• Moody’s Analytics to hire two researchers for SF Portal

    Moody’s Analytics is looking for two full time researchers to create research papers and webinars showcasing data from its Structured Finance Portal, which was initially focused just on CLOs but is growing into ABS and RMBS — a process which will be sped up by Moody’s Corporation’s acquisition of data provider Lewtan.

    31 Oct 2014

  • 'Perfect' VIX hedges combat sharp rises in vol

    There has been a surge in investor interest to structure cheap VIX-based tail risk trades to hedge against a sharp rise in volatility.

    31 Oct 2014

  • Feeling peaky in the City?

    Blog has noted with a mixture of admiration and concern the rise in popularity of extreme adventure sports among the banking community.

    31 Oct 2014

  • Hedgies eye negative basis play to cover long exposure

    Hedge funds are looking at negative basis trades to hedge long beta exposure exacerbated by the prospect of further intervention from the European Central Bank, according to strategists at Citigroup.

    31 Oct 2014

  • Hella secures Frankfurt IPO of at least €275m

    Hella Hueck, the family-owned German car lighting and electronics maker, today (Friday) completed a preliminary sale of shares that will allow it to complete its IPO next week.

    31 Oct 2014

  • Novartis 7 and 12 year grows from €1bn to €1.2bn in improved market

    Novartis returned to the euro bond market on Friday October 31 after five years to issue seven and 12 year notes. A solid market allowed the total size to grow from an expected €1bn to €1.2bn.

    31 Oct 2014

  • Secondary pricing update: including ESM, KfW and FMS-W

    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.

    31 Oct 2014

  • UK banks see boost from leverage ratio certainty

    The Bank of England's Financial Policy Committee released its updated guidance on leverage ratio requirements on Friday afternoon. The new ratios look positive for the UK's largest lenders, being considerably less demanding than the worst case scenarios and with all but one of the country's global banks already meeting their requirements.

    31 Oct 2014

  • Funding scorecard: supranationals

    This week's scorecard features updates on the progress of selected supranationals through their funding programmes.

    31 Oct 2014

  • Intu refinances loan due 2018 with £600m at 140bp over

    Intu Properties, the UK real estate investment trust, signed a £600m revolving credit facility on Friday. The five year loan carries a two year extension option.

    31 Oct 2014

  • Great Portland Estates signs £450m refi

    Great Portland Estates (GPE) has signed a £450m revolving credit facility with a group of seven relationship banks to refinance two loans.

    31 Oct 2014

  • Serone partner joins DB in CRE special situations

    A former Serone Capital Management partner and seasoned structured credit professional has joined Deutsche Bank’s special situations group.

    31 Oct 2014

  • Sponda syndicated loan refi continues with second €100m bilateral

    Finnish real estate company Sponda has signed a €100m unsecured loan agreement with Pohjola Bank to partly refinance its syndicated loan maturing in November 2015.

    31 Oct 2014

  • Kazmunaigas books well over $5bn for dual tranche

    Kazmunaigas has tightened priced guidance for its dual tranche dollar bond and books are “well over $5bn”, according to an origination official on the deal.

    31 Oct 2014

  • Mol pumps $1.55bn club loan at much refined price

    Hungarian oil refinery company Mol has signed a $1.55bn equivalent revolving credit facility agreement with a group of 15 banks, increasing the size of the deal from its original $500m-$1bn target range.

    31 Oct 2014

  • CCB sets sights on CNH-only tier twos

    Market participants are bracing themselves for an onslaught of bank capital deals in the coming weeks after another member of China’s big four banks – China Construction Bank (CCB) – announced it will be meeting investors for a CNH tier two trade.

    31 Oct 2014

  • BNP Paribas gets lift from strong fixed income performance

    BNP Paribas posted strong results in fixed income for the third quarter of 2014, boosting its revenues in the division to €911m — a 14.2% increase on the same period last year. Its fixed income growth was one of the main factors in the bank’s corporate and investment banking division posting pre-tax income of €675m — up 23.8% compared to a year ago.

