• Funding scorecard: European supranationals and agencies

    This week's scorecard features updates on the borrowing programmes of selected European supranationals and agencies. Read on to find out which borrower is over 90% done for the year.

    31 Jul 2014

  • Moody’s avoids Multi-Cédulas devastation

    Moody’s finally got round to taking rating action on over 40 Spanish multi-Cédulas covered bonds on Friday — some two years after putting them on review for downgrade. By biding its time the agency avoided the harsh downgrades to junk many had feared would cause forced selling.

    31 Jul 2014

  • Egypt inks IsDB loan to help youth

    Egypt has signed a $25m Shariah-compliant financing facility with the Islamic Development Bank (IsDB) to develop vocational training centres to help address the country’s high level of youth unemployment.

    31 Jul 2014

  • Secondary pricing update — including Greece's €1.5bn three year bond

    Banco Espírito Santo reported a €3.6bn loss this week, but the Portuguese soveriegn looks safe from contagion. Its $4.5bn October 2024 from four weeks ago has tightened versus swaps since pricing.

    31 Jul 2014

  • IFC tap creates largest London-listed offshore renminbi

    The International Finance Corporation created the largest London-listed Renminbi bond on Friday with a Rmb750m ($121.5m) increase of a January 2017 note.

    31 Jul 2014

  • Malaysia dollar supply hits highs

    The proportion of Malaysian sukuk sold this year denominated in dollars is its highest in at least a decade, according to IFIS data. It is running at more than twice the average — for either year to date or end of year — of the last 10 years.

    31 Jul 2014

  • World Bank raises $1.75bn of long two year money

    The World Bank printed $1.75bn of long two year paper on Thursday evening, 3bp tighter versus swaps than where it borrowed in a similar maturity in June and increased from an original target size of $1bn.

    31 Jul 2014

  • The Mumble: Le Pen is mightier than Lagarde?

    The news that National Front leader Marine Le Pen is ahead in the French presidential race polls will provoke nothing more than a wearied sigh from most in the market. After a strong showing from anti European Union parties in May’s European elections, which the markets took in their stride, it seems that politics can’t hurt the feel-good buzz in European debt markets spurred on by the European Central Bank’s easing policy. But market participants can’t afford to take their eyes from political developments.

    31 Jul 2014

  • Guessing games: market misreads Argentina talks

    Making money on Argentine assets has been mainly a guessing game throughout the recent court case, admits one hedge fund manager. And market movements in bonds and shares left investors flummoxed this week.

    31 Jul 2014

  • Criminalising management could backfire

    The UK authorities are proud world leaders in the persecution of bank management, and with some justification. But despite the best efforts of politicians and commenters in The Guardian, there is a conspicuous lack of bankers behind bars. Even Fred Goodwin, rightly blamed for the collapse of RBS, remains at liberty, though stripped of his knighthood.

    31 Jul 2014

  • Privatisations fill up calendar as ECM preps for new term

    As the summer lull truly took hold this week ECM bankers were looking to the deals that could be launched in September and beyond, and wondering what factors could derail a continuation of the record issuance seen in 2014 so far.

    31 Jul 2014

  • Europe hurls Sberbank into sin bin in latest Russia blow

    Sberbank, the largest of Russia’s state owned banks has been included on the list of EU sanctioned entities, shocking some investors who had hoped the sanctions would be limited to policy banks. But although the identities of the institutions sanctioned were clear enough, bankers are now deciphering just what it is they are not allowed to do for them.

    31 Jul 2014

  • Matrix Capital plans trust sponsored equity structured products

    Washington D.C.-based brokerage Matrix Capital Group is looking to launch a capped structured product that will track the Russell 2000 index via exchange-traded options, while using a unit investment trust-sponsored wrapper to help eliminate credit risk.

    31 Jul 2014

  • VTB loan first casualty as sanctions kill prized market

    Few things were clear this week about the European Union’s stance on sanctioning Russian syndicated loans, even after the EU published the legal acts in its official journal late on Thursday. But most bankers were emphatic that the market is shut — at least for western banks. This stance will remain, as the result of fear of fines if not clarity of rules, they said, with the immediate casualty being VTB’s prospective $1.5bn-$2bn loan, which was said to be close to the line last week.

