• Land NRW looks for niche PPs

    Land Nordrhein-Westfalen this week sold the first Brazilian real deal from a German sub-sovereign. The region, which notched up another new currency earlier this year when it debuted in New Zealand dollars, is keen to explore niche currency issuance to offer investors a pick-up in yield, according to MTN dealers.

    30 Apr 2014

  • Hartlieb moves to IKB

    Jochen Hartlieb has joined IKB Deutsche Industriebank from Bayerische Landesbank.

    30 Apr 2014

  • International opportunities open up for Kassenkredite

    German municipalities are increasingly issuing in the Kassenkredite format — short term credit lines governed by German law, according to analysts. But the issuers could soon be joined by international borrowers that want to benefit from the advantages the format has to offer.

    30 Apr 2014

  • TD, Citi round off banner month for US FIG

    Toronto Dominion and Citigroup found investors in receptive mood as they tapped the market this week, rounding off a banner month for FIG issuance in the US in which issuance hit $60bn.

    30 Apr 2014

  • Short Irish CBs are cheap to sovereign, says Barclays

    The more modest year-to-date tightening of Irish covered bonds relative to other peripheral jurisdictions has created a value opportunity, says Barclays research, which recommended buying Irish covered bonds versus Irish government bonds. However, traders say limited liquidity in the secondary market for peripheral names means that the trade idea will be difficult to executive in practice.

    30 Apr 2014

  • KBN breaks Kauri record with seven year

    Kommunalbanken took its annual Kauri funding volume to an all-time high on Thursday, when it seized on demand from New Zealand-based fund managers to open a new seven year line. The deal drew strong interest as investors look to buy maturities longer than five years to secure yield.

    30 Apr 2014

  • Moody’s CPTCB scrutiny implies market’s potential

    The conditional pass through covered bond (CPTCB) has potential to become more widespread, said bankers in the aftermath of Moody’s detailed overview of the structure that was published this week. They noted that a new issuer is currently considering employing the structure, backed by a varied pool of international assets.

    30 Apr 2014

  • S&P criteria change will not rock the boat

    The forthcoming covered bond criteria change from Standard & Poor’s is unlikely to result in a substantial modification in credit ratings, bankers said. Covered bond ratings should improve relative to senior unsecured ratings, but senior unsecured ratings may fall as the rating advantage of sovereign support is removed.

    30 Apr 2014

  • Participation banks to roll out sukuk before Ramadan

    Turkey’s Albaraka Turk and Kuveyt Turk plan to issue dollar sukuk before the Ramadan religious holiday in June, according to three people with knowledge of the matter.

    30 Apr 2014

  • Bayview markets yieldy RPL with long-dated notes

    Bayview Financial will have four times more skin in the game in its latest re-performing mortgage loan securitization than credit risk retention rules would require, holding a nearly 20% stake in the $215m deal. But some firms aren’t sure if the higher yield the deal offers is worth the call risk on the unusually long-dated notes, which pay pro-rata — even as the US non-agency RMBS market suffers from low issuance volumes.

    30 Apr 2014

  • US RMBS market stares into the abyss as GSE stalls

    The biggest obstacle holding back new issuance in private-label RMBS, aside from regulation, is a lack of standard investor protections, said a group of high-profile market participants on Tuesday. The comments came as US senators delayed consideration of the latest proposal to reform the government-sponsored enterprises that dominate the US housing market.

    30 Apr 2014

  • Esoteric deals make up for subdued ABS

    Benchmark ABS issuers took another breather this week, but a handful of esoteric and off-the-run deals filled the gap. Fannie Mae, meanwhile, laid out details for its latest risk-sharing issuance.

    30 Apr 2014

  • Off-the-run ABS sell quickly as benchmark issuers take breather

    Three off-the-run asset backed securities sold under price guidance this week, including a $134m tax lien ABS, a $175m small business loan deal and a $277.5m triple net lease issuance, bringing esoteric and non-benchmark issuance to around $8.5bn — half of what those sectors produced over the same period last year.

