• EBA recognises Danish and Norwegian LCR challenges

    The European Banking Authority (EBA) has acknowledged that Danish and Norwegian banks do not have enough local currency assets to meet their liquidity coverage requirements (LCR). While local currency covered bonds could become a viable alternative, the EBA does not make this recommendation in its latest paper.

    31 Mar 2014

  • Sri Lankan Airlines refuels on Islamic finance

    SriLankan Airlines has signed a $150m multi-currency Shariah-compliant refinancing facility with Standard Chartered and four other Gulf banks.

    31 Mar 2014

  • Rare Asfinag follows KBN euro debut

    Austrian agency Asfinag mandated for what is likely to be its only benchmark deal of 2014 on Tuesday, a seven year euro deal. Meanwhile, Kommunalbanken stormed through its debut euro benchmark — sharply tightening pricing on a five year deal.

    31 Mar 2014

  • BayernLB attracts strongest book despite its difficulties

    Bayerische Landesbank returned to the covered bond market on Tuesday with a 10 year €500m public sector Pfandbrief, the longest dated issue from Germany this year and highest yielding for its Triple A rating. Despite the borrower’s problems with its Hungarian subsidiary, legal troubles in Austria and the repayment of state aid, the transaction enjoyed a stellar response. It attracted one of the highest oversubscription levels for a German deal, which was testimony to the strength of the Pfandbrief brand and the quality of the issuer’s cover pool.

    31 Mar 2014

  • Damac draws $1bn of orders for its debut, but some are still cautious

    Damac Real Estate Development has drawn over $1bn of orders after opening books on its benchmark size five year debut dollar sukuk.

    31 Mar 2014

  • Update: Damac sharpens debut as books pass $2bn

    Damac Real Estate Development has tightened its debut sukuk to 325bp over mid-swaps area as orders rose to $2.25bn for the five year dollar benchmark deal.

    31 Mar 2014

  • Update: Saudi Electricity goes tight with record size sukuk

    Saudi Electricity Company has sold $2.5bn worth of dollar sukuk – its biggest ever offering – inside initial guidance.

    31 Mar 2014

  • BPE goes large

    Banco Popular Español (BPE) returned to the covered bond market on Tuesday to issue only the third Cédulas of 2014, and the issuer’s largest covered bond in three years. Though by no means the most attractive spread seen this year, the triple digit pick-up enticed a broad audience of real money investors.

    31 Mar 2014

  • Saudi Electricity offers 'attractive' levels on 10 and 30 year sukuk

    Saudi Electricity Company has given initial price thoughts of 4.25% to 4.375% on the 10 year tranche of its sukuk offering – a level that some investors think is generous.

    31 Mar 2014

  • Kommuninvest eases through three year

    Swedish municipality finance agency Kommuninvest sailed through its first dollar benchmark of 2014 on Tuesday, selling three year debt inside of its secondary levels. The issuer’s rarity and a positive spread over swaps allowed it to achieve an oversubscription, in spite of the aggressive level.

    31 Mar 2014

  • Galicia screws down pricing in €500m syndicated return

    The Autonomous Community of Galicia’s first syndicated bond for four years went exceptionally well for the returning issuer. It drew a more than doubly oversubscribed book and tightened pricing by several basis points during the bookbuild.

    31 Mar 2014

  • NIBC gets better interest at a tighter spread for second CPTCB

    NIBC Bank returned to the covered bond market on Tuesday to launch its second conditional pass-through covered bond (CPTCB). The unreconciled book suggested that the issuer attracted greater scale of demand from a wider group of buyers compared to its first deal. The growing acceptance of this innovative product at a much tighter spread bodes well for future use of this structure.

    31 Mar 2014

  • Dubai adds to Islamic centre push with murabaha platform

    In support of its bid to become the centre of Islamic economy, Dubai has launched a murabaha platform.

    31 Mar 2014

  • Maybank guides to 4.5% on Basel III sukuk

    Maybank has given guidance of 4.5% on the first tranche of its MR3bn ($920.1m) Basel III compliant sukuk programme and is holding roadshows for the deal.

    31 Mar 2014

  • Adjustment underway, but more still to do

    Looking back at the macroeconomic performance in 2013, the German economy picked up speed and thus recovered from the brief dip seen in the latter part of 2012 and early part of 2013. Overall, it is therefore back within the normal range of capacity utilisation.