    31 Jul 2014

  • Lyxor launches maiden AIFMD funds

    Lyxor Asset Management has launched two multi-strategy funds, the Lyxor Diversified Fund and the Lyxor Focus Fund which are fully compliant with the Alternative Investment Fund Managers Directive.

    31 Jul 2014

  • Standard Volckerisation proves challenging

    Even after large CLO buying banks banded together with the Clearing House Association to come up with standardised legal language to make legacy CLOs compliant with the Volcker rule, the language and methods used by CLO managers to Volckerise their deals still varies widely, market participants told GlobalCapital this week.

    31 Jul 2014

  • UKTi GBP5bn Linker Mar 58

    31 Jul 2014

  • Portuguese upgrade shields covered bonds from bad BES news

    Moody’s upgrade of Portugal bodes well for prospective covered bond upgrades and should help to limit contagion related to the troubled Portuguese lender, Banco Espírito Santo, said bankers.

    31 Jul 2014

  • FCA finds firms rarely manage 'best execution'

    The Financial Conduct Authority’s review into “best execution” founds that most firms are not doing enough to meet the regulator’s standards. It also highlights continued payment for order flow at some firms, which contravenes its guidelines.

    31 Jul 2014

  • Virgin Money GBP160m 7.875% Perp NC10 AT1

    31 Jul 2014

  • BES fails to dent Portugal, Italian politics worry

    The Portuguese sovereign proved itself all but immune to the latest woes stemming from Banco Espírito Santo this week, as even the bank’s worse than expected results failed to make much of a dent on the country’s secondary yields. But while the outlook for the periphery is bullish, some analysts warned that political risks are rising in Italy.

    31 Jul 2014

  • Standardised CLO Volckerisation methods still a way off

    Even after large CLO-buying banks banded together with the Clearing House Association to come up with standardised legal language to make legacy CLOs compliant with the Volcker rule, the language and methods used by CLO managers to Volckerise their deals still varies widely, market participants told GlobalCapital this week.

    31 Jul 2014

  • Ireland enjoying interest in money markets as debt office mulls exchange

    Ireland’s capital market renaissance spread to the very short end of the curve this week, as it sold its largest piece of commercial paper outside its home currency in two years. Meanwhile, the sovereign is also seeking to reduce its near term redemption pile as part of its recovery process after coming off International Monetary Fund and European Union support last year.

    31 Jul 2014

  • Republicans bleed Ocwen to aid smaller banks

    House Republicans are continuing to hammer away at Dodd-Frank and non-bank mortgage servicer Ocwen Financial as a means to help regional and community banks compete for servicing assets.

    31 Jul 2014

  • MTN Leak: All Botta His Self

    With holiday season in full flow and other colleagues out of the office, poor Vincenzo Botta found himself alone on Citi’s desk on Monday.

    31 Jul 2014

  • US high grade supply slump continues amid volatility

    The corporate US investment grade market limped to its lowest monthly tally for three years in July after five borrowers raised just over $3bn this week. With a backdrop already buffeted by geopolitical uncertainty, issuance was further subdued as US blue-chip borrowers continued in earnings blackout or remained on the sidelines in a week dominated by the Federal Reserve’s two day meeting on Tuesday and Wednesday, while the publication of June non-farm payroll data on Friday held back fresh issuance on Thursday.

    31 Jul 2014

  • Norway’s Lindorff on the road for €1.45bn LBO bond

    Lindorff, the credit management firm, began roadshowing €1.45bn of senior notes on Tuesday, to finance its takeover by Nordic Capital.

    31 Jul 2014

  • Credit Suisse leads flurry of names into choppy US waters

    Credit Suisse this week led a school of FIG issuers through choppy conditions, showing the resilience of the dollar market.