    30 Apr 2014

  • US regulators prepping margin requirements for summer

    US regulators could reveal further details on margin requirements for non-centrally cleared over-the-counter derivatives before summer, giving market participants greater certainty on future collateral requirements.

    30 Apr 2014

  • Saxo adds stock options to trading platform

    Saxo Bank has launched stock options trading on its trading platform for both retail and institutional investors in response to increased client demand.

    30 Apr 2014

  • Volkswagen Bank lobs €300m floater into the net

    Volkswagen Bank launched a €300m three year floating rate note today that, while hardly a blowout, achieved its objective of tight pricing, bankers said.

    30 Apr 2014

  • GDF Suez joins green bond march

    GDF Suez, the French power and gas group, has become the latest private sector company to announce plans to issue its first green bond. The euro benchmark deal will be roadshowed from May 6 to 9 and probably issued the following week.

    30 Apr 2014

  • Bayview entices with yieldy RPL, but investors cite call risk

    Bayview Financial will have four times more ‘skin in the game’ in its latest re-performing mortgage loan securitization than credit risk retention rules would require, holding a nearly 20% stake in the $215m deal. But some firms aren’t sure if the higher yield the deal offers is worth the call risk on the unusually long-dated notes, even as the US non-agency RMBS market suffers from low issuance volumes.

    30 Apr 2014

  • Apple erases new issue premium, stays loyal to Goldman and Deutsche

    Apple’s $12bn bond issue yesterday came almost a year to the day after its then-record $17bn issue on April 30, 2013. The deal reprised last year’s issue – regarded effectively as an inaugural transaction, since Apple’s only previous bond had been a $300m issue in 1994 – in other ways, too.

    30 Apr 2014

  • Premium Credit issues price guidance on HY sterling debut

    Premium Credit, a UK company that finances insurance premiums, issued price guidance of 7% to 7.25% for its debut sterling high yield bond on Wednesday, after a three day roadshow.

    30 Apr 2014

  • Greek Public Power Corp’s HY deal a hit, reaches €700m

    Public Power Corp, the largest Greek electricity generator and supplier, has priced its long-awaited return to the bond market as a high yield issuer, and increased the deal to €700m.

    30 Apr 2014

  • Russia: fighting for funding

    Sanctions on Russia were met with a sigh this week as an ineffectual list with limited impact on the Russian economy was unveiled. Even S&P’s downgrading of the country to BBB- from BBB made no waves. But the rolling list of sanctions is limiting western interest in loading up on more debt from the country — so it is a good job Gazprom is leading the charge elsewhere.

    30 Apr 2014

  • Intralot increases HY return to €250m and prices it early

    Strong demand from European investors allowed Intralot, the Greek gambling products and services provider, to increase its high yield bond to €250m today and close the books ahead of schedule.

    30 Apr 2014

  • Deutsche hires CEEMEA structured credit head

    A special situations trader has returned to Deutsche Bank in London to co-head CEEMEA structured credit, after a four year stint at UBS.

    30 Apr 2014

  • CGG back for $500m after Moody’s warns on rating

    French geosciences firm CGG came to the high yield bond market for the second time in less than a fortnight on Monday, following its euro debut with a return to dollars.

    30 Apr 2014

  • Constellium prices €590m dollar/euro at tight ends

    Constellium, the aluminium products company controlled by Apollo Global Management, priced its €590m high yield bond this afternoon, split equally between euros and dollars.

    30 Apr 2014

  • UBS launches algo trading platform for US equity swaps

    UBS has launched a high-capacity algorithmic trading platform for US equity swaps, SwapsDirect, allowing institutional clients to execute US equity swap transactions electronically directly from their execution management or order management systems.

    30 Apr 2014

  • Ex-Chinese regulator joins Mayer Brown in New York

    Mayer Brown has hired an ex-Chinese securities regulator as a partner in its banking and finance practice in New York.

    30 Apr 2014

  • Altor exits Byggmax through ABB, private equity looks ahead to new investments

    Private equity firm Altor cleaned up its holding of Swedish retailer Byggmax Group through an accelerated bookbuild on Tuesday night, as bankers in Scandinavia suggested that the flow of private equity exit trades from the region was beginning to dry up.

