• Sport Group signs €180m loan to replace debt from 2006 buyout

    Sport Group, the German sport and leisure surfaces installation company, has signed a €180m loan.

    30 May 2014

  • Retailer B&M valued up to £2.9bn in IPO

    B&M’s London IPO will value the UK retailer at up to £2.9bn, after pricing for the firm’s shares was set at 230p-290p on Friday.

    30 May 2014

  • Electrica energises Romanian privatisations with London IPO

    Romanian electricity distributor Electrica launched the latest deal in Romania’s slow-moving privatisation programme on Friday. It will sell stock in Bucharest and London.

    30 May 2014

  • St1 Nordic raises €100m with unrated bond

    St1 Nordic, the Finnish refining and petrol station group, issued a €100m bond on Tuesday to refinance debt.

    30 May 2014

  • Halkbank USD500m 4.75% Jun 19

    30 May 2014

  • EM fund inflows strong but clearer Fed guidance needed, says IIF

    Emerging market bond and equity funds have accumulated $45bn in May, the highest inflows since September 2012, according to data from the Institute of International Finance.

    30 May 2014

  • Low yields, optimistic growth preoccupies investors

    The apparent contradiction between optimism on economic growth and ultra-low government bond yields is preoccupying investors as we head into the summer.

    30 May 2014

  • Ratings upgrades ease the way for Kaisa return

    Improved sentiment towards the Chinese property sector and recent ratings upgrades helped Kaisa Group Holdings to attract a whopping $5.6bn order book for its second dollar issue of the year on Thursday.

    30 May 2014

  • Modi fever pushes ICICI tap inside existing bond

    ICICI Bank made the most of the voracious post election appetite for Indian credits to price a $250m tap of its 4.8% 2019s inside of where the existing bond was trading on Thursday. It was the first time that an Asian issuer has achieved such a feat, according to bankers.

    30 May 2014

  • CMB Hong Kong seeking dollar debut

    China Merchants Bank (CMB) Hong Kong branch will be meeting investors next week for a proposed debut dollar bond after setting up a new $5bn EMTN programme this week.

    30 May 2014

  • Sunac builds $250m loan for Greentown acquisition

    Sunac China Holdings, which on May 22 announced that it is acquiring a stake in Greentown China Holdings, is speaking to lenders for a loan of $250m, in a deal that bankers say is being directly arranged by the borrower.

    30 May 2014

  • Asia Cement builds $250m five year in the market

    Asia Cement (China) Holdings, which started speaking to banks earlier in May for a $250m loan, has picked Bank of Taiwan as the bookrunner, launching the deal to the market this week.

    30 May 2014

  • State support gives boost to Beijing Auto debut

    Beijing Automotive Group printed Rmb1.5bn ($243m) for its debut international bond on May29. The unrated automaker’s close ties to the Beijing Municipal government helped its three year issue to build a strong following with investors.

    30 May 2014

  • Frasers Centrepoint Trust nets $129m from private placement

    Singapore listed Frasers Centrepoint Trust raised S$161.5m ($129m) on May 29 through a private placement of 88m new units, the company announce on May 30.

    30 May 2014

  • Tencent makes slow connection for $200m loan

    Internet firm Tencent Holdings, creator of messaging service WeChat and QQ, has sealed its $200m loan five months after it was launched into syndication, in a deal that drew a very weak response from the market due to its tight pricing.

    30 May 2014

  • Icon Offshore secures nine cornerstones for $294m IPO

    Offshore supply vessel operator Icon Offshore opened books to its MR945m ($294m) IPO on May 30 with more than half the deal secured with cornerstones and only 9.8% of shares available for international investors.

    30 May 2014

  • Has the Singapore IPO market lost its mojo?

    Casinos (and wine) may be all the rage these days in the City-state, but its IPO market appears to be drowning in its Singapore Sling.