    31 Jul 2014

  • High yield bonds, News-in-Brief — August 1, 2014

    PAI completes bond — Play prices toggle notes — Grainger taps 2020 deal

    31 Jul 2014

  • UBS’s debt team outperform thanks to FIG and levfin

    UBS reported this week that its DCM revenues for the second quarter were up 50.8% on the year — an incredible performance relative to its peer group and to the broader market. It credits US leveraged finance for much of the increase, but in Europe, bank capital raising was the sector which stood out.

    31 Jul 2014

  • Kosmos debut bond attracts EM and HY investors

    Kosmos Energy, the New York-listed oil and gas exploration firm, priced its $300m debut bond last Friday (July 25) at par to yield 7.875%.

    31 Jul 2014

  • Générale de Santé allocates €1.1bn loan after finishing oversubcribed, despite cutting margin

    Générale de Santé, the French private healthcare provider, allocated its €1.1bn acquisition loan on Tuesday after cutting the margin on the term loan ‘B1A’ to 350bp over Euribor.

    31 Jul 2014

  • Akbank leads second Turkish bank loan wave

    Akbank is back in the market with a loan that bankers say will kick-start the year’s second wave of Turkish bank refinancings and set the benchmark for pricing. Two other major institutions are already said to be in close pursuit.

    31 Jul 2014

  • BES mess gets worse amid capital scramble

    The same investors that saw their €1.1bn investment in Banco Espírito Santo plunge over 60% in the weeks following the Portuguese lender’s capital raise could support another deal to plug an up to €4.5bn hole in the bank’s balance sheet that emerged on Wednesday evening — even as commentators asked whether shareholders could pursue legal action.

    31 Jul 2014

  • Leveraged loans - news in brief, August 1, 2014

    Huvepharma - MacDermid - GNF Telecom - Amtek - Orion - Continental Foods

    31 Jul 2014

  • Rottapharm bought by Meda, beating valuation in pulled IPO

    Rottapharm Madaus, the Italian drug firm that pulled its IPO amid tough markets just three weeks ago, has been acquired by a Swedish peer company at a valuation nearly 20% above the top of the range in the failed IPO. Meda will finance the €2.3bn deal through the debt and equity markets.

    31 Jul 2014

  • Summer will be no panacea for Russian loan headache

    Loans bankers were looking for silver linings this week in the run up to deeper sanctions against Russia. At least the market has shut down in August, when Russians take their summer holidays. No deals would have been done anyway, so no matter. But the situation will not be over by the autumn, and August is not the listless month many market participants assume.

    31 Jul 2014

  • Equity Capital Markets, News in Brief — August 1, 2014

    Bank of Cyprus — Alcatel-Lucent — Prisa — DDM Group — RB Pharmaceuticals — Petra Diamonds

    31 Jul 2014

  • Euro investors seeking yield stoke HY market

    High yield transactions made up 25% of the volume of euro-denominated corporate bond transactions priced so far this year, compared to 20% during the same period in 2013, according to Dealogic data.

    31 Jul 2014

  • Rising rates creating opportunities in Kiwi dollars

    More issuers could follow Bank Nederlandse Gemeenten into the New Zealand dollar market as the country’s rising interest rates create yield grabbing opportunities in the currency, according to niche currency bankers. The Australian dollar market has also produced activity, with L-Bank taking to the long end with a rare print in the currency on Tuesday.

    31 Jul 2014

  • Cap Gemini lifts loan to €750m with early extension

    French IT company Capgemini has signed an early extension of its January 2016 dated revolving credit facility and increased the size from €500m to €750m.

    31 Jul 2014

  • ISDA asked to consider Argentine CDS credit event

    The International Swaps and Derivatives Association determinations committee will consider Friday whether a failure to pay credit event has occurred on Argentinian credit default swaps. The request came after Standard and Poor’s placed the country’s credit rating on selective default following a failure to pay interest due Wednesday.

    31 Jul 2014

  • UK issuers still not crazy for converts

    While issuers from the UK continue to dominate equity capital markets, accounting for almost a quarter of EMEA’s total ECM volume in the first half of 2014, their activity in the equity-linked market remains disproportionately small.