    30 Apr 2014

  • BAML promotes for head of CRE structured finance

    Bank of America Merrill Lynch has switched Matthias Baltes to cover commercial real estate. Baltes, a managing director in the bank’s European securitisation group, has been appointed head of commercial real estate structured finance at the US bank.

    30 Apr 2014

  • ICE Benchmark Administration selected as new ISDAFIX benchmark administrator

    ICE Benchmark Administration has been selected by the International Swaps and Derivatives Association as the new administrator of ISDAFIX, marking the end of a three-month selection process and kicking off a transition process to a new system for collecting the data used to fix the benchmark rate.

    30 Apr 2014

  • Eurobank wraps up oversubscribed rights issue

    Greece’s Eurobank has wrapped its €2.864bn rights issue, issuing 9.24bn shares priced at €0.31 each. The transaction will see the bank’s share capital increase by €2.77bn, while trading in the new shares is expected to begin on May 9.

    30 Apr 2014

  • Hedge funds, real money tap payer spreads on SenFin

    Bank desks, hedge funds and real money investors have continued to build up their hedges in European credit options this week, trading payer spreads in iTraxx Main, Crossover, and for the first time in several weeks, Senior Financials, with June emerging as a popular expiry.

    30 Apr 2014

  • Nomura profits wow as wholesale arm impresses

    Japanese bank Nomura Holdings on Wednesday reported its best results in eight years, with a 52% jump in pre-tax profits for the year ending March 31, buoyed by the strong performance of its retail and wholesale arms.

    30 Apr 2014

  • Rottapharm Madaus to file for Italian listing

    Italian-German firm Rottapharm Madaus has filed a request to be listed on the Milan stock exchange.

    30 Apr 2014

  • Neste oils way to €1.5bn loan refinancing

    Finnish oil refiner Neste Oil has signed a €1.5bn-equivalent refinancing facility with 20 relationship banks.

    30 Apr 2014

  • UK holiday group Parkdean signs £180m unitranche and sub loan

    UK holiday park operator Parkdean signed loans totalling £180m on Tuesday.

    30 Apr 2014

  • BNPP’s fixed income returns drop but equity and advisory almost plugs gap

    A drop in BNP Paribas’ rates, forex and emerging markets businesses contributed to a fall of more than a fifth in its fixed income revenues year on year for the first quarter of 2014, as a strong equity and advisory performance failed to fill the resulting fall in its overall advisory and capital markets returns.

    30 Apr 2014

  • Anderson joins Tikehau to grow European private debt business

    French investment manager Tikehau Group has hired Debra Anderson, a former senior managing director at Blackstone.

    30 Apr 2014

  • Generali builds wind break with first Italian cat bond

    Assicurazioni Generali has closed its first ever catastrophe bond to protect itself against European windstorm losses, becoming the first Italian sponsor to enter the insurance-linked securities market in the process.

    30 Apr 2014

  • KoRes digs up $340m to repay loan facility

    Korea Resources Corporation (KoRes) priced a five year transaction on Tuesday night. The issuer will be using the proceeds to repay a project financing facility for a mining project in Mexico.

    30 Apr 2014

  • Taqa smashes through curve with $750m

    Taqa used the strategy of a capped size and fair starting point for price talk to print its $750m 10 year bond 10bp inside its outstanding curve on Tuesday, according to a lead manager. It built a $4.55bn book in the process.

    30 Apr 2014

  • MAF beats curve but trades well on break

    Majid Al Futtaim’s $500m bond held its ground in the secondary market on Wednesday morning, after the Dubai shopping mall operator priced the 10 year note well inside guidance on Tuesday afternoon.

    30 Apr 2014

  • BOC Aviation out with new five year bullet

    BOC Aviation released guidance on a new five year bond on Wednesday April 30. The issuer was last seen in the dollar market in April 2013 when it issued a $350m 4.375% 10 year. In May it issued a tap of this bond to raise $150m.