    31 Mar 2014

  • Germany: time to reassess superpower status?

    German economists say it is wrong to brand the country as Europe’s economic superpower no matter what international perceptions may be. As enviable as the country’s economy may seem, it will face serious challenges in the next few years, writes Philip Moore.

    31 Mar 2014

  • Stable banking sector not afraid to embrace innovation

    Covered and senior unsecured bonds may not be the flavour of the day for Germany’s financial institutions, but a host of rival funding alternatives, including shrinking balance sheets, shedding bad assets, and shoring up tier one capital, are taking their place. Elliot Wilson reports on an industry that’s self-financing and self-reliant, but one that is exploring new forms of financing.

    31 Mar 2014

  • Three pillar system back in fashion

    The three pillar system of German banking helped the sector ride out the financial crisis and disastrous experiments with securitization mostly unscathed. It’s the envy of Europe and the continent is scrambling to mimic it. So why, asks Andrew Griffin, are bankers in the country growing tired of it?

    31 Mar 2014

  • The Schuldschein — Germany’s corporate finance export

    Germany’s document-light form of private debt placement, the Schuldschein, has been deeply rooted in the German market for years. The market opened up slowly to Austria and Switzerland — on both the investor and issuer sides. But recently a much more international audience has caught the bug. Stefanie Linhardt asks what attraction the product holds, and why issuance is not growing faster, when demand is so strong.

    31 Mar 2014

  • Recovery brings new set of challenges to safe haven issuers

    German agencies and regions enjoyed their status as safe haven borrowers during the eurozone debt crisis. But as investors start to buy eurozone periphery debt again, many of the German credits are looking expensive in comparison, while the sumptuous dollar arbitrage opportunities of the last few years have dwindled. Craig McGlashan reports.

    31 Mar 2014

  • Top credits well set as investors put needs ahead of yields

    It did not need an escalation of tensions between Russia and the EU to remind investors that there is no safer haven in the eurozone than Germany in general, and German public sector issuers in particular. Just when some analysts were starting to question how much lower German government bond yields could or should fall, the Crimean referendum pulled them down to a new seven month low. Looking to the longer term, however, with GDP growth gathering momentum in Germany, and with many economists expecting a tightening of US monetary policy, are German Bund yields at or near the bottom? This was one of the questions discussed by participants at this year’s German public sector issuers roundtable, which was hosted by the Finanzagentur in Frankfurt in March.

    31 Mar 2014

  • An end to 10 years of hurt for the once mighty Pfandbriefe market?

    With redemptions set to exceed issuance for a year or two longer, Pfandbrief spreads are expected to remain tight. But as regulatory uncertainty dissipates, both mortgage and public sector backed supply should begin to take off again. Could this be the start of a new era for this, the most revered and established of all covered bond sectors? Bill Thornhill reports.

    31 Mar 2014

  • From the sublime to ridiculous in German securitization

    The German securitization market covers the best and worst of the asset class in Europe. German auto ABS is clean, short, trades tighter than anything else in Europe and never stopped issuing through the crisis. But at the other end is a ragbag of dreadful CMBS loans lurching into special servicing and default, as well as mezzanine CLOs — arguably the worst asset class the European market has ever seen. As memories of the crisis recede, buyers and sellers are moving into riskier assets — but there is a long way still to go, writes Owen Sanderson.

    31 Mar 2014

  • Mittelstand finds rich seam of financing beneath loan surface

    Five years on from the depths of the financial crisis, Germany’s Mittelstand has transformed the way it finances itself, embracing the bond markets and changing the way it works with its bank lenders. Nina Flitman reviews the evolution of the sector, and looks ahead to what its next steps may be.

    31 Mar 2014

  • Ocwen is an ‘above average’ servicer, says Fannie Mae

    New York regulator Ben Lawsky’s latest target, non-bank loan servicer Ocwen Loan Servicing, received a mark of good standing from Fannie Mae last week after three months of regulatory headwinds. The company’s rapid growth came under the spotlight in January when Lawsky’s office held up its acquisition of $2.7bn in mortgage servicing rights from Wells Fargo, a deal still being held in limbo.

