• Investors pile into Mosaic solar loan ABS

    California-based solar finance company Mosaic sold a $138.95m ABS deal late last week, with sources saying it was heavily oversubscribed.

    31 Jan 2017

  • Upstart issuer readies debut MPL ABS deal

    Online personal loan platform Upstart is looking to issue a debut ABS transaction in the second quarter of 2017.

    31 Jan 2017

  • RMBS market embraces new STACR structure

    Freddie Mac priced its first credit risk transfer (CRT) RMBS deal of 2017 on Tuesday, with a new structure offering more subordinated debt embraced by investors and saving money for the government sponsored enterprise (GSE).

    31 Jan 2017

  • Block rain includes Axel Springer and TMK of Russia

    Tonight’s hail of block trades includes, besides the Lonza and Zoopla deals, at least two other transactions.

    31 Jan 2017

  • Zoopla gets £76m to buy Hometrack in block flat to close

    Zoopla Property Group, the UK owner of property search websites, completed an accelerated bookbuild on Tuesday night to raise £76.5m of new capital, to buy Hometrack.co.uk, a property information service.

    31 Jan 2017

  • Bumper 8 thrives with swollen sterling book

    A UK auto ABS deal from LeasePlan was priced on Tuesday, with the £400m senior tranche more than twice subscribed, underlining the positive tone in the European ABS market as 2017 gets underway.

    31 Jan 2017

  • More time needed on variation margin, says ISDA

    Derivatives market participants should be given a relief period on variation margin rules after the slated March 1 deadline, the International Swaps and Derivatives Association has said, adding its voice to a rising clamour across the industry.

    31 Jan 2017

  • Lonza's Sfr865m block covered in 40 minutes

    Lonza, the Swiss pharmaceuticals company, completed a 9.4% capital increase through a Sfr865m accelerated bookbuild on Tuesday night led by UBS and Bank of America Merrill Lynch, the first step in a two-pronged move to raise Sfr3.3bn for an acquisition.

    31 Jan 2017

  • Pillar 2: see or not to see

    Disclosing Pillar 2 ‘guidance’ is discretionary and perhaps even discouraged, but banks risk falling foul of speculation if they choose to keep their full supervisory capital demands a secret.

    31 Jan 2017

  • Without specifics, Trump’s deregulation order just a soundbite

    Monday’s executive order from President Donald Trump pledging to cut regulation for US businesses by forcing agencies to get rid of two regulations for every one they introduce was derided by his opponents, but it isn't ridiculous. It just lacks the specifics to be taken seriously.

    31 Jan 2017

  • ESMA warns on derivs trade data transfer

    The European Securities and Markets Authority wants to standardise the way that trade repositories and market participants transfer data on derivatives obligations, having warned that problems could arise under the Markets in Financial Instruments Directive II (MiFID II) regulations.

    31 Jan 2017

  • Banks beat path to SUEK as Russian loans rev up

    Russia’s Siberian Coal Energy Company (SUEK) has drawn high interest from banks as it becomes one of the first borrowers this year from the country to open talks for a loan.

    31 Jan 2017

  • ADB hunts long euros as FADE cleans up

    Fondo de Amortización del Déficit Eléctrico (FADE) was warmly welcomed by capital markets on Tuesday for its first benchmark in 18 months, while Asian Development Bank hit screens looking for its first syndicated euro deal in almost three years. HSH Finanzfonds also raised cash on Tuesday.

    31 Jan 2017

  • Natixis hires new DCM head

    Natixis has hired a new global head of debt capital markets, who started earlier this month.

    31 Jan 2017

  • Next slug of CHL financing breaks cover

    Co-arrangers Bank of America Merrill Lynch and Morgan Stanley have announced the next chunk of financing for Cerberus’s acquisition of Capital Home Loans from Permanent TSB.