    30 Apr 2014

  • Bank of Ireland and La Caixa continue peripheral binge

    Bank of Ireland is set to sell its third senior unsecured benchmark since the financial crisis on Wednesday, choosing a three year deal. Meanwhile, La Caixa has drawn a strong response for a euro benchmark senior unsecured of its own.

    30 Apr 2014

  • BNP Paribas Polska sets cap hike re-run price

    BNP Paribas re-launched its re-IPO of its Polish subsidiary on Monday, after pulling the deal last year.

    30 Apr 2014

  • CPI Development breaks CNH silence with three year

    China Power International Development returned to the dim sum market on Tuesday with an Rmb2bn ($324m) three year issue. It was the first Asian offshore renminbi deal in two weeks.

    30 Apr 2014

  • Cheetah Mobile hunting for smaller $200m New York IPO amid China tech firesale

    China’s second largest internet security software provider, Cheetah Mobile, has reduced the potential size of its New York IPO by one third and is now looking to raise only $200m amid volatility in the technology sector.

    30 Apr 2014

  • Jaguar Land Rover boosts support for TML bullet

    Tata Motors priced a $300m seven year bullet through its subsidiary TML Holdings on Wednesday. The borrowing entity's ownership of Jaguar Land Rover Automotive was seen as bolstering investor support for the credit, enabling the issuer to come tight with what was its first dollar deal.

    30 Apr 2014

  • Unrated Lenovo’s five year dollar debut breaks records

    Lenovo made its dollar debut on Tuesday night with the largest ever single tranche senior Reg S transaction in Asia. Investors flocked to the deal with an $8bn order book, and bankers said the issuer was able to avoid the concession that it had been expected to pay for being unrated.

    30 Apr 2014

  • State Grid hit by oversupply but still prices through CNOOC

    State Grid Corporation of China launched a triple tranche $3.5bn deal on Monday. While the 10 and 30 year tranches priced inside the curve of China National Offshore Oil Corporation (CNOOC), the deal nonetheless suffered from investor fatigue as the market struggled to digest the $9.5bn already raised by Chinese state owned enterprises this month.

    30 Apr 2014

  • SingTel makes connections for S$3.bn via two facilities

    SingTel signed loans worth a chunky S$3.5bn ($2.8bn) via two separate facilities this week, with a large number of banks piling in.

    30 Apr 2014

  • Asian loans in brief, May 1, 2014

    COFCO feeds $2bn loan to market — Sino-Ocean starts building $600m — Gunvor trades smaller $350m

    30 Apr 2014

  • Doosan targets US as it digs for $1.3bn financing

    Doosan Infracore International (DII) and Doosan Holdings Europe (DHEL), part of South Korean conglomerate Doosan Group, are seeking a $1.3bn senior secured term loan from the US market.

    30 Apr 2014

  • COLI prices bond; Cinda, Country Garden on the road

    China Overseas Land and Investment (COLI) priced a dual tranche dollar bond on Wednesday, and with Cinda and Country Garden on the road, the recent record volumes of issuance are showing few signs of slowing down.

    30 Apr 2014

  • Sinopec picks four for jumbo restructuring

    Asia’s top refiner, China Petroleum & Chemical Corporation (Sinopec), has picked Bank of America Merrill Lynch, CICC, Citic Securities and Deutsche Bank to advise on the restructuring of its retail unit, the company announced on April 24.

    30 Apr 2014

  • No cornerstone lock-ups for 7-Eleven IPO

    7-Eleven Malaysia Holdings will be taking an unusual approach for Malaysian deals when it launches its MR720m ($220m) IPO in the second week of May. Cornerstone investors will not be subject to any lock-ups.

    30 Apr 2014

  • Juicy spread propels Emirates NBD Kanga to success

    Emirates NBD on Wednesday became the third Middle Eastern issuer this year to take to the Kangaroo market, selling a five year bond. Despite a weaker rating than other Emirati banks seen in market, the deal found favour with Asian accounts as a result of an attractive spread.