    31 Oct 2014

  • Yanggu Xiangguang's $200m loan likely to increase

    A $200m prepayment financing for Chinese smelter Yanggu Xiangguang Copper is set to increase in size as the deal has received a good response during general syndication, thanks to its short tenor and attractive pricing.

    31 Oct 2014

  • SDS $1.1bn IPO prices at top as Cheil files

    Samsung SDS has priced its W1.2tr ($1.1bn) IPO at the top of the range with books heavily oversubscribed at close. The success of the trade has paved the way for the next big South Korean listing — that of Cheil Industries, which said on October 31 that it is looking to raise W1.52tr.

    31 Oct 2014

  • Tata International prices first Indian Sing dollar perp

    Tata International priced the first ever Singapore dollar denominated perpetual bond from an Indian issuer on Thursday. Although small, the deal received strong support from private banks and was over six times subscribed.

    31 Oct 2014

  • China Construction Bank hunts for $100m in general

    China Construction Bank International (Holdings) is in the market for a $100m three year loan with one mandated lead arranger and bookrunner.

    31 Oct 2014

  • Trade ties to support Korea’s RMB hub ambitions, says StanChart

    Activity is starting to pick up in the newly designated offshore renminbi hub of South Korea with Woori Bank and ICBC (Asia) privately placing two bonds totalling Rmb380m ($62m). While the country is still waiting for a domestically issued public RMB bond, Kim DanJoo, head of local product management at Standard Chartered Bank Korea, is confident the country has what it takes to become a leading renminbi hub.

    31 Oct 2014

  • Conduct, poor income drag RBS investment bank to loss

    A weak performance from Royal Bank of Scotland’s repositioned investment bank, made worse by £400m of provisions set aside for an FX probe, has tarnished the state-owned lender’s third consecutive quarterly profit under new chief executive Ross McEwan.

    31 Oct 2014

  • NWC bond sale buoyed by letter of support

    New World China (NWC), the flagship mainland property arm of Hong Kong’s New World Development, has used a letter of support to price a five year dollar bond.

    31 Oct 2014

  • Khazanah nets $142m from Westports block

    Malaysian sovereign wealth fund Khazanah Nasional has raised MR468.3m ($142.4m) from selling its entire stake in Westports Holdings in what is one of the largest block trades from the country this year.

    31 Oct 2014

  • Mongolian Mining taps market for $202m rights issue

    Mongolian Mining Corp is preparing to tap the ECM market via a rights issue of HK$1.567bn ($202m), as the Hong Kong-listed group looks to shore up its liquidity while ensuring that its existing shareholders are not diluted.

    31 Oct 2014

  • Debutant JSW Steel next Indian corporate to tap dollars

    The Indian high yield pipeline continues with JSW Steel which has announced roadshow dates for its inaugural international bond.

    31 Oct 2014

  • RMB commodities trading gaining traction

    China’s appetite for commodities and its rapid push for RMB internationalisation is resulting in an expansion of the offering for RMB-denominated commodities and derivatives products, such as the upcoming base metals mini futures contracts on the Hong Kong Stock Exchange (HKEx)-owned London Metal Exchange (LME) and the September launch of the international board of the Shanghai Gold Exchange.

    31 Oct 2014

  • Kumho Asiana Plaza constructs $125m in general

    Kumho Asiana Plaza Saigon has launched a $125m loan into general syndication with two mandated lead arrangers and bookrunners. The fundraising is offering plenty of security to lenders. It comes backed by two guarantors and a security against the rental proceeds of the commercial complex.

    31 Oct 2014

  • Pakistan sends RFP for Steel Mills privatisation

    The Government of Pakistan has sent out a request for proposals for the role of financial adviser for the privatisation of Pakistan Steel Mills Corp (PSMC).

    31 Oct 2014

  • Sabadell book explodes on real money demand as CFF lines up

    Banco Sabadell returned to the covered bond market for the first time since January 2013 to launch a seven year Cedulas Hipotecarias which priced in line with Credito Emiliano's earlier deal of the same tenor. The deal was less reliant on demand from official institutions than Emiliano and will send a strong message to other peripheral issuers that may be looking to refinance liquidity borrowed under the long term refinancing operation.

