• Centratama Telekomunikasi eyes $390m in three tranches

    Centratama Telekomunikasi Indonesia, an IT and internet services provider, is in the market with a triple-tranche $390m loan tied to its M&A plans.

    20 Nov 2017

  • China’s Tianqi Lithium opens debut offshore bond

    Chinese lithium producer Tianqi Lithium Corp is bringing some diversity to the debt market with its inaugural offering of a dollar bond.

    20 Nov 2017

  • Vista Land builds new dollar deal

    Philippine homebuilder Vista Land & Lifescapes is back in the offshore debt market after a near two year break, and is taking bids for a new transaction.

    20 Nov 2017

  • The week in renminbi: China unifies asset management rules, Philippines picks BOC for debut Panda, UBS AM launches first onshore equity fund

    China’s financial regulators publish rules to standardise asset management regulations, the Philippines confirms Bank of China for its Panda bond debut, and UBS Asset Management’s China arm launches the first onshore equity fund by a foreign asset manager.

    20 Nov 2017

  • Cov lite proliferates, leverage climbs in middle market as new funds pile in

    Yield-chasing investors are piling into US direct lending, and the move is taking its toll on credit underwriting. Cov-lite terms and more aggressive leverage are seeping into the traditionally more conservative middle market space, even as the spreads on offer track tighter to the larger broadly syndicated market.

    17 Nov 2017

  • Afreximbank increases debut Samurai loan to $150m

    Afreximbank has activated the accordion feature on a 'Samurai' loan, aimed at Asian banks, it signed in March, increasing the loan amount to $150m. Two new banks have joined the facility.

    17 Nov 2017

  • BondMarker: 10 year prints win plaudits in dollars

    The top scoring deal on BondMarker this week was a 2027 deal in dollars. Read on to find out which issuer won top honours.

    17 Nov 2017

  • Funding scorecard: Nordic agencies

    This week's scorecard looks into the progress Nordic agencies have made heading into the final funding windows of the year

    17 Nov 2017

  • Akbank’s German subsidiary returns to loan market with €173.5m facility

    Akbank AG, the Turkish bank’s German subsidiary, has made its comeback to the loan market after a three year absence, for a €173.5m syndicated loan.

    17 Nov 2017

  • Secondary pricing table: featuring World Bank's dollar 10 year

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

    17 Nov 2017

  • Mediobanca takes size, duration and pays no NIP, in covered bonds

    Mediobanca took advantage of robust market conditions, the limited funding window left this year, and the growing possibility of peripheral rates volatility next year to raise a €750m 12 year covered bond at a considerably lower level than BTPs.

    17 Nov 2017

  • ECM banks eye prizes from Norway's fossil fuel divestment

    Equity capital markets bankers are eyeing with interest the possibility that Norway’s $1tr sovereign wealth fund might sell all its holdings in oil and gas stocks, potentially creating opportunities for block trades or other structured transactions.

    17 Nov 2017

  • France's HIT pays up for €1bn dual trancher in tricky week

    French toll road operator Holding d'Infrastructures de Transport paid a hefty premium on Friday as it sold a dual tranche bond to help refinance its March 2018 note.

    17 Nov 2017

  • Corporate bond week ahead: give thanks and one final push

    Was this week the last big push for corporate bond issuers to get funding done in Europe, or is there another week of issuance to come, the other side of Thanksgiving?

    17 Nov 2017

  • Home Credit Vietnam clubs $80m loan

    Home Credit Vietnam has put together a $80m borrowing with four banks. The deal marks the firm’s second loan in the international market.

    17 Nov 2017

  • Moody’s upgrades India for first time in 14 years

    In a positive end to a volatile week in Asia, Moody’s upgraded India’s government rating to Baa2 from Baa3, the agency's first boost of the sovereign since 2004.

    17 Nov 2017

  • Hopes dashed as Baotou Steel pulls debut offshore bond

    Government-backed Inner Mongolia Baotou Steel Union Co has become the latest issuer in Asia to pull a dollar bond, faced with a market overloaded with supply.

    17 Nov 2017

  • China Jianyin navigates market for triple-trancher

    China Jianyin Investment (JIC), an equity investment group, pushed through a triple-tranche, dual-currency bond on Thursday when many others struggled to find their feet. But it wasn’t all smooth sailing, with the issuer’s notes taking a hit in secondary.

    17 Nov 2017

  • Shandong Trust ready to pre-market $400m HK IPO

    China’s Shandong International Trust Co is set to begin investor education for its Hong Kong listing, according to a banker close to the deal.

    17 Nov 2017

  • Barclays seals Sing dollar debut bond

    UK bank Barclays made its first trip to the Singapore dollar market on Thursday, grabbing S$200m ($147.5m) from an opportunistic transaction.

    17 Nov 2017

  • British Columbia mandates for second Panda

    The Province of British Columbia has again chosen Bank of China and HSBC China for its upcoming return to the Panda bond market.

    17 Nov 2017

  • Bonds galore as Chinese issuers prep new deals

    A broad range of Chinese issuers have mandated banks to arrange roadshows in Hong Kong and Singapore early next week ahead of their dollar bond transactions.

    17 Nov 2017

  • Greater China financial credits eye dollar market

    Chiyu Banking Corp and Orient Securities Co have mandated firms to run new dollar bond deals, with roadshows set to start on Monday.

    17 Nov 2017

  • Jianpu Tech rises on debut after pricing below range

    Jianpu Technology appears to have made the right call to price its $180m IPO on the New York Stock Exchange below the initial range, after its shares traded up on their debut on Thursday.

    17 Nov 2017

  • RMB round-up: PBoC eases liquidity, Stock Connect turns three, Neuberger Berman nabs PFM licence

    The People's Bank of China (PBoC) conducted its largest weekly liquidity injection since January, the Stock Connect scheme celebrates its third anniversary this week, the Chinese authorities have extended a capital gains tax waiver, and Neuberger Berman was granted a private fund management licence for its China operation.

    17 Nov 2017

  • Mexican plots perp but Lat Am ready for breather

    A record year for Latin American bond issuance could end quietly after a sharp softening in market conditions, although certain bond bankers continue to push clients to issue as soon as possible.

    16 Nov 2017

  • Better late than never in Venezuela as investors sit tight

    Coupon payments on Venezuela, PDVSA and Electricidad de Caracas (Elecar) trickled in late this week, leaving markets feeling calmer after an unconstructive but scare-free meeting between the government and a small number of bondholders.

    16 Nov 2017

  • Bahamas trades up despite tight 10 year comeback

    The Commonwealth of the Bahamas returned to bond markets for the first time in nearly four years on Tuesday with a tight deal that performed well in secondary.

    16 Nov 2017

  • High yield without sin: investors are beginning to try

    The march of responsible investing took a step into the high yield bond market this week, as both M&G and Candriam launched funds that will use environmental, social and governance factors to influence their investment choices.

    16 Nov 2017

  • Angel Oak, JP Morgan add to busy RMBS primary pipeline

    A pair of RMBS deals from Angel Oak and JP Morgan hit the market this week, following an offering from non-prime mortgage aggregator Invictus Capital Partners and a non-QM deal from Ellington.

    16 Nov 2017

  • Raiffeisenlandesbank Oberösterreich EUR500m 0.75% May 23

    16 Nov 2017

  • People Moves in Brief

    Morgan Stanley hires for SSA syndicate — StanChart raids Commerz for Turkey DCM — Santander hires White for infra banking

    16 Nov 2017

  • Frothy US high yield knocked but still standing after volatile week

    The US high yield market suffered a volatile week, with pulled deals, wider spreads and billions of dollars of retail investor outflows, but a string of determined issuers and hardy investors keen to pick up bargains meant the sell-off did not result in a full blown market rout, as many had earlier feared.

    16 Nov 2017

  • Too liquid? Upside tops risk, say Greece’s exchange leads

    A €30bn debt exchange by Greece’s Public Debt Management Agency began on Wednesday and should help the sovereign boost the liquidity in the long end of its curve, said SSA bankers. But some warned that liquidity cuts two ways, meaning the sovereign’s levels could be more sensitive to any bad news that comes its way — although those working on the deal feel the upside far outweighs that risk, writes Craig McGlashan.

    16 Nov 2017

  • Niche currencies pitch issuers on MAR-exempt status

    Banks active in capital markets outside the European Union are using their exemption from the bloc’s onerous market abuse rules as a selling point to attract issuers, with the Swiss francs, Canadian dollars, and yen markets in particular focus.

    16 Nov 2017

  • Debut IG issuers jump in as dollar tone improves

    Two companies made their investment grade bow on Thursday as an improvement in sentiment encouraged borrowers to capitalise on decent conditions and wrap up funding in the final weeks of the year.

    16 Nov 2017

  • ISIN-geddon threatens OTC market as brokers stand ground

    International securities identification numbers, which are due to become a central feature of the Markets in Financial Instruments Directive II push for greater transparency in OTC derivatives, are causing a standoff in the industry, less than two months before the regulation comes into force.

    16 Nov 2017

  • Direct lenders staking bigger claim in euro leveraged loan market

    Leveraged loan issuers used to call on direct lending players to pre-place small portions of their offerings, mostly second liens. But as direct lenders grow bigger funds, their appetite for loans is starting to impact entire deals.

    16 Nov 2017

  • Market abuse spotlight to shine on fixed income

    The updated Market Abuse Regulation (MAR) has been in effect for 18 months, but its force in the markets is due to burn brighter as regulators take hold of the data deluge generated by MiFID next year. And fixed income will be in focus for the first time.

    16 Nov 2017

  • BayernLabo EUR500m 0.625% Nov 27 social bond

    16 Nov 2017

  • More banks drop euro primary dealerships

    Several banks have relinquished their roles as primary dealers for sovereigns, according to AFME’s latest handbook.

    16 Nov 2017

  • EIB, China start harmonising green bonds

    A technical document designed to connect China’s green bond market with that of the Western world could also be a first step in building a globally coherent green bond market, in which bonds of different kinds are more comparable.

    16 Nov 2017

  • World Bank USD2bn 2.5% Nov 27

    16 Nov 2017

  • Investors snap up social bond triple

    The social bond market — though still nascent — is rapidly gaining momentum. Three public sector issuers made their debuts in the market this week, all of which met with enthusiastic approval from Europe’s community of dedicated socially responsible investors.

    16 Nov 2017

  • AfDB EUR500m 0.25% Nov 24 social bond

    16 Nov 2017

  • CDP EUR500m 0.75% Nov 22 social bond

    16 Nov 2017

  • Santander hires UBS financier to advise

    Santander has hired a former UBS infrastructure debt banker to work in an advisory role.

    16 Nov 2017

  • What's in a name?

    Europe’s new-look senior debt is finally getting a name for itself, but it’s not necessarily the right one.

    16 Nov 2017

  • OP prices tightest covered bond in a record-breaking week

    Several firsts were set in the covered bond market this week by issuers in Singapore, the Netherlands, Denmark and Germany. But at €1bn, OP Mortgage Bank’s long five year stood out for being not only the tightest Nordic deal ever issued in euros but also for being double the size of the others.

    16 Nov 2017

  • Fed flags online lending as subprime redux, but market hits back

    The ABS market was abuzz this week after a controversial report from the Cleveland Federal Reserve compared online consumer lending to the pre-crisis subprime mortgage market, drawing criticism from market players for its “inflammatory” assessment. But the report comes at a time of increasing loss rates on consumer loans and a rush by lenders to adjust their loss expectations, writes Sasha Padbidri.

    16 Nov 2017

  • Repo markets hope to trade in on today’s collateral

    Repo traders convened this week in Brussels to rethink how to fix the plumbing of financial markets and mulled using other forms of collateral in the market.

    16 Nov 2017

  • BT EUR1.1bn 1.00% Nov 2024, GBP500m 3.125% Nov 2031, GBP250m 3.625% Nov 2047

    16 Nov 2017

  • World Bank goes super-tight in dollar 10s as EDC tipped for trade

    World Bank capped off a series of 10 year dollar benchmarks from SSA issuers, on Tuesday, with the tightest spread to mid-swaps and US Treasuries in the tenor for at least two years. But further benchmark issuance in the currency — other than a rumoured Canadian deal — is unlikely, with issuers well-funded and investors winding down for the year.

    16 Nov 2017

  • Vodafone EUR1bn 1.125% Nov 2025, EUR750m Nov 2029, EUR750m 2.875% Nov 2037

    16 Nov 2017

  • TMCC EUR600m 0.00% Jul 2021, EUR600m Nov 2024

    16 Nov 2017

  • HSBC raises $1bn with first sustainable bond

    HSBC printed its first deal following the terms of its sustainable development bond framework this week, raising $1bn of new senior debt in the dollar market.

    16 Nov 2017

  • The Pained Trader: Apac picaresque

    The picaresque progression of Donald Trump’s 12 day tour around Asia brought back fond memories of the fortnight’s foray I made to the Far East when I first visited, 25 years ago.

    16 Nov 2017

  • Spate of good corp bonds amid the noise

    In a very busy week in Europe's corporate bond market, with added noise from secondary market volatility, several issues were nevertheless priced quietly and efficiently.

    16 Nov 2017

  • ESM rounds off funding year with ‘amazing’ auction

    The European Stability Mechanism (ESM) raised its last funding of 2017 on Tuesday, forgoing the syndicated market in favour of tapping an old line via an auction.

    16 Nov 2017

  • Incredible bulk of demand for hybrids turns a shade of green

    The supply of hybrid bonds continued this week, with an additional feature — both hybrids sold this week were certified as green bonds.

    16 Nov 2017

  • Merger helps new Nepi to crush spread in sevens

    Central and eastern European real estate company Nepi raised €500m with its first trade as the newly formed Nepi Rockcastle on Thursday.

    16 Nov 2017

  • Nigeria 30 year is barometer for frontier issues

    Nigeria’s plans to issue the longest ever sub-Saharan African Eurobond outside of South Africa will be a canary in the coal mine for frontier market issuers looking to extend their curves, according to EM analysts. Virginia Furness reports.

    16 Nov 2017

  • BT leans on euros as sterling demand falters

    The last time British Telecommunications (BT) sold sterling bonds, the global financial crisis was still to strike. It returned on Tuesday after more than 10 years away, issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

    16 Nov 2017

  • Good things come to those who wait for Diageo concession-free double

    UK-based drinks manufacturer Diageo returned to corporate bond markets on Tuesday after three years without issuing in any bond market. The owner of brands such as Guinness, Johnnie Walker whisky and Tanqueray gin opted for a three year and long six year dual tranche offering on its return.

    16 Nov 2017

  • Croatia lengthens curve with zero NIP 12 year

    Croatia lengthened its euro curve this week with a €1.275bn long 12 year bond, drawing in a book of more than €3bn for the deal.

    16 Nov 2017

  • Euro supply picks up after difficult week for FIG credit

    Spreads widened in the secondary market for financial institution bonds this week, crimping new supply, but senior offers on Thursday from Westpac and BNP Paribas were still able to get done.

    16 Nov 2017

  • Short dated demand for corporates proves insatiable in fixed and floating

    German housing association Vonovia continued the recent trend for two year floating rate notes (FRNs) on Monday, while French pair Veolia and ALD tapped into the same pool of liquidity with three year issues on Thursday.

    16 Nov 2017

  • Cabot pulls London IPO, blames poor market conditions

    UK debt collector Cabot Credit Management has abandoned its IPO on the London Stock Exchange, blaming unsupportive market conditions.

    16 Nov 2017

  • Vodafone pays up for treble as weak tone hits primary

    Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the previous few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.

    16 Nov 2017

  • Weimer becomes Deutsche Boerse chief

    Theodor Weimer, the head of UniCredit subsidiary HypoVereinsbank, will replace Carsten Kengeter as CEO of exchange and clearing house operator Deutsche Boerse, it was announced on Thursday.

    16 Nov 2017

  • EIOPA puts PRA in tight spot ahead of Brexit with risk margin call

    The Prudential Regulation Authority (PRA) is set to face more pressure to diverge from the Solvency II framework after the European Insurance and Occupational Pensions Authority (EIOPA) recommended no change to risk margin rules.

    16 Nov 2017

  • Carige fights to rescue rights issue after underwriting fails

    Banca Carige, the Genoese bank, is struggling to save its recapitalisation plan, after failing on Thursday to launch its expected €560m rights issue, leaving its future in doubt. With several Italian and Spanish banks having collapsed in the past few years, market participants will be watching this latest test of Europe’s systems for dealing with faltering banks, write Jon Hay, Sam Kerr and Tyler Davies.

    16 Nov 2017

  • Emaar Development finishes biggest UAE IPO for three years

    Emaar Development, the real estate development unit of Emaar Properties, has priced its Dh4.8bn ($1.4bn) IPO below the mid-point of the initial range, valuing the business at Dh24.1bn ($6.6bn).

    16 Nov 2017

  • Issuers offer up trio of deals to euro ABS buyers

    A trio of deals hit ABS screens this week, with a Crédit Agricole consumer deal following the pricing of a Spanish credit card transaction and an Irish RMBS backed by a mixed pool of performing and non-performing loans.

    16 Nov 2017

  • Lloyds joins HSBC in A$1bn club with big kanga trade

    Lloyds Bank has priced the second largest deal in the Australian dollar market this year, bringing its annual funding in the currency to A$1.1bn. The deal followed a large A$1bn dual-tranche trade from HSBC last week.

    16 Nov 2017

  • Gunvor scores oversubscribed $1.39bn RCF

    Gunvor, the oil trading group headquartered in Switzerland, agreed a $1.39bn revolving credit facility (RCF) on Thursday to refinance tranches of previous loans.

    16 Nov 2017

  • Tricky 10s play well on BondMarker, with more to come

    The BondMarker scores for 10 year dollar trades priced earlier this month will be revealed in the coming days, including a $1.25bn 2.5% print from Rentenbank and a $1.5bn trade from Japan Bank for International Cooperation.

    16 Nov 2017

  • Festive European levfin wipes US jitters

    Borrowers and investors marched on in the European leveraged finance markets this week, pricing €1.5bn of high yield bonds while bankers have been able to tighten terms on new loan deals during syndication. Deals pulled earlier in the week in the US are already a fading memory.

    16 Nov 2017

  • City of Vienna launches NSV, Schuldschein

    The City of Vienna entered the Schuldschein market on Thursday with a €75m triple tranche transaction.

    16 Nov 2017

  • Secondary market recovery ushers in five new IG deals

    On Wednesday morning, it was doom and gloom as secondary spreads had widened and only Vodafone dipped its toe into new issuance waters. But after a stable afternoon and a positive session in the US, Thursday morning brought calm.

    16 Nov 2017

  • Morgan Stanley scoops up Deutsche Bank SSA name

    Morgan Stanley’s SSA desk, which lost its head of SSA syndicate Andrew Salvoni to HSBC in August, has added a syndicate banker from Deutsche Bank.

    16 Nov 2017

  • EIB aids bond ‘shortage’ in zloty with tap

    The European Investment Bank has tapped its August 2026 Polish zloty line for Z500m ($138.7m), taking the total outstanding to Z2.5bn. The trade forms part of EIB’s strategy to increase funding in Polish zloty, in which the issuer has three lines approaching benchmark size amid a perceived structural shortage in the currency.

    16 Nov 2017

  • Deutsche Boerse tees up fixed income ETF options

    Eurex, the Deutsche Boerse-owned derivatives exchange, will launch options on fixed income exchange traded funds on November 20.

    16 Nov 2017

  • Ørsted goes for green double and tenders for shorter bonds

    Danish power company Ørsted has wasted no time in issuing under its new name after leaving the Dong Energy brand behind earlier in November. On Thursday the issuer sold a green hybrid and a green senior bond, as well as announcing a tender offer for its shorter dated bonds.

    16 Nov 2017

  • Achmea matches Aegon with CPT sevens

    Achmea Bank has issued its first conditional pass through covered bond, pricing in exactly the same steps with the same final result as Aegon had earlier this week.

    16 Nov 2017

  • Elis seeks new loans after Berendsen buy

    Elis, the French laundry group, has raised €600m from 12 banks, in part to pay off the bridge facility it used to acquire UK rival Berendsen in the summer.

    16 Nov 2017

  • Deutsche Hypo issues first green Pfandbrief

    Deutsche Hypo issued its first green Pfandbrief flat to where it would have issued a vanilla deal, and though it was unable to tighten the spread from refined guidance, leads built the book in record time.

