• Uruguay to return to markets this year

    South American sovereign Uruguay said on Friday that it intends to issue about $1.5bn in international bond markets in 2016 as part of its prefunding policy.

    31 Jan 2016

  • CYBG tightens IPO price range ahead of Tuesday float

    Clydesdale and Yorkshire Bank Group, the UK mid-sized bank being spun off by National Australia Bank, has tightened the price range of its London initial public offering to the low end.

    29 Jan 2016

  • Ontario uses private market to stay active in euros

    The Province of Ontario has sold privately placed debt in euros for the first time, grabbing duration and attractive pricing with the trade, according to the issuer.

    29 Jan 2016

  • Société Générale quits UK sovereign market making

    Société Générale has become the latest big name bank to pull back from a government’s bond business, after it resigned as a Gilt-edged market maker for the UK Debt Management Office on Friday.

    29 Jan 2016

  • Kookmin gets solid return result

    Kookmin Bank issued a $500m five year on Thursday, attracting a comfortably oversubscribed and well distributed book for its second legislative deal, which was priced at the same spread as the issuer’s first, despite a challenging market environment.

    29 Jan 2016

  • JP Morgan cuts two senior EM traders

    JP Morgan has let go of two EM traders in London. Elie Pano had been with JP Morgan for over seven years. Daniel Steeds, a senior Latin America trader, was also cut from his job.

    29 Jan 2016

  • Secondary pricing update: featuring EIB's €5bn three year

    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 Jan 2016

  • Funding scorecard: French agencies

    This week's funding scorecard looks at the funding progress of French agencies

    29 Jan 2016

  • Covered bond harmonisation should be ‘ambitious’ says ECB

    The European Central Bank has said efforts to raise minimum standards in the covered bond market should be ambitious, and it sees considerable benefits in harmonisation. The ECB was responding the European Commission’s proposals for harmonisation of the covered bond market.

    29 Jan 2016

  • Deutsche to keep Asian business intact

    Deutsche Bank said on Thursday that it will leave its Asia Pacific business intact, highlighting the region’s strategic importance to German companies and the bank’s solid presence in the region. This, it said, gives it an edge over European and American competitors.

    29 Jan 2016

  • Principality draws £475m with Friary

    Principality Building Society priced its Friary No.3 prime UK RMBS deal, landing £475m in what one banker called a ‘tricky’ market. As with sterling covered bonds, the RMBS primary market also seems to be pricing at successively wider levels.

    29 Jan 2016

  • CLP mulling green Panda bond, says CFO Geert Peeters

    CLP Holdings, the larger of Hong Kong’s two electricity providers, is considering issuing a green Panda bond to finance its renewable energy projects, according to CFO, Geert Peeters.

    29 Jan 2016

  • Morgan Stanley loses investment banking MD

    Nehchal Khanna, a managing director at Morgan Stanley’s investment bank, is leaving the firm.

    29 Jan 2016

  • Vanguard surges in RQFII rankings

    The Australian subsidiary of US asset manager Vanguard received an additional Rmb20bn ($3.03bn) quota from the State Administration of Foreign Exchange (Safe) on January 27, making the firm the second largest RMB qualified foreign institutional investor (RQFII) globally.

    29 Jan 2016

  • Kookmin replicates $500m covered bond success

    South Korea’s Kookmin Bank issued its second ever covered bond this week, raising $500m from a five year note that was more or less a replica of its debut transaction.

    29 Jan 2016

  • SocGen hires ex-Jefferies banker for client coverage

    Société Générale has appointed Ashwan Malhotra as managing director in a bid to strengthen its client coverage in Asia Pacific.

    29 Jan 2016

  • Samsung heir offloads $319m SDS stake

    The heir to Samsung Group has raised W382bn ($318.7m) by selling part of his holding in Samsung SDS, a subsidiary of the South Korean conglomerate.