    31 Jan 2017

  • Ontario wakes sleeping dollar market

    The Province of Ontario broke the silence in dollar benchmark issuance this week, mandating for a five year deal on Tuesday. Other borrowers are avoiding dollars this week due to holidays in Asia, but Ontario can rely on its strong following in the Americas to push it through, said bankers.

    31 Jan 2017

  • Investec Australia Property Fund begins R1.5bn rights offer to buy Sydney offices

    Investec Australia Property Fund, the Johannesburg-listed real estate investment trust focused on commercial property in Australia and New Zealand, set terms for its partially underwritten R1.5bn ($111m) rights issue on Tuesday. Investors marked the shares up 2.3% on the day.

    31 Jan 2017

  • Varex signs acquisition loan as it sees through spin-off

    Varex Imaging, the Palo Alto-based X-ray equipment manufacturer, has had a busy January. Following its spin-off from parent company Varian Medical Systems, the firm has found a $600m loan package to acquire PerkinElmer’s medical imaging business.

    31 Jan 2017

  • Operational risk capital is the worst regulation of all

    Of all the strange distortions and economic madnesses introduced by capital rules, operational risk capital tops the table. Rather than simplify it, the new Basel rules should scrap it.

    31 Jan 2017

  • Cerba mandates banks but multiples crippling buyouts

    Five banks have lined up to underwrite a loan and bridge financing to laboratory services operator Cerba Healthcare for PSP Investment’s secondary buyout of the French firm. But the deal comes as Fitch said on Tuesday that buyout multiples have hit a post-crisis high.

    31 Jan 2017

  • CM-CIC covered starts and finishes well through OATS

    Crédit Mutuel CIC on Tuesday became the first French covered bond borrower to begin and finish pricing at a spread that was markedly through OATs in this part of the curve, but the deal was a smaller size than expected.

    31 Jan 2017

  • Louis Dreyfus raises €400m bond at second try with €1.7bn book

    Louis Dreyfus, the unrated, privately owned food commodities company headquartered in Amsterdam, pushed ahead with a senior unsecured bond issue it had previously tried to bring in November on Tuesday.

    31 Jan 2017

  • Bank of America eyes US-style pricing in TLAC euro trip

    Bank of America was looking to walk away with a fresh chunk of total loss-absorbing capacity (TLAC) eligible senior debt on Tuesday, becoming the first issuer in the euro market to link the pricing levels of fixed and floating rate tranches.

    31 Jan 2017

  • Society of Lloyd’s buoyed by huge sterling book

    Society of Lloyd’s demonstrated the strength of the sterling bond market on Tuesday, attracting an unusually large order book on its tier two return and revising pricing by 30bp.

    31 Jan 2017

  • Tekni-Plex brings repricing to ‘best ever’ market

    Tekni-Plex, the US packaging maker, launched a repricing request on a €148m term loan due in 2022 this week, holding a lender call on Tuesday.

    31 Jan 2017

  • Long line of banks check out Profi loan

    A loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food is attracting strong interest, according to bankers involved, with a meeting in Bucharest on Tuesday to discuss the deal heavily attended.

    31 Jan 2017

  • Auchan sells first bond since downgrade

    French supermarket chain Auchan Holding on Tuesday came to the bond market for the first time since Standard & Poor’s downgraded its ratings from A- to BBB+ in April, but demand for the credit was said to be “bullish”.

    31 Jan 2017

  • Russian pricing aggression builds with Polyus

    Polyus Gold, Russia's largest gold producer, showed little regard for leaving something on the table for investors on Wednesday as it screwed pricing in for its new six year note. But investors will support the trade regardless, said emerging markets bankers.

    31 Jan 2017

  • BNP Paribas changes Asia Pacific IB leadership

    BNP Paribas’s head of Asia Pacific investment banking will leave later this year, and the bank has appointed two bankers to replace him as co-heads.

    31 Jan 2017

  • TLG Immobilien increases capital 10% via JP Morgan, UBS

    Shares in TLG Immobilien, the German real estate company, fell 1.6% on Tuesday morning after it completed a 10% capital increase on Monday night to finance the acquisition of more retail and office properties in Germany.