    16 Nov 2017

  • Westpac picks sevens for first euro green bond

    Westpac was in the market on Thursday with a €500m green bond, in the same week as HSBC Holdings priced its first sustainable bond at a size of $1bn.

    16 Nov 2017

  • Rentokil traps seven year demand while Veolia and ALD go short

    UK pest control company Rentokil launched its €400m seven year offering on Thursday morning, alongside two three year offerings from the utility and car leasing sectors.

    16 Nov 2017

  • Qatar prepared to pay ‘over the odds’ for $9 billion jumbo

    Qatar is preparing a non-deal roadshow at the start of December, according to two sources with knowledge of the state’s plans, with a $9bn bond in the offing.

    16 Nov 2017

  • BNP Paribas pumps out more senior non-preferred in euros

    BNP Paribas came to the market on Thursday with a benchmark long 10 year senior non-preferred bond, its second deal in the format in eight days.

    16 Nov 2017

  • Croatia order book over €3bn

    Croatia has tightened price guidance for its long 12 year bond and has an order book of over €3bn for the deal, which could be up to €1.275bn.

    16 Nov 2017

  • Gazprom grabs euros with small NIP and lowest ever coupon

    Gazprom this week sold its first euro denominated bond of the year, a €750m seven year, with a new issue premium that a lead manager has estimated at only 0bp-2bp.

    16 Nov 2017

  • Bankers shrug off Catalonia in scramble for Spanish M&A

    Bankers hope political turmoil won’t scupper Spain’s M&A market just as it emerges from years of stagnation, writes David Rothnie.

    16 Nov 2017

  • Principality and Sainsbury’s shop for sterling

    Principality Building Society was marketing its first senior unsecured deal in more than a decade in the sterling market on Thursday, as Sainsbury’s Bank opened books on its first ever subordinated bond transaction.

    16 Nov 2017

  • Are investors parking the bus already?

    There are 15 minutes to go, your team is a goal ahead. The manager has the classic dilemma of throwing on another striker (or three if he is Kevin Keegan) to try and get a second goal to put the result beyond doubt, or replacing his flair player with another defender and trying to hold on to the lead.

    16 Nov 2017

  • China’s open hand to foreign banks greeted with caution

    China’s eye-catching decision to raise the limits on foreign ownership of domestic financial institutions looks like a seismic shift in policy. But bankers and analysts remain sceptical about how much difference the move will make — especially in the banking sector. Noah Sin reports.

    16 Nov 2017

  • Edelweiss, Bharti Airtel tap Indian markets for Rp48bn

    Edelweiss Financial Services has added Rp15bn ($229.6m) to its coffers after pricing its qualified institutional placement at the bottom of the range.

    16 Nov 2017

  • Moment on the lips, a lifetime on the hips

    I spend a lot of my time bemoaning how hard bankers have it today, as shrinking bonus pools and ever-increasing compliance chip away at the joys of investment banking. But every once in a while, a friend will show me that it can still provide some perks.

    16 Nov 2017

  • People news in brief, November 16, 2017

    Credit Suisse has seen several senior departures from its Asian equities business, with Nicole Yuen and Ronald Cheung leaving the bank.

    16 Nov 2017

  • RCom debt woes spread to dollar bond investors

    Reliance Communications, an Indian telecoms business, defaulted on a $300m bond this week, failing to make a coupon payment to offshore investors after being given a seven-day grace period. The company has put together a plan to restructure its debt, but it has been greeted with widespread scepticism. Addison Gong reports.

    16 Nov 2017

  • BOC’s third green bond grabs nearly $1.5bn

    Bank of China's Paris branch raised almost $1.5bn across three currencies and tranches on Wednesday, marking the fifth offshore green bond from China this year. Concord New Energy had contrasting success and pulled out of a planned deal.

    16 Nov 2017

  • PTT pockets $112m from Star Petroleum clean-up

    Thailand’s state-owned energy giant PTT cashed in its stake in Star Petroleum Refining this week, using a clean-up block trade to raise Bt3.71bn ($112.2m), according to a source close to the deal.

    16 Nov 2017

  • Wanda property eyes offshore cash to avoid guarantee call

    Dalian Wanda Commercial Properties (DWCP) has put together a three-pronged plan to address problems related to its offshore loans, worth close to $1.5bn. The deal itself is giving lenders enough of a headache. But it has also put the spotlight on other loans guaranteed by onshore parents in China, writes Shruti Chaturvedi.

    16 Nov 2017

  • After hot streak, China fintech IPOs in US hit speed bump

    China’s once-hot fintech IPOs are losing some of their sheen, as an apparent crackdown by regulators has forced recent US listings to be priced below their initial range or break issue price. But ECM bankers are not giving up yet, as investor education begins on the sixth Chinese fintech IPO in New York this year. John Loh reports.

    16 Nov 2017

  • Ill winds blow away Concord New Energy green debut

    Concord New Energy Group, a Chinese wind and solar power company, was forced to pull its planned green dollar bond debut on Wednesday after it was caught in a down market.

    16 Nov 2017

  • Wing Lung to retire legacy tier two ASAP after new deal

    Hong Kong’s Wing Lung Bank managed to raise $400m from a Basel III tier two bond on Wednesday, braving increased volatility to find a source of replacement capital.

    16 Nov 2017

  • Xinyuan builds demand for three year dollar bond

    Chinese property company Xinyuan Real Estate Co raised $200m from a 2020 transaction on Wednesday, managing to price the deal in a difficult environment.

    16 Nov 2017

  • New Nepi brings seven year

    Central and eastern European real estate giant Nepi opened books on its first deal as newly formed Nepi Rockcastle on Thursday morning.

    16 Nov 2017

  • Chinese corporates gear up for bond action

    Shenzhen International Holdings and Tahoe Group Co have mandated banks to organise roadshows for new dollar bonds.

    16 Nov 2017

  • Crédito Real to try rare deal amid Lat Am softening

    Mexican non-bank lender Crédito Real is on the road looking for a perpetual hybrid bond even as other issuers delay deals or roadshow announcements amid weaker market conditions.

    16 Nov 2017

  • Barclays heads to Lion City for new bond

    Barclays is courting Singapore investors on Thursday for a benchmark subordinated Singapore dollar bond.

    16 Nov 2017

  • China Jianyin opens dual currency triple-trancher

    China Jianyin Investment (JIC), an equity investment group, launched a euro-dollar combo transaction on Thursday morning, its first international debt offering.

    16 Nov 2017

  • Natixis hires from BNP for SEA loan syndications

    Natixis has boosted its distribution capabilities in southeast Asia by bringing in a former BNP Paribas loans banker.

    16 Nov 2017

  • Upstart slashes cost of funds with latest securitization

    Online consumer lender Upstart achieved new tights on a securitization that was priced on Wednesday, with spreads ratcheting tighter by 35bp-110bp across the capital stack.

    15 Nov 2017

  • Talen gets HY deal away with extra year of non call

    Energy company Talen Energy priced a new high yield bond on Tuesday, but the firm had to sweeten the deal with an extra year of non call protection for investors as sentiment remains shaky on US sub-investment grade debt.

    15 Nov 2017

  • De’Longhi family sells chunk of kettle maker

    The De’Longhi family, founders of the Italian maker of coffee machines and kitchen appliances, sold a block of shares in the company on Tuesday night, for the first time since 2012. The shares fell 13% on Wednesday.

    15 Nov 2017

  • Magnit gets foreigners’ $723m for rights early

    Russian retailer Magnit is continuing its capital raising efforts, after its CEO Sergey Galitskiy sold a block of shares on Tuesday night, in the first leg of what is locally called “a top-up” transaction.

    15 Nov 2017

  • Paysafe offers LBO loan as investor hunger grows

    Investors are keeping pace with heavy issuance in the European leveraged loan market, with ticket sizes increasing in response to a rush of jumbo sized loans this week, including a $2.4bn equivalent deal from Paysafe.

    15 Nov 2017

  • Swiss lease ABS notches clean pricing

    The second Swiss auto ABS of 2017 achieved the neatest pricing a syndicate banker could hope for — printing at 0%, 1% and 2% coupons for the class ‘A’, ‘B’ and ‘C’, respectively, all placed at par and through the tight end of initial price thoughts.

    15 Nov 2017

  • Cores squeezes price in capital markets return

    Cores, Spain’s strategic oil reserves manager, has returned to capital markets for the first time in two years, defying Spain's political turmoil to raise €400m while slashing 7bp from its initial spread.

    15 Nov 2017

  • Nyrstar dives after €100m capital increase

    Shares in Nyrstar, the Belgian zinc and lead smelting company, fell 11.3% on Wednesday after it priced a €100m capital increase on Tuesday night to finance new investments.

    15 Nov 2017

  • VTB pivots to China for business, post-sanctions

    VTB Capital is making headway in seeking to grow its capital markets and investment banking business in Asia, after growth plans in the US and Europe were stymied by sanctions.

    15 Nov 2017

  • Greece looks for liquidity with debt exchange

    Greece has fired the starting gun on its latest debt rehabilitation effort, after launching a roughly €30bn exchange offer for 20 bonds it issued as part of its restructuring in 2012.

    15 Nov 2017

  • ICE promotes senior management

    Intercontinental Exchange, the exchange and clearing house operator, has reshuffled its top management team, with Benjamin Jackson, formerly chief commercial officer, named president.

    15 Nov 2017

  • EU states hit bumps on CCP recovery and resolution

    European finance ministers are unlikely to reach a deal on clearing house (CCP) resolution when they meet on December 5, despite commitment from Estonia — which chairs the debate — to close an agreement by year's end.

    15 Nov 2017

  • Places for People gets pushed back by sterling investors

    Property has been the standout sector in a good year for sterling corporate bond issuance. On Wednesday, Places for People added to issuance with its first sterling bond of 2017, but failed to tighten from initial price thoughts.

    15 Nov 2017

  • Statoil fined $4m by CFTC over index manipulation

    Norwegian energy company Statoil agreed to pay $4m to the Commodity Futures Trading Commission (CFTC) on Tuesday, over allegations that the company attempted to manipulate an index to benefit its propane swap positions.

    15 Nov 2017

  • Vodafone pays up for treble as weakening tone hits primary market

    Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the last few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.

    15 Nov 2017

  • OP issues tightest Nordic covered bond in rare fives

    OP Mortgage Bank was set to price the first €1bn sized covered bond of the week on Wednesday and, despite offering hardly any new issue premium, the transaction found strong demand reflecting a popular but exceptionally rare tenor. At the same time, Switzerland's Valliant Bank issued its debut covered bond and Sparkasse Hannover issued a sub-benchmark Pfandbrief.

    15 Nov 2017

  • Santander eyes yen for non-preferred senior

    Banco Santander is preparing to sell its non-preferred senior bonds in the public yen market, with pricing expected in early December.

    15 Nov 2017

  • Nigeria 'faces challenge' with 30 year bond

    Nigeria is set to test investors next week with the equal longest sub-Saharan African Eurobond after receiving approval to issue up to $5.5bn in its budget for 2018 on Tuesday.

    15 Nov 2017

  • Investors snap up social trio but demand more

    The burgeoning social bond market hit a new high this week, with an unprecedented three deals priced on the same day. But with issuance still well behind that of the green asset class, investors are calling for more borrowers to sign off on social issuance programmes.

    15 Nov 2017

  • FIG investors takes stock as shine comes off market

    Some weaker days in the secondary market have focused minds on market conditions going into the final weeks of trading for the year. But investors are still lapping up covered bonds.

    15 Nov 2017

  • Gazprom tightening expected for euros

    Russian state owned giant Gazprom released initial price thoughts for a euro seven year bond on Wednesday morning at a level that bankers away from the deal said was around 20bp back of the company’s curve.

    15 Nov 2017

  • IG credit premiums widen, leveraged debt still hot

    Investors are keeping a close eye on the widening of corporate bond spreads that started in the second half of last week and has continued this week. And for the first time in many weeks, issuers are having to pay more for their new debt.

    15 Nov 2017

  • UAE in focus for ECM as government begins privatisation

    Abu Dhabi beat Saudi Arabia to the punch this week by launching an IPO of the petrol stations of Abu Dhabi National Oil Co (Adnoc).

    15 Nov 2017

  • Nigeria brings real test as Vene saga develops

    Despite the end of the year fast approaching, and Venezuela’s debt saga challenging buy-side patience, investors have at least one more major test with Nigeria marketing the first sub-Saharan African 30 year sovereign bond away from South Africa.

    15 Nov 2017

  • Nissin Foods kicks off pre-marketing for $200m HK float

    Nissin Foods Co, part of instant noodle giant Nissin Japan, has begun meeting investors to foster interest in its potential $200m Hong Kong IPO, according to a source close to the deal.

    15 Nov 2017

  • Cromwell Reit back with smaller €556m Singapore IPO

    Cromwell European Real Estate Investment Trust is taking another stab at a Singapore IPO after it was forced to scrap the trade in September, returning with a smaller €555.7m ($657.9m) deal.

    15 Nov 2017

  • Manulife grows Sing dollar green market with tier two

    Singapore’s green bond market cracked open a bit further on Tuesday when Canadian life insurer Manulife Financial Corp sold a S$500m ($367.5m) tier two bond, only the second green deal in the currency.

    15 Nov 2017

  • Investors transmit 5x orders for WTT HK’s debut

    Fixed-line telecom operator WTT HK priced a $670m bond on Tuesday, with the rare Hong Kong high yield name attracting robust investor interest. Despite a choppy market, the issuer tightened pricing by 37.5bp, and the notes held up well in secondary.

    15 Nov 2017

  • Commerz DCM banker snapped up by StanChart

    Standard Chartered Bank has hired a DCM banker from Commerzbank to cover Turkish clients.

    15 Nov 2017

  • Far East Horizon mops up excess liquidity with bigger loan

    Far East Horizon has boosted its latest loan to $800m from $500m, with retail lenders allotted their full commitments.

    15 Nov 2017

  • Updated: Gulf Energy launches jumbo $726m Thai IPO

    Thailand’s Gulf Energy Development Public Co has kicked off bookbuilding for a potential Bt23.9bn ($726.3m) IPO, set to be the largest listing in the country in nearly three years.

    15 Nov 2017

  • Wing Lung Bank opens tier two bond

    Wing Lung Bank, one of Hong Kong’s oldest local banks, is marketing a Basel III tier two dollar bond, just days after failing to redeem its legacy bank capital notes on their first call date.

    15 Nov 2017

  • Philippines’ UnionBank back after 13 year hiatus

    Union Bank of the Philippines is getting ready to offer international investors some variety as it sets the stage for its first dollar bond since 2004.

    15 Nov 2017

  • Bahamas back for biggest ever bond

    The Commonwealth of the Bahamas returned to bond markets on Tuesday with a 10 year average life deal more than twice the size of its previous largest issuance.

    15 Nov 2017

  • Argentine province taps 2025s

    Entre Ríos kept Argentine bond issuance ticking over on Tuesday with a $150m tap of its 8.75% 2025s first issued in February.

    15 Nov 2017

  • Asia’s green market lights up with two deals on Wednesday

    Two green issuers from China are wooing buy-side accounts for new bonds, with Concord New Energy Group and Bank of China collecting investor orders from Wednesday morning.

    15 Nov 2017

  • Chinese high yield issuers rush to the market

    Chinese issuers Xinyuan Real Estate Co and Hong Yang Group Company are attracting bids for new dollar transactions, while Oceanwide Holdings Co is set to hold a two-day roadshow in Hong Kong.

    15 Nov 2017

  • Third energy issuer pulls high yield bond, but market ploughs on

    The US high yield market suffered another casualty on Monday with a third energy deal pulled in as many days, but other issuers have braved the turmoil to price new deals and there is a healthy line of borrowers keen to follow them.

    14 Nov 2017

  • Ally creates Irish SPE, ups risk profile for latest deal

    Ally Bank has created an Irish special purpose entity (SPE) for a new prime auto from a new loan shelf titled Juniper Receivables DAC, which is backed by loans with longer terms and higher risk collateral.

    14 Nov 2017

  • Invictus follows Ellington debut in non-QM bond market

    Non-prime mortgage aggregator Invictus Capital Partners has launched a new RMBS deal backed by mortgages that fall outside government sponsored enterprise buying programmes, following a debut deal from Ellington that was priced on Monday.

    14 Nov 2017

  • Schisms make bitcoin’s future too uncertain for derivatives

    The coming of bitcoin futures could open the floodgates for Wall Street money, rapidly multiplying the global financial system’s exposure to the original cryptocurrency. But the bitcoin community is not united about what the asset should be and, as a result, it remains uniquely volatile.

    14 Nov 2017

  • Salt Mobile gets cool reception for 10 year bond to repay FRN

    Swiss telecom group Salt Mobile printed a high yield fixed rate issue on Tuesday, its second deal this year, as it replaced floating rate notes with new bonds. They were priced at the wide end of guidance.

    14 Nov 2017

  • Magnit announces capital raise, CEO sells share block

    The CEO of Russia’s largest retailer Magnit is selling a block of Rb41.4bn ($700m) worth of Moscow-listed shares, to fund his subscription to a capital increase, also announced this evening.

    14 Nov 2017

  • World Bank brings tightest 10 year dollar deal of 2017

    World Bank on Tuesday added to a spate of 10 year dollar benchmark issuance over the last few weeks and set a new pricing marker in the tenor as it printed at the tightest spread of the year.

    14 Nov 2017

  • SSAs launch triple header social bond extravaganza

    Three issuers launched social bonds on the same day on Tuesday, which is likely a first for the SSA market. They raised a combined €1.5bn across five, seven and 10 years, with two of the deals managing to make dramatic moves in pricing thanks to what one banker called "superb conditions".

    14 Nov 2017

  • NAC Aviation looks for maiden flight in Schuldschein

    NAC Aviation 29, a subsidiary of Danish aircraft lessor NAC Aviation, is looking for $200m-equivalent in the Schuldschein market. The deal surprised some in the market unfamiliar with the company, as did its choice of arranging bank.

    14 Nov 2017

  • Euro ABS pipeline swells as issuers race to year end

    European ABS issuers have rushed the primary pipeline this week, bringing as many as seven deals to market as the push to year end begins.

    14 Nov 2017

  • Issuance accelerates with BT leading the charge

    If there was a measured pace to corporate bond issuance on Monday, on Tuesday it roared back to the frenetic pace seen the week before. A triple tranche dual currency deal by BT was the largest deal of the day, but the other trades offered a lot of variety for investors.

    14 Nov 2017

  • BT calls home but not everyone picks up

    The last time British Telecommunications sold sterling bonds, the global financial crisis was still beyond the horizon. It returned on Tuesday after more than 10 years only issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

    14 Nov 2017

  • NPLs: cash(flow) rules everything around me

    The spat between the European Parliament and the ECB over accounting standards is ugly – and mostly unnecessary. Accounting matters, but it’s not real life. What matters is cold hard cash.

    14 Nov 2017

  • Corporates serve up a choice of greens

    Investors in green corporate bonds had two very different deals offered to them on Tuesday. Spanish utility Iberdrola sold a green hybrid bond, while Toyota Motor Credit Corp, Toyota’s auto finance subsidiary, offered a long 3.5 year green tranche alongside a seven year non-green tranche.

    14 Nov 2017

  • PE firms bask in hot European leveraged loan market

    CVC and Ardian charged up the leveraged loan deal pipeline with new buyouts of European businesses in Ireland, Greece and Spain this week. A strengthening European economy is likely to attract more, said market participants.

    14 Nov 2017

  • Emaar Development IPO oversubscribed at revised range

    Bankers working on the IPO of Emaar Development, the real estate development subsidiary of Emaar Properties, have revised the price range to Dh6.03-Dh6.90, from the initial Dh5.70-Dh6.90 range.

    14 Nov 2017

  • Santander to market first Pfandbrief

    Santander Consumer Bank is set to issue its first Pfandbrief and has mandated lead managers for a roadshow that is expected to commence in a week’s time. Sparkasse Hannover, meanwhile, sold a sub-benchmark deal on Wednesday.

    14 Nov 2017

  • DBS issues first Singapore covered below mid-swaps

    DBS Bank became the first covered bond issuer from Singapore to price a deal through mid-swaps on Tuesday.