    29 Jan 2016

  • HNA Group taps debut dollar bond for $35m

    HNA Group sealed a quick return to the bond market on Thursday with a $35m tap of its inaugural outing from last November.

    29 Jan 2016

  • RMB round-up: January 29, 2016

    In this round-up, Chinese premier Li discussed RMB foreign exchange volatility with IMF's Lagarde, the Asian Infrastructure Investment Bank formally launched, a new A-shares exchange traded fund launched in Hong Kong, while a survey found Hong Kong retail investors fear RMB volatility most for 2016, and Tajikistan activated its currency swap line with China. Plus, a recap of GlobalRMB's top stories this week.

    29 Jan 2016

  • The lowdown: China investment quotas

    Do you know your RQFII from your RQDII? Worried you should have got a QDII2 instead of a QDLP? The alphabet soup of Chinese investment schemes can be hard to digest but thankfully GlobalRMB is here to provide a quick breakdown.

    29 Jan 2016

  • Cochin Shipyard preps IPO as Engineers nearly covered

    The Indian government is seeking bookrunners for the divestment of shares in wholly-owned Cochin Shipyard via an IPO, issuing a request for proposals to banks on Thursday.

    29 Jan 2016

  • Twice as nice: Yue Xiu exits with larger $400m

    Yue Xiu Enterprises has doubled the size of its loan to $400m after seeing strong demand from lenders during syndication.

    29 Jan 2016

  • Pemex bond brings in brave new world for EM commodity companies

    Latin American debt capital market bankers proclaimed that Pemex had “validated a new reality” for EM commodity credits in the bond markets after the Mexican state owned oil giant issued $5bn at new issue concessions so high that, until recently, they would have been unthinkable.

    28 Jan 2016

  • Dominican Republic trades up but HY looking grim

    The Dominican Republic re-opened the high yield bond market for Latin American borrowers last Friday, but, despite the new note trading above par, the sovereign is unlikely to find much company in the sub-investment grade space.

    28 Jan 2016

  • CAF holds investor call ahead of dollar benchmark

    Latin America multilateral lender Corporación Andina de Fomento (CAF) held an investor call on Thursday ahead of a likely return to bond markets, although some in the market were surprised that the deal looks likely to be run off emerging markets desks.

    28 Jan 2016

  • People Moves in Brief

    Syndicate vet switches to credit sales - Diamond moves up at DB - UBS carves out capital team

    28 Jan 2016

  • Five looks to be a ‘sweet spot’ in euros for SSA investors

    Bankers say that five years appears to be the right point in euros in a week in which a raft of issuers hit the books.

    28 Jan 2016

  • Marketplace loan ABS gets newcomer with Earnest offering

    California-based online consumer lending platform Earnest is marketing EARN 2016-A, a debut rated transaction backed by student loans.

    28 Jan 2016

  • Sour mood ruins rally in choppy week for European credit trading

    Credit markets endured another rollercoaster week as persistent nervousness prevailed over intermittent optimism and soured an earlier rally.

    28 Jan 2016

  • UKAR tenders for B&B’s covered bonds

    UK Asset Resolution, the UK government’s holding company that has owned the mortgage book of Bradford and Bingley (B&B) since its nationalisation in September 2008, has announced a tender offer and early redemption of the issuer’s covered bonds.

    28 Jan 2016

  • GB Principles circle closer to green definition

    Two new working groups of the Green Bond Principles will begin work next week, on defining greenness and on impact reporting. The move is part of the green bond market’s effort to define itself more clearly, partly in the hope that governments might ultimately subsidise it.

    28 Jan 2016

  • AIB and WL enjoy strong receptions

    AIB Mortgage Bank attracted robust demand for its €1bn seven year covered bond issued on Thursday, and WL Bank also did well despite the difficult 10 year tenor and measly spread.

    28 Jan 2016

  • US CMBS spreads gap out on back of macro woes, fundamental uncertainty

    The 2016 CMBS pipeline opened up this week, but investors were quick to demand wider spreads to compensate for not only macroeconomic volatility, but what observers say is a deepening uncertainty in CMBS market fundamentals.