    30 Apr 2014

  • Tikehau adds CLO expert to credit team

    Tikehau Group is looking to expand its credit business across Europe with the hire of the former head of Blackstone GSO’s CLO business.

    30 Apr 2014

  • San Miguel Group returns with new hybrid dollar bond

    Philippine giant San Miguel Group’s latest bond offering came in the form of a perpetual non-call 5.5 this week from SMC Global Power Holdings. The deal was priced on Tuesday just wide of sister company Petron’s similarly structured perp.

    30 Apr 2014

  • Taiwan banks give tepid welcome to 7 Days loan

    Taiwanese banks considering Chinese hotel chain 7 Days Group Holdings’ $300m leveraged loan are demanding an upward revision in fees for underwritten commitments, several sources have told GlobalCapital Asia. The appetite to lend still remains, but overexposure to China names, a fear of defaults and a steep rise in funding costs are backing lenders into a corner, writes Rashmi Kumar.

    30 Apr 2014

  • Pork chopped: dismay as WH Group IPO scrapped

    WH Group's ill-starred attempt at an IPO finally came to a crunching halt on Tuesday night, as the issuer pulled the plug on its HK$14.6bn ($1.9bn) deal, blaming market conditions. Despite the high profile of the deal, bankers are confident that the pipeline can withstand the failure. But that did not stop a furious debate as to why the deal had collapsed.

    30 Apr 2014

  • KEB sells $118m SK Hynix stake close to par

    Korea Exchange Bank sold W122bn ($118m) of shares in semiconductor manufacturer SK Hynix on April 24, pricing the block at an extremely tight discount of 0.43%.

    30 Apr 2014

  • IIF launches debut $200m with IFC backing

    Indonesia Infrastructure Finance has obtained the backing of International Finance Corp for its debut fundraising of $200m. It was launched into syndication on the evening of April 24 and features a $50m greenshoe option.

    30 Apr 2014

  • Ratch offering leaves investors wanting more

    A debut bond from Ratchaburi Electricity Generating Holding (Ratch) this week was met with strong demand, suggesting political unrest in Thailand has yet to deter investors from Thai credit. Investors were ready to consider a longer tenor and wanted a bigger size from Ratch, but the issuer stuck to its original targets.

    30 Apr 2014

  • Indian lending clean-up is the way forward

    The Reserve Bank of India is banning banks from helping companies convert their rupee obligations into offshore debt — a move that is expected to put immense pressure on Indian corporates already struggling to refinance loans. It will be hard going but the measures are a step forward in cleaning up the country’s lending system.

    30 Apr 2014

  • 24/7? Pah! That's nothing to be proud of

    Swanning back into town after a leisurely Easter break in Europe, I thought I'd be able to catch up with some local friends — you remember, the fools who are still wage-slaves — who would surely be twiddling their thumbs in the run-up to the long weekend here.

    30 Apr 2014

  • Banglalink needs no sovereign curve for debut

    It is the first international bond issuer from Bangladesh, but Banglalink Digital Communications faced more than the usual debutant challenges in its deal last Friday, writes Virginia Furness.

    30 Apr 2014

  • Real money shows for CLP Power hybrid perp

    CLP Power attracted a strong following from institutional investors for a hybrid perpetual non-call 5.5 year bond that was priced on April 29. The trade was intended to strengthen the issuer’s balance sheet following the announcement of big acquisitions at the end of last year.

    30 Apr 2014

  • April trumps January to top dollar DCM volumes

    April was a month of records for dollar deals in Asia ex Japan's debt capital markets. Not only did it see the largest monthly volume of new issues ever — a staggering $33bn — but also the biggest bond from an Asian issuer for more than a decade. Bankers and analysts expect there to be little let-up in the months ahead, with oil companies and Indonesian credits dominating the line-up, writes Isabella Zhong.

    30 Apr 2014

  • Agile goes clubbing to build HK$6bn loan

    China’s Agile Property Holdings is seeking a new loan of HK$6bn ($774m) with a three year tenor, and the firm has started talks with its relationship banks for the funds.