    14 Nov 2017

  • HKEX launches new cash settled iron ore futures

    Hong Kong Exchanges and Clearing’s (HKEX) iron ore futures, which came to the exchange on Monday, enjoyed investor interest to the tune of 1,022 contracts during the day’s trading,

    14 Nov 2017

  • HSBC to issue first sustainable bond in dollars

    HSBC will speak to investors from Tuesday about its new sustainable development goal (SDG) bond framework, with a deal expected to follow.

    14 Nov 2017

  • Aegon covered CPT breaks Euribor barrier

    Aegon Bank smashed through the mid-swaps flat barrier to price its first conditional pass through (CPT) covered bond substantially below the reference rate on Tuesday. The deal’s success implied that investors saw through the weakness of the structure to the strong credit, or that they have lost their capacity to price extension risk.

    14 Nov 2017

  • CFTC fines Arizona firm for futures fraud

    The Commodity Futures Trading Commission has obtained a US federal court consent order against an Arizona firm called Draven, for the fraudulent solicitation of at least $1.8m for pooled investments in commodity futures and FX.

    14 Nov 2017

  • South Africa Treasury and Eskom woes send investors packing

    Money is pouring out of South African assets amid national Treasury upheaval and a warning from state owned electricity company Eskom that its liquidity levels are below where the company wants them amid a tough funding environment.

    14 Nov 2017

  • KTZ covers tender needs with fresh bond

    National rail company Kazakhstan Temir Zholy (KTZ) has printed a $780m 10 year trade that came around 18bp wide of fair value on a yield basis, though the deal easily covers the amount needed to finance a tender offer on the borrower’s 2020s.

    14 Nov 2017

  • GTLK plans investor update day

    Russia’s state owned GTLK is holding investor update meetings on November 27, with the transport leasing company picking three banks to arrange the event.

    14 Nov 2017

  • RLB OÖ to be ‘more active’ after senior debut

    Austrian lender Raiffeisenlandesbank Oberösterreich (RLB OÖ) issued its first unsecured deal on Tuesday — and plans to bring one or two more benchmark transactions in covered or senior next year.

    14 Nov 2017

  • Danske prices first covered in line with SEB

    Danske Bank extended its covered bond maturity curve by more than five years on Tuesday, breaking with tradition to price in line with where SEB recently issued.

    14 Nov 2017

  • Abu Dhabi begins ‘historic’ privatisation process with petrol stations

    Abu Dhabi National Oil Co, the oil company owned by the emirate, has announced plans to float its chain of petrol stations in the United Arab Emirates, in what could be a highly significant deal for the region.

    14 Nov 2017

  • Oman Oil Co to push country limits further with $7bn Duqm loan

    Oman Oil is set to push the boundaries on banks’ country limits with a $7bn loan facility it is seeking to finance its Duqm refinery.

    14 Nov 2017

  • Bank of Italy says NPL disposals are ‘rising gradually’

    The Bank of Italy published estimates for last year’s bad loan recovery rates on Tuesday, showing that the speed of disposal for non-performing loans is increasing gradually in Italy.

    14 Nov 2017

  • China's LexinFintech to tap US for IPO

    LexinFintech Holdings is the latest Chinese online consumer lender to file for an IPO in the US, picking Nasdaq for a $500m listing.

    14 Nov 2017

  • Commission weighs in on NPL recognition

    The European Commission has published a consultation on how European banks ought to recognise their non-performing loans (NPLs), weighing in on a bitter debate between the European Central Bank and certain members of the European Parliament — and coming down broadly on the ECB’s side.

    14 Nov 2017

  • Indian state IPOs: LIC needs to cut off support

    The IPOs of two Indian government-owned insurance firms have disappointed on their debuts recently, after they were bailed out by a fellow state-backed insurer. The deals are the clearest sign yet that Life Insurance Corp (LIC) needs to stop meddling in government share sales and let the market take its course.

    14 Nov 2017

  • Galaxy Surfactants files for $200m India float

    Galaxy Surfactants is planning an IPO in India worth some $200m, having filed a preliminary prospectus with regulators.

    14 Nov 2017

  • Globalworth eyes main market with €300m capital increase

    Globalworth Real Estate Investments, the Aim-listed real estate investment trust focused on central and eastern Europe, plans to raise around €300m of fresh equity, and is preparing to move to the main market of the London Stock Exchange in 2018.

    14 Nov 2017

  • Huawei beams $1.2bn syndication into general

    Chinese telecom firm Huawei Technologies has launched a $1.2bn five year loan into general syndication.

    14 Nov 2017

  • Guangzhou R&F finds $500m success

    Guangzhou R&F secured a $500m 2023 bond on Monday, leveraging on a heavy anchor order book to seal the deal.

    14 Nov 2017

  • The bold and the beautiful

    The hubbub over China’s five-yearly Party Congress is now behind us and the country’s regulators are ready to get back to business. In that vein, unusually forceful comments from Zhou Xiaochuan, outgoing governor of the People's Bank of China, on the urgency of deleveraging are more than welcome.

    14 Nov 2017

  • CSC, Wuhan Dangdai grab deals on choppy day

    China South City Holdings and Wuhan Dangdai Science & Technology Industries (Group) Co grabbed a total of $600m from bonds on Monday, navigating a weak market backdrop to close their deals.

    14 Nov 2017

  • Bond hopeful SSMS pulls dollar debut

    Sawit Sumbermas Sarana (SSMS), a high yield Indonesian palm oil producer, was forced to pull its debut dollar bond on Monday, failing to gain traction against a weak market backdrop.

    14 Nov 2017

  • China reforms: Banks are right to be cautious

    China’s extraordinary liberalisation of its financial markets last week, which cleared the way for foreign ownership of a range of financial institutions, has only found mild enthusiasm among foreign banks so far. They can be forgiven for not immediately breaking out the champagne.

    14 Nov 2017

  • Bharti Airtel sells down Infratel stock for Rp33bn

    Indian telecommunications company Bharti Airtel has sold a block of shares in its subsidiary Bharti Infratel, raising Rp33.2bn ($507.8m).

    14 Nov 2017

  • Netmarble block goes for $220m in the middle

    A group of private sellers has raked in W246.6bn ($220.2m) after offloading a chunk of shares in Netmarble Games, according to a source close to the deal.

    14 Nov 2017

  • Kookmin Bank’s $300m deal nears finish line

    A $300m three tranche loan for Korean lender Kookmin Bank is due to close by the end of this week, said bankers. The deal offers lenders a rare chance to take exposure to a Korean credit.

    14 Nov 2017

  • Tianqi Lithium, Yankuang to roadshow for dollar bonds

    Chinese companies Tianqi Lithium Corp and Yankuang Group Company have set the stage for their offshore transactions, with both hitting the road this week. Qingdao Hengshun Zhongsheng Group Co, meanwhile, has received the green light from regulators for an up to $200m bond.

    14 Nov 2017

  • Crédit Ag China JV breaks three-year ABS silence

    GAC-Sofinco Auto Finance is returning to the Chinese asset backed securities market seeking Rmb4bn ($602.9m) — its first outing since 2014.

    14 Nov 2017

  • BOC eyes green in multi-currency bond

    Bank of China has mandated firms to sell a multi-currency green bond through its Paris branch.

    14 Nov 2017

  • WTT HK starts bookbuilding for dollar bond

    Fixed-line telecom operator WTT HK, known as Wharf T&T until recently, is taking bids for a five non call three year bond on Tuesday after drumming up interest through a global roadshow.

    14 Nov 2017

  • Venezuela debt saga at standstill after 'ridiculous' meeting

    Those hoping that Monday would bring clarity to the confusion surrounding Venezuela’s debt situation were out of luck as a meeting between the government and some bondholders offered no clues as to the country’s strategy.

    14 Nov 2017

  • Manulife goes green in Singapore

    Canadian insurance company Manulife Financial Corp kicked off a Singapore dollar-denominated subordinated green bond sale on Tuesday morning local time.

    14 Nov 2017

  • Fed sounds alarm on marketplace lending

    The Cleveland Federal Reserve issued a report last week sounding the alarm on the effect of marketplace loans on consumer balance sheets, and while market players have acknowledged some of the criticisms as valid, the industry has hit back against comparisons to the pre-crisis mortgage market.

    13 Nov 2017

  • US high yield market spooked but issuers still piling in

    After a long rally in US high yield credit, concerns over tax reform, weak earnings and merger struggles sparked a $2bn outflow from funds tracking the sector last week. Two energy issuers pulled deals during the week, but that did not stop three energy issuers stepping back into the market on Monday.

    13 Nov 2017

  • CMBS snatches market share as hotel originations soar

    With spreads at historically tight levels, the CMBS market benefited from a big jump in loan refinancing during the third quarter to snap up collateral and win market share from life insurance companies, according to data from the Mortgage Bankers Association (MBA).

    13 Nov 2017

  • IDB mulls Mexican solar securitization funding

    The Inter-American Development Bank is evaluating a possible MP1bn ($52m) warehousing loan to finance a portfolio of small scale solar projects in Mexico with a view to supporting a subsequent securitization in the local capital markets, a model the development bank has used for previous projects.

    13 Nov 2017

  • Close Brothers keeps up steady flow of UK auto ABS

    Hot on the heels of PSA’s UK auto lease ABS last week, Close Brothers announced Orbita Funding 2017-1 on Monday as the steady stream of UK auto ABS shows no sign of diminishing.

    13 Nov 2017

  • Cheers for Diageo and Vonovia as they keep it short

    UK based drinks manufacturer Diageo returned to corporate bond markets on Wednesday with a three year and long six year dual tranche offering, while German housing association Vonovia continued the recent trend for two year floating rate notes.

    13 Nov 2017

  • World Bank out in dollar 10s amid hopes for jumbo comeback

    World Bank will bring the latest test for a wall of dollars waiting to tumble into the SSA bond market, after mandating banks on Monday to bring a 10 year global benchmark. The trade could be the first jumbo 10 year dollar deal from an SSA in well over two years — and bankers away from the deal expect it to fly.

    13 Nov 2017

  • Axiom seeks £500m in IPO of bank debt opportunities fund

    Axiom Alternative Investments, a London-listed investment advisory firm, is seeking to raise up to £500m of new equity capital, to invest in Europe’s banking revival by buying debt securities.

    13 Nov 2017

  • Levfin repricing climbs with Salt, Gates deals

    Borrowers repricing and refinancing their debt are taking an ever bigger share of overall issuance in European leveraged finance markets. This week, Salt Mobile and Gates added to the already large list of names taking advantage of borrower-friendly conditions.

    13 Nov 2017

  • Europe’s rights issue market heats up with Valora, REN, Astaldi

    The last six weeks of 2017 in European equity capital markets look set to be busy with rights issues, as a string of companies has announced plans to raise capital before year end.

    13 Nov 2017

  • BayernLabo prepares social bond debut

    BayernLabo will on Tuesday enter the socially responsible investment market for the first time, selling a social bond — the first of three expected in the near future.

    13 Nov 2017

  • Measured start to the week for corporates

    It would have been difficult to match last week’s start to the week, but Monday did see three new corporate bond issuers offering four tranches totalling €2.275bn to investors, despite the weak performance of bonds in secondary trading on Thursday and Friday.

    13 Nov 2017

  • BAML announces first UK CMBS since 2015

    Bank of America Merrill Lynch has announced Taurus 2017-2, a sterling denominated CMBS backed by a single loan secured on a portfolio of UK logistics properties — the first sterling CMBS deal to be issued in over two years.

    13 Nov 2017

  • SELP extends maturity with second deal

    European property company SEGRO European Logistics Partnership (SELP) sold its second ever corporate bond on Monday, doubling its total issuance and extending its maturity profile, while paying very little premium.

    13 Nov 2017

  • Payments processing firms out with $5.3bn

    A rush of consolidation has swept through Europe’s payments processing industry in the past six months and the financing for two of the deals, the acquisitions of Nets and Paysafe, hit the leveraged finance market this week.

    13 Nov 2017

  • Sabadell goes private for bucket-filling AT1

    Banco de Sabadell did a private deal for €400m to raise of additional tier one (AT1) to meet the required amount it needs in the asset class, as investors put Catalan worries behind them.

    13 Nov 2017

  • ESMA warns ICOs could be regulated

    The European Securities and Markets Authority issued a warning on initial coin offerings on Monday, suggesting the unconventional capital raising tool may be subject to EU securities regulation.

    13 Nov 2017

  • Danish furniture maker TCM opens books on IPO

    TCM Group, Scandinavia's third largest kitchen and bathroom furniture maker, has opened the books for its Nasdaq Copenhagen IPO of Dkr630m (€85m) to Dkr735m (€99m).

    13 Nov 2017

  • Crédit Logement eyes T2 sale and tender offer

    Crédit Logement, the French mortgage guarantor, has picked banks to arrange a sale of new tier two bonds as it looks to finance a tender offer for older and more expensive capital instruments.

    13 Nov 2017

  • Abu Dhabi kicks off Adnoc Distribution privatisation

    Abu Dhabi National Oil Co, the oil company owned by the government of the United Arab Emirates, has announced plans to float its chain of petrol stations in the UAE in an IPO on the Abu Dhabi Securities Exchange.

    13 Nov 2017

  • S&P lowers Oman rating amid regional tension

    Oman’s sovereign 2047s fell by as much as three cash points after Standard & Poor’s last Friday lowered the sultanate’s long term foreign currency credit rating to BB from BB+.

    13 Nov 2017

  • Albaraka Turk signs $101m loan with seven banks

    Albaraka Turk, Turkey’s first participation, or Islamic, bank, has signed a $101m murabaha loan with seven banks.

    13 Nov 2017

  • DBS to issue tightest Singaporean covered bond

    DBS Bank has mandated leads for a euro benchmark, capitalising on very tight spreads, the strong performance of its previous debut and a number of exceptionally well received seven year euro deals that have priced flat to mid-swaps.

    13 Nov 2017

  • Subordinated debt in demand as Swedish krona market heats up

    Subordinated bonds from financial issuers have been back in favour in the Swedish krona market this year, with investors seeking out higher yields compared with other types of credit.

    13 Nov 2017

  • KTZ starts 10 year with chunky pick-up to KMG

    Kazakhstan Temir Zholy (KTZ) kicked off this week’s new issues with a 10 year note on Monday as investors begin to dial back risk appetite in order to protect returns as the year end approaches.

    13 Nov 2017

  • Ülker’s second loan set for increase

    Turkish biscuit maker Ülker’s second loan of the year is expected to be increased from its launch amount of $350m as demand for the facility comes in.

    13 Nov 2017

  • Deutsche pushes through funding plan with non-preferred senior

    Deutsche Bank was looking to take advantage of its shrinking funding costs this week, raising $1.6bn in the dollar market with a pair of five year senior trades.

    13 Nov 2017

  • DGCX adds Indian blue-chip futures

    The Dubai Gold and Commodities Exchange on Monday announced it had launched 44 Indian single stock futures, giving investors exposure to blue-chip companies.

    13 Nov 2017

  • Mitra Adiperkasa unit plans $300m Indonesia IPO

    Map Active, a unit of Indonesia-listed Mitra Adiperkasa, is sounding out banks for a $300m IPO that could take place next year, said a source close to the matter.

    13 Nov 2017

  • Details emerge on Wanda offshore loan negotiations

    Dalian Wanda Commercial Properties (DWCP) has chalked up a three-pronged plan to address problems related to one of its offshore borrowings. The deal was in danger of being accelerated after the company was downgraded by two credit rating agencies in September.

    13 Nov 2017

  • Chinese developers seek HK$10bn club for HK project

    Logan Property Holdings and KWG Property Holding, whose joint venture won the bid for a land parcel in Hong Kong in February, have approached lenders for a HK$10bn ($1.28bn) term loan to support the construction of the project, two bankers said this week.

    13 Nov 2017

  • Akbank’s German subsidiary signs €173.5m loan

    Akbank AG, the Turkish bank’s German subsidiary, has signed a €173.5m syndicated loan with around 14 banks, according to a banker on the deal.

    13 Nov 2017

  • SGX releases MSCI EM index derivatives

    Singapore Exchange (SGX) on Monday announced the launch of new derivatives products based on the MSCI Emerging Markets and MSCI Emerging Markets Asia indices.

    13 Nov 2017

  • BC Partners hires Barclays, Numis to lead Sabre flotation

    Sabre Insurance, the UK car insurance company, will attempt to list on the London Stock Exchange this autumn, having filed an intention to float document on Monday.

    13 Nov 2017

  • Toyota China sticks to old format in latest ABS

    Toyota Motor Finance (China) is hitting the Chinese asset-backed securities (ABS) market for a second time this year. The Japanese automaker maker will approach investors with a Rmb3bn ($452.1m) deal on November 16.

    13 Nov 2017

  • Netmarble Games block to fetch $224m

    At least one undisclosed vendor has put up a W251bn ($244.1m) stake in Netmarble Games up for sale through an accelerated block.

    13 Nov 2017

  • Banks lukewarm on China’s big bang

    After years of anticipation, China has finally opened the door to majority foreign ownership across its financial sector. But instead of reacting with jubilance, international banks appear cautious as they await more details from regulators and remain vigilant of the challenges ahead, ranging from fierce local competition to licencing procedures.

    13 Nov 2017

  • Anton Oilfield readies dollar bond return

    Anton Oilfield Services Group is making a dollar bond market comeback, offering a new deal in exchange for its existing 2018 bonds.

    13 Nov 2017

  • WuHan DangDai set for debut, Xinyuan on the road

    WuHan DangDai Science & Technology Industries (Group) Co is marketing its inaugural international bond. Separately, Xinyuan Real Estate Co is meeting investors this week for its second dollar bond of the year.

    13 Nov 2017

  • Indonesia's SSMS launches dollar debut

    Indonesian palm oil producer Sawit Sumbermas Sarana (SSMS) launched its dollar debut on Monday morning local time.

    13 Nov 2017

  • The week in renminbi: Interbank derivatives market opens up, Silk Road Fund and GE set up BRI investment platform, SGX USDCNH futures volume down in October

    The People’s Bank of China gives foreign institutional investors greenlight to trade derivatives in the interbank bond market, Silk Road Fund sets up investment platform with a General Electric (GE) subsidiary to target Belt and Road energy projects, and the trading volume for Singapore Exchange (SGX) offshore renminbi (CNH) futures falls in October.

    13 Nov 2017

  • City of BA expected midweek

    The City of Buenos Aires is likely to sell a peso-denominated bond to both domestic and international investors mid to late this week, according to a banker with knowledge of the deal.

    13 Nov 2017

  • CSC, Guangzhou R&F build new dollar bonds

    Chinese real estate developers China South City Holdings (CSC) and Guangzhou R&F Properties Co are wooing buy-side accounts on Monday for new dollar bond offerings.

    13 Nov 2017

  • China and EU break ground with green bond taxonomy key

    The effort to connect China’s green bond market with that of the Western world took a step forward on Saturday, with the launch of a technical document designed to make the two markets’ standards mutually intelligible.

    11 Nov 2017

  • Secondary pricing table: featuring Canada's dollar five year

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

    10 Nov 2017

  • Introducing BondMarker 2.0

    We are pleased to launch our new, improved BondMarker survey. Vote now on KfW, AfDB, KommuneKredit and more.

    10 Nov 2017

  • Funding scorecard: European sovereigns

    This week's scorecard looks into the progress European sovereigns have made heading into the final funding windows of the year.

    10 Nov 2017

  • Civitas Social Housing raises £302m in share offer

    Civitas Social Housing, a Reit specialising in social housing in the UK, has raised £302m by selling 302m class 'C' shares.

    10 Nov 2017

  • Covered bond volumes to hit €150bn in 2018

    Global covered bond primary volume across all currencies is set to rise by €25bn from 2017 to €150bn equivalent in 2018 according to analysts at Crédit Agricole research. Issuance will be boosted by new borrowers and refinancing of liquidity borrowed under the term long term refinancing operation (TLTRO).

    10 Nov 2017

  • Bakkavor resurrects IPO, gets £1bn valuation

    Bakkavor, the UK fresh food company, has completed its £260m IPO on the London Stock Exchange, a week after it withdrew the deal, blaming poor market conditions.

    10 Nov 2017

  • Virgin increases refi as sterling levfin booms

    UK telecoms firm Virgin Media increased its sterling loan offering on Friday, as recovering leveraged finance issuance in the currency seems to be leaving Brexit strains behind.

    10 Nov 2017

  • Corporate bond week ahead: a blip or something more serious?