    31 Jan 2017

  • Aeropuertos flies off with tighter yield

    Argentine airport operator Aeropuertos Argentina 2000 fetched a new 10 year bond some 30bp inside initial price thoughts on Monday to become the fifth issuer, and fourth corporate, from the country to issue this year.

    31 Jan 2017

  • Falcon aircraft deal swoops into ABS primary

    A $410m aircraft securitization from Middle Eastern leasing company Dubai Aerospace Enterprise is in the pipeline, making it the first aircraft ABS deal to come to market in 2017.

    30 Jan 2017

  • US CLO managers push refis as primary stalls

    US CLO managers are refinancing a glut of vintage deals as they take advantage of growing demand to shave liability costs off older transactions at the expense of the primary market.

    30 Jan 2017

  • Amundi wins shareholder approval to raise €1.4bn

    Shares in Amundi, the French asset manager, fell 1% on Monday after its shareholders gave near-unanimous approval at an extraordinary general meeting to its €1.4bn capital increase to partly finance its €3.545bn acquisition of Pioneer Investments from UniCredit.

    30 Jan 2017

  • RMBS, covered bond spreads converge — JPM

    Research from JP Morgan ABS and covered bond analysts show generic European ABS spreads in Italy, Spain and the Netherlands trending closest to covered bonds spreads since the European Central Bank launched purchase programmes for both asset classes, in October and November 2014.

    30 Jan 2017

  • TP ICAP makes data push with first buyout

    TP ICAP, the firm formed in the recent merger of Tullett Prebon and ICAP, has made its first acquisition with the addition of Burton-Taylor International Consulting to its data and analytics division.

    30 Jan 2017

  • RenoNorden rises 6.4% after launching Nkr350m rights offer

    RenoNorden, the struggling Norwegian waste management company, on Monday launched a highly dilutive rights issue to avoid breaking its debt covenants after losses in 2016, but investors appeared to welcome the news, sending the shares up 6.4%.

    30 Jan 2017

  • Investors like Unilever ‘aggressive’ sterling return

    On Monday Anglo-Dutch consumer goods group Unilever issued its first sterling bond in three years, aiming for opportunistic pricing and receiving an oversubscription.

    30 Jan 2017

  • EBA and ESM push for public bad loans scheme

    The chair of the European Banking Authority called on Monday for the establishment of an EU-wide asset management company to deal with non-performing loans, during a seminar held at the European Stability Mechanism's headquarters.

    30 Jan 2017

  • Rights issue importantissimo as UniCredit warns on capital, NPLs

    UniCredit underscored weaknesses in its balance sheet and capital position on Monday, issuing investors with another series of warnings ahead of its planned €13bn rights issue.

    30 Jan 2017

  • Bond market ready for more hybrids after Porr’s perpetual

    Porr, the unrated Austrian construction company, on Monday priced the first European corporate hybrid bond this year at the tight end of guidance.

    30 Jan 2017

  • Land NRW lines up sustainability bond

    The State of North Rhine-Westphalia announced on Monday that it will hold a roadshow for its third sustainability bond.

    30 Jan 2017

  • SGS serves up nines to hungry Swiss market

    SGS, the A3 rated testing and inspection company, offered a nine year bond to a Swiss market in search of corporate paper this week. Books were open for just 45 minutes before the Sfr375m ($378m) maximum mandated size was reached.

    30 Jan 2017

  • Ineos concocts repricing in flushed market

    Ineos, the energy conglomerate, launched a refinancing and repricing loan deal on Monday afternoon, extending the run of issuers coming back to cut funding costs in the market.

    30 Jan 2017

  • Credit Suisse switches ECM leaders, promises ‘novel approaches’

    Credit Suisse has a new head of Europe, Middle East and Africa equity capital markets, as Nick Williams is moving to another job at the bank in New York.