    31 Oct 2014

  • Luxembourg keen to tweak structure for second sukuk

    The Grand Duchy of Luxembourg intends to issue another sukuk, but is investigating different ways of structuring its second deal.

    31 Oct 2014

  • Syndicates cut back ECB as it takes covered buying to primary

    For the first time the European Central Bank waded into the primary market to buy covered bonds for its third purchase programme (CBPP3) this week, as eurozone issuers from the currency bloc’s core and periphery returned after a long hiatus. The central bank’s buying may not be so good for core issuers but the evidence so far suggests peripheral names who have been locked out are about to bask in its largesse.

    31 Oct 2014

  • ECB weans the periphery with CBPP3

    The European Central Bank’s covered bond purchase programme entered a new phase this week as eurozone issuance enabled it to buy the primary market, rather than relying on secondary where supply is drying up. Its buying is good news for peripheral banks but may cause investors to desert the core.

    31 Oct 2014

  • Bank Muscat set for sukuk debut

    Bank Muscat is planning the first sukuk ever from an Omani lender, and will issue more than one deal next year, an official at the bank told IFIS.

    31 Oct 2014

  • AirAsia puts perpetual plans in place

    Low cost Malaysia airline AirAsia is setting up a mudaraba sukuk programme and plans to launch a subordinated perpetual deal.

    31 Oct 2014

  • Battersea Power brings stonking sterling murabaha

    Battersea Power Station closed a £1.35bn syndicated debt facility this week, which contained one of the largest ever sterling denominated Islamic tranches. UK based Islamic bankers felt the deal was strong demonstration of how international Islamic finance had become. Although debt bankers on the transaction argued it said more about Malaysia’s desire to promote Islamic finance.

    31 Oct 2014

  • Peru prices dual tranche in busy LatAm

    Peru made its return to international bond markets after a two year absence on Thursday, selling a nuevo sol-denominated 10 year and a dollar-denominated 2050 as LatAm bond markets shrugged off Wednesday’s more hawkish than expected Fed guidance.

    30 Oct 2014

  • Codelco continues Chile rush, sovereign up next

    Government owned copper company Corporación Nacional del Cobre de Chile (Codelco) raised $980m of 30 year bonds on Tuesday in the fifth cross-border bond issuance from the country in five days as part of the government’s plan to modernise the company.

    30 Oct 2014

  • Brazil rallies despite Dilma victory with all eyes on finance minister

    The mild market reaction to Dilma Rousseff’s Brazilian presidential election victory last Sunday suggested the incumbent’s triumph was already priced in, said bond investors. However, market participants warned of volatility in the coming months until the direction of the government’s economic policy becomes clearer.

    30 Oct 2014

  • ECB effect is felt in covered bonds

    The European Central Bank’s covered bond purchase programme entered a new phase this week as eurozone issuance enabled it to buy the primary market, rather than relying on secondary where supply is drying up. Its buying is good news for peripheral banks but may cause investors to desert the core.

    30 Oct 2014

  • Slovenia EUR1bn 2.25% Mar 22

    30 Oct 2014

  • Bank of the West to launch its first auto ABS

    Bank of the West is planning its inaugural auto securitization, expected to launch next week along with the latest deal by CarMax. Both deals are expected to be fully subscribed if they price in the range of recent issuance.

    30 Oct 2014

  • Tough talk on NPLs as ECB prepares takeover

    As the European Central Bank prepares to take over supervision of Europe's biggest banks, the rigorous approach it adopted in the Asset Quality Review, unearthing €136bn of non-performing loans that had been miscategorised, will become the norm, not the exception.

    30 Oct 2014

  • Telos prices sixth CLO of year, Covenant prices second ever

    Telos Asset Management has priced its sixth CLO of the year, and has around $225m in a warehouse for its next, according to pricing sheets. Meanwhile, Covenant Credit Partners is busy ramping its second CLO, having priced on Wednesday.