    20 deals priced in European corporate bond markets this week, but the secondary market widened as equities fell on Thursday. Some of Thursday’s deals felt the effects of this in their bookbuild processes, and no deals were launched on Friday. So is this a temporary blip, or a more permanent widening?

    10 Nov 2017

  • CMBC adds $700m to coffers from two-tranche deal

    China Minsheng Banking Corp sealed a fixed-floating combination bond on Thursday, with the help of a 19-strong syndicate.

    10 Nov 2017

  • RMB round-up: PBoC says foreign companies to be treated equally, Invesco and Value Partners win PFM licences, Goldman sets up fund with CIC

    The deputy governor of the People’s Bank of China says foreign companies will be treated on an equal basis with their Chinese peers, two foreign fund managers obtain private fund management (PFM) licences through their wholly foreign owned enterprises (WFOE), and Goldman Sachs sets up an investment fund with China’s sovereign wealth fund targetting US companies.

    10 Nov 2017

  • HDFC Standard Life aims for the sky in $1.3bn IPO

    HDFC Standard Life Insurance Co is set to price its IPO at the top of guidance to raise Rp86.95bn ($1.3bn), having closed books nearly five times subscribed, according to a banker on the deal.

    10 Nov 2017

  • Hong Kong Airlines poised to refinance $90m

    Hong Kong Airlines, which last visited the international syndicated loan market in 2015, is working with a bank to refinance that facility.

    10 Nov 2017

  • CDB goes green to fund Belt and Road projects

    China Development Bank Corp priced its maiden international green bond on Thursday, raising close to $1.7bn from a dual-currency transaction that will fund Belt and Road related projects. The deal offered diversification not only to the issuer but also to investors.

    10 Nov 2017

  • Yixin rides off with bumper $867m Hong Kong IPO

    Yixin Group raised its full target of HK$6.8bn ($867.2m) in a Hong Kong IPO that was overwhelmed by orders, allowing the issuer to price at the best end of terms.

    10 Nov 2017

  • SCB raises $500m despite hiccup

    Siam Commercial Bank closed its second dollar deal of the year on Thursday, leveraging on its rarity value as a Thai credit in the debt market, while also navigating a surprise hiccup near the end of bookbuilding.

    10 Nov 2017

  • Kasikornbank plots dollar bond comeback

    Thailand’s Kasikornbank has mandated banks for a planned dollar bond, to be issued through its Hong Kong branch.

    10 Nov 2017

  • China ups cap on foreign ownership of financial institutions

    Authorities in China are removing the cap on foreign ownership on a series of financial sector joint ventures (JVs), Zhu Guangyao, deputy minister at the Chinese Ministry of Finance (MoF), said on November 10. The news came on the heels of US president Donald Trump's visit to China.

    10 Nov 2017

  • Yango Group, Jiayuan fund at a premium

    Chinese property developers Yango Group Co and Jiayuan International Group both appeared to have coughed up for their bond sales on Thursday, ahead of expected heavy supply from the country in the coming weeks.

    10 Nov 2017

  • Manulife visits Singapore for tier two green bond

    Canadian insurance company Manulife Financial Corp has named banks to lead a Singapore dollar-denominated subordinated green bond.

    10 Nov 2017

  • Credit Suisse rejigs leadership in Asia equities

    Credit Suisse has seen several senior-level departures in its Asian equities business, with Nicole Yuen and Ronald Cheung leaving the bank.

    10 Nov 2017

  • Punjab National Bank taps leads for $770m placement

    Punjab National Bank has hired six firms to lead a Rp50bn ($770m) qualified institutional placement, as the Indian lender looks to bolster its balance sheet.

    10 Nov 2017

  • Goldman names 16 MDs in Apac investment banking

    Goldman Sachs has released the list of its new class of managing directors, with the promotions taking effect from January 1.

    10 Nov 2017

  • Lat Am buyers finally find pricing resolve

    Neither Brazilian pulp and paper company Fibria nor Mexican telco business Axtel were able to price new deals at the tight end of guidance on Thursday as syndicate bankers said a much-needed and predictable market correction had finally begun.

    09 Nov 2017

  • Venezuela's endgame: PDVSA approaching messy default

    Investors and bond market analysts said that PDVSA, the Venezuelan state-owned oil company, was on the verge of a messy default after making its latest principal payment nearly a week late and in various stages.

    09 Nov 2017

  • Panamanian Multibank debuts in dollars with five year

    Panamanian lender Multibank sold $300m of five year bonds on its first US bond market outing on Monday.

    09 Nov 2017

  • Banks would be mad not to embrace green capital

    Everyone would stand to gain if banks starting issuing green capital instruments.

    09 Nov 2017

  • PACE market stirs with deals from Ygrene, Renovate

    Property Assessed Clean Energy (PACE) finance firm Ygrene Energy Fund priced a blended pool of residential and commercial PACE liens on Wednesday, while Renovate America filed documents this week for its final deal of the year.

    09 Nov 2017

  • Akzo Nobel EUR500m 3mE+20 Nov 2019

    09 Nov 2017

  • UniCredit and Intesa in focus as Parliament body hits back on NPLs

    The European Parliament’s legal service has hit back against a proposal by the European Central Bank (ECB) to make banks provision non-performing loans (NPLs) more aggressively, as analysts grilled the management teams from Italy’s largest banks on how they could handle the problem.

    09 Nov 2017

  • Verisure €1bn divi deal bypass levfin alarms

    Is demand in Europe’s leveraged finance market so strong that a single-B rated borrower could raise €3.5bn of high yield bonds and loans, and use some of the cash to fund the largest dividend recapitalisation of the year? Verisure began marketing such deal this week, and many investors appear to like it.

    09 Nov 2017

  • Apple causes indigestion in dash for cash

    The dollar bond market was brought crashing down from its high this week, after a poorly received trade from Apple on Monday sent investors scampering to the sidelines in one of the busiest weeks of the year for supply. Oracle restored some order and Johnson & Johnson (J&J) bucked the trend later in the week, but UPS still found the going tough when it came to market on Thursday.

    09 Nov 2017

  • Sub-benchmark deals pay no premium with demand sky high

    Typically, sub-benchmark size deals have to pay a premium to compensate investors for a lack of liquidity. However, with levels of demand meaning all deals are multiple times oversubscribed, these smaller deals are pricing in line with their larger peers.

    09 Nov 2017

  • US shopping mall REIT downgraded on retail woes

    The aversion of US capital markets investors to regional shopping malls is putting pressure on real estate investment trusts that target the sector, with Fitch stripping one of them of investment grade status on Thursday.

    09 Nov 2017

  • Reverse Yankee demand pulls in Morris and UPS

    European investors are becoming accustomed to US corporate issuers visiting the euro bond market. The hot market this week drew three such companies to issue.

    09 Nov 2017

  • Venezuela’s debt saga is murkier than ever

    The more we learn, the less we know about what happens next when it comes to Venezuelan debt.

    09 Nov 2017

  • Barclays EUR500m 0.625% Nov 23 green senior

    09 Nov 2017

  • Banque Fédérative du Crédit Mutuel EUR500m 1.625% Nov 27 tier two

    09 Nov 2017

  • Société Générale EUR750m 0.5% Jan 23 senior non-preferred/EUR750m 1.375% Jan 28 senior non-preferred

    09 Nov 2017

  • Hybrids fly as Eurofins, Ferrovial squeeze pricing

    Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.

    09 Nov 2017

  • BNP Paribas USD750m 5.125% PNC10 AT1

    09 Nov 2017

  • CDC USD1bn 2% Nov 20

    09 Nov 2017

  • KfW USD3bn 1.875% Dec 20

    09 Nov 2017

  • Auckland EUR500m 0.625% Nov 24

    09 Nov 2017

  • Canada USD3bn 2% Nov 22

    09 Nov 2017

  • Deutsche’s Warren is hiring to restore corpfin standing

    The head of Deutsche Bank’s corporate finance operation in Europe, the Middle East and Africa says he is on track with a multi-year plan to restore the German lender as a driving force in the region, after a year of recruitment and restructuring.

    09 Nov 2017

  • KommuneKredit USD1bn 2.25% Nov 22

    09 Nov 2017

  • AFD EUR750m 0.125% Nov 23 climate bond

    09 Nov 2017

  • UK GBP3bn 0.125% Aug 48 linker

    09 Nov 2017

  • Time for a prefunding rethink?

    SSAs have for several years avoided prefunding, with the cost of carry one good reason not to. But with conditions so good, it could be time to rethink that strategy.

    09 Nov 2017

  • Rentenbank USD1.25bn 2.5% Nov 27

    09 Nov 2017

  • JBIC USD1.5bn 2.125% Nov 20, JBIC USD1.5bn 2.375% Nov 22, JBIC USD1.5bn 2.75% Nov 27

    09 Nov 2017

  • NWB Bank USD500m 2.125% Nov 21 green bond

    09 Nov 2017

  • EFSF EUR1.5bn 0.875% Jul 27 tap, EFSF EUR1.3bn 1.8% Jul 48 tap

    09 Nov 2017

  • BBVA USD1bn 6.125% PNC10 AT1

    09 Nov 2017

  • AfDB USD2bn 2.125% Nov 22

    09 Nov 2017

  • People Moves in Brief

    Ellemann returns to ABN - Nomura hires senior credit trader - SG loses index trader

    09 Nov 2017

  • EFSF rounds off year amid hot euro market

    The public sector market for euro paper is providing superb execution for those borrowers that still have needs in the currency — but those are few and far between.

    09 Nov 2017

  • Jubilant dollar mart sparks pre-fund calls

    Dollar deals large and small across the curve from SSA issuers rare and frequent pounded on screens through this week but despite the supply pressure, not one cracked. Conditions are so strong that some SSA bankers believe borrowers should look to pre-fund for next year — although they admit they might have a hard time convincing the sell side.

    09 Nov 2017

  • Rare floaters overwhelmed by demand

    The trend for corporate issuers in Europe in 2017 has been to sell bonds with longer tenors. However, among this week’s deals were three short dated floating rate notes, which all garnered huge demand.

    09 Nov 2017

  • Barclays debuts as bank green bond market bursts into life

    Barclays sold its first green bond transaction this week — a callable senior deal from its holding company — as two more financial institutions said that they would hit the road with new green bond frameworks of their own.

    09 Nov 2017

  • BBVA pads AT1 stock ahead of 2018 call date

    BBVA issued $1bn of perpetual non-call 10 additional tier one (AT1) notes on Wednesday, in a deal paving the way for it to redeem a bond next year that will be the first European AT1 issued in a core currency to reach its call date.

    09 Nov 2017

  • Bank capital the next step for green after senior success

    Banks have ramped up their use of green senior bonds in the fourth quarter of 2017, with many of their latest offerings sporting fantastic results in terms of pricing. But, as Tyler Davies reports, European financial institutions have yet to mix the principles of green finance with the tenets of bank capital — an experiment that could be even more beneficial for everyone involved in the growing green bond market.

    09 Nov 2017

  • Nestlé takes well trodden Eurodollar path for tight print

    In recent months Swiss food group Nestlé has extended its euro corporate bond curve with some of its largest ever deals, after it started a Sfr20bn share buy-back programme in July. However, on Thursday it printed its third Eurodollar deal of 2017.

    09 Nov 2017

  • Sterling market shows it is still going strong despite super supply

    The sterling corporate bond market took until Wednesday to join the issuance frenzy the euro market had enjoyed in the first half of the week, but three deals in two days reminded issuers and investors that it is still an option to be considered into the end of 2017.

    09 Nov 2017

  • Europe's NPL breakthrough: securitizations to boom after Montepio’s trailblazer

    Unclogging the balance sheets of Europe’s banks has been a long and painful process, and one that has inhibited the region’s growth and recovery. But, as Bill Thornhill reports, the first securitization of non-performing loans without a government guarantee by a Portuguese bank this week is a crucial development for Europe’s heavily burdened banking sector.

    09 Nov 2017

  • UK DMO breaks book record — again

    The UK Debt Management Office has broken its record book size yet again and brought in a new high of 144 investors with a deal that amazed bankers away from the trade.

    09 Nov 2017

  • Corp bond market feels so hot it doesn't need Draghi

    Demand is so hot in Europe's corporate bond market, that with pricing being driven to ever tighter levels, bankers are beginning to believe the rally is self-sustaining, and would continue even without European Central Bank (ECB) support, writes Nigel Owen.

    09 Nov 2017

  • SRI binge still far from sating hungry investors’ appetites

    More socially responsible investment paper from public sector issuers keeps arriving on screens, but despite the deluge, borrowers are still managing super-tight spreads and selling healthily subscribed deals. And there’s still more to come.

    09 Nov 2017

  • ISINs for OTC derivatives see big uptake

    The “majority of top-tier US and European swap dealers” have signed up to receive International Securities Identification Numbers (ISINs), the Derivatives Service Bureau announced on Thursday. The rapid uptake “is ahead of original expectations”, the DSB added.

    09 Nov 2017

  • Rush of small deals as high yield issuance goes large

    The European high yield bond pipeline was stuffed with an array of mainly sub-benchmark deals this week, after issuance volume hit a historic high.

    09 Nov 2017

  • Euro CLO market stays hot as Japanese interest drives tightening

    The European CLO market is showing no sign of cooling down going into year end, with investor demand stronger than ever and heightened Japanese interest driving spreads tighter.

    09 Nov 2017

  • Lithuania EUR350m 0.95% May 27s tap and EUR200m 2.1% May 47s tap

    09 Nov 2017

  • Saudi fails to catch the EM recovery wave

    Saudi Arabian asset prices failed to bounce back this week after last weekend’s high profile arrests, even though wider emerging markets staged a late recovery.

    09 Nov 2017

  • Liquid Telecom USD180m tap of 8.5% Jul 22s tap

    09 Nov 2017

  • City of Paris sustainability bond attracts bumper book

    The City of Paris printed a sustainability bond on Thursday, shaving several basis points from the spread during execution thanks to a healthily oversubscribed book.

    09 Nov 2017

  • European IPO market limps home: Contour prices, Hello sinks

    This season’s IPO market in EMEA is drawing to a muted close, with fewer deals than expected and several companies trading down in the aftermarket after their flotations.

    09 Nov 2017

  • KommuneKredit's deal and buyback ‘should inspire others’

    KommuneKredit and Erste Abwicklungsanstalt rounded out this week’s dollar issuance in what has become typical fashion for trades over the last few days — oversubscribed books and tightened pricing. But KommuneKredit’s deal featured a novel aspect that SSA bankers hope other issuers will embrace.

    09 Nov 2017

  • Emirates NBD750m 3.25% Nov '22s

    09 Nov 2017

  • Blocks busy again with Severstal, SAS and Scan Tobacco

    There were several large equity block trades on Wednesday night this week, including a rare sale of shares in one of Russia’s biggest steel companies.

    09 Nov 2017

  • Petropavlovsk USD500m 8.125% Nov 22s

    09 Nov 2017

  • MiFID paves the way for machine learning

    A tidal wave of compliance projects may not be the only outcome of MiFID II — the new regulations due to come into force on January 3 may push fixed income markets towards technological advance.

    09 Nov 2017

  • Applications reopen for ISDA’s DC secretary role

    The International Swaps and Derivatives Association on Thursday revealed that it is once again accepting applications for the role of Determinations Committee secretary, a body that carries out administrative duties for credit derivatives committees.

    09 Nov 2017

  • Carnegie and SEB sell Mr Green block for founders

    Founders of Mr Green, the Nordic online gambling company, picked Carnegie and SEB to sell a block of its shares in an accelerated bookbuild on Wednesday night. The trade was then increased.

    09 Nov 2017

  • Lithuania prints for last time until 2019

    The Republic of Lithuania on Tuesday drew a combined €1.27bn book for its taps as investors rushed to take a piece of what could be the Baltic country's last international bond for more than a year.

    09 Nov 2017

  • FirstRand launches second loan, to price tighter than peers

    FirstRand Bank has launched its second syndicated loan of the year, two weeks after signing a $540m loan with Asian banks. The new $500m loan is aimed at international banks, and is priced more tightly than other loans for South African banks this year.

    09 Nov 2017

  • Relief as ContourGlobal closes flat on its first day of trading

    Shares in ContourGlobal, the emerging markets-focused power producer, managed to stay above their IPO price all day on Thursday after they began trading on the London Stock Exchange.

    09 Nov 2017

  • Santander jumps into sterling covereds after Sparebank 1

    Sparebank 1 Boligkreditt and Santander UK unearthed solid demand in the sterling covered bond market this week as the Norwegian issuer priced its first in the currency.

    09 Nov 2017

  • Sainsbury’s refinances revolver in brighter times

    J Sainsbury, the UK supermarket chain, has refinanced a revolving credit facility with a new, larger revolver amid a far rosier picture for the company than when the last deal was signed.

    09 Nov 2017

  • Sterling and Eurodollar join the corporate issuance party

    After a three day blitz of new issues in the investment grade euro corporate market, the sterling and Eurodollar markets stepped up on Thursday as euro issuance eased off from the pace of previous days. Investors had four benchmark and two sub-benchmark deals to consider.

    09 Nov 2017

  • Banks hurry to join Investor Access but US firms hang back

    Ipreo’s Investor Access product, which allows investors to place orders for new bond issues directly into the book, and receive deal updates without the intervention of banks’ sales teams, has had a string of new banks sign up in the year since it launched. But some of the biggest players in the bond market have yet to commit.

    09 Nov 2017

  • Pemex and Western Power fire up the sterling market

    On Thursday, the sterling corporate bond market reminded participants it was still going strong after the euro market had dominated the first half of the week. Petroleos Mexicanos, also known as Pemex, and Western Power Distribution followed the success of Wednesday’s deal from Manchester Airport.

    09 Nov 2017

  • EIB taps South African rand twice in a week

    The European Investment Bank (EIB) tapped South African rand twice this week, amid rising yields in the currency. Elsewhere, the International Finance Corporation (IFC) and World Bank both sold three lots of offshore renminbi, and Nordic Investment Bank (NIB) returned to Hong Kong dollars.

    09 Nov 2017

  • Petropavlovsk one of toughest deals of 2017

    A chequered history of debt restructurings and shareholder rebellions meant that a bond for B- rated Petropavlovsk was always going to be a tough sell. But a chunky 8.125% yield helped the gold mining company scrape together $500m to pay back more expensive bank loans, according to lead managers, despite the year end fast approaching.

    09 Nov 2017

  • Loans lead leveraged finance with multitude of deals

    Leveraged loan issuance is set to outpace sales of new high yield bonds with a surge this year, pushed by a varied array of borrowers seeking not just tighter margins on old debt, such as US chemical group Angus this week, but also funding for acquisitions, as with Nordic travel operator Etraveli.

    09 Nov 2017

  • Vivat issues tier two to repay owner Anbang

    Vivat on Thursday became the latest insurer to issue tier two debt with a $575m bond, which will be used to pay off debt to Anbang Insurance Group.

    09 Nov 2017

  • China mulls giving access to tightly held HK stocks

    Chinese regulators are considering allowing mainland-based holders of Hong Kong-listed stocks to freely convert shares into H-shares, in a move that could open up swathes of liquidity in the city. Details are limited at this stage, but the decision would be a game changer for issuers and investors in Hong Kong’s equity market, market observers said this week.

    09 Nov 2017

  • Kingboard sale boosted to $133m amid index inclusion talk

    An overnight sell-down in Kingboard Chemical Holdings netted a larger than expected HK$1bn ($133m) for its controlling shareholder on Wednesday, as talk of the stock’s inclusion in a major index spurred investor demand.

    09 Nov 2017

  • Investors keen for new Ferrari as demand stays in top gear

    If the only benchmark euro deal on Thursday had been true to its roots, it would have built a waiting list rather than an order book. But demand still far outstripped supply when Italian luxury sports car manufacturer Ferrari sold its second corporate bond issue.

    09 Nov 2017

  • The firm that loves MiFID

    Amid all of the hand-wringing about the advent of the Markets in Financial Instruments Directive on January 3, there are some firms which are set to be clear winners, and welcome the start of the controversial regulation.

    09 Nov 2017

  • Chinese issuers look beyond dollars to local currency bonds

    Chinese issuers are starting to look beyond US dollars for new fundraising opportunities, with attractive cross-currency swap rates — and the potential for diversification — making Singapore dollars and euro issuance the flavour of the month. Morgan Davis reports.