    31 Jul 2014

  • BES subs dive to new lows as burden sharing risk grows

    Banco Espírito Santo’s subordinated bonds sank to new lows on Thursday after the bank posted losses far worse than expected after close of business on Wednesday night.

    31 Jul 2014

  • Citi plays games with Thrones as AA tranche 20% covered

    Citi priced Thrones 2014-1 on Thursday, despite the last book update at 1.30pm announcing the double A tranche being just 0.2 times done, and some of the others also uncovered at 0.9 times for the class A, 0.7 times on the class E, and 0.5 times on the class F. It did not give a further update on whether the deal was fully covered by investor demand, but priced the deal between 6pm and 8pm on Thursday evening.

    31 Jul 2014

  • Bail-in threat leaves Moody’s negative on Swiss banks

    Moody’s changed its outlook on the Swiss banking system to negative on Thursday. The change was driven mainly by the Swiss regulator’s move towards implementing a new bank resolution framework allowing the bail-in of creditors of failing banks.

    31 Jul 2014

  • BES results hit Lusitano RMBS, but peripheral softening muted

    The release of Banco Espírito Santo’s results on Thursday led to a widening in its Lusitano RMBS programme, causing modest weakness across other peripheral ABS markets.

    31 Jul 2014

  • ANZ plunges into Kiwi market as rising rates draw buyers

    More issuers are expected to tap the New Zealand dollar market soon, following a Eurobond from ANZ on Monday. Syndicate bankers away from the deal predict that issuers will look to take advantage of growing investor interest in the high yielding currency.

    31 Jul 2014

  • CEEMEA fails to cast aside EM woes as Seven Energy pulled

    CEEMEA issuers outside of Russia and Ukraine seemed determined to go forward with their plans to issue bonds this week. But Seven Energy, the only dollar issuer that was expected to print, postponed its deal as the combination of the Argentina default, the €3.6bn loss at Portuguese bank Banco EspÍrito Santo, the Russian sanctions and the suspension of top executives at another Nigerian oil explorer, Afren, rocked the bond markets.

    31 Jul 2014

  • People Moves in Brief

    Internal moves into Deutsche's SSA syndicate — Barclays hires BAML levfin banker — All change at JP Morgan ECM — StanChart makes switch to replace Nelson

    31 Jul 2014

  • Barclays hires MDs for two London teams

    Barclays has hired a managing director from Bank of America Merrill Lynch for its UK leveraged finance business, and relocated another banker to its UK financial sponsors group.

    31 Jul 2014

  • Virgin AT1 shows FIG issuers can still be opportunist

    Even as geopolitics caused volatility, and many in the European FIG market took their summer holidays, Virgin Money Holdings took the opportunity to sell a £160m perpetual non-call five year additional tier one deal, bringing in an oversubscribed book and highlighting that issuers can still tap the market at attractive levels.

    31 Jul 2014

  • Paraguay, Findeter to test LatAm conditions

    Two Latin American borrowers will test new issue conditions next week in a bond market that DCM officials said is showing signs of “correcting itself” after a prolonged rally.

    31 Jul 2014

  • French project bond for broadband expansion

    Axione Infrastructures this week issued a €189.1m project bond. It was the first infrastructure project bond in France, and the first project bond in Europe for the development of digital infrastructure.

    31 Jul 2014

  • DDM Group to start trading after Skr130m equity issue

    DDM Holding, a Swedish investment company focused on acquiring distressed asset portfolios, has raised Skr130m ($18.85m) of new equity, and will list on Nasdaq OMX First North on August 5.

    31 Jul 2014

  • Alcatel-Lucent to list submarine network subsidiary

    Alcatel-Lucent Submarine Networks, a subsidiary of the French telecommunications equipment firm, is set to be spun off in an IPO in the first half of next year.

    31 Jul 2014

  • Auto execs speak out to defend subprime credits

    Subprime auto executives are pushing back against a wave of negative reports that they say inaccurately draw parallels between their lending practices and those in the pre-crisis US subprime mortgage business. The response comes as at least two smaller auto financiers sell new asset-backed securities.