    30 Oct 2014

  • Javelin’s Cawley joins BGC’s SEF as CEO

    James Cawley, founder and ex-CEO of Javelin Capital Markets in New York, has joined BGC Partners as CEO of its swap execution facility, also based in New York.

    30 Oct 2014

  • A Quiet Result: Profitability new battleground as banks pass tests

    ‘Credible’ is the word many are using to describe the European Central Bank’s Asset Quality Review and the European Banking Authority’s stress tests, writes Graham Bippart.

    30 Oct 2014

  • Russian loans plans become real as PSB looks for $200m

    The plans of three Russian borrowers to obtain international loans took shape this week,. Bankers said Promsvyazbank could achieve as much as $200m in one year financing from lenders, while talks with Otkritie Financial Corp Bank (formerly Nomos Bank) and Acron continue to progress.

    30 Oct 2014

  • TLG floats in weak markets

    German property firm TLG Immobilien successfully placed €360m of its shares on the Frankfurt Stock Exchange on 23 October, in that week’s only IPO in Europe.

    30 Oct 2014

  • Green pays off for NRW.Bank after SRI bond pricing coup

    The pricing deadlock between supranational and agency issuers of green bonds and investors began to fracture this week, after NRW.Bank sold paper that some bankers said was priced through its conventional curve.

    30 Oct 2014

  • Cassa del Trentino plans 20 year MTN as repo saves Italy’s 10 year

    Italian SSAs drew a mixed bag this week, as one sub-sovereign outlined plans for a long dated deal, while the Italian government’s borrowing costs rose in a series of auctions except a sale of 10 year debt — which only the vagaries of the repo market kept in check.

    30 Oct 2014

  • Offshore servicing could cause RMBS hiccups

    RMBS backed by mortgages serviced offshore could end up with performance problems due to high turnover among oversees employees inexperienced in dealing with unique borrower queries or complaints, according to a ratings agency report. The report cites loans serviced by Ocwen, CitiMortgage, JP Morgan and Bank of America, among others.

    30 Oct 2014

  • Canadian SSAs back RMB as hub on the cards

    As the Canadian financial sector and provinces strive to create a North American renminbi hub within the sovereign’s borders, SSA issuers from the country have shown their support for the currency by returning to the dim sum market with a bang.

    30 Oct 2014

  • Milken and Landis meet to talk old, but not jail times

    The audience for 'Junk Bond King' Michael Milken’s evening in conversation with John Landis, director of Trading Places, in London's Finchley Road on Wednesday gave no great shocks. Young men in suits sat to the front of the auditorium while more casually dressed ticket holders took up the space at the back.

    30 Oct 2014

  • Fidelity Bank and FCMB lead Nigerian loan charge

    Loans bankers’ predictions of a rush of Nigerian loans before the end of the year began to take shape this week, with Fidelity Bank looking for a two year loan and First City Monument Bank saying it had signed a deal with several tranches and lenders.

    30 Oct 2014

  • Wide Bay swells wave of A$ supply as Bluestone prices pre-crisis RMBS

    Bluestone Group has securitized a second diverse pool of pre-crisis Australian mortgage loans, offering investors eight tranches of bonds rated as low as single-B, while Queensland-based building society Wide Bay Australia is yet to price its prime RMBS in a busy week for the Australian dollar market.

    30 Oct 2014

  • Trafigura ABS issuance to remain rare despite increased reach

    Commodities trading and logistics firm Trafigura Group found demand in both the US and Europe for its third trade receivables ABS, which settled this week. But despite attracting six new investors to the rare asset class, Trafigura’s issuance is likely to remain restrained, the firm’s global head of corporate finance told GlobalCapital.

    30 Oct 2014

  • Moody’s rates 1st warehouse since crisis era

    Moody’s has said certain structural features can protect against asset quality and operational risks to enable high investment grade ratings for warehouse securitizations, after the ratings agency awarded its first public rating of such a facility since the financial crisis to a UK vehicle this week.