    09 Nov 2017

  • Jababeka seals opportunistic $111m tap

    Indonesia’s Kawasan Industri Jababeka returned to the market on Wednesday, adding nearly $111m to its existing 2023s in an opportunistic tap.

    09 Nov 2017

  • Nestlé sells third eurodollar of 2017

    In recent months Swiss food group Nestlé has extended its euro corporate bond curve with some of its largest ever deals after it started a Sfr20bn share buy-back in July. But the issuer has not forgotten its eurodollar investors and on Thursday printed its third deal of 2017 in the format.

    09 Nov 2017

  • ICBC Leasing prices dual-trancher as 10yr Treasuries drop

    ICBC Financial Leasing Co raised $950m from a dual-tranche transaction on Wednesday, as it focused on extending its maturity profile. But its 10 year struggled to gain traction, against a backdrop of falling 10 year US Treasury yields.

    09 Nov 2017

  • DNB shows covered sentiment is now turning

    DNB Boligkreditt enjoyed great execution for its €1.5bn seven year covered bond on Thursday, but real money accounts switched out of more expensive deals in good size for the first time in months, suggesting investors have far less inclination to add to positions at prevailing spread levels than was previously the case.

    09 Nov 2017

  • Komplett Bank's relisting on Oslo main market flies

    Komplett Bank, the Norwegian consumer lender, priced a Nkr896m sale of shares on Oslo Bors at the top of the initial range, bucking the trend of many recent flotations.

    09 Nov 2017

  • Deutsche's Broadcom role gives bank's corporate finance biz a shot in the arm

    The bank’s role on the world’s biggest technology M&A deal has turned a tough year into a potentially memorable one, but the bank still has a way to go to rebuild its corporate finance business, writes David Rothnie.

    09 Nov 2017

  • BNPP extends TLAC drive with senior non-preferred

    BNP Paribas followed Société Générale into the senior non-preferred market on Thursday, fresh from issuing a blowout $750m additional tier one (AT1) earlier in the week.

    09 Nov 2017

  • Bilateral loans grow at expense of syndications

    Slowing corporate demand for loans in Asia is increasingly pushing banks to clinch bilateral deals rather than execute syndications. While no one is calling the end of the loan syndications market, bilaterals have quickly risen in popularity — and for now, are offering a win-win solution to lenders and borrowers. Shruti Chaturvedi reports.

    09 Nov 2017

  • Croatia looks long for euros

    The Republic of Croatia is embarking on a roadshow to market its longest euro denominated Reg S bond.

    09 Nov 2017

  • Sogou prices US listing after Four Seasons opens lower

    Two US flotations of Chinese firms raised $686m this week, after one was priced in the middle of the range and traded down, while the other was set to make its debut on Thursday.

    09 Nov 2017

  • Crayon CEO looks ahead after “tough” IPO

    Crayon Group, the Norwegian software management company, had to fight for investors' attention to get its Nkr650m IPO sold, its CEO Torgrim Takle said on Thursday.

    09 Nov 2017

  • The Pained Trader: taste of paradise

    The Pained Trader deplores the absence of a fortune worthy of the Paradise Papers.

    09 Nov 2017

  • Emirates NBD still down but EM recovers

    Emirates NBD’s recent new issue has recovered some of the losses reported on Wednesday, though still remains below reoffer as emerging market debt bounces back after a tough couple of days.

    09 Nov 2017

  • Updated: ChemChina issues pricing for $5.5bn refi

    China National Chemical Corp (ChemChina) sent indicative pricing for a $5.5bn refinancing to banks late last month.

    09 Nov 2017

  • When a midnight run pays off

    Asia's banking landscape is more competitive than ever, with firms fighting for the smallest of scraps from clients. Companies too are taking full advantage, unashamedly making bankers jump through hoops to do their bidding.

    09 Nov 2017

  • SG offers up additional roles to Keenan, Yao

    Société Générale has given additional responsibilities to two senior bankers working in the research department of its corporate and investment bank.

    09 Nov 2017

  • Suntec, Haier bag $1.2bn from equity-linked deals

    Suntec Real Estate Investment Trust printed a S$300m ($220m) convertible bond off the back of solid aftermarket trading in recent new issues, although some bankers think the window could be closing soon.

    09 Nov 2017

  • Principality gets ready for ‘reintroduction’ to senior market

    Principality Building Society has picked banks to arrange a roadshow for a new sterling-denominated senior unsecured bond, marking the issuer’s first visit to the market in any currency since before the financial crisis.

    09 Nov 2017

  • HK’s Wing Lung Bank to raise tier two capital

    Wing Lung Bank, part of China Merchants Bank Group, has mandated six firms to work on a Basel III tier two dollar transaction, and will go on a roadshow in Hong Kong and Singapore.

    09 Nov 2017

  • QBE tests appetite for first AT1 social bond

    QBE was looking to sell a new additional tier one (AT1) within the terms of its gender equality bond framework on Thursday, becoming the first financial institution to market hybrid capital as a social bond.

    09 Nov 2017

  • Orcel promotes key lieutenant in UBS shake-up

    UBS's Investment Bank has shaken up the management of its corporate clients solutions (CCS) division in a series of moves that sees long-serving co-head William Vereker move to a executive vice chair role as the bank implements a regional management structure.

    09 Nov 2017

  • Concord New Energy mandates for green bond

    China’s Concord New Energy Group is pursuing its debut green dollar bond.

    09 Nov 2017

  • In capital markets, China needs to learn the right lessons from West

    China has long been cautious about opening up its capital markets as it learn from the lessons of other economies. But while such prudence has helped China avoid a crisis, it must not turn succumb to hubris and a wholesale rejection of the West’s experience.

    09 Nov 2017

  • UAE GRE lines up long dated amortiser

    Emirates Sembcorp Water & Power has named leads for its first deal, a $400m secured amortising note due 2035, and begins meetings on Thursday.

    09 Nov 2017

  • China Literature makes smashing HK debut

    China Literature made jaws drop this week when its shares doubled on their debut in Hong Kong, giving it the best first day close in the world this year.

    09 Nov 2017

  • China Power eyes $573m from rights issue

    China Power International Development has tapped Bank of America Merrill Lynch to underwrite a cash call that could raise up to HK$4.5bn ($573m) for an acquisition.

    09 Nov 2017

  • Redco Properties rides 364-day trend to raise $250m

    Redco Properties Group managed to tighten pricing on its 364-day bond by a hefty 50bp on Wednesday, bagging $250m from the issuance. But the yield still appealed to the buy-side, with investors pumping in $1.6bn in orders at its peak.

    09 Nov 2017

  • China formally launches FSDC, picks vice-premier as chair

    The State Council officially launched the financial stability and development committee (FSDC) – a new organ to co-ordinate financial reform and regulations – on November 8, appointing Ma Kai, vice-premier, as chairman of the committee.

    09 Nov 2017

  • Yango, Jiayuan lay foundations for bonds

    Property developers Yango Group Co and Jiayuan International Group are marketing new dollar bonds on Thursday. The former has opted for a three year, while the latter is choosing to go short with a 364-day deal.

    09 Nov 2017

  • SCB, China Minsheng eye dollar transactions

    Thailand’s Siam Commercial Bank is courting investors for a dollar bond, to be sold through its Cayman Islands branch, while China Minsheng Banking Corp is also marketing a transaction through its Hong Kong arm.

    09 Nov 2017

  • CDB’s inaugural green outing open for bids

    Bookrunners on China Development Bank Corp’s debut international green bond have released price guidance for a dual-tranche transaction featuring dollars and euros.

    09 Nov 2017

  • Suzano to buy back more 2021s

    Brazilian pulp and paper producer Suzano Papel e Celulose is looking to buy back a further $300m of its existing 2021s, just a month after wrapping up a previous tender offer for the same notes.

    09 Nov 2017

  • Kepco to sound out investors for dollar green bond

    Korea Electric Power Corp has hired three bookrunners to run an investor roadshow ahead of a potential dollar-denominated green bond issuance as it looks to build a renewables portfolio in the US through acquisitions.

    08 Nov 2017

  • Caesars Palace places bet in hot CMBS market

    Creditors of Caesars Palace in Las Vegas have turned to the CMBS market to raise debt against the casino to help finance the Chapter 11 restructuring of the business.

    08 Nov 2017

  • Junior CLO debt surges above par in secondary market

    Investor thirst for yield has pushed the price of the riskiest pieces of CLO debt well above par, but market participants say that many investors are underestimating call risk as they hunt for value.

    08 Nov 2017

  • Lending Club plots two ABS before year end

    Lending Club is looking to price two more ABS deals this quarter, as the company plans to shrink its proportion of bank funding in the year ahead, executives said on a third quarter earnings call this week.

    08 Nov 2017

  • Innovative Montepio deal could spark NPL securitization boom

    A debut Portuguese non-performing loan securitization attracted a raft of new investors and gave the issuer better execution compared with bilateral trades, which is likely to encourage a wave of new NPL deals across peripheral Europe, according to ABS sources.

    08 Nov 2017

  • SSA dollar demand to last all week

    The SSA dollar juggernaut is set to roll into a third day, with two deals on screens for Thursday’s business. Investor appetite shows no sign of letting up, as the two deals priced on Wednesday drew large books — as was seen with a host of trades a day earlier.

    08 Nov 2017

  • Premium Finance insurance ABS draws big demand

    Demand for sterling ABS is surging, with a deal from Premium Finance on Wednesday attracting heavy subscription levels across the capital stack.

    08 Nov 2017

  • M7 Reit halves London IPO, extends the bookbuild

    M7 Multi-Let Reit has cut its London IPO in half and extended the subscription period by more than two weeks, having failed to find enough demand so far.

    08 Nov 2017

  • No slacking for corporates as hump day hit for six

    Quite often after a busy couple of days the corporate bond market pauses for breath. Not this week. Six new issues on Wednesday took the deal count for the week to 14, with little discernible effect on spreads.

    08 Nov 2017

  • Broadcom sets debt antennae tingling with $130bn M&A

    Analysts expect US chipmaker Broadcom to tap as many funding markets as possible to finance its $130bn takeover of Qualcomm. Up to $12bn is likely to come from the loan market alone.

    08 Nov 2017

  • AFD wins huge book for green bond, prices flat to or through curve

    The Agence Française de Développement (AFD) managed to pull its spread in by 6bp from price guidance on its six year green bond issue today, attracting a heavily oversubscribed book full of investors seemingly ready to buy at any price.

    08 Nov 2017

  • Ellemann returns to ABN Amro’s loan desk

    Peter Ellemann has resurfaced back at ABN Amro, after leaving his position as head of European loan syndications at ANZ in September.

    08 Nov 2017

  • Swissie bond investors get rare chance for maturity

    Swiss franc bond investors have the opportunity to buy paper with a longer maturity on Wednesday, as telecoms company Swisscom launched a Sfr150m 16 year trade, but bankers say that despite the positive reception to the deal, longer dated primary issuance in the currency will remain rare.

    08 Nov 2017

  • Manchester Airport uses lack of runway worries to land tight deal

    Manchester Airport Group announced itself in the sterling corporate bond market with two deals in two months in 2014. It returned to the market on Wednesday with a print tighter than its two better known rivals.

    08 Nov 2017

  • Galp return, Fenosa green keep corps flow hot

    Italian corporate issuers have dominated bond issuance in recent weeks but Wednesday brought a pair from Iberia, as two energy suppliers took advantage of the market's hot conditions.

    08 Nov 2017

  • LBO deals resurface in leveraged loan pipeline

    Excelitas and Axilone have added to the list of leveraged buyouts catching the attention of the European market amid a busy stream of loan repricings.

    08 Nov 2017

  • Nomura hires senior credit trader

    Nomura has hired Omar Ghalloudi as head of developed markets trading in flow credit for EMEA. This is a new position.

    08 Nov 2017

  • UPS delivers tightly priced package

    American delivery company United Postal Service made its latest annual visit to the euro corporate bond market on Wednesday, leaving with €1bn of tightly priced bonds.

    08 Nov 2017

  • Covered bond investors see value

    Covered bond investors remain unperturbed by spreads to swaps that are at near-historically tight levels, as the relative values to government bonds and senior unsecured remains alluring.

    08 Nov 2017

  • Nicky Morgan emphasises City commitment after French flirtations

    As the prospect of a ‘hard Brexit’ looms over the City of London, UK politicians are facing the humiliating prospect of losing financial market primacy to Paris. The derivatives market is one area where participants are actively looking across the Channel, worrying Nicky Morgan, chair of the UK parliament’s Treasury Select Committee.

    08 Nov 2017

  • Petropavlovsk ‘one of the most difficult deals’ of the year

    A chequered history of debt restructurings and shareholder rebellions meant that B- rated Petropavlovsk was always going to be a tough sell. But a chunky 8.125% yield helped the issuer scrape together $500m to pay back more expensive bank loans, according to lead managers, despite the year end fast approaching.

    08 Nov 2017

  • HelloFresh’s triumph turns to mess after Blue Apron contagion

    Several of November’s IPOs in Europe have taken hits in the aftermarket, continuing October’s trend of recently floated companies’ shares trading down.

    08 Nov 2017

  • Concessions up in GCC as Emirates NBD prints $500m

    With political unease in Saudi Arabia contributing to increasing buy-side aversion to Middle Eastern credit, leading Dubai bank Emirates NBD paid a 5bp-10bp premium for its new five year note on Tuesday.

    08 Nov 2017

  • SocGen unveils senior non-preferred with double tranche

    Société Générale came to the market with two tranches of senior non-preferred debt on Wednesday, in its fourth offering of the asset class in euros.

    08 Nov 2017

  • BASF's spaced out trio takes out good chunk of Bayer acquisition cost

    In October, German chemicals company BASF announced it had agreed to buy parts of Bayer’s seed and non-selective herbicide businesses for €5.9bn, all in cash. On Wednesday it started to fund that with a €3bn triple tranche bond sale.

    08 Nov 2017

  • Liquid Telecom captures new Asia interest in Africa HY

    Liquid Telecom’s $180m tap of its $550m 8.5% July 2022s has harnessed a growing interest from Asian investors for African high yield names.

    08 Nov 2017

  • AT1 enters new phase as BBVA returns

    BBVA opened books on a new additional tier one (AT1) on Wednesday, in a sign that the market was already entering its first phase of refinancing.

    08 Nov 2017

  • EU states push back on supervisory revamp

    Proposals to review the European supervisory authorities were strongly criticised during a meeting of EU finance ministers on Tuesday. Luxembourg and Ireland led the fight against the draft plan, leaving France as its only supporter.

    08 Nov 2017

  • CFO of CBOE to leave

    The chief financial officer and treasurer of Chicago Board Options Exchange Global Markets, Alan Dean, is due to retire from his post at the end of the year.

    08 Nov 2017

  • Lithuania pays low NIP for last international bond until 2019

    The Republic of Lithuania on Tuesday drew a combined €1.27bn book for its taps as investors rushed to take a piece of what could be Lithuania’s last international bond for over a year.

    08 Nov 2017

  • Corporate investors convinced there is still value out there

    Corporate bond spreads may be agonisingly tight, and getting tighter by the week, but investors still think they can squeeze value out of the market.

    08 Nov 2017

  • SSA investors chipper on rates, like long end dollars

    Public sector bond investors are keen on duration plays in dollars, believing any yield rise from the US Federal Reserve's expected rate hike and planned US tax reform have now taken place. This demand was in firm evidence this week as Rentenbank produced a strong 10 year dollar benchmark.

    08 Nov 2017

  • ‘Supertanker’ EM rolls on despite Venezuela chaos

    One end of the emerging market bond market is running as smoothly as it ever has, while the other is collapsing amid surreal chaos in Venezuela that South America’s great magical realist authors would have rejected as just too far-fetched.

    08 Nov 2017

  • Deal fatigue hits European IPOs

    There are now only a handful of live IPOs left in the market from this season’s crop, after several deals have been pulled. HelloFresh, EN+, SMCP and Aedas Homes have all traded badly in the aftermarket and just one new deal has been launched this week.

    08 Nov 2017

  • Investors stuff themselves with AT1 after lean month

    Additional tier one capital (AT1) yields have been squeezed to all-time lows in 2017 but bank debt investors were still eager this week to fill their stockings with the product in time for Christmas.

    08 Nov 2017

  • Updated: Middle Eastern FIG names seek Taiwanese liquidity for loans

    Two Middle Eastern firms have sounded out banks in Taiwan to gauge appetite for potential loans.

    08 Nov 2017

  • Qatari vendor rakes in $1.5bn from Bharti Airtel block

    Qatari investor Three Pillars has bagged Rp96bn ($1.48bn) after offloading a chunk of shares in global telecommunication company Bharti Airtel, according to a source close to the deal.

    08 Nov 2017

  • China Eastern diversifies with Sing dollar deal

    China Eastern Airlines Corp has nabbed S$500m ($366.69m) from its first foreign currency transaction as it makes an attempt to diversify its funding base.

    08 Nov 2017

  • Yunnan Energy generates strong demand for $600m deal

    Yunnan Provincial Energy Investment Group Co, a Chinese local government financing vehicle (LGFV), raised $600m on Tuesday from a dual-tranche deal that was nearly nine times covered.

    08 Nov 2017

  • Biggest Kingboard Chemical shareholder in $118m block

    Kingboard Chemical Holdings’ controlling shareholder is paring its stake in the firm through an accelerated sale of shares on Wednesday evening that could raise HK$920m ($118m).

    08 Nov 2017

  • KWG finds $300m in rare seven year for developers

    KWG Property Holding raised $300m from a seven year non-call four bond on Tuesday, managing to pay a zero to negative new issue premium despite hitting the dollar market for the fourth time in 2017.

    08 Nov 2017

  • China’s capital controls ‘inherently flawed’, say Chinese academics

    China’s policy of opening up its onshore market while holding a tight grip on capital flows is unsustainable, according to two Chinese academics, who called for a more proactive policy from China in promoting renminbi internationalisation.

    08 Nov 2017

  • New look, higher rated Axtel tests demand with seven year

    Axtel, the Mexican telecoms company, is meeting investors for a planned senior unsecured bond issue. Investors say the firm is almost unrecognisable from the one that carried out a distressed debt exchange in 2013.

    08 Nov 2017

  • US investment grade buyers snap up Bimbo's long bond

    The world’s largest bread maker, Grupo Bimbo, returned to bond markets on Tuesday after a three year absence. Its 30 year bond was sold mainly to US investment grade buyers, despite the issuer’s Mexican nationality.

    08 Nov 2017

  • Hopes of PDVSA payment crumble as CDS trigger looms

    Holders of PDVSA’s 2017 bonds were suddenly filled with dread by Tuesday’s close as rumours of the overdue maturity payment being made could not be confirmed. Its credit default swap price worsened on the expectation a credit event would be declared.

    08 Nov 2017

  • Cogo seeks $596m in new equity to pay down debt

    China Overseas Grand Oceans Group (Cogo) is taking the rights issue route to pay off debt, proposing to raise HK$4.7bn ($595.9m) from shareholders.

    08 Nov 2017

  • ICBC Leasing to price new dual-trancher

    ICBC Financial Leasing Co hit the dollar bond market on Wednesday with a dual-tranche transaction, returning a few months after its last international issuance.

    08 Nov 2017

  • Jababeka makes comeback for $111m tap

    Indonesian industrial estate developer Kawasan Industri Jababeka has returned to the market to tap its existing 6.5% 2023s.

    08 Nov 2017

  • China’s Redco rolls out 364-day bond

    Redco Properties Group has jumped on the short-dated bond trend, launching a 364-day dollar deal on Wednesday.

    08 Nov 2017

  • SWIFTRef, gpi set to increase RMB payment efficiencies

    Swift is looking to further streamline the RMB payment experience with the recent integration of China’s cross-border interbank payment system (CIPS) data with its information platform and the launch of the global payments innovation (gpi) initiative, Eddie Haddad, managing director for Swift in Asia Pacific, told GlobalRMB.

    08 Nov 2017

  • Ellington lines up non-QM securitization

    Ellington Financial is planning to issue a new RMBS deal backed by non-qualifying mortgages in the ‘near future’, as well as a second CLO transaction, with the firm looking to use securitization to fuel portfolio growth.

    07 Nov 2017

  • Upstart heads to market with new ABS

    Online personal loan platform Upstart is back in the ABS market after hitting the pipeline with a debut transaction in June.