    30 May 2014

  • Wells Fargo EUR1bn 2.125% Jun 18

    29 May 2014

  • The Mumble: Vive la différence

    French regions may find themselves under pressure to raise funding as the central government looks to save cash by reducing transfers to regional and local authorities by €11bn between 2014 and 2017. Fortunately help is at hand in the guise of a brand new issuer: Agence France Locale, which should — by agglomerating regional funding needs — be able to offer smaller regions cheaper financing than they would be able to obtain in the open market. But there are a lot more factors than just cost to consider.

    29 May 2014

  • AAOIFI secretary general jumps ship

    Khaled Al Faikh has left his job as secretary general of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

    29 May 2014

  • Affordable homebuilder signs MR100m financing

    Malaysian property developer Aspen Group has signed an MR95.5m ($29.7m) Islamic financing facility with the Malaysia Building Society to fund the state's first privately-initiated affordable housing project.

    29 May 2014

  • Obvion to test ever lower limits for Dutch RMBS as Achmea goes private

    Rabobank’s Obvion has mandated banks for its first public STORM RMBS transaction of 2014, just as poor supply is helping Dutch prime RMBS spreads challenge those of the UK at the tight end of the European market.

    29 May 2014

  • ECB defines covered bond CRD eligibility

    The European Central Bank (ECB) has introduced a new field to its asset eligibility function which shows more detail on whether a covered bond is compliant with the capital requirements directive. Despite some teething problems, it is likely to prove helpful in showing covered bond holders whether their investment is eligible for preferential regulatory treatment.

    29 May 2014

  • ABS and covered bond regulation will get even

    The regulatory herding of investors into covered bonds and away from the high quality end of the ABS market may soon be about to end. The Bank of England and European Central Bank joint report on securitization, published on Friday, suggests that the two central banks are going to even the regulatory playing field between the two not-so-different asset classes.

    29 May 2014

  • Secondary pricing update — KfW's $6bn two year and Sweden's supertight three year

    Read on to see how selected benchmarks are faring in secondary. 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.

    29 May 2014

  • RBC GBP250m FRN Jun 19

    29 May 2014

  • Turkish banks return — Halk succeeds with big book, others line up

    Halkbank this week led a revival in Turkish bank issuance, reported GlobalCapital, selling the first paper since April and the third deal of the year so far from the sector, while Vakifbank announced plans for a euro roadshow.

    29 May 2014

  • FLF style ECB action may hit covered bond supply

    The covered bond supply outlook is set to improve next week, but with the European Central Bank (ECB) possibly set to embark on targeted asset purchases, covered bond analysts have become more guarded on the medium term supply outlook.

    29 May 2014

  • CBA GBP300m 2.25% Dec 18

    29 May 2014

  • CNP Assurances EUR500m 4.25% Jun 25 T2

    29 May 2014

  • Orders pour in for EIB’s Canadian dollar tap

    The European Investment Bank tapped five year Canadian dollar bonds on Friday, benefiting from unexpectedly strong demand to more than double the size of the outstanding debt.

    29 May 2014

  • Spanish NPLs continue to rise in multi-Cedulas

    Non performing loans in multi-Cédulas deals are continuing to rise according to Moody’s. And Bank of Spain data released last week showing that the trend maybe levelling off, understates the actual level by as much as half. See The Cover's interactive chart for more.

    29 May 2014

  • Funding scorecard - Sovereigns

    This week's scorecard covers the funding progress of sovereign issuers, with every issuer with a funding year that matches the calendar year either over the halfway mark or approaching it. Next week's scorecard will deal with European supranationals and agencies.

    29 May 2014

  • Credit Suisse EUR1.75bn 1.375% Nov 19

    29 May 2014

  • Kuveyt Turk looks to issue benchmark dollar sukuk

    Kuveyt Turk looks set to become the second Turkish participation bank of the year to bring a dollar sukuk, having applied to the country’s Capital Markets Board to issue up to $500m to foreign investors.

    29 May 2014

  • Etiqa scores first for takaful sukuk

    Malaysia’s largest takaful operator, Etiqa Takaful, has issued a MR300m ($93.2m) debut subordinated sukuk – the first of its kind from an Islamic insurance provider.