    28 Jan 2016

  • IPO peddlers go for deep discounts to keep market open

    It’s becoming increasingly difficult to find positives in equity capital markets this year so far. Not since 1995 have so few deals been issued in the first 27 days of January, and this week an IPO collapsed. Hope for the few deals left in the market lies in deep discounting, writes Olivier Holmey.

    28 Jan 2016

  • Signs of core focus by banks as Nidera deal approaches

    GlobalCapital understands that two of Nidera’s 19 bank lender group will not participate in the company’s upcoming €900m refinancing deal, hinting that there will be a strategic focus on core business by some banks in 2016. But banks remain confident that deals will get done ahead of a string of upcoming refinancings by commodities traders.

    28 Jan 2016

  • trueEX and SG score first with peso

    trueEX, a fast growing swap execution facility (SEF), has executed the first dealer to client Mexican peso interest rate swaps trades on its platform.

    28 Jan 2016

  • Oil crash pushes Middle East loans to the brink

    Recent Middle East loans that have struggled in syndication indicate some lenders are having second thoughts about the regions’ borrowers just at the point when the latter need the loan market more than ever. The imbalance is about to upset the entire structure of the market, writes Elly Whittaker.

    28 Jan 2016

  • Audit points finger at ECB on Irish senior debt bail-in

    An audit of bail-outs during the sovereign debt crisis has pointed to inconsistencies in the European Union’s handling of different states, while claiming that a bail-in of Irish banks’ senior bondholders could have been contained.

    28 Jan 2016

  • MPS I love you! Italy’s shock dealer ranking

    Monte dei Paschi di Siena may be the ugly sister of Italian banks for investors, but it’s the Italian sovereign’s favourite son when it comes to primary dealerships.

    28 Jan 2016

  • Procter & Gamble reopens dollars as M&A funders lurk

    Procter & Gamble reopened the dollar bond market on Thursday with a benchmark trade that calmed nerves ahead of a heavy pipeline of M&A related deal flow.

    28 Jan 2016

  • CBA funds long at no extra cost as SCBC flies high with fives

    Commonwealth Bank of Australia (CBA) funded itself more cheaply with a 15 year covered bond than it did with a five year this week. It followed Swedish Covered Bond Corporation (SCBC) which issued at the same spread as earlier deals despite a market widening.

    28 Jan 2016

  • EFSF EUR1.75bn 0.125% Nov 19 tap, EUR1.25bn 1.2% Feb 45 tap

    28 Jan 2016

  • FMS-W EUR1.5bn 0.05% Jul 21

    28 Jan 2016

  • EDC USD1bn 1.25% Feb 19

    28 Jan 2016

  • Cades EUR4.5bn 0.05% Nov 20

    28 Jan 2016

  • Regs causing options to diverge from wider market, fear traders

    Concerns are mounting among some US options market participants that regulation is having adverse effects on business and fuelling a rift between financial market performance and economic data.

    28 Jan 2016

  • Loans, news in brief — March 10, 2016

    DCC — SIG — Capital & Regional — Transcom — North Energy

    28 Jan 2016

  • Lloyds retail privatisation must wait for sunnier days

    The retail sale of Lloyds Bank shares will be delayed, rather than held this spring as planned, UK chancellor of the exchequer George Osborne said today.

    28 Jan 2016

  • MTNs provide corporate funding avenue

    Corporate issuers are turning to the private market to fill the gap in their funding plans caused by unfavourable conditions in the public market.

    28 Jan 2016

  • DekaBank EUR1bn 0.34% Feb 18

    28 Jan 2016

  • Deutsche Pfandbriefbank EUR500m 1.25% Jan 19

    28 Jan 2016

  • E&P exposed as corp crude hedges falter

    A rally this week in crude oil has reduced short-term pressures, but exploration and production firms still face existential threats as liquidity and M&A odds worsen, said analysts.