    30 Oct 2014

  • Dawdling in dollars might backfire as clock ticks towards year end

    Sovereign, supranational and agency borrowers with dollar funding left to do in the last few weeks of the year may well wince at the new issue premia banks will advise them to pay to get deals done — particularly after months of strong demand and tight pricing. But there is no point hanging around for long waiting for conditions to improve, said SSA bankers this week.

    30 Oct 2014

  • BayernLB stuns with everything-must-go sale

    BayernLB managed to bring secondary ABS trading in Europe to an abrupt halt this week as dealers and investors awaited the sale of all €6.5bn of its remaining ABS portfolio. Once the dust had settled the German Landesbank said it had exceeded its price target, while ABS bankers scrambled for pricing details and suspected the trade may not have gone ahead without the ECB’s recent backing of the asset class.

    30 Oct 2014

  • World Bank, KBN provide niche action in quiet week

    The World Bank was busy in local currencies this week, printing its first deal in Mexican pesos this year and doubling the size of an 11 year Kangaroo bond.

    30 Oct 2014

  • Merlin's £260m block trade finds demand after struggle

    CVC and Blackstone’s block sale of £260m of Merlin Entertainments stock struggled to gather momentum on Wednesday evening, but support from long-only UK investors the following morning dragged the deal across the line just in time for start of trading.

    30 Oct 2014

  • UK RMBS pipeline bulging as Paragon waits to price

    Paragon Mortgages will wait until next week to price its latest buy-to-let RMBS transaction after putting out initial price thoughts on Thursday. The deal could signal the start of a run of UK RMBS, with a further three potential transactions being prepared for sale in a sterling market looking to get back on track after a recent wobble in both primary and secondary.

    30 Oct 2014

  • EDF shuns YieldCo, plans PE-like funds for green energy

    Electricité de France and Amundi are forming an unusual asset management joint venture, in some ways similar to a private equity firm, to channel investment into low carbon energy.

    30 Oct 2014

  • LeasePlan to print the first Dutch auto ABS in 2 years

    LeasePlan may price its sixth Bumper Finance car lease ABS next week. It would be the first Dutch auto ABS offered to investors in the primary market since 2012.

    30 Oct 2014

  • Keep calm and borrow on: UK unshaken by volatility

    Syndicating a reopening of a 55 year bond in a month where sterling was shaken by volatility could have been tough for the UK Debt Management Office this week. But it passed the test with flying colours, attracting its largest book ever on an ultra-long syndication and breaking the 3% yield bogey for the first time.

    30 Oct 2014

  • Numericable to finish SFR M&A financing with €4.7bn issue

    French cable firm Numericable on Wednesday set terms and opened the subscription period for a €4.7bn rights issue, in what constitutes the final tranche of the financing package for one of the largest M&A deals of the year so far — the takeover of mobile phone operator SFR.

    30 Oct 2014

  • Slovenia pre-funds 2015-16 with minimal premium

    Slovenia this week became the latest sovereign to be tempted into pre-funding by the low yields on offer, following deals from Lithuania and Romania last week. The issuer priced a long seven year bond that marks the lowest coupon on any of its outstanding medium to long term euro benchmarks.

    30 Oct 2014

  • RAC flexes as investors exploit market weakness

    Investors have successfully pushed pricing wider on three leveraged loan deals that are closing this week, with RAC, a well liked credit, the latest to flex for investors.

    30 Oct 2014

  • Czech Raiffeisenbank issues euro first as TD launches Aussie dollar first

    Czech Raiffeisenbank priced the first publicly syndicated euro benchmark covered bond from the country on Wednesday. At the same time, Toronto Dominion Bank mandated leads for its first Australian dollar covered bond.

    30 Oct 2014

  • Bankers play down AT1 pipeline despite relief over AQR and stress test

    The comprehensive assessment has long been tipped as a turning point for the AT1 market. The release of results has acted as a constraint on supply, with banks under review proving reluctant to tap the market before Sunday. However, the tepid reaction to the comprehensive assessment has led some bankers to play down expectations of supply in November.