    07 Nov 2017

  • CLOs rampant after second busiest week since crisis

    Last week was the second busiest week of issuance in the global CLO market in the post-crisis era, but refinance and reset activity is set to dominate the sector for the remainder of the year, a move which is likely to facilitate further price tightening in the leveraged loan market.

    07 Nov 2017

  • Mars goes on the road with Grand Canal Irish NPL ABS

    Mars Capital Ireland Holdings has mandated Morgan Stanley for Grand Canal Securities 2 DAC, an Irish RMBS secured mostly by non-performing mortgages.

    07 Nov 2017

  • GOP plan twists knife for student borrowers

    The removal of the student loan interest deduction under the Republicans’ new tax plan may seem inconsequential compared with the average sum of debt per borrower, but it will fan the flames of a growing student debt crisis.

    07 Nov 2017

  • Wacker Chemie seeks tightly priced Schuldschein

    German chemical company Wacker Chemie launched a €150m Schuldschein on Monday that is close to being the tightest priced deal this year.

    07 Nov 2017

  • Investors lap up SSA dollar deluge

    Public sector borrowers have crammed more dollar deals into Tuesday than are sometimes seen in a week. But far from suffering from too much choice, investors gobbled up everything on offer — and bankers expect them to do just the same for two deals on Wednesday’s menu.

    07 Nov 2017

  • Quick take-off for Alvest LBO loan syndication

    The loan funding for CDPQ and Ardian’s acquisition of a stake in Alvest, the unrated French manufacturer of aeroplane parts, was allocated among a "limited" number of investors on Tuesday, amid growing demand for small and mid-sized credits.

    07 Nov 2017

  • Ellington buys into Greek NPL securitization

    US hedge fund Ellington Management has bought into the equity of a private Greek NPL securitization, cutting the investment that Aldridge EDC, the original investor in the portfolio, has to put down.

    07 Nov 2017

  • NWB squeezes price as AFD hopes to follow suit

    Nederlandse Waterschapsbank (NWB) launched a four year green bond on Tuesday, pricing flat to its curve and clearing the way for Agence Française de Développement (AFD) to attempt to emulate the Dutch agency’s success.

    07 Nov 2017

  • US-EU clearing spat is out of control, cooler heads must prevail

    A high stakes game of chicken is taking place between US and European regulators, with the spectre of fragmentation in derivatives markets looming. But there's been no proper dialogue between the two sides.

    07 Nov 2017

  • Peugeot and Premium Finance bring UK ABS

    PSA Finance UK, the captive finance arm of Peugeot Citroën in the UK, has just priced its first securitization of UK car loans at 42bp over one month Libor. The deal has been sized at £315m.

    07 Nov 2017

  • EFSF rounds out 2017 with 'impressive' double tap

    The European Financial Stability Facility rounded off its funding programme for the year with a pair of taps on Tuesday with a deal praised as “an impressive result”.

    07 Nov 2017

  • UK DMO gathers biggest ever order book

    The UK Debt Management Office has broken its record book size yet again and brought in a new high of 144 investors with a deal that leads called a “rousing success”.

    07 Nov 2017

  • Nykredit stops IPO prep after private sale

    Investors looking forward to the prospect of a jumbo Nordic banking IPO were disappointed on Tuesday when Nykredit, the biggest mortgage lender in Denmark, announced that it plans to cancel its IPO on Nasdaq Copenhagen in favour of a private sale to five Danish pension funds.

    07 Nov 2017

  • Bunge launches $1.75bn refi with 14 earlybirds

    Bunge Finance Europe, an arm of the US agricultural commodities group, launched a revolving credit facility on Tuesday to refinance a $1.75bn loan from 2014. Fourteen banks have joined before general syndication.

    07 Nov 2017

  • Giancarlo ratchets up rhetoric on EU's 'prescriptive' regs

    The head of the foremost derivatives regulator in the US, Christopher Giancarlo, has issued a warning to European regulators on incoming regulation, condemning “costs and regulatory burdens” to the US economy.

    07 Nov 2017

  • Argentina does not deserve a clean slate

    While it is tempting to think of capital markets-friendly President Mauricio Macri as having wiped Argentina’s slate clean, it is not yet time for EM investors to forgive and forget.

    07 Nov 2017

  • Verisure’s €1bn dividend deal challenges European levfin market

    In a new sign of how hot Europe's leveraged finance market has become, Verisure, the Swedish security systems company, is seeking to raise €3.5bn of bonds and loans, partly to fund the market's biggest dividend recapitalisation this year.

    07 Nov 2017

  • Aviva Investors joins UK Reit boom with new long lease commercial fund

    Aviva Investors, the UK asset manager, is creating a new real estate investment trust (Reit) focused on long-lease commercial property.

    07 Nov 2017

  • Tuesday treble follows manic Monday in corporates

    Two weeks ago four investment grade corporate bond deals totalling €7.4bn were priced on the Monday, but that resulted in the rest of the week being starved of supply. This week however, the five deals that printed on Monday were followed by three more new deals on Tuesday.

    07 Nov 2017

  • Baltic trio sew up secured funding scheme

    Estonia, Latvia and Lithuania have signed a memorandum of understanding (MoU) to develop their capital markets and will look to draw up legal frameworks to develop covered bond and securitization markets.

    07 Nov 2017

  • Akelius returns for more euros in six month flurry

    Swedish property company Akelius Residential Property has sold eight year deals in euros and sterling during the last six months, as well as a four year Swedish krone deal. That concentrated funding activity didn’t affect the success of another euro deal on Tuesday though.

    07 Nov 2017

  • Ferrovial flies in for low coupon hybrid

    On Tuesday, Spanish infrastructure operator Ferrovial tapped into demand for the enhanced yield offered by hybrid bonds and matched the second lowest coupon ever on such an instrument.

    07 Nov 2017

  • CFF hits the covered bond stars as SEB shines bright

    Compagnie de Financement Foncier (CFF) this week issued one of the most oversubscribed French covered bonds in years with demand boosted by the long tenor, small deal size and positive spread. At the same time, SEB found good demand, even though it was issuing the tenth 10 year covered bond since September.

    07 Nov 2017

  • Daimler pays up to take 2017 issuance over €10bn

    German car manufacturer Daimler has proven a good medium to track the tightening of euro corporate bond credit spreads in 2017, having issued more than €9bn before the end of October. On Tuesday, a €1bn 10 year deal took that total within €1bn of the issuer’s 2016 total, but it didn’t come cheap.

    07 Nov 2017

  • Covered bond funders circle around senior

    Specialist mortgage bank Muenchener Hypo (MuHyp) and savings bank Sparebanken Vest, which typically fund in covered bonds, are both looking for unsecured funding this week. MuHyp is looking to tap one of its strongly performing senior issues, while Sparebanken Vest is marketing its debut senior unsecured issue in euros.

    07 Nov 2017

  • BNPP, BBVA look long in dollars with AT1 market ‘on fire’

    BNP Paribas set a 10 year call period on a new $750m additional tier one (AT1) trade on Tuesday, as the French bank looked to lock down an attractive cost of capital for as long as it could following an impressive month of performance for the asset class. Spain's BBVA quickly looked to follow suit.

    07 Nov 2017

  • Qingdao Haier squeezes yield on $1bn exchangeable

    Qingdao Haier Co has raised HK$8bn ($1.03bn) through an exchangeable bond, leveraging on its brand recognition to tighten pricing, according to a source close to the deal.

    07 Nov 2017

  • Liquid Telecom books around $400m

    The book for Liquid Telecom's $180m tap of its $550m 8.5% July 2022s has reached $400m.

    07 Nov 2017

  • Lithuania books over €1.1bn as dual tranche tap goes head to head with EFSF

    The Republic of Lithuania has launched a pair of euro taps on the same day that PSPP behemoth the European Financial Stability Facility headed to the market for bonds in very similar maturities.

    07 Nov 2017

  • Investors lap up extra spread from Emirates NBD

    Emirates NBD turned heads with a new five year note offering 140bp area over mid-swaps on Tuesday. Investors said they were glad to take the extra spread on offer thanks to regional political tensions.

    07 Nov 2017

  • Petropavlovsk 'can’t shake off hairy history'

    Despite returning to profit in 2016, Petropavlovsk looked to be finding it difficult to shake off past concerns about its ability to refinance debt, as well as a shareholder rebellion in June that led to the ousting of founder Peter Hambro. The issuer opened books on a five year note at low 8% on Tuesday.

    07 Nov 2017

  • Investors’ call at COP 23: give us projects to invest in

    Financial institutions will be making a flurry of announcements at the COP 23 climate change conference in Bonn over the next fortnight, detailing new initiatives and pledges. But more important may be any signs that countries are getting better at turning their climate ambitions into projects investors can put money into.

    07 Nov 2017

  • BFCM sticks with T2 as markets feel the squeeze

    Banque Fédérative du Crédit Mutuel (BFCM) opened books on a new €500m 10 year bullet tier two on Tuesday, giving investors a rare chance to add exposure to the asset class in the primary market, following an impressive rally in 2017.

    07 Nov 2017

  • Lead banks on Garanti deal revealed

    Two banks are co-leading Türkiye Garanti Bankasi’s second loan of the year, which will be used to refinance a $1.2bn facility due to mature this month.

    07 Nov 2017

  • Tata Motors revs up £640m refi in senior

    A £640m ($839m) refinancing for Tata Motors has entered the senior phase of distribution with seven banks running the deal.

    07 Nov 2017

  • Avic Leasing lands $300m debut deal

    China’s Avic International Leasing Co sealed its first offshore dollar deal on Monday, manoeuvring through the market to land support from investors outside of its traditional home base.

    07 Nov 2017

  • ICICI Bank eyes flotation of investment banking arm

    India’s ICICI Bank said on Tuesday it will move ahead with a plan to list ICICI Securities, its investment banking and brokerage arm, in a possible Rp30bn ($461m) IPO.

    07 Nov 2017

  • ABS in the spotlight as China deleverages

    Chinese banks and corporations are making use of the fast-growing asset-backed securitization (ABS) market to aid the country’s deleveraging efforts, analysts told GlobalRMB.

    07 Nov 2017

  • FEC, Guotai Junan seal unrated outings

    Hong Kong-based Far East Consortium International (FEC) and Chinese securities house Guotai Junan International Holdings both sold unrated bonds on Monday. While neither issuer saw overwhelming demand, they still managed to walk away with their desired $150m and $300m, respectively.

    07 Nov 2017

  • China’s short-dated bonds are undermining the market

    China’s regulators have left DCM bankers, issuers and investors befuddled this year, as they struggle to understand which companies will gain approval to issue offshore bonds and which will be rejected. In this environment it was only natural that sub-one year bonds, which don’t need approval, should become very popular, but a recent deal shows using the loophole comes at a cost.

    07 Nov 2017

  • Bestway eyes HK$1.5bn from oversubscribed IPO

    Inflatable pool manufacturer Bestway Global Holding is on track to raise up to HK$1.5bn ($196.6m) from its IPO, drawing in a mix of international and Chinese investors to cover its deal multiple times over, according to a source close to the deal.

    07 Nov 2017

  • CDB to debut in green, taps firms for dollar/euro combo

    China Development Bank Corp (CDB) is gearing up for talks with fixed income investors for its inaugural offshore green bond, mandating firms for a dual-currency transaction.

    07 Nov 2017

  • WTT HK connects with investors for dollar bond

    Hong Kong’s fixed-line telecom operator WTT HK, better known as Wharf T&T, has mandated banks for a 144A/Reg S dollar deal, with a global roadshow kicking off in Hong Kong on Tuesday.

    07 Nov 2017

  • CCCG's Core hits market for debut $150m financing

    CCCG Overseas Real Estate (Core), a Singapore-based company owned by China Communications Construction Group, has approached banks for its maiden dollar syndicated loan.

    07 Nov 2017

  • Multibank sells $300m five year

    Panamanian lender Multibank sold $300m of five year bonds on its first US bond market outing on Monday.

    07 Nov 2017

  • HDFC Standard Life pulls out all the stops for $1.3bn IPO

    HDFC Standard Life Insurance Co got off to a flying start with its Rp86.9bn ($1.3bn) IPO in India, as books opened on Tuesday following a hugely successful anchor investor process.

    07 Nov 2017

  • Yunnan Energy, KWG set for new bonds

    Chinese local government financing vehicle Yunnan Provincial Energy Investment Group Co and real estate developer KWG Property Holding are taking bids for their respective dollar bonds on Tuesday.

    07 Nov 2017

  • Razer prices high to net $529m from IPO

    Gaming firm Razer has raised HK$4.1bn ($528.8m) from its IPO after pricing it just off the top of guidance at a level considered auspicious, said sources close to the deal.

    07 Nov 2017

  • China Eastern’s debut offshore bond ready for take off

    China Eastern Airlines Corp launched its maiden Singapore dollar bond on Tuesday morning local time, marking the first time the company is venturing offshore.

    07 Nov 2017

  • Maduro has managed to make Venezuela’s future more obscure

    President Maduro’s surprise restructuring announcement only makes things murkier for Venezuelan bondholders.

    07 Nov 2017

  • Tesla sells solar lease, PPA securitization

    Tesla priced an ABS offering backed by solar lease and power purchase agreements originated by its SolarCity subsidiary late last week, selling the bonds at the tight end of price guidance.

    06 Nov 2017

  • Complexity holds back transport ABS activity

    Transport ABS deals have been well bid in 2017, sought by investors for their higher yields compared to more vanilla assets. But bespoke deal structures and attractive funding in other markets have put off interested participants, sources said this week.

    06 Nov 2017

  • US tax plan could shake up levfin, boost M&A

    Changes put forward under Republican tax plans could dent the attractiveness of high yield debt and leveraged loans, according to analysts, but a cut to the corporate tax rate and a potential holiday for repatriated cash would be positives for US corporates.

    06 Nov 2017

  • OeKB accesses rare investors with Kanga tap

    Oesterreichische Kontrollbank reopened a Kangaroo line on Monday and found interest from investors that are not often seen in Australian dollar SSA deals.

    06 Nov 2017

  • Plattner sells 0.3% of German software group SAP via rare €370m block trade

    On Monday night, UBS led the sale of a 0.3% stake in SAP, the German software company, for its co-founder and biggest shareholder, Hasso Plattner. It is the first equity capital markets deal in the stock for 11 years, according to Dealogic.

    06 Nov 2017

  • Engine running for Peugeot’s first sterling car loan ABS

    Peugeot Citroën’s car finance bank announced initial price thoughts on Monday for its first sterling securitization, joining a UK car finance ABS market that has been busy this year.

    06 Nov 2017

  • Gender equality ETF comes to Euronext

    As investor demand for ESG products grows, an exchange traded fund tracking companies with good policies on gender equality began trading on Euronext this Monday.

    06 Nov 2017

  • Auckland makes splash in euros as EFSF lines up

    The European Financial Stability Facility (EFSF) announced on Monday that it would complete its 2017 funding programme with a pair of taps on Tuesday. Conditions in euros looked strong on Monday, as they allowed the Council of Auckland to pull its spread in by 7bp for its second ever euro deal.

    06 Nov 2017

  • Senior SocGen CDS index trader leaves

    A credit index trader at Société Générale in London, Gamal Selvarajah, has left the bank, GlobalCapital can confirm.

    06 Nov 2017

  • Renten in 10s and rare sovereign on full dollar curve card

    Rentenbank will tap a resurgent long end dollar market on Tuesday, alongside a rare appearance in the currency from the Canadian sovereign in fives and a French agency in threes. This is only the second time in nearly two and a half years that issuers have peppered the whole of the dollar curve on the same day.

    06 Nov 2017

  • Orphazyme kicks off Dkr675m IPO in Copenhagen with anchor backing

    Orphazyme, a Danish biotechnology company, has revealed the terms for its IPO on Nasdaq Copenhagen.

    06 Nov 2017

  • Rabobank transfers risk for new lending

    Rabobank has transferred the risk on a large book of corporate loans via securitization to Pensioenfonds Zorg en Welzijn (PFZW), a move that reduces the bank’s risk weighted assets by €1bn and will free up room to make new loans.

    06 Nov 2017

  • WiZink offers rare Spanish credit card ABS

    WiZink, the Spanish credit card bank, is preparing to launch its first securitization that will be sold publicly.

    06 Nov 2017

  • Virgin’s $4.5bn deal joins ‘repricing hysteria’

    UK telecoms group Virgin Media will begin marketing a jumbo loan this week, in a market that bankers describe as awash with demand. Many issuers are returning in search of tighter margins as soon as their loan terms allow.

    06 Nov 2017

  • Five star day for euro corporates

    There were no Monday morning blues in the investment grade corporate bond market this week as five issuers offered investors a variety of deals to consider.

    06 Nov 2017

  • APRR offers longest deal on manic Monday

    The five deals which priced in the euro corporate bond market on Monday offered investors a variety of options, including hybrids and floaters. For duration buyers, French motorway operator Autoroutes Paris-Rhin-Rhône was in market with a January 2033 maturity.

    06 Nov 2017

  • Eurofins distils tight coupon for latest hybrid

    On Monday, French laboratory testing company Eurofins Scientific followed last Monday’s €299m equity sale with a €300m hybrid deal paying very little new issue premium, as the firm’s funding keeps pace with its acquisitions.

    06 Nov 2017

  • Akzo and UTC offer a rare pair of floaters

    The trend for corporate issuers in 2017 has been to sell bonds with longer tenors, but in among a five deal issuance spree on Monday was a couple of two year floating rate notes from rare issuers.

    06 Nov 2017

  • Sparebank 1 finds solid demand for sterling five year covered foray

    SpareBank 1 Boligkreditt unearthed solid demand for its first covered bond in sterling, managing to price at the tight end of guidance with a comfortably oversubscribed book, despite issuing in the more challenging five year tenor.

    06 Nov 2017

  • High fives expected for Petropavlovsk

    Russian goldminer and debut bond issuer Petropavlovsk is expected to bring a new five year note with a yield in the region of high 5% on Tuesday. Bankers will be watching with interest to see how the equal lowest rated non-financial Russian debut corporate issuer fares.

    06 Nov 2017

  • Bank green bond market explodes into life as Barclays debuts

    Barclays opened books for its first green bond transaction on Monday — a callable senior deal from its holding company — as two more financial institutions said that they would hit the road with new green bond frameworks of their own.

    06 Nov 2017

  • Achmea to become the fifth Dutch CPT issuer

    Achmea Bank has mandated leads to market its inaugural conditional passthrough covered bond programme, with the bank eyeing a €500m seven year deal.

    06 Nov 2017

  • Whirlpool takes reverse Yankees to fourth base

    On Monday, Whirlpool became the fourth US issuer to use the euro corporate bond market in the last 15 days when it sold a €600m 10 year deal, 12 months after it last visited the market.

    06 Nov 2017

  • Turkey’s Garanti Bank launches refi

    Türkiye Garanti Bankasi has launched its second loan of the year as it refinances a $1.2bn facility due to mature this month.

    06 Nov 2017

  • HSBC picks sterling as banks weigh up prefunding

    HSBC was looking to sell callable senior bonds in the sterling market on Monday, after its group finance director said recently that the bank would issue new debt ‘opportunistically’ if conditions remained supportive in 2017.

    06 Nov 2017

  • Saudi arrests rock markets but further clarity needed

    Saudi asset prices dropped on Monday after the arrest of senior officials on Saturday caught the market off guard, prompting a 2.2% fall in the Tadawul index and leaving investors nervously awaiting further developments.

    06 Nov 2017

  • Liquid Telecom looks to tap dollar debut

    Liquid Telecom is planning a return to the dollar market four months after making its debut in the currency, bankers on the new deal said on Monday.

    06 Nov 2017

  • Burgan Bank in talks about loan refi

    Kuwait’s Burgan Bank is planning to refinance a $350m syndicated loan that is due to mature next month.

    06 Nov 2017

  • Asia loans veteran Crane leaving StanChart

    Justin Crane, head of loan syndicate and distribution at Standard Chartered, is set to leave the bank at the end of this month, sources said.

    06 Nov 2017

  • Yoma Strategic raises S$82m from share sale

    Yoma Strategic Holdings has bagged S$82m ($60.1m) through a placement of 155m primary shares on the Singapore Exchange.

    06 Nov 2017

  • Four Seasons, PPDAI US listings get strong demand

    Four Seasons Education is closing books two days early on its $111m New York Stock Exchange listing, said a banker managing the transaction.