    28 Jan 2016

  • Bank weakness opens up bond/CDS basis

    Last year the Markit iBoxx Euro Banks index was one of the outperforming bond sectors in Europe having returned 1%. The index, which is largely made up of bonds issued by European banks, even managed to outperform defensive sectors such as healthcare and utilities, while Europe’s regulatory oversight and relaxed monetary conditions kept market confidence in check.

    28 Jan 2016

  • Akbank and Eximbank lift Turkish loans

    The Turkish loan market is open for business in 2016 as Turk Eximbank and Akbank launch loan refinancings.

    28 Jan 2016

  • Catalonia offers to take 11% of Spain's debt

    Catalonia’s new pro-independence government wants to negotiate with Madrid on the basis that it will take on 11% of the Spanish national debt, GlobalCapital can reveal. That would raise Spain’s debt-to-GDP ratio at a stroke from 99% to 111%, write Victor Jimenez and Craig McGlashan.

    28 Jan 2016

  • Lower Austria tops up 2021 and 2023 Swiss franc lines

    Swiss franc investors made the most of a rare opportunity to buy Austrian sub-sovereign paper on Thursday when Land Niederoesterreich (Lower Austria) tapped its April 2021 and September 2023 bonds.

    28 Jan 2016

  • Dollar deals readying as window opens between FOMC meeting and Chinese new year

    A window for sovereign, supranational and agency issuance opened after the Federal Open Market Committee (FOMC) meeting on Wednesday, with deals likely to get done before the inevitable slowdown accompanying the start of the Chinese new year on February 8.

    28 Jan 2016

  • FIG fixes on a fitter February as markets show more stability

    FIG supply may have fizzled out this month, but with the deals still flowing in the covered bond and Yankee markets, there are signs that senior could be in for a brighter start to February.

    28 Jan 2016

  • Deutsche Pbb flaunts a new investor base

    Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

    28 Jan 2016

  • UBS passes index control over to Markit

    UBS has asked Markit to administer and calculate its investible indices, as the bank looks to meet Europe’s regulatory push to improve transparency and oversight of industry benchmarks.

    28 Jan 2016

  • Credit Suisse sponsors head moves to Swiss arm as it preps IPO

    One of Credit Suisse's most senior leveraged finance bankers is heading back to Switzerland to join the management team of the group's Swiss entity, as it prepares for a partial IPO in the next two years.

    28 Jan 2016

  • Nigeria Eurobonds rally despite MPC

    The Central Bank of Nigeria decided on Tuesday to leave its rates on hold but, despite concerns that that would create further difficulties for the economy, Nigeria’s Eurobonds rallied 30bp overnight as investors focused more on oil prices than policy decisions.

    28 Jan 2016

  • IBA bad bank breaks terms of Eurobonds

    Bondholders of a $211m private placement issued by the International Bank of Azerbaijan (IBA) met last week to discuss the bank’s request for a waiver after it unknowingly breached the bond's covenants.

    28 Jan 2016

  • Diamond moves up at Deutsche

    Peter Diamond, a managing director in Deutsche Bank's FIG origination team, has been given an expanded job as head of FIG flow for western Europe.

    28 Jan 2016

  • Oil bounce on Saudi report not enough to relieve ME pipeline

    Reports that Saudi Arabia has offered to cut oil production by up to 5% if Russia matched the cut resulted in a jump in oil prices to $35 a barrel on Thursday. Despite positive momentum in the markets, bankers say Middle Eastern issuers need a more sustained period of stability before venturing to market.

    28 Jan 2016

  • Italian banks play catch up over NPLs

    Asset quality took a turn for the worse in 2015 for Italy’s banks, whose future remains unclear despite newly approved plans for a state-backed bad bank.

    28 Jan 2016

  • Mezz spreads widen in CLO secondary market

    Mezzanine CLO spreads have widened in the secondary trading as credit markets remain under pressure from the widespread volatility that has characterized the year so far.