    30 Jan 2017

  • Small borrowers to take chance in quiet market

    A few of Europe's smaller borrowers are trying their luck now that the storm of issuance that thronged markets through most of January has abated.

    30 Jan 2017

  • Covered bonds to continue hot Q1 streak

    Some €26bn was issued in euro covered bonds in January, about 20% of 2017’s expected annual supply. That proportion is consistent with 2016, and suggests February and March will also be busy.

    30 Jan 2017

  • Nothing to sneeze at: Pehart rolls out loan

    Pehart Tec Group, a Romanian tissue paper manufacturer, has agreed a €24m syndicated loan with three banks.

    30 Jan 2017

  • Banks cross fingers for more good times after dream January

    FIG issuers have taken advantage of a dream start to 2017 and raised record levels of new debt this January, and there is little to suggest that conditions will turn sour in the short term.

    30 Jan 2017

  • Turkey sovereign fully junked but no one cares

    Turkey found itself firmly in junk territory on Friday after it lost its last investment grade rating from Fitch, but the issuer’s CDS has tightened in response and as Turkey’s blowout trade on January 18 attests, it always has the capability to fund.

    30 Jan 2017

  • Three Turkish banks prep loans despite sov downgrade

    Rating downgrades on Friday for Turkey sovereign debt have not dented the appetite of the country’s banks to borrow, with two firms said to be joining Akbank in pursuing loans.

    30 Jan 2017

  • HSBC hires Doody to take leveraged finance to next level

    Ray Doody, former EMEA head of leveraged finance, is leaving JP Morgan and is set to join HSBC as global head of leveraged and acquisition finance at the bank.

    30 Jan 2017

  • Variation margin deadline must be delayed, says buy-side

    Pension funds and other buy-side institutions are not prepared to meet new variation margin rules expected to come into force on March 1. And if they cannot trade, the regulation is not worth the paper it is written on, delegates heard at a conference in Luxembourg last week.

    30 Jan 2017

  • StanChart hires former FCA boss McDermott

    Standard Chartered has hired former FCA head Tracey McDermott as group head for corporate, public, and regulatory affairs.

    30 Jan 2017

  • P&M Notebook: the new HSBC?

    HSBC, despite riding high in the bond league tables, has never had a reputation for being the fiercest global investment bank on the Street. Is that changing?

    30 Jan 2017

  • Sharjah shops for senior as S&P slaps Emirate with downgrade

    Bank of Sharjah on Monday named four banks for a new senior dollar offering after Standard & Poor’s slapped the Emirate with a two notch downgrade on Friday.

    30 Jan 2017

  • CBC wraps tender after bottling up demand

    The Central American Bottling Corporation (CBC) will redeem all of its $300m of bonds due 2022 after pricing a new 10 year deal that has performed very strongly in secondary markets.

    30 Jan 2017

  • HSBC cuts start to hit DCM

    HSBC's planned cuts to its investment bank have started to hit its debt capital markets division, with senior bankers in public sector and FIG origination placed at risk.

    27 Jan 2017

  • UBS posts profit growth but misses out on Trump trading

    UBS investment bank delivered a 54% increase in profit before tax in the final quarter of 2016, compared to the same period in the previous year, but the bank’s inventory-light approach meant it missed out on the post US election trading boom that has benefited US competitors.

    27 Jan 2017

  • Diös Fastigheter raises Skr1.9bn to buy Castellum buildings

    Shares in Diös Fastigheter, the Swedish property company, closed 4.5% higher on Thursday after it completed its Skr1.85bn ($209m) rights issue to partly finance the acquisition of a portfolio of mainly commercial and retail properties from Castellum in cities in northern Sweden.

    27 Jan 2017

  • Funding scorecard: Supranationals

    This week's funding scorecard looks at the funding progress supranationals have made in their funding progress by the end of January.

    27 Jan 2017

  • BAT adds sterling revolver to Reynolds deal

    British American Tobacco has obtained a £5.68bn revolving credit facility, in addition to the $25bn acquisition loan it agreed earlier this month with an 18 strong bank syndicate.