    31 Mar 2014

  • Merseylink makes successful start for UK infrastructure guarantee

    Merseylink, the consortium building the Mersey Gateway bridge near Liverpool, became on Friday the first borrower to benefit from the UK government’s Infrastructure UK guarantee on a public, listed bond issue.

    31 Mar 2014

  • Green bonds grow with SCA deal, Skanska expected tomorrow

    Two new companies are joining the green bond market. Last week SCA, the Swedish forest products group, launched a Skr1.5bn green bond and tomorrow, Skanska, the Swedish construction company, is expected to bring its first deal.

    31 Mar 2014

  • MS and Nomura co-lead latest Freddie STACR

    Morgan Stanley and Nomura have been mandated as co-lead managers for Freddie Mac’s fourth risk-transfer issuance, designed to reduce taxpayer credit risk, according to announcement documents.

    31 Mar 2014

  • London-based affiliates seek to maintain parent entity guarantees

    Major US banks seeking to revoke parent entity guarantees for London-based affiliates have met resistance from counterparties reluctant to give them up. Some of these counterparties are looking at taking a technical reading of Dodd Frank to try and maintain their guarantees while avoiding a US requirement to trade on swap execution facilities.

    31 Mar 2014

  • Data concerns flatten CNY curve

    Concerns about liquidity levels backed more paying in short CNY swaps on Monday, while anticipation of weak PMI data on Tuesday supported the long-end. The 1s/10s swap curve slope flattened as a result, writes Deirdre Yeung of Total Derivatives.

    31 Mar 2014

  • Mexico is different from other emerging markets, says Carrillo

    Alejandro Díaz de Léon Carrillo, Mexico's deputy undersecretary for public credit and the man behind the country's increasingly spectacular bond transactions, speaks to Emerging Markets about the recent 100 year sterling bond, Mexico's funding plans and decoupling from the wider emerging markets.

    31 Mar 2014

  • SkyePharma seeks new capital for bond buyback

    SkyePharma, the UK pharmaceutical company, is set to issue up to 58.7m shares through an open offer, raising capital to finance the buyback of its outstanding bond paper.

    31 Mar 2014

  • Publisher Infinitas extends debt after sale of unit falls through

    Infinitas, a Dutch educational publishing company, is extending about €330m of outstanding loans to 2016, after aborting the sale of one of its divisions due to insufficient bids.

    31 Mar 2014

  • Alior employees sell stake in swift and smooth ABB

    Employees of Poland's Alior Bank sold shares received through an incentive scheme on Monday, with the deal completed quickly and without any of the long waits that often come with Polish deals.

    31 Mar 2014

  • Issuers rule, as long as they’re careful

    With deleveraging nowhere near finished and loan growth in most European banking sectors sluggish, covered bond bankers are struggling to see an end to dwindling supply and tightening spreads. Tom Porter goes in search of anything that could buck the trend.

    31 Mar 2014

  • Italy breaks out with first new RMBS since 2011

    Veneto Banca is set to issue the first brand new RMBS bonds from Italy since the start of the eurozone debt crisis next week, as renewed investor appetite for the country’s risk spurs the market's hopes for more normalised supply this year.

    31 Mar 2014

  • Waiting for the icing on the resolution cake

    The closer the EU’s bank resolution rules come, the better for the covered bond market, as it is excluded from any possible bail-in plans. But despite the assurances that covered bond investors will escape a bail-in, nobody knows exactly how (yet). Uncertainty remains over covered bonds and liquidity too, with increasingly strident briefing and counter-briefing on whether to count covered bonds in the top class of regulatory liquidity. Owen Sanderson reports.

    31 Mar 2014

  • Germany-China RMB agreement bolsters trade links

    In a blow to London's ambitions, Frankfurt has become the first renminbi payment hub in Europe, with the People's Bank of China (PBoC) and the Bundesbank signing a memorandum of understanding on RMB clearing and settlement late last Friday (March 28).

    31 Mar 2014

  • Pfandbriefe strive to stay ahead of the pack

    The bastion of the covered bond market is imposing greater transparency requirements on issuers, but the greater immediate challenge for banks is smooth deal execution in a stiflingly tight spread environment. Joe McDevitt reports.