    28 Jan 2016

  • TriOptima completes inflation swaps tear-up

    TriOptima, the over-the-counter post-trade service provider, has completed its first compression cycle for inflation swaps, with 18 banks taking part.

    28 Jan 2016

  • Principality draws £475m with Friary

    Principality Building Society priced its Friary No.3 prime UK RMBS deal on Thursday afternoon, landing £475m in what one banker called a ‘tricky’ market.

    28 Jan 2016

  • Jefferies mulls end of expansion as European corporate finance faces test

    The US firm has been on a trajectory of almost constant growth since the financial crisis. Now it is clipping its wings in fixed income and looking to capitalise on its strengths in European investment banking, writes David Rothnie.

    28 Jan 2016

  • Supranational MTNs thrive in skittish markets

    Medium term notes from supranationals are proving popular, as investors turn to the asset class in the face of uncertain markets.

    28 Jan 2016

  • KfW and EIB squeeze into short post-Fed window

    KfW and the European Investment Bank nipped in with one-day executions on Thursday, raising €1bn apiece in what has been a turbulent week.

    28 Jan 2016

  • Ascential moves forward with price range for London IPO

    Ascential, the information and events business formerly known as Top Right Group and Emap, on Thursday started building the book for a London IPO that could give it a market capitalisation of up to £880m.

    28 Jan 2016

  • Miserable January draws to a close, but does Febuary hold hope?

    The corporate bond market has reached the end of one of the direst Januaries in living memory and even as the pipeline for the first quarter builds, uncertainty still reigns.

    28 Jan 2016

  • Scandinavian Tobacco stock offered at heavy discount

    Cigar and pipe tobacco manufacturer Scandinavian Tobacco has set the price range for its all-secondary IPO at a “very considerable discount” to comparables, according to a banker on the deal.

    28 Jan 2016

  • ADB first out in dollars after FOMC meeting

    Asian Development Bank was first out of the blocks in dollars after issuance in the currency stopped for a Federal Open Market Committee (FOMC) meeting on Wednesday.

    28 Jan 2016

  • Member states plead for more time for MiFID

    A fight between the European Commission and the member states of the Union could allow the Markets in Financial Instruments Directive II to split into myriad national interpretations — a nightmare for those trying to implement the complex new rules.

    28 Jan 2016

  • US corporate bonds: go big or go home

    The US corporate bond market has once again proved it is the deepest, most mature and most reliable in the world.

    28 Jan 2016

  • USAID-backed securitization to boost Armenian microenterprises

    Microfinance loans originated by Armenian lenders have been bundled into the country’s first securitization, in a $2m deal coordinated and backed by the US Agency for International Development (USAID).

    28 Jan 2016

  • Unchanged bank lender group bags Strabag banger

    Austrian engineering and construction group Strabag has refinanced the €2.4bn of loans it signed in 2014 — a record size for an Austrian corporate borrower — with no changes to the banking group.

    28 Jan 2016

  • Morgan Stanley unveils 22 managing directors in Asia

    Morgan Stanley has announced a round of managing director promotions for the year, which include a number of capital markets moves in Asia.

    28 Jan 2016

  • Statuto builds €59m Vienna minibond

    Gruppo Statuto’s €59m San Basilio Property minibond has begun trading on the Vienna Stock Exchange.

    28 Jan 2016

  • AIB enjoys strong reception for first Irish covered bond of 2016

    AIB Mortgage Bank attracted robust demand for its seven year covered bond, the first deal from Ireland this year. The transaction benefitted from a very attractive spread to the government curve compared with deals issued by Spanish and Italian banks, and the return of demand from asset managers.

    28 Jan 2016

  • Build it and they will come? HK plans connect for IPOs

    The Hong Kong Stock Exchange (HKEX) wants to give investors access to IPOs in the city and China, with an “IPO connect” now in the works. But with investors still reeling from the turbulence in China’s A-share market, the move faces plenty of challenges.