    27 Jan 2017

  • Demand for covered duration returns, despite rates volatility

    This week’s three piece covered bond issue from Crédit Agricole showed considerable demand for long dated covered bonds. Though rates volatility and relative value may have deterred some investors, the high outright yield was simply too attractive for many to ignore.

    27 Jan 2017

  • Oaktree sells 10% of Countryside Properties in first block since IPO

    After a moderate recovery in the value of many UK property stocks since their post-EU referendum slump, Oaktree Capital took the opportunity on Thursday night to sell 10% of Countryside Properties, the UK home builder, for £103.5m.

    27 Jan 2017

  • Xella cuts proposed HY deal to build loan offering

    German building materials maker Xella has cancelled a proposed €350m high yield bond issue, adding that amount to its €1.15bn term loan ‘B’ offering, which backs Lone Star’s $2.3bn buyout of the firm.

    27 Jan 2017

  • BXR-Bakala vehicle exits Ferrexpo through £126m ABB

    Shares in Ferrexpo, the Swiss-headquartered iron ore producer active in Ukraine, rose 3.3% on Friday morning after Wigmore Street Investments sold its entire 13.2% stake through an accelerated bookbuild.

    27 Jan 2017

  • Exane BNP Paribas makes senior hires to push cash equities

    BNP Paribas, which hired a new head of equity capital markets earlier this week, has also hired two senior bankers in its cash equities business and revealed the destination of its outgoing head of ECM.

    27 Jan 2017

  • Sime Darby to spin off pure play units in Malaysia

    Malaysian conglomerate Sime Darby Group is planning to spin off and list its plantation and property businesses, while retaining its trading and logistics operations, in an effort to create three pure play arms.

    27 Jan 2017

  • ANZ boosts loans team in Sydney with new hire

    ANZ has made a new hire to its loan syndications team in Australia. The move comes close on the heels of high level changes in the department.

    27 Jan 2017

  • Jackie Chan film backer JQ Pictures targets $100m IPO

    JQ Pictures Holdings, the firm behind film star Jackie Chan’s latest movie, is vying for an IPO of around $100m in Hong Kong, according to a banker close to the deal.

    27 Jan 2017

  • Tsinghua Unigroup mulls increasing debut loan

    Tsinghua Unigroup, part of Chinese state-owned Tsinghua Holdings, is considering increasing the size of its $300m debut syndicated loan after commitments of nearly double the amount poured in.

    27 Jan 2017

  • China Opportunity looks for dollar bond repack

    China Opportunity International is pursuing a $620m secured note, backed by a basket of onshore renminbi denominated bonds.

    27 Jan 2017

  • RMB round-up: Safe clarifies cross-border FX rules, RQFII quotas updated, Hungary adds RMB capabilities

    In this round-up, People’s Bank of China defends its use of foreign exchange (FX) reserves to preserve stability in the currency markets, two new entities are added to the RMB qualified institutional investors (RQFII) programme, and Hungary’s central bank signs an agreement to expand access to the Chinese capital markets. Plus, a recap of our coverage this week.

    27 Jan 2017

  • Powered up Lat Am grinds tighter with AES

    AES Argentina priced a new seven year bond well inside the expectations of much of the market on Thursday as conditions recovered quickly after a wobble at the end of last week.

    26 Jan 2017

  • Spain’s early bird gets the demand in 10s

    Spain added another entry to its growing book of blockbuster trades this week, using a novel early-bird feature to help drum up demand for its traditional 10 year annual opener. The deal came as Italy’s spread over Spain widened, despite a court ruling that analysts said should be positive for political stability in Italy in the near term.

    26 Jan 2017

  • Sigma seeks euros but most Mexicans in no rush

    Grupo Alfa-owned food company Sigma may finally bring the first Mexican bond deal of 2017 next month. As Donald Trump’s ascendancy to the US presidency engulfs the country in uncertainty, DCM bankers say issuers are calm despite the lack of activity.