    31 Mar 2014

  • Covered bonds’ new world vintages bring fresh flavour to euro palates

    Covered bond issuers from Canada, Sweden and Australia gathered together in March as participants in this GlobalCapital roundtable to discuss their markets. Borrowers still have plenty of issuance capacity but their plans for supply are likely to remain steady rather than spectacular over the foreseeable future. Issuers are conserving their covered pool collateral in case unsecured access becomes more constrained due to increased market volatility. Local currency issuance complements US dollar issuance, but for Australians and Canadians, the euro market offers more depth, especially at the long end of the curve. But for many issuers, and especially the Canadians, the cross-currency swap only became attractive in the summer of 2013. Fortunately, this coincided with local legislative programmes becoming operational. Australian, Canadian and Swedish covered bond issuers all benefit from solid senior ratings, stable real estate markets and they all present a great diversification tool. And, with a very limited amount of bonds outstanding in euros, investors have plenty of credit line availability.

    31 Mar 2014

  • Monier plans new high yield bond nearly two years after pulling

    Monier has announced plans to raise €415m of high yield bonds. The French maker and supplier of roofing materials tried to sell €250m of bonds in May 2012 but postponed the deal because of a “challenging market environment”.

    31 Mar 2014

  • Buyer beware: broader market challenges investors

    Amid pressure to revive Europe’s economy by supplying credit to small and medium-sized enterprises, covered bond issuers are coming up with innovative ways to pool SME assets. In the hunt for better ratings, they are looking to pass-through structures but as the definition of covered bonds broadens, Will Caiger-Smith examines what dangers lie in wait for investors.

    31 Mar 2014

  • Callcredit tightens pricing as it closes £218m LBO debt

    Callcredit, the UK consumer data and software provider, allocated £217.5m of loans on Friday, after reducing the margin on the deal’s term loan ‘B’ to 450bp over Libor.

    31 Mar 2014

  • Carlyle plans dividend from Addison Lee a year after LBO

    UK taxi firm Addison Lee is in the market for £120m of loans to fund a dividend to its private equity owner Carlyle.

    31 Mar 2014

  • Burger chain Quick to sell rare unsecured high yield FRN

    Quick, the Belgian hamburger restaurant chain, hopes to sell its first high yield bonds to raise €585m, using secured floating rate notes and - rare for the high yield market - unsecured FRNs.

    31 Mar 2014

  • Bank bid now crucial element in SSA funding plans

    Thanks to Basel III, bank treasuries have emerged as crucial investors in sovereign debt. But new moves down the yield curve in search of better returns and the freedom to hold almost unlimited quantities of the domestic sovereign’s paper — even if not zero risk-weighted — alarm some players, while second-tier SSA credits are suffering for their exclusion from the regulators’ top category. Julian Lewis reports.

    31 Mar 2014

  • Monte Paschi foundation continue pre-rights reshuffle

    The foundation shareholders of Monte dei Paschi di Siena, has sold a 6.5% stake in Italy's oldest bank, its second recent sale as it prepares for the lender's long-awaited capital raise.

    31 Mar 2014

  • Brazil’s Votorantim to buy back $880m of bonds

    Brazilian conglomerate Votorantim Industrial will reduce its debt by $880m after completing a tender offer for its 2019 bonds and 2021 notes issued by its subsidiary Companhia Brasileira de Aluminio.

    31 Mar 2014

  • Lloyds fuels hope of better year for UK credit cards

    UK credit card ABS issuance has kicked off much earlier this year than last, with Lloyds mandating leads for a new sterling-denominated Penarth platform deal this week.

    31 Mar 2014

  • Cambian offers small discount as it kicks off bookbuilding

    Specialist health services firm Cambian is set to price its £300m IPO scheduled for April at a small discount to its US peers.

    31 Mar 2014

  • Ressy returns to EM bond market

    Raymond Ressy has returned to the emerging markets bond market two years after leaving Credit Agricole CIB.

    31 Mar 2014

  • Kazakhstan Temir Zholy meets Swiss bond investors

    Kazakhstan Temir Zholy, the national rail company of Kazakhstan, held a one day fixed income roadshow in Switzerland on Friday March 24. A bond issue from KTZ in Swiss francs would be the first in the currency from Kazakhstan.