    30 Oct 2014

  • SEC whistleblower lifts lid on NYSE approvals

    US stock exchanges have come under fire for providing preferential treatment to high frequency trading firms in recent years years as scores of investors learned their trades could be undercut by computerised algorithms. SEC whistleblower Haim Bodek lifts the lid on the SEC's recent approval of new order types at the New York Stock Exchange (NYSE).

    30 Oct 2014

  • Stress test passes

    If you had plotted the best possible outcome for the Comprehensive Assessment of Europe’s banks, it would probably have looked a lot like what happened this week. There were some failures in the tests, though few severe ones, and a grown-up reaction by banks followed.

    30 Oct 2014

  • New worries for ECM after Euro bank review

    Capital markets reacted with tepid enthusiasm to the publication on Sunday of Europe’s analysis of the health of its banks. What had been touted as one of the main financial events of the year lost its power to move valuations, even if it did leave some banks contemplating urgent capital raises.

    30 Oct 2014

  • BNS fills vacuum in the short end caused by ECB buying

    Bank of Nova Scotia (BNS) priced its third euro benchmark of the year, and its fourth covered bond benchmark across all currencies, on Tuesday. The deal took advantage of space created by robust Eurosystem central bank demand at the short end. And responding to reverse enquiry, the issuer also priced a £250m three year floater.

    30 Oct 2014

  • Investors flock to TAMF’s blow-out ahead of FOMC meeting

    There is nothing like novelty value to loosen the pockets of high-grade investors as TIAA Asset Management Finance (TAMF) found with a $2bn deal which racked up $9bn in orders.

    30 Oct 2014

  • FCA releases consultation paper for retail CoCo ban

    The UK’s Financial Conduct Authority released a consultation paper on Wednesday morning seeking comment on a possible permanent ban on the sale of CoCos to retail investors. The consultation paper also clarifies some aspects of the ban that are unclear in its existing temporary form.

    30 Oct 2014

  • FIG bankers face new fears after stress test success

    No sooner had financiers of Europe’s banks breathed a collective sigh of relief following Sunday’s historic assessment of the health of the continent’s financial institutions than they were beset by new worries.

    30 Oct 2014

  • Leveraged loans - news in brief, October 31, 2014

    3i - Torm

    30 Oct 2014

  • Investment grade loans, news in brief — October 31, 2014

    Louis Dreyfus — Geberit — Heathrow — Arkema

    30 Oct 2014

  • Syndicates cut back ECB as it takes covered buying to primary

    For the first time the European Central Bank waded into the primary market for covered bonds for its third purchase programme (CBPP3) this week, as eurozone issuers from the currency bloc’s core and periphery returned after a long hiatus. The central bank’s buying may not be so good for core issuers but the evidence so far suggests peripheral names who have been locked out are about to bask in its largesse.

    30 Oct 2014

  • Cinven's AMCo widens pricing for £984m dividend recap loan

    Amdipharm Mercury (AMCo), the UK generic pharmaceuticals group owned by Cinven, has widened pricing on its £984m refinancing and recapitalisation loan, as investors worry about a £420m dividend for its owners.

    30 Oct 2014

  • ABS investors plead for rethink on cashflow model regulations

    A group of ABS investors has been trying to persuade European lawmakers to object to the dropping of issuer-supplied cashflow models from incoming regulation, before what they thought was a Thursday deadline.

    30 Oct 2014

  • Fiat to float Ferrari stake as part of capital shake-up

    Fiat Chrysler Automobiles, formed after a merger earlier in the month, is set to float a stake in luxury brand Ferrari as part of a shake-up of the firm.

    30 Oct 2014

  • Hawaii says aloha to Goldman on green energy securitization

    The State of Hawaii has gained preliminary ratings for a $150m securitization which will finance loans for clean energy technologies for low and moderate income homeowners, renters and non-profit organisations in Hawaii.