    31 Jul 2014

  • BES mess gets worse amid capital scramble

    The same investors that saw their €1.1bn investment in Banco Espírito Santo plunge over 60% in the weeks following the Portuguese lender’s capital raise could support another deal to plug an up to €4.5bn hole in the bank’s balance sheet that emerged on Wednesday evening — even as commentators asked whether shareholders could pursue legal action.

    31 Jul 2014

  • European investors chase Blackstone’s US rental unit

    European investors are deepening the market for US rental housing as Blackstone Group and Deutsche Bank go overseas in search of fresh funding.

    31 Jul 2014

  • CIFC, Black Diamond prep new CLOs

    CIFC, which priced its most recent CLO just last month, has hired Morgan Stanley as arranger for its next deal, which is currently being marketed.

    31 Jul 2014

  • Cap Gemini ups loan facility to €750m with early extension

    French IT company Cap Gemini has signed an early extension of its January 2016-dated revolving credit facility and increased the size from €500m to €750m.

    31 Jul 2014

  • Bayview sells unrated RPL after scuttled deal

    Bayview Financial is foregoing the ratings process on a securitization of once defaulted mortgages (RPL for reperforming loans) after a ratings disagreement in May scuppered an attempted transaction.

    31 Jul 2014

  • Pioneering commodity deal floored by Russia crisis

    BNP Paribas has decided to prepay its pioneering commodity finance securitization Lighthouse Trade Finance No. 1, as since Russia precipitated the crisis in Ukraine, it can no longer find enough commodity receivables to continue backing the deal.

    31 Jul 2014

  • BNPP eases pain of US fine with strong results and restructuring

    BNP Paribas was in the spotlight on Thursday as it posted the largest loss in its history, but underneath the red numbers — caused by a huge fine for violating US sanctions — was a very strong performance.

    31 Jul 2014

  • Macdermid to close for commitments on $505m acquisition loan

    US chemicals producer Macdermid will today close the order book for a $505m loan to back the buyout of Chemtura Agrosolutions by its parent company, Platform Speciality Products.

    31 Jul 2014

  • Rottapharm bought by Meda, beating valuation in pulled IPO

    Rottapharm Madaus, the Italian drug firm that pulled its IPO amid tough markets just three weeks ago, has been acquired by a Swedish peer at a valuation nearly 20% above the top of the range in the failed IPO. Meda will finance the €2.3bn deal through the debt and equity markets.

    31 Jul 2014

  • UK regulators consult on 'Fred Goodwin's law'

    The UK has laid out a final set of rules for clawing back bonuses, increasing the clawback period to seven years, and is consulting on even tougher rules designed to hold bank management personally accountable — dubbed “Fred Goodwin’s law” by one market commentator, after the disgraced former CEO of RBS.

    31 Jul 2014

  • GNF Telecom €325m acquisition loan due to allocate

    The telecoms arm of Spanish utility Gas Natural Fenosa is set to allocate its €325m acquisition loan on Thursday.

    31 Jul 2014

  • Don’t expect the bear to bounce yet

    The Russia-Ukraine crisis has risen from its slumber in a roaring angry temper. Russia’s next recovery in the capital markets may not be as quick or as painless.

    31 Jul 2014

  • Play Topco prices PIK toggle notes

    Play, the Polish wireless telecoms firm, issued a €415m payment-in-kind toggle bond on Wednesday inside price guidance.

    31 Jul 2014

  • Grainger prices £75m tap of 2020 notes

    Grainger, the UK residential property company, has tapped its outstanding secured notes due 2020 for £75m.

    31 Jul 2014

  • Asifma calls for clarity on Safe rules

    The Asia Securities Industry & Financial Markets Association (Asifma) is to urge China’s State Administration of Foreign Exchange (Safe) for clarification of its revised rules on cross border guarantees. But bankers are unfazed by the ambiguity and are instead more concerned about constraints on remitting proceeds, writes Isabella Zhong.