    31 Mar 2014

  • Brazil considers issuing yen bonds as €1bn deal trades up

    Every Japanese investor that Brazil met on a roadshow in December asked the sovereign to issue yen bonds, said Paulo Valle, Brazil’s deputy treasury secretary, in the wake of the sovereign’s first euro bond issue since 2006.

    31 Mar 2014

  • Trafigura loan romps home

    Commodities trader Trafigura Beheer has signed oversubscribed revolving credit facilities totalling $4.74bn from 51 lenders.

    31 Mar 2014

  • SocGen sells relaunched AT1, confirming wider levels

    Société Générale relaunched its euro additional tier one capital issue on Friday, after postponing it earlier in the week when it became aware of an imminent report from Fitch regarding the bank.

    31 Mar 2014

  • Yapı Kredi downgraded, but will stay strong in PPs

    Yapi Kredi Bank will continue to find demand for its private placements, despite being downgraded by Moody’s on March 28, according to medium term note bankers.

    31 Mar 2014

  • Svenska set for inaugural Kanga

    Svenska Handelsbanken mandated banks for a five year Kangaroo bond on Monday, the first senior unsecured deal in the format from a Scandinavian bank.

    31 Mar 2014

  • India Basel III delay offers relief: Fitch

    The delayed implementation of Basel III by the Reserve Bank of India could give state owned banks facing capital pressures some much needed breathing space, according to Fitch.

    31 Mar 2014

  • Sri Lanka’s NDB obtains $125m loan

    Sri Lanka’s National Development Bank has obtained loans worth $125m, backed by International Finance Corp, as it seeks to expand access to finance for small and medium enterprises.

    31 Mar 2014

  • Euronext makes senior appointments

    Euronext has appointed three senior executives separately covering financial derivatives, commodities and cash equities.

    31 Mar 2014

  • Covet thy cover

    To the dedicated investment banker, there is one thing – and one thing only – sweeter than clinching a deal. That thing is being quoted in GlobalCapital. A close third to both of those is being quoted in a front page story in a salmon-coloured financial newspaper.

    31 Mar 2014

  • Credit card scandal impedes Korean structured product expansion

    The Korean financial regulator has delayed a planned expansion to the country’s derivatives-based product lineup as its grapples instead with an unrelated credit card scandal.

    31 Mar 2014

  • Indonesian loans to see margin hike as borrowers go offshore

    The Indonesian loan market has experienced a tough three months, with the country seeing the biggest drop in volume among southeast Asian countries. Luckily, a host of names have reignited interest among banks with their request for proposals for US dollar funding. The trend is likely to continue, reckon senior bankers, with expectations high that pricing is to rise.

    31 Mar 2014

  • Funds eye Nikkei put strategies

    Hedge fund investors and some asset managers are entering short-dated puts and put spreads on the Nikkei 225, targeting strikes between 14,000 and 14,800.

    31 Mar 2014

  • Abu Dhabi's Waha attracts 13 banks despite holdco status

    Abu Dhabi investment firm Waha Capital has overcome some lenders' concerns about financing a holding company to smash through its refinancing target by signing a $750m five year loan.

    31 Mar 2014

  • Morgan Stanley's Gui joins Deutsche

    Morgan Stanley’s former head of China debt capital markets, Vivien Gui, has joined Deutsche Bank, GlobalCapital Asia understands.

    31 Mar 2014

  • Fly me to the moon

    Never let it be said that banking life isn't exciting.

    31 Mar 2014

  • Swaps, spreads and green bonds on the agenda for 2014

    Despite the improving economic environment in the US and Europe reducing the momentum of the flight to quality supranationals enjoyed during the eurozone sovereign debt crisis, the issuers are still meeting strong demand this year. The recovery brings a fresh set of opportunities — and some challenges — for this sector.

    31 Mar 2014

  • 7 Days welcomes banks for new $300m loan

    Chinese hotel chain 7 Days Group Holdings, which went private in the middle of last year, is back in the market with a $300m five year facility, just months after signing a $120m loan to fund the buyout.

    31 Mar 2014

  • Dongfeng set to seal €830m acquisition loan

    China’s Dongfeng Motor Corp, which said in February that it was acquiring a 14% stake in French company Peugeot Citroën, is expected to sign a €830m ($1.14bn) club loan this week, according to a banker.