    29 May 2014

  • Goldman Sachs EUR750m 2.875% Jun 26

    29 May 2014

  • Nosebleed territory

    Today occasioned my one month anniversary at Chaucer Securities and it is only with immense difficulty and regret that I can tell you, Gentle Reader (as if you give a monkey’s), that these four weeks have passed more profitably and more enjoyably than I could have imagined or hoped.

    29 May 2014

  • Mexico flying high as Inbursa, Findep price tight

    Fairy tale conditions for Mexican issuers show little sign of letting up as commercial lender Banco Inbursa and microfinance company Financiera Independencia (Findep) sold well oversubscribed deals.

    29 May 2014

  • Evraz gives Russian blueprint

    Evraz launched a $700m deal this week to become the first Russian borrower to try to tackle the loan market since the country annexed Crimea on March 18. Other Russian borrowers considering loans can learn from its approach.

    29 May 2014

  • AMX faces up to local currency test after tight euro deal

    If América Móvil can’t, no one can. That is the message from Latin American DCM bankers and bond buyers as the Mexican telco prepares to bring back local currency issuance to the region with the first reopening of its innovative títulos de crédito extranjero programme in more than a year.

    29 May 2014

  • Cyprus flirts with bailout buster as periphery rockets

    Eurozone periphery sovereigns proved that a sell-off of their debt two weeks ago was merely a blip in their hot streak since the turn of the year, as Italy – fresh with a strong mandate for its reformist government, led by Matteo Renzi, in last week’s European Parliament elections – crunched down its funding costs to record lows at auction, while Cyprus sounded out banks for a syndication in what would be the quickest turnaround of any of the bailed-out sovereigns. Craig McGlashan reports.

    29 May 2014

  • DB hires rates chief in NY - Mitusbishi appoints Germany DCM head - VTB banking head joins Euronext

    29 May 2014

  • Verizon hopes £600m exchange will be seen as win-win

    Verizon Communications, the US mobile phone company, has launched an exchange offer, hoping to swap an old £600m bond with a coupon of 8.875% for new notes at a much lower rate.

    29 May 2014

  • CLO pipeline marches on amid ‘robust’ triple-A demand

    The pipeline of new CLO issuance continues to swell, shrugging off some of the summer malaise afflicting other parts of the capital markets. Although only one broadly syndicated loan CLO was priced this week, some seven deals were marketing as of Thursday afternoon, with triple-A demand described as “robust”.

    29 May 2014

  • CBOE to launch end-of-month S&P options

    The Chicago Board Options Exchange plans to launch July 7 afternoon-settled, end-of-month options on the S&P 500.

    29 May 2014

  • Austria EUR4bn 1.65% Oct 24, EUR2bn FRN Jun 20

    29 May 2014

  • Resimac, Firstmac tap US despite retention fears

    Australian non-bank mortgage lenders Resimac and Firstmac were again showing faith in the appeal of Australian RMBS to foreign buyers this week as they headed to the US to sell part of their latest transactions, despite uncertainty over the potential effect of US risk-retention rules.

    29 May 2014

  • Mizzed me? SSA veteran Ed to BMO Capital Markets

    A veteran syndicate banker is set to return to the markets to boost a Canadian bank’s syndication and origination efforts in Europe.

    29 May 2014

  • Wells whopper continues dollar deluge

    Wells Fargo continued the slew of big ticket issuance from financial names with a $4.5bn deal that pushed its total dollar funding in the past six weeks beyond $8bn.

    29 May 2014

  • BlackRock tie-up to send flow to MarketAxess

    E-trading bond platform MarketAxess is bidding to capture more of the order flow associated with fixed income ETFs, following a tie-up with BlackRock, founders of the ETF industry and managers of the iShares brand.

    29 May 2014

  • MTN Leak: An archipelago of MTNs

    A staple of the MTN calendar may have released a 'save-the-date' email this week, but it was a new kid on the MTN event block that really set dealers’ hearts racing.