    06 Nov 2017

  • Sasseur Reit to sound out investors for SGX IPO

    Sasseur Reit is expected to start pre-deal investor education for a S$500m ($366m) IPO in Singapore from Tuesday, said bankers close to the trade.

    06 Nov 2017

  • China Education readies $400m 2017 IPO

    China Education Group is looking to list in Hong Kong by the end of the year with an IPO that is likely to fetch around $400m, according to a source close to the deal.

    06 Nov 2017

  • China Jianyin hires banks for euro, dollar combo

    Equity investment group China Jianyin Investment (JIC) is readying an international bond offering, mandating banks ahead of investor meetings.

    06 Nov 2017

  • NIA, Mahindra Logistics seal India IPOs at the top

    New India Assurance Co (NIA) and Mahindra Logistics will both price their IPOs at the top end of guidance, pocketing a combined Rp104.3bn ($1.6bn) from equity investors.

    06 Nov 2017

  • Jianpu Tech opens books for $236m NYSE listing

    China’s Jianpu Technology has launched bookbuilding for its IPO on the New York Stock Exchange, which could raise $236.3m.

    06 Nov 2017

  • Updated: Yixin eschews cornerstones for $867m HK IPO

    Yixin Group looks set to be another bumper Hong Kong IPO, with the HK$6.8bn ($867.2m) deal ending its first day of bookbuilding multiple times covered across the marketing range.

    06 Nov 2017

  • ING builds Shanghai team

    ING Bank has named Arthur Zou the branch manager in Shanghai, in line with the firm’s efforts to expand its presence in China.

    06 Nov 2017

  • The week in renminbi: PBoC’s Zhou cautions on leverage levels, HK-SZ Gold Connect kicks off, regulators to encourage Chinese companies to list in Singapore

    The People’s Bank of China governor issues warning on growing debt level, Hong Kong and Shenzhen launch Connect link for gold contracts, and the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS) agree to help Chinese companies list in Singapore.

    06 Nov 2017

  • FEC refreshes MTN programme, takes bids for drawdown

    Far East Consortium International (FEC) is returning to the dollar bond market, dishing out a new 5.5 year transaction on Monday.

    06 Nov 2017

  • Avic Leasing seeks $300m bond

    China’s Avic International Leasing Co is chasing its first international dollar bond, opening books for the transaction on Monday.

    06 Nov 2017

  • Venezuela sets date for restructuring meeting but plan unclear

    Despite Venezuela offering some further colour on its proposed debt restructuring on Friday, the government’s plan is still unclear as its bond prices plummeted.

    06 Nov 2017

  • BTG to buy back perps

    Brazilian investment bank BTG Pactual is looking to buy back 30% of old perpetual notes via a tender offer it will finance with cash.

    06 Nov 2017

  • The end of the affair

    In this week's Clawback, columnist Philippe Espinasse writes about how Hong Kong’s ambitious plans to woo international companies to its stock exchange are facing a big setback.

    06 Nov 2017

  • Guotai Junan tries for short-dated bond

    Guotai Junan International Holdings launched a 364-day dollar bond on Monday, the issuer’s first public offshore debt offering in more than three years.

    06 Nov 2017

  • Investors see "perfect storm" in marketplace loan ABS

    A panel of investors speaking at a conference this week said that securitization was driving the growth of the marketplace lending industry, and that the combination of investor demand for yield and borrower demand for credit is creating a “perfect storm of good things” for the asset class.

    03 Nov 2017

  • Caixa prices Portuguese NPL securitization

    Caixa Económica Montepio Geral has priced Portuguese non-performing loan securitization, Évora Finance, after a marketing period which began in August.

    03 Nov 2017

  • Senior Tories tussle over diversity targets

    UK Treasury Select Committee called for Philip Hammond to ensure the Treasury join financial institutions which are required to publish gender diversity targets and has been “disappointed” by his response.

    03 Nov 2017

  • Growth in US prime MMFs ‘not yet significant’

    Flexible investors are returning small amounts of money into prime funds after the mass exodus experienced following money fund reform, according to a Moody’s report. However, a managing director at Barclays believes this is not yet a significant trend.

    03 Nov 2017

  • CFTC’s Quintenz slams predecessors on de minimis threshold

    A top US regulator at the Commodity Futures Trading Commission on Thursday slammed the “one-size-fits-all philosophy” of the organisation's prior leadership.

    03 Nov 2017

  • SSA secondary pricing update: featuring CAF's $1bn five year

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

    03 Nov 2017

  • EN+ Group’s $1.5bn IPO scrapes through, for a $7bn valuation

    En+ Group, the Russian power and metals company controlled by Oleg Deripaska, began trading in London and Moscow on Friday after the book for its $1.5bn IPO came together at “the last minute,” according to a banker on the deal.

    03 Nov 2017

  • Arqiva, Bakkavor IPOs fall victim to valuation pushback

    Two firms abandoned their London Stock Exchange IPOs on Friday after investors saw the valuations they were seeking as too aggressive. But Befesa, the Spanish metals recycling company, made a successful debut in Frankfurt, closing 14.2% higher.

    03 Nov 2017

  • Philip Morris targets euro double after dollar treble

    On Thursday, tobacco company Philip Morris sold a $2bn triple-tranche bond deal. On Friday, it was in Europe selling a €1bn dual-tranche transaction, taking advantage of the demand for longer tenors.

    03 Nov 2017

  • Busy week expected in covereds with spreads 'close to a bottom'

    Around five borrowers are expected to launch covered bonds next week and take advantage of tight spreads, strong market conditions, an absence of holidays and fewer blackout periods.

    03 Nov 2017

  • Corporate bond week ahead: clear run to December but pipe remains thin

    The latest round of central bank meetings are out of the way, corporate issuers are coming out of third quarter reporting blackout, and the corporate bond market remains hot. However, syndicate managers are more hopeful than expectant of supply to match demand.

    03 Nov 2017

  • CEB tier two trades up on the back of Swiss private bank demand

    Credit Europe Bank’s new tier two issue saw strong support on its first day of trading after closing more than two times oversubscribed late Thursday.

    03 Nov 2017

  • Keppel-KBS US Reit leans on private bank demand

    Keppel-KBS US Real Estate Investment Trust raised $448m in Singapore’s second IPO of a pure play US Reit, after demand from private banking accounts helped it get over the finish line.

    03 Nov 2017

  • Gulf Energy pre-markets $500m Thai listing

    Gulf Energy Development Public Co is drumming up interest for its IPO to raise around $500m, with the launch expected later this month.

    03 Nov 2017

  • HNA's funding costs surge with new bond

    China's embattled HNA Group Co returned to the bond market with a $300m deal on Thursday. But the company was forced to stomach a sharp increase in its funding costs.

    03 Nov 2017

  • Indika closes bond for Kideco acquisition

    Indonesian power house Indika Energy sealed a $575m bond on Thursday, weeks after securing a consent offer from its existing investors. With its new funds, the company will be able to close its recent acquisition of Kideco Jaya Agung.

    03 Nov 2017

  • Crystal Crop hires for Rp10bn listing

    Indian agrochemical producer Crystal Crop Protection has lined up a quartet of local and international firms to lead its potential Rp10bn ($154.8m) IPO, according to a banker on the mandate.

    03 Nov 2017

  • China Vanke nabs $1bn on rare visit to bonds

    Chinese property giant China Vanke Co has priced a 10 year deal around fair value, taking $1bn out of the market. The company made the most of a strong name recognition and some rarity value, making just its third issue in the offshore bond market.

    03 Nov 2017

  • RMB round-up: MofCom drafts foreign investment law, BEA AM gets greenlight for Shenzhen WFOE, Chinese academic says RMB to be fully convertible in five years

    The Ministry of Commerce (MofCom) completes the first draft of foreign investment law, regulators give BEA Union Investment Management the go-ahead to launch a wholly foreign owned enterprise (WFOE) in Shenzhen, and Renmin University’s vice president claims the renminbi will be fully convertible within five years.

    03 Nov 2017

  • Harvest Property sets sights on Hong Kong listing

    Mainland firm Harvest Property Holdings is looking to join its peers south of the border, with a plan to float on the main board of the Hong Kong Stock Exchange.

    03 Nov 2017

  • Yuexiu paves way for Panda return

    Red chip issuer Yuexiu Transport Infrastructure is preparing to sell its first Panda bond in the interbank bond market, having filed for a Rmb2bn ($302.7m) issuance programme this week.

    03 Nov 2017

  • ASM raises $526m from overnight block

    ASM International has pocketed HK$4.1bn ($526.4m) after offloading a chunk of ASM Pacific Technology stock, pricing it toward the top end of guidance.

    03 Nov 2017

  • Huarong International gets ready for Panda debut

    Hong Kong-listed Huarong International Financial Holdings is gearing up for a Rmb2bn ($302.7m) Panda bond private placement, which would mark the financial issuer’s first outing in the asset class.

    03 Nov 2017

  • YuHua Education nets $120m in first follow-on

    China YuHua Education Corp raised HK$936.7m ($120.1m) from a quick return to the equity market after listing in February.

    03 Nov 2017

  • China Eastern Airlines ready to land bond in Singapore

    China Eastern Airlines Corp has named banks to lead its first Singapore dollar bond, with a roadshow being held next week.

    03 Nov 2017

  • Jin Air reveals terms for $343m Korea flotation

    South Korean budget carrier Jin Air expects to raise as much as W381.6bn ($343.0m) with its IPO, which launches at the end of the month.

    03 Nov 2017

  • Venezuela bondholders blindsided by shock restructuring announcement

    Venezuelan president Nicolás Maduro’s announcement on Thursday that he would restructure the country’s debt left bondholders in “no man’s land”, after he appointed a politician that no US person is allowed to deal with as head of the restructuring group.

    03 Nov 2017

  • Bimbo, Multibank join LatAm dollar pipe

    Mexican baked goods company Grupo Bimbo and a Panamanian bank are ready to bring variety to Latin America’s bond market next week after meeting bond investors this week.

    02 Nov 2017

  • Lat Am local creeps along with EPM, Hipotecario

    Argentine lender Banco Hipotecario and Colombian utility EPM sold local currency deals on the international market this week but market participants said a limited buyer base is restricting momentum in these types of trades.

    02 Nov 2017

  • Inkia powers up in grey after sub-6% 10 year return

    Inkia Energy, the Latin American power generation and distribution holding company, returned to the bond market on Thursday with a deal that divided opinion on relative value but performed strongly in the grey market.

    02 Nov 2017

  • EFSF tipped for long end, Auckland lines up in euros

    The European Financial Stability Facility should aim for a bond in the 10 to 12 year part of the curve if it wants to complete its funding for the year next week, according to an SSA syndicate official. Other upcoming euro supply includes Auckland Council.

    02 Nov 2017

  • Europe backs Macri as Argentina goes long in euros

    Argentina this week jumped on momentum driven by the government’s impressive recent election performance to attract €11.5bn of orders for a triple tranche euro denominated bond — including a 30 year note that is rarely seen in the currency from EM borrowers. Oliver West reports.

    02 Nov 2017

  • Credit Suisse pays again for DoJ settlement

    Credit Suisse said in its third quarter numbers that its balance sheet had been swollen by another Sfr5.2bn of operational risk assets related to RMBS settlements it reached earlier this year and last year — demonstrating the absurdity of operational risk rules that in effect charge the bank’s shareholders twice for the same offence.

    02 Nov 2017

  • Wells Fargo names new head of US DCM

    Wells Fargo Securities has named its new head of debt capital markets, covering US investment grade debt, high yield debt and loan originations and executions.

    02 Nov 2017

  • Regulators cuddling bitcoin are schizophrenic

    CME Group, one of the US's premier financial institutions, plans to launch futures on bitcoin. This will give investors a clean way to bet on the price of the cryptocurrency, whose price has soared eightfold this year.

    02 Nov 2017

  • The Pained Trader: the City Ripper

    The Pained Trader and Carney aren’t in it together.

    02 Nov 2017

  • Pemex harnesses the Seagull, using options hedging strategy

    Mexican oil major Pemex has changed the way that it hedges some of its foreign debt liabilities, deploying options instead of cross-currency swaps, a strategy that incoming accounting standards could open up to more corporates.

    02 Nov 2017

  • Trump drops maverick habits with safe Fed pick

    US President Donald Trump doesn’t normally stick to playing it safe. But by picking Jerome Powell to lead the Federal Reserve he has got the closest thing to Janet Yellen without having to reappoint the incumbent Fed chair to a second term.

    02 Nov 2017

  • GOP tax plan could rock high end mortgage market

    The US Republican party has proposed an overhaul of the tax code, which could slash the corporate tax rate to 20% but could also cut the mortgage interest deductions enjoyed by homeowners, a move that could dent prices at the high end of the housing market.

    02 Nov 2017

  • Swedbank shows power of green with stick-thin pricing

    A debut green bond from Swedbank this week was the clearest indicator yet that green bonds can price more tightly and outperform the rest of the FIG debt market, including perhaps covered bonds, writes Jasper Cox.

    02 Nov 2017

  • G-SIB rules keep European bank mergers off table

    BNP Paribas' management team used the French bank's third quarter earnings call to quash rumours that it was pursuing a major cross-border acquisition in Europe, after the bank was linked to a bid for Commerzbank in September.

    02 Nov 2017

  • People Moves in Brief

    Danske loses loan syndicate head — BBVA overhauls infra team — StanChart moves DCM banker to Dubai

    02 Nov 2017

  • TrueEX and MarkitSERV work on settlement

    One of the most dramatic sagas to take place in the administrative world of post trade interest rate swap processing looks set to draw to an early close, as TrueEX and MarkitSERV work towards settling their legal dispute.

    02 Nov 2017

  • BondMarker: ESM's debut amid dollar frenzy

    Last week was a momentous one for dollar borrowing in the SSA market. The European Stability Mechanism made its long awaited debut in dollars, swiftly followed by a pair of rare 10 year transactions. Read on to see how the BondMarker voters rated the deals.

    02 Nov 2017

  • SRI pipeline swelling as CDP lines up and BNG prices tightly

    A wave of public sector borrowers is set to hit screens next week, providing investors who have recently been lacking socially responsible bond issues with a well stocked menu of ethically themed deals.

    02 Nov 2017

  • Bitcoin hits the mainstream as CME embraces crypto futures

    Bitcoin took another big step towards being accepted by the financial establishment when the Chicago Mercantile Exchange announced it would launch a cash-settled futures contract for the digital currency in the fourth quarter of this year.

    02 Nov 2017

  • Trump picks 'Yellen 2.0' to keep bull market running

    Capital markets breathed a sigh of relief on Thursday, as it became clear US president Donald Trump was going to pick Jerome Powell as the next Fed chair — a choice seen as most likely to keep the US equity bull run going, writes Sam Kerr.

    02 Nov 2017

  • Dollar ‘deluge’ ahead as SSAs OK Fed pick

    Public sector borrowers are preparing a flood of dollar issuance, said bankers, after a week with just one benchmark in the currency. The lack of deals this week was down to several factors, including the anticipated naming of a new US Federal Reserve chair on Thursday.

    02 Nov 2017

  • Swedbank EUR500m 0.25% Nov 22 green

    02 Nov 2017

  • Capital dash helps banks hit record October

    The FIG investment grade dollar market has scored its busiest October on record, with banks frontloading their funding programmes to top up for regulatory capital requirements.

    02 Nov 2017

  • Lonza takes bids for Schuldschein dollars

    Lonza, the Swiss medical firm, is sounding the market for a $100m seven year loan, following a €870m-equivalent Schuldschein transaction in August.

    02 Nov 2017

  • AfDB taps rare long end green Aussie dollar bond

    African Development Bank (AfDB) has reopened a rare long end green Kangaroo bond. Long end Kangaroos are often considered difficult to place as those deals are primarily driven by interest from Japan and are too long for most investors.

    02 Nov 2017

  • Amid deterioration, Venezuela CDS lingers

    Waiting for a default on Venezuela’s bonds has been like waiting for Godot. Low oil prices and macroeconomic mismanagement have led to a catastrophic collapse in economic activity. Our colleagues in country risk are forecasting a 7.5% GDP contraction.

    02 Nov 2017

  • RCI Banque sells rare sterling deal

    Euro corporate bond investors see RCI Banque as a frequent borrower, pricing new issues multiple times a year, but it remains a rare name for sterling investors. Last Friday it sold its first bond in the currency for more than three years.

    02 Nov 2017

  • Blackouts to blow-outs: banks prepare for prefunding in Q4

    Red hot market conditions this autumn may tempt financial institutions into making early inroads into their funding and capital plans for 2018, bankers said this week.

    02 Nov 2017

  • Spain to lead Europe with PACE energy law

    Spain — specifically, Catalonia or the Basque region — could be the site of Europe’s first Property Assessed Clean Energy (PACE) financing of home energy efficiency upgrades, if a pilot project funded by the European Union gets off the ground.

    02 Nov 2017

  • Reserved start to November for US corporate market

    Dollar corporate bond supply kicked off November on a quiet note after the the Federal Reserve’s two day meeting kept borrowers on the sidelines following a frantic start to the week when spreads continued to tighten and cash poured into the high-grade market.

    02 Nov 2017

  • BNG EUR750m 0.2% Nov 24 sustainability bond

    02 Nov 2017

  • UK housing association run continues with care

    Housing & Care 21, a provider of housing and care services for elderly people in the UK, made a successful corporate bond debut on Wednesday when it sold a £250m 30 year deal that grew its sector’s presence in the sterling market.

    02 Nov 2017

  • CAF USD1bn 2.75% Jan 23

    02 Nov 2017

  • Mazoon makes mark inside sov curve as EMBI eligibility eyed

    Oman electrical distribution company Mazoon managed to print a $500m 10 year sukuk inside its sovereign’s curve on Wednesday as investors pounced on rare corporate JP Morgan Emerging Market Bond Index (EMBI) eligible paper from the Middle East.

    02 Nov 2017

  • Emaar Development’s $1.5bn Dubai IPO covered on day one

    The $1.5bn IPO of Emaar Development, the property development unit of Emaar Properties, was covered less than one working day into the bookbuild this week, according to a banker involved.

    02 Nov 2017

  • New COO role at Nomura filled by Karseras

    Nomura has appointed Hugh Karseras, a former Deutsche banker to their new global chief operating officer role.

    02 Nov 2017

  • Spain performs, opens Cores window

    Cores, Spain’s strategic oil reserves manager, has picked banks for a roadshow to promote a euro bond, just as Spain faces its most severe political turmoil in years. But Spanish bond prices, bolstered by European monetary policy are more than weathering the storm.

    02 Nov 2017

  • Euro spreads supertight as holidays stifle issuance

    The euro corporate bond market launched its first new issues of the week on Thursday following two days of public holidays in Germany. Frequent issuers, Aroundtown and Daimler, broke the silence, with the former paying no premium.

    02 Nov 2017

  • Sterling issuance may benefit as Carney raises ultra-dovishly

    The first UK interest rate rise for 10 years, announced on Thursday, may stimulate sterling corporate bond issuers, because the Bank of England’s accompanying statement was even more dovish than expected.

    02 Nov 2017

  • France clears 4.7% Renault overhang with trade at no discount

    On Thursday night the French government sold a 4.7% stake in Renault, the car maker, via an accelerated bookbuild that was priced without any discount, thanks largely to its removal of an overhang. The stock leapt on Friday.

    02 Nov 2017

  • HelloFresh pops 4.3% after cautious pricing

    Shares in HelloFresh, the German meal kit delivery company, rose 4.3% on Thursday when they began trading on the Frankfurt Stock Exchange, after its IPO was priced at the bottom of the revised range.

    02 Nov 2017

  • Mirabaud Asset Management launches EM bond fund

    Mirabaud Asset Management has launched an emerging markets debt fund and hired Daniel Moreno as senior portfolio manager in charge of the new offering.

    02 Nov 2017

  • Lending Club eyes charter as landscape evolves

    Lending Club is exploring the idea of operating as a bank or obtaining a fintech bank charter in order to keep pace with a changing lending and regulatory landscape, an executive from the marketplace lender said on Thursday.

    02 Nov 2017

  • Regulations set to keep retail investors out of bond markets

    As capital market participants race to meet the January deadline for MiFID II, one obscure aspect of the rules could wreck retail participation in the European bond markets.