    26 Jan 2017

  • Cabei starts 2017 with Hong Kong, Norwegian double

    Central American development bank Cabei began its funding for 2017 by issuing more than $100m-equivalent in niche currencies, the bank’s head of capital and financial markets told GlobalCapital.

    26 Jan 2017

  • Colombia’s Tecnoglass reaches through US HY window

    Lat Am syndicate bankers said that a $210m five year debut bond issue from Colombian glass and window maker Tecnoglass this week showed the strength of the region’s credit markets — despite the company not raising the maximum slated amount.

    26 Jan 2017

  • NIB USD1.25bn 2.125% Feb 22

    26 Jan 2017

  • Quebec USD2bn 2.375% Jan 22

    26 Jan 2017

  • France sets new green standard as Trump threatens market future

    A record breaking green bond debut from France rained €7bn of liquidity over an investor base parched of sovereign supply in the format, bringing new promise to the sector. But while other governments will be encouraged into the market, some worry that US president Donald Trump could stunt the market's growth, writes Craig McGlashan.

    26 Jan 2017

  • UK DMO GBP4.5bn 1.75% Jul 57

    26 Jan 2017

  • SNCF Mobilités EUR1bn 1.5% Feb 29

    26 Jan 2017

  • BNG USD1.75bn 2.375% Feb 22

    26 Jan 2017

  • France EUR7bn 1.75% Jun 39 green

    26 Jan 2017

  • EBRD USD1.25bn 2% Feb 21

    26 Jan 2017

  • L-Bank USD1bn 1.625% Feb 19

    26 Jan 2017

  • MTN Leak: The home stretch

    The MTN market can breathe a sigh of relief as those punishing themselves for Christmas indulgence with Dry January are about to be reprieved.

    26 Jan 2017

  • Spain EUR9bn 1.5% Apr 27

    26 Jan 2017

  • ESM EUR3.5bn 1.8% Nov 46

    26 Jan 2017

  • Cades EUR4bn 0.125% Nov 22

    26 Jan 2017

  • Luxembourg EUR2bn 0.625% Feb 27

    26 Jan 2017

  • Trump timebomb ticks but where is the vol?

    In an age of irony, financial markets are hitting their peak. Measures of volatility, across almost any asset suggest squeezed trading ranges and pricing exactitude just as the most volatile US president in living memory settles into his new job. Something has to give.

    26 Jan 2017

  • Never had it so good: SSAs enjoy ‘perfect January’ in dollars

    The dollar bond market for public sector borrowers this week rounded off a spectacular January, with many bankers describing it as “perfect” and the best in five years.

    26 Jan 2017

  • Corporate market deflects duration risk as ECB ramps up

    Despite months of grumbling about duration risk, corporate bond buyers are still taking down long dated euro offerings, with investors swelling the order books for a 10 year Deutsche Telekom trade this week. But some of the attention previously lavished on the long end is now benefiting crossover credits, writes Ross Lancaster.

    26 Jan 2017

  • Euro market storms through strong January

    Euros in the public sector bond market have enjoyed an exceptional run throughout January, providing borrowers from all across the public sector with funding in a tremendous breadth of maturities.

    26 Jan 2017

  • Belize restructuring to drag as creditors set to reject terms

    Analysts believe that Belize’s third restructuring of the century could drag on long after the government’s target end-date of March after certain bondholders said they would reject a proposed amendment to the terms of its so-called “superbond”.

    26 Jan 2017

  • People Moves in Brief

    MUFG hires in levfin — UniCredit names FIG boss — Morgan Stanley, UniCredit hire EM traders

    26 Jan 2017

  • Arab Republic of Egypt USD1.75bn 6.125% Jan 22s, USD1bn 7.5% Jan 27s, USD1.25bn 8.5% Jan 47s

    26 Jan 2017

  • ICD USD500m 5% Feb 27s

    26 Jan 2017

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%