    29 May 2014

  • Italian ABS looks upon another Sunrise as its public revival spreads

    Investor thirst for Italian asset-backed paper is proving hard to quench at the moment, with bankers seeing more accounts gaining mandates to invest in Italian transactions and issuers spreading a recent revival in public ABS issuance from the country to two more asset classes.

    29 May 2014

  • OCC said to veto waiving manager removal rights as CLO Volckerisation method

    The Officer of the Comptroller of the Currency, one of the US federal agencies tasked with implementing the Volcker rule, has reportedly said it will not accept bank investors waiving their right to remove and replace CLO managers as a way of making legacy CLO transactions Volcker-compliant.

    29 May 2014

  • Investors lavish attention on CNP sub deal

    French insurer CNP Assurances highlighted the scale of demand for sub debt from insurance companies on Tuesday, drawing a monster order book for its first deal in almost a year.

    29 May 2014

  • Jumbo levloans just make emptiness in the mid-market echo all the more loudly

    The leveraged loan market has hosted some atypically big M&A deals over the last few months, including most recently €7.5bn for DE Master Blenders. But these attention-grabbing deals cannot hide the continued paucity of deals in the mid-market.

    29 May 2014

  • Eurofima CHF280m 0.625% Jun 21

    29 May 2014

  • Bank of Communications CHF300m 0.875% Jun 17

    29 May 2014

  • OC Oerlikon CHF300m 1.25% Jun 19, CHF150m 2.625% Jun 24

    29 May 2014

  • RBC looks longer with boldly priced sterling floater

    Royal Bank of Canada and Commonwealth Bank of Australia took to the sterling market on Wednesday. CBA drew solid demand for a fixed rate deal in the belly of the curve, while RBC opted for an unusually long tenored floater.

    29 May 2014

  • Lloyds and HBOS set to buy back own covered bonds again

    Lloyds Bank announced a tender for three short-dated covered bond deals denominated in euros and sterling on Tuesday in its second liability-management exercise in covered bonds within the past year.

    29 May 2014

  • More French regions set for MTN market as government pulls funds

    A growing sector of the medium term note market could receive an extra injection of diversity, after a new report from Moody’s this week predicted that swingeing cuts to French local and regional governments’ budgets will increase debt levels.

    29 May 2014

  • Alstom Auxiliary Components sets guidance on €430m loan

    Alstom Auxiliary Components has released price guidance on the two tranches of its €630m-equivalent facility, which will back its purchase from Alstom by private equity fund Triton.

    29 May 2014

  • IBA planning first benchmark dollar bond

    International Bank of Azerbaijan started investor meetings this week for its first dollar benchmark bond. The issuer can use a recent sovereign benchmark as a pricing reference point, although asset quality and Russian exposure could push it well wide of government spreads.

    29 May 2014

  • Outlook: Fincantieri gets out before huge rush of pre-summer issuance

    With even more supply expected in the already heaving equity capital markets, bankers are having to position their deals carefully to prevent investors losing sight of them amid the wave of issuance. The IPO for Italian shipping firm Fincantieri, which was launched on Thursday, was pilot-fished to investors to prepare them for the deal as another surge of issuance approaches.

    29 May 2014

  • TBC Bank sets range after calming investor worries

    Georgian TBC Bank is set to be valued at up to $765m as it starts bookbuilding on the country's second ever IPO on Monday, after an educational period spent calming investors' worries about the region.

    29 May 2014

  • Westpac New Zealand returns as others line up

    The primary covered bond market is set to pick up next week, with deals from issuers in the UK, Germany and New Zealand in the offing. Yorkshire Building Society announced its intention to go on the road and bring its first euro deal in five years, Westpac New Zealand has said it also launch a roadshow next week to market the first covered bond since the country enacted a legal framework and Dexia Kommunalkreditbank is set to return with its first deal since 2011.

    29 May 2014

  • Mizuho nabs $300m for BP with FRN

    BP, the UK oil company, issued a $300m Eurodollar medium term note via Mizuho on Tuesday, in a follow-up to its $550m public Eurodollar issue on May 13.