    30 Apr 2014

  • NY Life secures skinny coupon on Swiss return

    New York Life Insurance Company sold its first Swiss franc bonds since 2006 on Tuesday, drawing interest for a five year deal despite offering investors an eye-wateringly low coupon.

    30 Apr 2014

  • Russian sanctions no problem for EM

    The CEEMEA bond market reacted to the release of more sanctions on Russia this week with a rally in Russian bonds and a primary market for the rest of the region so active that some bankers are drawing comparisons to the heady days of April 2013.

    30 Apr 2014

  • Saga IPO looks to leverage lifestyle brand and wealthy customers to swerve insurance fears

    Saga is looking to emphasise the part of its business focusing on older peoples' lifestyles over its insurance activities as it hopes to coax its wealthy customers into an IPO, launched on Monday, that could value the firm at around £3bn.

    30 Apr 2014

  • SSA market sees end to blowout books

    Ever-shrinking yields on offer from sovereigns, supranationals and agencies could spell the end of the bulging books that were common during the first quarter of 2014, bankers warned this week.

    30 Apr 2014

  • OCP pounces on 30 year bounce to tap for $300m more

    Moroccan phosphate group OCP has tapped the $300m 30 year notes it sold a fortnight ago for a further $300m, bringing the total deal size to $600m. The book for the deal reached over $1bn as investors enthusiastically bought more of the note that had tightened around 50bp in yield terms since pricing.

    30 Apr 2014

  • China preps record Rmb28bn Dim Sum auction

    China's Ministry of Finance (MoF) will sell a total of Rmb28bn ($4.48bn) of renminbi-denominated bonds in Hong Kong this year, marking the biggest annual CNH sale from the MoF since its first auction in 2009.

    30 Apr 2014

  • Arion launches EMTN programme as demand picks up for Icelandic paper

    Demand is picking up for Icelandic MTN paper from Arion Bank and Íslandsbanki — a potential indicator that investors are primed for Arion's planned re-entry into the public euro bond markets.

    30 Apr 2014

  • FIG pipeline builds, but only trickle comes through

    The visible FIG pipeline is bulging with potential. However, only a few issuers had ventured into the market by mid-week with most will likely wait until next week after various public holidays in Asia and Europe

    30 Apr 2014

  • Tesco troubles threaten its CMBS

    Moody’s has placed nearly £4bn of CMBS credit-tenant-linked notes issued by Tesco plc on review for downgrade. The rating agency placed the UK supermarket group’s senior unsecured rating on review for downgrade earlier this week as rivals continue to eat into its market share and profits.

    30 Apr 2014

  • Apple loyal to Goldman, Deutsche again — and euro deal to come

    Almost a year to the day later, Apple reprised its monster bond sale of April 2013 on Tuesday. This time it raised only $12bn, instead of the then-record $17bn of last year.

    30 Apr 2014

  • Alrosa raises $1.75bn of domestic loans, awaits shareholder approval

    Russian state-controlled diamond miner Alrosa is negotiating loans totalling $1.75bn with Russian banks.

    30 Apr 2014

  • MoF plans biggest annual dim sum sale with Rmb28bn in two deals

    China's Ministry of Finance (MoF) will sell a total of Rmb28bn ($4.48bn) of renminbi-denominated bonds in Hong Kong this year, marking the biggest annual CNH sale from the MoF since its first auction in 2009.

    30 Apr 2014

  • COFCO to feed loan market with new $2bn deal

    Chinese state-owned grain trader COFCO has started preliminary discussions with banks for a $1bn-$2bn loan to fund its recent partnership with Noble Group.

    30 Apr 2014

  • DB names new Asia Pacific head of trust, securities services & FI cash mgmt

    Shrinath Bolloju was appointed Asia Pacific head of trust & securities services and cash management for financial institutions as well as Asia Pacific head of investor services.

    30 Apr 2014

  • Head of India equity at Goldman departs

    Keshav Sanghi, managing director and head of equity for India has left Goldman Sachs, according to people with knowledge of the matter.