    31 Mar 2014

  • E-House prepares to send online biz to new home

    Chinese real estate services company E-House will launch the $200m spinoff of its online business, Leju Holdings, as early as this week, according to a banker on the trade.

    31 Mar 2014

  • Regina Miracle plans $200m Hong Kong IPO

    Shenzhen based lingerie manufacturer Regina Miracle International is lining up an IPO for the second half, making it the second Victoria’s Secret supplier to attempt a Hong Kong listing this year.

    31 Mar 2014

  • Investors set to mob lowering SSA supply

    Deficit reduction is on many a sovereign issuer’s mind. After the crisis years and a spate of new regulations, the SSA market may be looking at a future of lower new issuance and possibly fewer dealers. But there should be no shortage of investors queuing up to buy what supply remains. Craig McGlashan reports.

    31 Mar 2014

  • PGN reappears after ten years in Indo dollar wave

    Perusahaan Gas Negara is looking to make a return to the dollar market after a ten year absence. Alongside Pertamina, it marks a re-emergence by Indonesian names as investors take on a more positive view of those credits.

    31 Mar 2014

  • Paris gets Rmb80bn RQFII; Frankfurt, Luxembourg up next

    Paris has joined London as the second city in Europe to be given access to the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme. The Rmb80bn ($12.9bn) quota enhances the city’s status as an offshore renminbi hub and opens to door to RMB clearing and settlement in the French capital.

    31 Mar 2014

  • The eurozone periphery — turning tactics into strategy

    A sensational start to the year for peripheral eurozone borrowers has given funding officials breathing space to think about life beyond the crisis. First up for sovereigns is extending maturity profiles scythed short by a flurry of crisis-induced short dated paper. Fortunately, issuers have plenty of tools at their disposal. Craig McGlashan reports.

    31 Mar 2014

  • Green bonds: getting investors out of bed for the climate

    Green bonds are the hot new product for SSA issuers to have in their repertoire. They make for a great press release — but what are they really doing for issuers’ funding programmes? As Jon Hay discovers, green bonds have been a great seller, but the big win is pricking many an investor out of apathy and getting them to think about environmental investing.

    31 Mar 2014

  • WH Group launches $6bn IPO as leads struggle to find comps

    The world’s largest pork processing company has launched its jumbo IPO with a 28-strong syndicate, which could results in some disagreements, particularly as the valuations of comparable companies are so diverse, said bankers on the trade.

    31 Mar 2014

  • Pelabuhan sets sail with $203m RFP

    Pelabuhan Indonesia III, a state-owned company that manages sea ports across the country, has issued two requests for proposals worth $203m — one targeting export credit agencies and the other commercial banks.

    31 Mar 2014

  • Green bond pioneer

    The World Bank has been at the forefront of SRI capital markets since it sold its first green bond in 2008. It reached a new frontier in March with its first green euro benchmark. Tessa Wilkie speaks to Heike Reichelt, the World Bank’s head of investor relations and new products, about the supranational’s green issuance strategy.

    31 Mar 2014

  • Exploring opportunities in a recovering eurozone

    Agency issuers have this year emerged blinking from under the shadow that the eurozone sovereign debt crisis has cast across European capital markets since it erupted in 2010. Borrowing conditions in the first few months of 2014 have even been better than anyone dared hope at the end of last year.

    31 Mar 2014

  • Issuers push to broaden SRI scope

    Green bonds came of age last year in February 2013 when the International Finance Corporation sold the first green bond in benchmark size. But now issuers are looking to mirror the success of green bonds with other capital markets instruments backing sustainable and responsible projects. Tessa Wilkie reports.

    31 Mar 2014

  • Investors hope for normalisation after taper tantrum

    Sovereign, supranational and agency investors are keen to buy into structures that can protect them from the impact of the tapering of quantitative easing in the US. Phil Thornton looks at whether buyers will be prepared to sacrifice liquidity in exchange for more tailored products.

    31 Mar 2014

  • Abenomics drives change in Japan and abroad for SSAs

    Sovereigns, supranationals, and agencies will need to re-evaluate their funding plans for 2014 as the effect of Japanese prime minister Shinzō Abe’s economic reforms, dubbed ‘Abenomics’, begins to be felt in the bond market. How has investor behaviour changed and how will borrowers adapt? Kathleen Gallagher investigates.