    29 May 2014

  • Tight window no problem in senior as banks offer premiums

    Financials shrugged off a short week to print €4.5bn of senior euro debt in just two days, as issuers looked to hit the market ahead of next week’s ECB meeting. The promise of more attractive new issue premiums than in recent weeks helped to buoy the trades, with issuers showing growing willingness to pay up slightly to grab investors’ attention.

    29 May 2014

  • Nordax to sell more juniors in consumer ABS

    Scandinavian consumer lender Nordax Finans is set to sell notes down to triple-B in its second Norwegian krone securitization, offering twice as many tranches as its first three years ago and at a fraction of the spreads.

    29 May 2014

  • Supra scarcity boosts Eurofima Swissie

    Eurofima returned to the Swiss franc market after a five year absence this week, hitting its size cap despite aggressive pricing. A lack of supply from other agencies helped drive demand for the deal.

    29 May 2014

  • Hugo Boss owner sells down, slower than expected

    The private equity owner of Hugo Boss sold down a €400m stake in the German fashion firm on Tuesday night – a smaller chunk than many in the market had expected – which helped drive demand.

    29 May 2014

  • PGE on track for debut despite downgrade

    Moody’s cut Poland’s PGE Group by one notch on Monday, the same day the issuer started investor meetings ahead of its first ever euro bond deal. However, the borrower remains investment grade despite the downgrade, which together with the lack of issuance from CEE corporates is whetting appetites for the issuer’s entry into the international bond market, said debt bankers on the deal.

    29 May 2014

  • Smurfit slashes interest with €500m bond

    Irish packaging business Smurfit Kappa priced €500m of senior notes to yield 3.25% on Wednesday, as it took advantage of improved performance and credit ratings to reduce its interest payments by redeeming bonds with a 7.75% coupon.

    29 May 2014

  • Rise of the institutional loan deserves attention

    If anyone had been in doubt about institutional investors’ confidence to enter the leveraged loans market, two jumbo deals in February likely changed their minds, and new data shows that the trend is continuing.

    29 May 2014

  • TSB float hopes to dodge worries about UK and more sales

    Lloyds Banking Group began its long-awaited float of TSB on Tuesday, hoping that the rare opportunity to find exposure to UK retail banking will allow investors to look through the weakening sentiment for UK IPOs and any worries about the run of further sales that are to come.

    29 May 2014

  • Punch bondholders stake claim for equity swap deal

    Investors holding more than one-third of Punch Taverns’ whole business securitizations this week proposed a debt-for-equity swap in the latest bid to restructure the debts of the stricken UK pub group.

    29 May 2014

  • Turkish banks return — Halk succeeds with big book, others line up

    Halkbank this week led a revival in Turkish bank issuance, selling the first paper since April and the third deal of the year so far from the sector, while Vakifbank announced plans for a euro roadshow and Kuveyt Turk made public its plans to issue sukuk.

    29 May 2014

  • High yield bonds, News in brief - May 30, 2014

    Huntsman increases tap — CABB roadshows notes

    29 May 2014

  • IG and EM syndicated loans- news in brief, May 30, 2014

    Mashreq - Sonangol - BB Energy - ICBC London

    29 May 2014

  • PIK toggle marches into 2014, and marches into loans

    Will payment-in-kind debt ever lose the power to shock and bewilder? After a short respite, one of high yield’s most controversial creations has returned to the market. Investors are scooping it up like gluttons, but they should be wary of agreeing to ever more aggressive terms.

    29 May 2014

  • BAML plots next phase of advisory build-out

    Bank of America Merrill Lynch’s Christian Meissner, CEO of the investment bank, said that BAML would carry on shifting its investment banking business away from DCM to more ECM and M&A, and emphasise international business.

    29 May 2014

  • SocGen keeps Russia faith with DCM hire

    Société Générale has hired Yury Kiselev as a director in its DCM team covering Russia and CIS Eurobonds. Kiselev was hired from Citi where he was head of local debt capital markets in Russia.