    31 Jul 2014

  • EU, US sanctions block already scant Russian ECM pipeline

    The few Russian issuers considering a return to equity markets after the summer have likely had their plans derailed by the US decision to include VTB on its new list of sanctions amid other targets on Tuesday night.

    31 Jul 2014

  • Margin seg top concern in UCITS risk calculations

    Undertakings for Collective Investment in Transferrable Securities, or UCITS, funds should consider the manner and degree of margin segregation of derivatives at a clearinghouse rather than the type of derivative cleared when calculating counterparty risk, according to lawyers.

    31 Jul 2014

  • Singapore IPO market flush with deals but investors could be choosy

    The Singapore ECM market has sprung back to life, with companies raising $713m through IPOs in July alone — an incredible jump from the lacklustre volumes of the first six months of the year. And the rest of 2014 is already looking promising. But companies considering riding the momentum should be aware that investors are not ready to buy into every story, writes Rashmi Kumar.

    31 Jul 2014

  • Qihoo 360 serves up a storm with $900m dual-tranche CB

    Internet security provider Qihoo 360 Technology shook the market this week by launching the largest convertible bond from an Asian ex-Japan issuer in four years. The $900m size is eyecatching enough, but the offering has also been structured as a dual trancher, which is rare among issuers in the region, writes Rev Hui.

    31 Jul 2014

  • Akbank leads second wave of Turkish loans

    Financial institution Akbank is back in the market with a loan that bankers say will kick start the year’s second wave of Turkish bank refinancings and set the benchmark for pricing.

    31 Jul 2014

  • Burford exceeds target, closes £90m retail bond

    Litigation finance firm Burford Capital raised £90m from a retail bond, more than its £50m-£75m target, after a week-long offer period.

    31 Jul 2014

  • Olam makes aggressive return to dollar market, but too tight for some

    Olam International embarked on the next stage of its capital markets rehabilitation this week with a new dollar bond. The Singapore-based borrower was intent on repricing its existing curve, and duly presented the market with aggressive initial guidance. That approach drew some criticism, but bankers on the deal said the borrower achieved what it had set out to do, writes Virginia Furness.

    31 Jul 2014

  • BES subs dive to new lows as burden sharing risk grows

    Banco Espírito Santo’s subordinated bonds sank to new lows after the bank posted worst case scenario losses after close of business on Wednesday night.

    31 Jul 2014

  • VEB hopeful syndicated loans are not included in sanctions, renminbi option open but not imminent

    Sanctioned Russian development bank Vnesheconombank is hopeful that syndicated loans will not be included in the list of sanctions, and in bonds it could look to turn to the Chinese renminbi or Russian domestic market for funding, said one source at the bank.

    31 Jul 2014

  • Nigeria guides for reopening of two naira bonds in dollar friendly format

    The Federal Republic of Nigeria has released price guidance for the tapping of two of its outstanding naira bonds. The 15.1% April 2017s have initial guidance out at 11.35% area and the 19.39% January 2022s are talked at 12.25% area.

    31 Jul 2014

  • Speculative grade bonds thrive as euro investors seek to lock in yield

    High yield transactions made up 25% of the volume of euro-denominated corporate bond transactions priced so far this year, compared to 20% during the same period last year, according to Dealogic data.

    31 Jul 2014

  • Sanctions escape for loans makes no difference, say bankers

    Ahead of the EU publishing the legal acts in its official journal late on Thursday, there has been growing talk among bankers that syndicated loans will be excluded from Europe’s sanctions against Russia. But two senior London based loans officials said that even without specific loans language, it was unlikely to make any immediate difference to banks’ reluctance to lend.

    31 Jul 2014

  • Seven Energy streamlines guidance

    Nigeria's Seven Energy has revised price guidance to 9.5% area for its seven year non-call three bond and is expecting to price the note on Thursday. Books for the note have already gone subject in Asia and Europe and will do so in the US at the end of the day in London.

    31 Jul 2014

  • Casino exploits bonds lull to price €900m 12 year at 125bp over

    French supermarket group Casino Guichard-Perrachon made the most of a quiet week in the investment grade bond market when it priced a €900m 12 year bond on Wednesday at 125bp over mid-swaps, needing almost no new issue premium to bring in €2.6bn of orders.

