loans.

    03 Oct 2017

  • Laos keeps investors busy with six-tranche baht bond

    Lao People’s Democratic Republic is taking bids for a six-tranche Thai baht bond this week, and is hoping to settle the Bt14bn ($420m) transaction on Thursday.

    03 Oct 2017

  • Indian defence giant Hindustan Aero files for IPO

    Indian state-owned Hindustan Aeronautics (HAL) has filed a draft prospectus for its long-awaited IPO, which has been six years in the making.

    03 Oct 2017

  • IOC cuts pricing further with $300m loan return

    Indian Oil Corp (IOC) has returned to the loan market for the second time this year with a $300m five year refinancing, managing to squeeze pricing yet again.

    03 Oct 2017

  • [Updated] 21Vianet squeezes through narrow window with $100m tap

    21Vianet Group priced a tap of its outstanding $200m 7% 2020s last Friday, using up the rest of its regulatory debt-raising quota ahead of a week-long public holiday in China.

    03 Oct 2017

  • TOA paints the town red with Bt12bn IPO

    Thailand’s TOA Paint has raised Bt12.2bn ($363.9m) from an IPO that was flooded with demand from foreign and domestic investors, driving pricing to the top of guidance.

    03 Oct 2017

  • Nissan’s JV reverts to old format for next China ABS

    As Dongfeng-Nissan Auto Finance prepares for its third transaction in China’s asset backed securities (ABS) market this year – a Rmb3.5bn ($527.4m) two-tranche deal – the originator is ditching the single tranche structure it switched to for its August transaction.

    03 Oct 2017

  • GLP in mood for change in Panda return

    Global Logistic Properties is coming back to the Panda bond market after a year-long absence, approaching the interbank market with a Rmb1bn ($150.7m) five year note pricing on October 13. But while investors will be familiar with the issuer, the new bond bears little resemblance to GLP’s previous offer.

    03 Oct 2017

  • SoFi rolls out new deal amid exec reshuffle

    Online lender SoFi is in the market with a new deal backed by refinanced student loans, as the company continues to deal with the departure of senior executives and allegations of misconduct which dented demand for its previous transaction.

    02 Oct 2017

  • Dividend prices inaugural ABS deal

    Dividend Solar priced its first solar ABS transaction at the end of last week, as market chatter around the asset class increases on the back of rumors of more issuance during last month’s ABS East industry conference.

    02 Oct 2017

  • Hapag-Lloyd chips at debt pile with €352m rights issue

    Shares in Hapag-Lloyd, the German container shipping line, are holding up well as the subscription period for its €352m rights issue begins.

    02 Oct 2017

  • Angry Birds IPO delights, then disappoints in trading

    Rovio Entertainment, the Finnish developer of the Angry Birds mobile game, has had a bumpy start to its stockmarket life, as the initial pop in its share price fizzled out on Friday afternoon and the stock fell on Monday to 2.9% below its IPO price.

    02 Oct 2017

  • Glenveagh brings €550m Irish homes IPO

    The second recent IPO of a cash shell to finance house building in Ireland began on Monday, when Glenveagh Properties set out to raise €550m on the London Stock Exchange, with a listing in Dublin as well.

    02 Oct 2017

  • Swiss counterparties kick off trade reporting

    Financial counterparties in Switzerland had to start reporting derivatives trades to repositories on Monday, as required by the country's Financial Market Infrastructure Act.

    02 Oct 2017

  • CLO investors skew to new issue despite loan concerns

    US CLO debt investors are skewing their investment portfolios in favour of new issue paper away from resets, despite the availability of collateral remaining a key concern, according to a JP Morgan survey.

    02 Oct 2017

  • Puma Energy expected at 5.5% area

    High yield and emerging market crossover issuer Puma Energy is expected to price a $300m seven year non-call three year bond on Tuesday from initial price thoughts of 5.5% area, and investors say that there is plenty of room for the yield to fall during execution.

    02 Oct 2017

  • HSBC to bring in new head of high yield

    HSBC has poached a senior banker from Bank of America Merrill Lynch to be its head of high yield syndicate, a source familiar with the matter has confirmed to GlobalCapital.

    02 Oct 2017

  • Valeant looks to buy back 2020 debt

    US drug firm Valeant Pharmaceuticals International has started a cash tender offer for up to $1bn of three senior notes due 2020, with investors saying on Monday that the tender could prove so popular that there will be pressure to increase its size.

    02 Oct 2017

  • Lev loan market begins month with dual jumbos

    The leveraged loan market is showing no sign of slowing after a September filled with jumbo deals as Altice and SFR join the fray with transactions of over €1bn.

    02 Oct 2017

  • ICE to clear Saudi Arabia CDS, adds corps

    Intercontinental Exchange (ICE), an operator of exchanges and clearing houses, on Monday announced clearing services for CDS referencing Saudi Arabia, as well as for a host of emerging market and Asia-Pacific corporate single names.

    02 Oct 2017

  • Commission lays out options for EBA future

    Applications to be the post-Brexit home of the European Banking Authority (EBA) are in and the European Commission (EC) has published a summary of what each country offered, and how it will choose between them.

    02 Oct 2017

  • Bonos take hit ahead of auction amid Catalonia turmoil

    Clashes during Catalonia’s disputed independence referendum over the weekend have taken their toll on Spanish government bonds ahead of a Bono auction on Thursday. But the country’s borrowing costs could steepen further if, as expected, the Catalan authorities declare independence, said analysts.