    30 Apr 2014

  • Colombian Ocensa slashes price thoughts, offers 25bp over parent

    Colombian pipeline company Ocensa plans to price its debut international bond on Wednesday after tightening initial price thoughts to official guidance that would equate to a premium of 25bp over its parent, Ecopetrol, splitting investor opinion on the value of the new deal.

    30 Apr 2014

  • Bank of Beijing reveals HK listing plans

    China’s Bank of Beijing announced on April 29 that it had received approval from its board of directors for an IPO in Hong Kong that could be worth around $4bn.

    30 Apr 2014

  • Taqa smashes through curve with $750m

    Taqa used the strategy of a capped size and fair starting point for price talk to print its $750m 10 year bond 10bp inside its outstanding curve on Tuesday, according to a lead manager. It built a $4.55bn book in the process, reports GlobalCapital.

    29 Apr 2014

  • Finnish municipalities get started on MTNs

    Finnish municipalities are mulling private placements and some issuers could debut in the market this year as demand for Finnish names increases, according to DCM bankers. They could follow City of Vantaa, which returned to the bond markets for the first time since 2009 this week.

    29 Apr 2014

  • Cyprus back after bailout with six year EMTN

    Cyprus became the last of the bailed out eurozone sovereigns to return to the bond market on Wednesday, raising €100m through a medium term note. The trade is likely to fuel more demand for the issuer’s paper, according to MTN dealers.

    29 Apr 2014

  • MAF beats curve but trades well on break

    Majid Al Futtaim’s $500m bond held its ground in the secondary market on Wednesday morning, after the Dubai shopping mall operator priced the 10 year note well inside guidance on Tuesday afternoon.

    29 Apr 2014

  • Opportunities abound for ESM

    The European Stability Mechanism is likely to take centre stage in a short opportunity for issuance next week. The rescue agency sent out requests for proposals on Tuesday ahead of a scheduled deal window next week.

    29 Apr 2014

  • Juicy spread propels Emirates NBD Kanga to success

    Emirates NBD on Wednesday became the third Middle Eastern issuer this year to take to the Kangaroo market, selling a five year bond. Despite a weaker rating than other Emirati banks seen in market, the deal found favour with Asian accounts as a result of an attractive spread, reports GlobalCapital.

    29 Apr 2014

  • Malaysian construction co builds up to sukuk

    Malaysian property firm Hua Yang plans to issue MR250m ($76m) of murabaha sukuk.

    29 Apr 2014

  • BoE and EBA stress tests differ on covered bonds

    The Bank of England said on Tuesday that it would include covered bonds into its stress test of UK banks, in contrast the European Banking Authority, which did not specifically mention covered bonds.

    29 Apr 2014

  • CFF to sell RMBS capital stack

    After issuing its second covered bond of the year on Tuesday, Crédit Foncier de France is set to return to the capital markets and fund its residential mortgages with an RMBS, the first sale of the product from France since 2006. But in contrast to covered bonds, the RMBS is driven by capital considerations with the leads confirming that the issuer intends to place all of the subordinated notes.

    29 Apr 2014

  • Etisalat shrinks loan for Maroc Telecom, wins tight pricing

    Etisalat, the Abu Dhabi telecoms firm, has signed €3.15bn-equivalent of loans from banks to finance its purchase of Vivendi's 53% stake in Maroc Telecom, reports GlobalCapital.

    29 Apr 2014

  • Italian banks slow to repay LTRO

    Italian banks' repayments of liquidity drawn under the European Central Bank’s (ECB) long-term refinancing operation (LTRO) have been slower than in most other European countries, said Fitch on Wednesday. Analysts say Italy’s smaller banks are going to be increasingly incentivised to term out ECB liquidity with publicly syndicated covered bond issuance, but with stress test results due in October, time is running out.

    29 Apr 2014

  • Scholars give blessing to HSBC Pakistan buy-out

    Meezan Bank’s takeover of HSBC’s Pakistan business has moved a step closer, with scholars approving initial guidelines to convert the unit to Shariah compliant.

    29 Apr 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%