    31 Mar 2014

  • Regulation creates risks and rewards for SSAs

    From eurozone debt problems and the reaction to the US tapering quantitative easing, to the impact of regulation, sovereigns supranationals and agencies have found themselves with plenty of obstacles to manoeuvre around since the financial crisis began. Nathan Collins looks at how they are evolving their borrowing strategies in the new environment.

    31 Mar 2014

  • Non-core opportunities abound despite swap cost woes

    Sovereign, supranational and agency borrowers have greater flexibility to dip in and out of various currencies than perhaps any other class of issuer in the capital markets, something that many use to great effect. Nathan Collins outlines the pools of liquidity that canny borrowers should be looking at in 2014.

    31 Mar 2014

  • BHH to explain its new ownership structure

    Berlin Hypothekenbank AG mandated joint leads on Monday for a euro Pfandbrief and a roadshow to explain its forthcoming ownership structure, in which it will be directly owned by the savings banks and become an affiliate of Landesbank Berlin rather than its subsidiary.

    30 Mar 2014

  • Bankers gunning for loans revival despite lower refi needs

    Islamic loan bankers are backing their market to bounce back after a start to the year when volumes have been sluggish already compared to last year and refinancing needs are much lower than they were in 2013.

    30 Mar 2014

  • Pfandbriefe strive to stay ahead of the pack

    The bastion of the covered bond market is imposing greater transparency requirements on issuers, but the greater immediate challenge for banks is smooth deal execution in a stiflingly tight spread environment.

    30 Mar 2014

  • Meethaq inks agreement with Al Madina Takaful

    Bank Muscat's Islamic banking arm, Meethaq, has signed a bancatakaful agreement — one between a bank and a takaful firm — with Al Madina Takaful to provide Shariah compliant insurance products for Meethaq customers.

    30 Mar 2014

  • Kommuninvest to open Nordic-heavy week in dollars

    Kommuninvest mandated for its first dollar benchmark since October 2013 on Monday, a three year deal. Several other Scandinavian issuers are looking at dollar deals according to syndicate bankers, including the Nordic Investment Bank and Swedish Export Credit Corporation (SEK).

    30 Mar 2014

  • Galicia back with seven year syndicated bond

    The Autonomous Community of Galicia is set to print its first syndicated bond for four years this week, after mandating banks for a seven year euro benchmark on Monday.

    30 Mar 2014

  • Investors still trading Eksportfinans despite default claim

    A failed attempt by a US hedge fund to force a default event on a pair of outstanding Eksportfinans Samurai bonds is likely to be an isolated incident, with most investors happy with their holdings of the agency and some still even trading the credit, bankers said this week.

    30 Mar 2014

  • KBN readies debut euro benchmark as Hesse returns

    Norway’s Kommunalbanken is set to print its first euro benchmark bond this week, after mandating a group of banks on Monday for a €1bn no-grow five year deal.

    30 Mar 2014

  • Tunisia delays debut sukuk

    Tunisia’s debut sovereign sukuk placement is being delayed until the end of this year or the beginning of 2015, according to an official at the ministry of finance. Tunisia originally planned to issue in the first half of 2014.

    30 Mar 2014

  • Testing editing

    30 Mar 2014

  • Latin hopes grow for new China fiscal stimulus

    China’s plans to roll out a double-barrel fiscal and monetary stimulus package in the months ahead, in an attempt to stave off a marked slowdown in the world’s second largest economy, could offer a sliver of hope for Latin America’s struggling commodities exporters

    29 Mar 2014

  • HASAN TULUY: Now is not the time for LatAm to relax

    As the world economy moves to a ‘new normal’, Latin America must not sit back and relax but instead focus on boosting sustainable growth and eradicating inequality

    29 Mar 2014

  • The slowdown is behind us – Mexico’s Sanchez

    The impact of energy and telecom reforms will be powerful for Mexico and will create attractive investment opportunities, says deputy governor of the Bank of Mexico

    29 Mar 2014

  • Busan 2015: Korea trade key to venue choice

    The decision by the IDB to site its 2015 annual meetings in South Korea highlights the region’s desire to build on a fast growing trade and business relationship

    29 Mar 2014

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%