    02 Oct 2017

  • Ireland lines up five year to fund early repayment of IMF loans

    Ireland returned to screens on Monday, mandating six banks for the sovereign’s first syndication since January. The proceeds from the issue will go to repaying the country’s remaining loans from the International Monetary Fund.

    02 Oct 2017

  • ESMA finalises derivatives trading obligations

    The European Securities and Markets Authority (Esma) has published the final draft of the regulatory technical standard (RTS) giving details of which OTC derivatives will need to move to a trading venue when the Regulation on Markets in Financial Instruments (MiFIR) is implemented in January.

    02 Oct 2017

  • Certain covered bonds may not be eligible for LCR, says EBA

    Covered bonds secured against assets that are not compliant with the capital requirements regulation’s (CRR) definition of covered bonds should not be eligible for liquidity coverage ratio (LCR), according to the European Banking Authority (EBA) — a view that is at odds with current market practice and the Commission’s Delegated Act.

    02 Oct 2017

  • French auto ABS issuer revs engine

    Socram Banque has begun marketing the second French auto ABS deal of 2017.

    02 Oct 2017

  • Hydro draws revolver for Sapa buy

    Norsk Hydro completed its buyout of fellow Norwegian aluminium producer Sapa, valued at Nkr27bn ($3.38bn) on Monday, drawing in part on its existing five year revolving credit facility.

    02 Oct 2017

  • DSB launches OTC derivatives ISIN service

    A subsidiary of the Association of National Numbering Agencies (ANNA) on Monday launched its offering for the creation of International Securities Identification Numbers (ISIN) for over-the-counter derivatives.

    02 Oct 2017

  • NewDay brings second offering to UK ABS market

    UK credit card provider NewDay has mandated a credit card securitization from its NewDay Partnership Funding Master Trust, its second ABS transaction of the year.

    02 Oct 2017

  • HSBC brings out holdco senior in ‘heavier’ market

    HSBC came to the market on Monday with a €1.5bn six year non-call five floating rate note ahead of what is expected to be a quieter October.

    02 Oct 2017

  • Trafigura Pte increases refi loan to $1.99bn

    Trafigura's Singaporean entity Trafigura Pte signed an oversubscribed $1.99bn loan on Monday with 27 banks to refinance previous facilities.

    02 Oct 2017

  • EU still hopeful on European deposit insurance scheme

    EU officials from various institutions are pushing to complete the ‘third pillar’ of the Banking Union, despite strong opposition from a number of public and private stakeholders.

    02 Oct 2017

  • Italian banks return as IFIS mandates and Carige plans LME

    Italy’s Banca IFIS will look to sell new tier two bonds following a roadshow this week, as Banca Carige plans to become the latest Italian bank to find a solution for its financial difficulties.

    02 Oct 2017

  • Socar Trading scores $300m despite downgrade

    The international distribution arm of the State Oil Company of Azerbaijan (Socar) has signed a $300m loan with 15 lenders despite a recent downgrade.

    02 Oct 2017

  • Credit Suisse hires Morgan Stanley man for FIG group

    Credit Suisse named a new top team for its EMEA FIG investment banking group, with a Morgan Stanley banker joining the business as co-head.

    02 Oct 2017

  • Raghavan becomes JPM's EMEA boss

    Viswas Raghavan has been named chief executive of EMEA for JP Morgan, following Daniel Pinto's earlier appointment as global head of technology and operations.

    02 Oct 2017

  • German holiday weighs more on IG market than Catalonia

    Corporate bond issuers are targeting the second half of this week to bring their deals to market. Tuesday’s German Unity Day public holiday is being seen by syndicate managers as having more of an impact on issuance plans than Sunday’s events in Catalonia.

    02 Oct 2017

  • Abu Dhabi opens books on Saudi copy cat trade

    With some $27.5bn of orders going unallocated in the Saudi Arabia's order book last week, the market is awash with liquidity — much of which has a proven interest in the Gulf. Abu Dhabi has wasted no time in trying to build on Saudi’s success, opening books on its own triple tranche bond offer on Monday.

    02 Oct 2017

  • EU seeking fix for self-certified loan rule

    Sources close to the EU commission have told GlobalCapital that work is being done to fix the unintentional ban on self-certified loans in European ABS portfolios as part of the wider regulatory framework for European securitization.

    02 Oct 2017

  • Jordan gives sole attention to 30 year bond

    Jordan dropped the 10 year bond sounded on its roadshow and choose to focus its attention on the long end on Monday, opening books on a 30 year bond at high 7% area.

    02 Oct 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 358,291.38 1348 9.06%
2 JPMorgan 320,704.66 1461 8.11%
3 Bank of America Merrill Lynch 318,128.31 1104 8.04%
4 Goldman Sachs 236,643.87 789 5.98%
5 Barclays 231,197.41 895 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 35,007.57 165 6.53%
2 Deutsche Bank 34,880.53 120 6.51%
3 Bank of America Merrill Lynch 31,805.65 97 5.93%
4 BNP Paribas 27,920.60 169 5.21%
5 SG Corporate & Investment Banking 24,398.89 138 4.55%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.85%
2 Morgan Stanley 16,334.63 83 7.32%
3 Citi 15,972.34 95 7.16%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.30%