    28 Jan 2016

  • Metinvest buys time to restructure bonds

    Metinvest has swerved a default of its Eurobond due January 31 after bondholders voted to approve a waiver which will enable the issuer to restructure its debt without triggering a cross-default clause.

    28 Jan 2016

  • Kommuninvest roadshowing delayed debut green bond

    Kommuninvest has selected three banks to arrange a roadshow to introduce its green bond framework, with a view to issuing a debut trade in the format this quarter.

    28 Jan 2016

  • Deutsche AT1 bounces after Q4 results

    Deutsche Bank will focus on 2016 as a "peak restructuring year" and its executive board will forgo bonuses as the bank attempts to regroup after a full year loss of €6.8bn in 2015.

    28 Jan 2016

  • MTN Leak: Duvet day

    Monday February 1 is National Pull a Sickie Day, the day which traditionally sees the highest number of workers call in sick.

    28 Jan 2016

  • Pertamina set to pep up Indonesian loan market

    Thin deals volume from Indonesia last year is expected to continue into 2016 because of pressure on commodities and unfavourable swap rates. But there might be some respite on the way when it comes to pricing loans for state-owned companies, writes Shruti Chaturvedi.

    28 Jan 2016

  • Deutsche Pbb shows off new-look investor base

    Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

    28 Jan 2016

  • Postal Savings banks picks five for jumbo $15bn HK listing

    Postal Savings Bank of China has selected five banks to lead its jumbo $15bn IPO, which is set to become the largest listing in Hong Kong in five years.

    28 Jan 2016

  • NAB hires new Asia DCM banker from Commerzbank

    Lorna Greene, a former Commerzbank banker, has resurfaced as a member of National Australia Bank’s Asia DCM team.

    28 Jan 2016

  • Macau’s SJM tries its luck with HK$25bn fundraising

    Macau casino operator SJM Holdings is hunting for a HK$25bn ($3.2bn) loan to fund a new project in the city. Although the gaming industry in Macau is experiencing a lean period, loans bankers are expected to place their bets on SJM’s strong market position.

    28 Jan 2016

  • India’s Bombay exchange gets head start in race to list

    The Bombay Stock Exchange (BSE) has finally set in motion its plans to go public, which have been three years in the making. Investors and bankers are sitting up and paying attention as Asia’s oldest exchange gets ready for one of the most high-profile IPOs in India this year. Jonathan Breen reports.

    28 Jan 2016

  • China rail duo set H-share CBs on right track

    China Railway Rolling Stock Corp hit the equity-linked market this week for $600m, becoming only the second firm to print an H-share CB in Asia since 2007. The deal, which follows a similar issue from a Chinese peer earlier this month, has set in motion the transition from a rare deal type into a regular funding option.

    28 Jan 2016

  • Haitong International hunts for HK$8bn in two tranches

    Haitong International Securities has hit the market for a HK$8bn ($1bn) three year bullet, which could increase in size depending on demand.

    28 Jan 2016

  • Making a song and dance about it

    If my friends who work at international banks think their jobs are too demanding, they should have a look at some of the stunts those working at their Asian counterparts are expected to pull.

    28 Jan 2016

  • Pakistan unveils new ECM fundraising rules

    The Securities and Exchange Commission of Pakistan (SECP) has made a series of changes to rules governing companies raising capital in its stock market.

    28 Jan 2016

  • Orpic set to sign $4bn Liwa Plastics loan

    A juicy Middle Eastern project finance loan — for Oman Oil Refineries and Petroleum Industries Company (Orpic) — will be signed by end of next week, according to a banker close to the deal.

    28 Jan 2016

  • Russia’s Brunswick draws on expensive rouble loan

    Brunswick Rail has drawn on a tranche of a Rb1.6bn (€20.5bn) two year loan from Alfa Leasing which pays interest of 16%, as tough operating conditions and a weakened currency weigh on its business.

    28 Jan 2016

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%