    30 Oct 2014

  • Equity capital markets, news in brief — October 31, 2014

    30 Oct 2014

  • Yasar prints, shows off good demand for EM high yield

    Turkish consumer products company, Yasar Holdings, printed its $250m bond on Thursday evening from a book of $620m and well inside initial price thoughts. The success of the EM high yield deal — the first to be printed since the huge US volatility of a fortnight ago — bodes well for other corporates from the region roadshowing bonds.

    30 Oct 2014

  • Swiss investor nerves blamed for supply shortage

    Swiss bankers blamed a total absence of supply in their market this week on a combination of external factors, investor nervousness around month end, and the fact that many regular issuers in the currency are fully funded for the year.

    30 Oct 2014

  • Afreximbank bags $475m book for tap at 10bp-15bp new issue premium

    Afreximbank printed a $200m tap of its $500m 4.75% 2019s on Wednesday from a $475m book. The note was sold at a 10bp-15bp new issue premium.

    30 Oct 2014

  • SG hires ex-BNPP strategy chief in EQD

    Kokou Agbo-Bloua, the ex-head of European equity and derivative strategy at BNP Paribas in London, has joined Société Générale as managing director, global head of engineering and strategy, also based in London.

    30 Oct 2014

  • Schuldschein issuance could reach up to €10bn in 2014

    The publicity shy Schuldschein market has been in focus this week. Palfinger, a crane manufacturer based in Austria, raised €105m on Tuesday in a deal with the support of Asian investors, and Fraport, the German transport firm, made one of the largest Schuldschein deals of the year with €250m on Thursday.

    30 Oct 2014

  • US bond market in party mode as QE ends, eyes big November

    The US investment grade corporate bond market barely blinked this week when the US Federal Reserve called time on quantitative easing. Companies hit the market ahead of what is expected to be a bumper November for new issuance.

    30 Oct 2014

  • People Moves in Brief

    Javelin boss to run BGC's SEF - Deutsche appoints UK corp fin head - McGuire out of StanChart loans - Cornelius quits Jefferies

    30 Oct 2014

  • EM prepares for big test with 11 deal onslaught ahead

    Corporate bond issues could come thick and fast from emerging markets over the next couple of weeks, with 11 borrowers — including one bank — on the road meeting investors and the deadline looming on November 15 for 144A sales, after which half year financials will go stale.

    30 Oct 2014

  • Loyal European investors give Mercedes A$ a lift

    Daimler leveraged strong demand for its name among European asset management and private bank buyers to price an A$100m ($88m) three year bond on Wednesday.

    30 Oct 2014

  • HW hit bodes well for Walgreen whopper

    The highlight deal of the week in Europe’s corporate bond market was Hutchison Whampoa’s €1.5bn seven year issue on Tuesday — part of a bigger deal that also involved three and 10 year dollar bonds totalling $3.5bn.

    30 Oct 2014

  • WMBA: Resources needed to fix trade reporting failures

    Trade reporting under the European Market Infrastructure Regulation is not working, according to the Wholesale Markets Brokers' Association, which represents a large proportion of interdealer brokers in the market.

    30 Oct 2014

  • Bloomberg bans sanctioned securities from database

    Bloomberg is refusing to list sanctioned securities from Russia. The move is irritating bankers in London, who said this would make it difficult for traders and bankers using Bloomberg as a database to assess a company’s debt levels and make sensible investment decisions about non-sanctioned debt.

    30 Oct 2014

  • AQR allows investor to push Santander

    An investor spotted the opportunity to get more for its money from Santander ahead of the European Central Bank’s Asset Quality Review last week, driving up the coupon on a privately placed MTN. The note has since attracted interest from investors away from the deal and been increased three times, making it the largest privately placed MTN from the issuer this year.

    30 Oct 2014

  • Jaguar Land Rover $500m bond weathers volatile market

    The $500m five year, non-callable senior bond Jaguar Land Rover sold on Tuesday began trading up at 100.75, gathering investor interest in a market environment that “is only now becoming more stable”, said the company’s treasurer.

    30 Oct 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%