    02 Nov 2017

  • Deutsche Börse kicks off EMIR reporting solution

    Deutsche Börse marked the first run for its regulatory reporting hub this week, as the reporting obligations for the revised EMIR technical standards came into effect.

    02 Nov 2017

  • Grecale Italian SME securitization enjoys stellar demand

    Investors piled into Unipol Banca's Grecale 2017 SME ABS on Thursday which was heavily oversubscribed with a barely positive yield.

    02 Nov 2017

  • PGIM ramps up deal size for latest euro CLO

    PGIM has priced its latest CLO, increasing the deal size to meet demand and pricing the offering at tight spreads.

    02 Nov 2017

  • CEB books at $375m as final terms set for T2

    Books for Credit Europe Bank’s $150m tier two bond were at $375m on Thursday afternoon as the bank set the launch price for the deal at 7.25% yield.

    02 Nov 2017

  • Record open interest in oil as crude surges 12%

    The West Texas Intermediate light, sweet crude oil futures on CME Group’s Nymex exchange have swelled to record open interest this week, as the oil price has leapt 12% higher in the last three weeks.

    02 Nov 2017

  • BoE’s ‘dovish’ rate hike stamps down Gilt yields ahead of sale

    The Bank of England raised its base rate for the first time in more than 10 years on Thursday — but analysts described the move as a “dovish” and “pessimistic” hike. Gilt yields fell following the move, providing a potential boon for a UK Debt Management Office (DMO) syndication next week.

    02 Nov 2017

  • Apollo, Cerberus sell Ladbrokes Coral shares, but should they have waited?

    Two Apollo Credit funds and a division of Cerberus Capital Management sold £61m of shares in UK bookmaker Ladbrokes Coral via an accelerated bookbuild run by Morgan Stanley on Wednesday night.

    02 Nov 2017

  • BNG scoops up sustainable funding as CDP joins queue

    Bank Nederlandse Gemeenten (BNG) launched its fourth sustainability bond on Thursday, printing €750m into what one head of DCM away from the trade called a “massively oversubscribed book”, in what is likely a good omen for the approaching wave of SRI borrowing.

    02 Nov 2017

  • Direct lenders blow £1.3bn into Walney Extension wind farm

    Macquarie has led a £1.3bn ($1.7bn) secured financing in the direct lending market for the acquisition of a 50% stake in a UK offshore wind farm, the Walney Extension, taking £500m of the issue itself.

    02 Nov 2017

  • Amprion bids for NSV at 30 years

    Amprion, the German electricity transmission firm, is looking to raise €100m with the Schuldschein product as well as the Namensschuldverschreibung (NSV) — a similar instrument that is registered and can have a maturity longer than 10 years.

    02 Nov 2017

  • Dollar ‘deluge’ ahead for SSAs

    There could be a “deluge” of dollar trades from public sector borrowers next week, said a head of SSA DCM, who has a list of “around 10” names mulling deals in the currency. The rush is down to some borrowers having held back trades over the last few weeks amid SSA spread widening and a desire to come before the US Thanksgiving holiday, he added.

    02 Nov 2017

  • UBS’s corporate finance focus sets it up for strong 2018

    The Swiss bank has overtaken its European rivals in corporate finance, after a tough start to the year, and it expects a strong year for M&A in 2018, writes David Rothnie.

    02 Nov 2017

  • Auckland readies euro visit as others prepare arb trades

    Auckland Council is set to bring its second euro bond of the year — and only its third ever — next week, following a series of investor meetings in Europe.

    02 Nov 2017

  • Covered supply to improve, but not enough

    Covered bond supply should start to improve in the next two weeks, with European holidays and blackout periods coming to an end. But it is doubtful that the expected increase in volumes will be sustained for long enough to meet the 2017 annual supply forecasts many analysts made last year.

    02 Nov 2017

  • SpareBank hits the spot with three year floater

    SpareBank 1 SMN diverged from its typical issuance format on Thursday to fill a gap in its funding curve, ahead of clarification over how Norwegian banks will meet minimum requirement for own funds and eligible liabilities (MREL).

    02 Nov 2017

  • Green Ash debut HY fund eyes short UK paper

    Investment boutique Green Ash became the newest player in the corporate high yield market this week, with its short dated speculative grade bond strategy set to include a large allocation to UK credit.

    02 Nov 2017

  • Germans return from holidays with cars and property

    After two days of public holidays in Germany, euro corporate bond bankers launched the first new issues of the week on Thursday. Two frequent German issuers, Aroundtown and Daimler, broke the silence.

    02 Nov 2017

  • Credit Europe Bank books at $375m as final terms set for T2

    Books for Credit Europe Bank’s $150m tier two bond are at $375m as the bank sets the launch price for the deal at 7.25% yield.

    02 Nov 2017

  • Mazoon prints 10 year at tight end

    Oman electrical distribution company Mazoon printed its $500m 10 year sukuk at the tight end of price guidance on Wednesday, with books hitting over $5bn for the note.

    02 Nov 2017

  • Hong Kong IPO bonanza prompts violent spike in overnight rates

    Hong Kong’s overnight interbank lending rate spiked dramatically this week, after a horde of retail investors borrowed on margin to place bets on two IPOs.

    02 Nov 2017

  • QBE breaks new ground with first CoCo social bond

    QBE is set to become the first financial institution to issue a social bond as hybrid capital. The Australian insurance company picked banks on Thursday to arrange the sale of an additional tier one (AT1), the proceeds of which will be used in accordance with its gender-equality bond framework.

    02 Nov 2017

  • India liquidity still piling in as IPOs get covered quickly

    Two Indian IPOs opened this week to a rousing reception from investors, with both transactions covered soon after they kicked off.

    02 Nov 2017

  • Argentina guides for ‘eye-watering’ euro triple trancher

    Argentina has released price guidance for a €2.5bn triple tranche bond at levels a trader in London described as shockingly wide, while investors started to fret about how much debt the country takes on.

    02 Nov 2017

  • China firms increasingly eyeing shorter loans

    Several Chinese borrowers have hit the loan market for two year money in recent months, in contrast to more established firms from the mainland which are pushing out tenors on their borrowings. While typically banks and borrowers prefer to lock in longer-term loans, for some the nature of the business and the lenders’ unfamiliarity with the company necessitates a shorter life to mitigate risks.

    02 Nov 2017

  • People news in brief, November 2, 2017

    Cathay United picks corporate banking head — Raciti set to run ANZ Korea — Ramachandran confirmed for Westpac CIB — Standard Chartered rings the changes

    02 Nov 2017

  • Yunnan Energy hits the road to pitch Reg S deal

    Yunnan Provincial Energy Investment Group Co will meet investors in Singapore and Hong Kong for its first bond of the year. The local government financing vehicle (LFGV) last priced a dual-trancher in December.

    02 Nov 2017

  • Old Money: Bad Banks

    Bad banks from Barings to Bradford & Bingley

    02 Nov 2017

  • Chinese bond price squeeze proves short-lived, but issuers still enjoy buoyant demand for deals

    Chinese issuers have seen bond prices ebb and flow in recent weeks, as the market prepared for and then reacted to the Chinese sovereign’s $2bn issuance last week. The deal caused a massive price tightening across Asia, but the dive in credit spreads proved short-lived. Morgan Davis and Addison Gong report.

    02 Nov 2017

  • ICBC nails 10 year tranche second time around

    Industrial and Commercial Bank of China closed a $1.5bn three tranche deal through its New York branch on Wednesday, finally closing the 10 year bond sale it hoped to do last year.

    02 Nov 2017

  • Updated: Hitachi joins dim sum party with Rmb500m deal

    The dim sum market’s recent issuance run is set to continue after Hitachi Capital (UK) priced a three year deal on November 2 – less than two months after the issuer sold a Formosa bond.

    02 Nov 2017

  • Chinese perp party continues as China Minmetals prices

    State-owned China Minmetals Corporation on Wednesday rolled out a dollar-denominated perpetual bond, raising $1bn from the deal. The company was able to price at a tight level, especially when its low step-up is taken into account.

    02 Nov 2017

  • Mahindra & Mahindra Financial eyes $155m

    India’s Mahindra & Mahindra Financial Services has hired four banks to manage a Rp10bn ($155m) primary capital increase this year, sources close to the matter said.

    02 Nov 2017

  • KNOC’s Canadian arm harvests $200m from tap

    The Canadian subsidiary of Korea National Oil Corp priced a $200m tap of its five year bonds to help fund one of its projects, and managed to price 12.5bp inside where the original notes came in September.

    02 Nov 2017

  • China trio launch listings in US to raise over $1bn

    A trio of Chinese firms begun pursuing IPOs in the US this week that could raise more than $1bn between them.

    02 Nov 2017

  • Beware! Bond sprees cause confusion

    Busy seasons get the best of all of us. The sleep deprivation, the late nights of mixing caffeine and booze, and the camaraderie we bankers feel working to exhaustion as part of a team is something I dearly miss.

    02 Nov 2017

  • Goldman: Chinese bonds not ready for Bloomberg-Barclays inclusion

    China has not done enough to ease the concerns of international bond investors about onshore market access and risk — a failure which is set to torpedo the chances of Chinese bonds of entering Bloomberg-Barclays Global Aggregate Index this year, a Goldman Sachs economist has said.

    02 Nov 2017

  • China Vanke, HNA Group keep bond spree going

    Property giant China Vanke Co and HNA Group Co came to the market on Thursday with dollar bonds, taking vastly different approaches. Vanke opted for a tenor of 10 years, but HNA kept it ultra-short.

    02 Nov 2017

  • ANZ picks loans veteran Raciti as Korea CEO

    ANZ has promoted Chris Raciti, a senior loans banker who looked after North Asia, to CEO of its Korean arm, the bank said in a press release on Wednesday.

    02 Nov 2017

  • Sapura Energy clean-up fetches $203m for vendor

    An overnight equity block trade in Malaysia’s Sapura Energy bagged MR859.1m ($203.7m), enabling the vendor to sell the last of its stake.

    02 Nov 2017

  • Inkia IPTs offering 200bp pick-up to Kallpa

    Latin American power generation and distribution holding company Inkia Energy is likely to sell a new 10 year non-call five bond on Thursday after wrapping up investor meetings on Wednesday.

    02 Nov 2017

  • Hipotecario brings back Argentine peso supply

    Argentine lender Banco Hipotecario returned to the international markets with a peso-linked deal on Wednesday, becoming the fourth Latin American issuer to sell global local currency bonds in two weeks.

    02 Nov 2017

  • Indika powers up for dollar return

    Indonesian power producer Indika Energy launched a dollar bond on Thursday, turning to investors more than a month after a roadshow for the proposed transaction.

    02 Nov 2017

  • SoFi deepens capital stack with latest consumer ABS

    Online lender SoFi is offering investors a deeper capital stack with its latest consumer loan ABS deal, while also shifting the mix of collateral in the portfolio towards longer-term loans.

    01 Nov 2017

  • Talk of leverage spikes as returns shrink in CLO debt

    Spreads keep tracking tighter in senior triple-A CLO paper, narrowing investor returns in a busy market and driving talk of leveraging bonds throughout the debt capital structure.

    01 Nov 2017

  • Hungary’s MOL launches €600m loan

    Hungarian oil and gas company MOL has launched a €600m syndicated loan, for which banks are expected to send in commitments over the next two weeks.

    01 Nov 2017

  • Four banks join $1.75bn Saudi Electricity loan

    Saudi Electricity Co’s $1.75bn loan has been successfully sold down to four other banks.

    01 Nov 2017

  • Ülker launches second loan of the year

    Turkish biscuit maker Ülker has launched its second syndicated loan of the year for $350m, having been the first Turkish company to come to the market this year, in April.

    01 Nov 2017

  • Euronext and LCH sign deal for clearing services

    Euronext has finalised a collaboration agreement with LCH, which will continue to provide derivative and clearing services to the exchange for the next 10 years.

    01 Nov 2017

  • DGCX posts record Indian stock futures volumes

    Indian single stock futures traded on the Dubai Gold and Commodities Exchange (DGCX) saw record volumes during October, as use of currency derivatives also grew.

    01 Nov 2017

  • Dutch agencies hit screens in green

    A pair of Dutch public sector borrowers are set to come to market with socially responsible investment bonds. The deals form the first wave of an approaching flood of SSA SRI borrowing.

    01 Nov 2017

  • Adnoc to sign $6bn debut next week

    State-owned Abu Dhabi National Oil Co (Adnoc) is expected to sign its debut syndicated loan facility for $6bn with 13 banks next week.

    01 Nov 2017

  • AfDB taps rare long end green Aussie dollar bond

    African Development Bank (AfDB) has reopened a rare long end green Kangaroo bond. Long end Kangaroos are often considered difficult to place as those deals are primarily driven by interest from Japan and are too long for most investors.

    01 Nov 2017

  • Bain plugs NGA loan amid repricings

    NGA UK, the provider of human resources software, launched a €300m loan on Wednesday, which it will be hoping appeals to CLO managers that have been eager for new money deals.

    01 Nov 2017

  • Housing & Care 21 builds legion of new investors

    Housing & Care 21, a provider of housing and care services for the elderly in the UK, made a successful debut corporate bond debut on Wednesday when it sold a £250m 30 year deal that grew its sector's presence in the sterling market.

    01 Nov 2017

  • EN+ Group IPO covered, with no price guidance

    The IPO of EN+ Group, the Russian power and metals company controlled by Oleg Deripaska, has got covered at its base size, on the penultimate day of the bookbuild.

    01 Nov 2017

  • CGIF stakeholders to boost CGIF’s pivotal role in Asean’s local bond markets

    01 Nov 2017

  • SpareBank tries something different with short floater

    SpareBank 1 SMN has mandated for a sub-benchmark three year floating rate note deal, making a change from SpareBank’s typical deal format.

    01 Nov 2017

  • Italian bonds bounce after string of ratings upgrades

    Bonds issued by Italy’s most prominent banks surged in value on Wednesday, after S&P upgraded the credit ratings of 11 of the country’s financial institutions.

    01 Nov 2017

  • Mazoon hits screens amid Middle East flurry

    Oman electrical distribution company Mazoon has opened books on a 10 year sukuk with a chunky premium at mid to high 5%, leading to plenty of investor interest — despite the glut of Middle Eastern trades.

    01 Nov 2017

  • Green investors take senior to new low

    Green investors piled into Swedbank’s €500m senior offering, grinding the spread to the tightest level for a five year fixed senior bond since the financial crisis. Elsewhere, the covered market remained strong in secondary, while securitization investors are set to make a judgement on UK credit.

    01 Nov 2017

  • ECB ‘walking tightrope’ on QE

    The European Central Bank’s decision last week to keep buying bonds through to September 2018 — albeit at a depleted rate from January — should put a ceiling over Spanish government bond yields, even if the Catalan independence saga rolls on, said an investor. But the ECB is walking a “tightrope” by pushing back monetary policy normalisation to 2019 at the earliest, he added.

    01 Nov 2017

  • ECM bankers turn cautious as conditions deteriorate

    After weeks of risk-on behaviour, a cautious mood has gripped Europe’s equity capital markets after several of this season’s biggest IPOs traded badly in the aftermarket.

    01 Nov 2017

  • Corp investors eager to make the most of November

    Corporate bond investors in Europe are hoping for a fruitful November, after October proved rather barren for new deals. But with holidays in several countries this week and central bank meetings in the UK and US, November has started slowly.

    01 Nov 2017

  • Sapura Energy overnight block to fetch $213m

    A shareholder in Malaysia’s Sapura Energy is looking to exit from the company with a sell down that could raise as much as MR901.5m ($212.9m).

    01 Nov 2017

  • Emerging market investors glued to Fed pick

    Emerging market investors are tuned into the reality TV show turned real life saga of Who Will Be The Next Fed Chair, with Janet Yellen’s replacement expected to be announced on Thursday.

    01 Nov 2017

  • China Literature's $1.1bn IPO proves a bestseller

    China Literature has priced its listing at the top of guidance, raising HK$8.3bn ($1.06bn) after closing the books hundreds of times oversubscribed.

    01 Nov 2017

  • BNPP shakes up equity-linked ranks in Asia

    BNP Paribas is shaking up its equity-linked unit in Asia with the transfer of a senior banker to Singapore and a new hire, sources close to the matter said.

    01 Nov 2017

  • Investors underweight peripheral covered bonds, but squeezes likely

    Covered bond investors have reduced their exposure to peripheral markets according to analysts at Commerzbank research. Despite this, peripheral and higher yielding covered bonds have continued to outperform and could easily remain susceptible to squeezes, traders warn. The technically squeezed status quo may not change until the second half of 2018, they added.

    01 Nov 2017

  • GlobalCapital Loan Awards: Vote now

    The poll to decide the winners of GlobalCapital's Loan Awards 2017 has opened.

    01 Nov 2017

  • China’s bond debut: a lesson in maturity

    China’s ability to lock in a $2bn tightly priced bond sale last week after a 13 year hiatus from the market comes as little surprise. But the price that China received, and the statements it made with the sale are worth talking about. This triumphant dollar bond return not only squeezed bond prices to new lows, but it also allowed China to prove that it does not need foreign investors — it wants them.

    01 Nov 2017

  • Investors seek tax, FX clarity on Bond Connect

    Many international investors are refraining from participating in Bond Connect because they still have little clue on how their investments will be taxed, as well as hoping for more institutions to offer FX liquidity to the scheme, according to market participants.

    01 Nov 2017

  • Westpac confirms Ramachandran as head of Asia CIB

    Ananth Ramachandran has officially been made the head of corporate and institutional banking (CIB) for Asia at Westpac, after acting as the interim head for months.

    01 Nov 2017

  • Cathay United taps outsider to run corp bank

    Cathay United Bank has named a replacement for Benjamin Wong following the senior loans banker’s exit from the Taiwanese lender’s Hong Kong branch after less than a year.

    01 Nov 2017

  • Updated: Huarong AMC reopens China FIG after sovereign bond

    China Huarong Asset Management Co priced an almost $3.4bn five tranche bond in two currencies on Tuesday, restarting supply from Chinese financial institutions after the sovereign repriced the curve last week.

    01 Nov 2017

  • Indian insurer NIA kicks off $1.5bn float

    The government-backed New India Assurance Co (NIA) has launched a three day bookbuild for its IPO, which could raise up to Rp96bn ($1.5bn).

    01 Nov 2017

  • ICBC New York digs in with triple-trancher

    Industrial and Commercial Bank of China is marketing a dollar bond deal spanning three tranches through its New York branch.

    01 Nov 2017

  • CNQC nabs S$100m on Singapore bond debut

    Hong Kong property developer CNQC International Holdings pulled off a S$100m ($73.4m) bond sale on Tuesday, following a booming first half of the year for the company.

    01 Nov 2017

  • StanChart rejigs senior management team

    Standard Chartered has made changes to its top ranks in Asia, giving some bankers additional responsibilities.

    01 Nov 2017

  • China Minmetals takes bids for dollar perp

    China Minmetals Corporation, a state-owned enterprise, turned to bond investors on Wednesday with its first dollar perpetual bond, quickly following up a roadshow earlier this week.

    01 Nov 2017

  • KNOC brings Canadian arm back for more

    Korea National Oil Corp’s (KNOC) Canadian arm returned to the dollar debt market on Wednesday, eyeing a $200m tap to its existing $285m 2022 bonds.

    01 Nov 2017

  • EPM offers pick-up to Coltes on peso return

    Empresas Públicas de Medellín (EPM) offered an attractive premium to the Colombian government, said analysts, after beating FX volatility to issue the largest ever global Colombian peso deal on Tuesday.

    01 Nov 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 390,564.78 1474 8.99%
2 JPMorgan 358,442.23 1626 8.25%
3 Bank of America Merrill Lynch 344,395.33 1215 7.93%
4 Goldman Sachs 257,185.44 862 5.92%
5 Barclays 252,851.12 991 5.82%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 36,645.46 176 6.31%
2 Deutsche Bank 36,386.11 128 6.26%
3 Bank of America Merrill Lynch 30,712.91 97 5.28%
4 BNP Paribas 30,600.75 184 5.27%
5 Barclays 30,394.96 86 5.23%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 21,398.51 94 8.80%
2 Morgan Stanley 17,329.08 90 7.13%
3 Citi 16,974.50 104 6.98%
4 UBS 16,643.68 66 6.85%
5 Goldman Sachs 16,179.39 87 6.66%