    31 Jul 2014

  • Covered 600x: investors flood into $248m Cuckoo IPO

    Investors poured into Cuckoo Electronics’ W255bn ($248m) IPO, resulting in an institutional tranche that was close to 600x subscribed. The South Korean home appliances manufacturer took advantage of the overwhelming demand and priced the trade at the top of its indicative price range on July 28.

    31 Jul 2014

  • Canaccord holds firm after rocky integration

    Two years on from the acquisition of Collins Stewart Hawkpoint, Canaccord Genuity is making headway with its integrated mid-market model, writes David Rothnie.

    31 Jul 2014

  • Time to play as iDreamSky loads $108m US IPO

    Chinese mobile game distributor iDreamSky Technology opened books for its $107.8m Nasdaq IPO on July 28. Early indications look good, thanks to investors being eager to get their hands on a company with a strong growth story.

    31 Jul 2014

  • Moody's upgrades Vietnam

    Moody’s upgraded Vietnam’s sovereign rating by one notch to B1 from B2 on Tuesday. The upgrade was driven by the country’s stabilising economy and strengthening balance of payments, as well as an easing of contingent risks in its banking system. The outlook is stable.

    31 Jul 2014

  • GCX rings up $350m with debut five non-call two bond

    Global Cloud Xchange (GCX), a subsidiary of Indian telecommunications company Reliance Communications, priced its debut international bond on Thursday, July 24. The non-call two structure is fairly unusual in Asia, but is expected to offer the growing company more flexibility in the future.

    31 Jul 2014

  • CDB prices CNH 10yr on the back of insurance demand

    China Development Bank (CDB) priced a new 10 year dim sum bond on Wednesday. The bond was issued on the back of reverse enquiry from insurance firms that had a clear idea of what they wanted to pay, said bankers.

    31 Jul 2014

  • RBS’s Wade resurfaces as Natixis head of syndicate

    John Wade, who left Royal Bank of Scotland in February this year just before the bank announced a restructuring, has resurfaced at Natixis as head of syndicate and MTN desk for Asia Pacific.

    31 Jul 2014

  • Rundong presses the pedal on $138m HK IPO

    China’s Rundong Automobile Group opened books for a HK$1.1bn ($138m) Hong Kong IPO on Thursday, in a deal that is being offered at a big discount to some of the issuer's closest comparables.

    31 Jul 2014

  • 7 Days uses greenshoe as dozen sign $300m

    7 Days Group Holdings has closed its fundraising at $300m, fully exercising a $50m greenshoe, as the deal was oversubscribed thanks to relationship banks piling in.

    31 Jul 2014

  • Citic back with $1bn dual tranche refi led by eight

    Chinese state-owned conglomerate Citic has returned to the market with a $1bn dual tranche loan, picking eight banks as mandated lead arrangers and bookrunners.

    31 Jul 2014

  • Samudra Energy fires $223m Singapore IPO

    Indonesian oil and gas exploration firm Samudra Energy is tapping investors to raise up to S$276.3m ($223m) in an IPO. Samudra started receiving bids on July 25 and is planning to list by the middle of August.

    31 Jul 2014

  • Modern Land attracts yield hunters with 12.75% bond

    Hong Kong listed Modern Land China brought a five year non call three deal to the dollar market on July 24, attracting investors with a double digit coupon.

    31 Jul 2014

  • Tata Steel bags $1.5bn from Indian HY feast

    Tata Steel closed its first international bond on Thursday, July 24, as it looks to refinance loans from its 2008 acquisition of Corus. Despite pricing on a day when the Indian high yield sector saw $2.4bn of new issues, the trade nonetheless pulled in bids worth $9.1bn.

    31 Jul 2014

  • SPT Energy makes entrance for $100m via one

    Integrated oilfield services provider SPT Energy is in the market with a $100m facility that is being arranged by China Citic Bank International.

    31 Jul 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%