    29 May 2014

  • Saga sags as bankers blame advisors, markets and marketing

    Saga priced at the bottom of its range and emerged into a soggy aftermarket on Friday, with bankers ruing tough markets, questionable marketing and a complex IPO process amid the disappointment surrounding one of the year's most anticipated deals.

    29 May 2014

  • Polish cable firm pulls IPO amid worries

    Polish cable firm Multimedia Polska pulled its IPO on Wednesday night, as the pension fund reform that larger deals had swatted off came back to hurt it, alongside a general lack of excitement around the deal.

    29 May 2014

  • Mizuho hires HY trading head from DB

    Andrew Jarman, who was European head of high yield credit trading at Deutsche Bank, has joined Mizuho in the same role as part of the firm's build out in leveraged products, writes Hazel Sheffield.

    29 May 2014

  • ICE places a third of Euronext ahead of IPO

    InterContinentalExchange (ICE) has placed a third of stock exchange operator Euronext with European financial institutions in its key markets in a deal that could allow the owner to fully exit the company in an IPO launched on Tuesday.

    29 May 2014

  • Investors eye Russell vol as options volumes spike

    Hedge funds and institutional investors are increasingly considering taking positions in futures and options on the Chicago Board Options Exchange Russell 2000 Volatility Index (RVX) as a way of managing their small-call stock exposure.

    29 May 2014

  • Triana enhances CreditLink

    Traiana has improved its CreditLink service by giving buyside clients greater functionality when trading credit or interest rate derivatives on swap execution facilities.

    29 May 2014

  • Jersey to price close to cream of UK credits

    An innovative new UK guaranteed bond sold last week is set to be one of the main price points when the States of Jersey prints its debut bond, people familiar with the discussions have told GlobalCapital.

    29 May 2014

  • Emaar eschews Nasdaq, LSE for mall listing on DFM

    Emaar will IPO its mall unit on the Dubai Financial Market after receiving a waiver on the restrictive requirements that have sent many competitors to other exchanges. Some of those competitors had hoped to snap up the Emaar Malls deal, which could be worth up to $2.5bn.

    29 May 2014

  • Nordic lenders predict more refis and growth in M&A

    The Nordic loan market is set for a year of more refinancings and a slight increase in M&A activity compared to last year, according to a Loan Market Association survey.

    29 May 2014

  • Mysale floats to finance global growth

    Mysale Group, the online clothes retailer, has launched an IPO that will see its shares listed on London’s Alternative Investment Market.

    29 May 2014

  • Fincantieri IPO sends investors hunting for comparables

    Investors are casting their net far and wide to find valuation comparables for Italian shipbuilder Fincantieri, which has launched an IPO to raise up to €600m.

    29 May 2014

  • Will election results scupper banking and fiscal union?

    What happens when an unstoppable force meets an immovable object? For Europe’s policymakers, the past two years or so — since EU president Herman Van Rompuy set out his roadmap for banking union and fiscal integration in the eurozone — have been an exercise in answering that question.

    29 May 2014

  • America Movil EU600m 1% May 19

    29 May 2014

  • Algo indices on the rise

    Investment banks are expanding their algorithmic systematic product offering, or so called algo indices, in an effort to cover multi asset classes such as fx, rates, commodities and equities.

    29 May 2014

  • Huntsman increases tap to €145m, prices deal

    Huntsman International, the chemicals manufacturer listed in New York, increased the size of its senior note tap by €45m before pricing it on Wednesday.

    29 May 2014

  • Polish cable firm pulls IPO as pension worries rear head again

    Polish cable firm Multimedia Polska pulled its IPO on Wednesday night, as the pension fund reform that larger deals had swatted off came back to hurt it, alongside a general lack of excitement around the deal.

    29 May 2014

  • Hedge funds, real money trade steepeners on Banco Espirito Santo

    Hedge funds and active real money accounts are trading credit steepeners on Banco Espirito Santo after an audit found alleged irregularities surrounding debt owned by Espirito Santo International, causing a spike in volatility on the name.

    29 May 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%