• Healthcare provider Capio takes bank loan to A&E

    Swedish healthcare company Capio has given its revolving credit facility a shot in the arm by amending and extending it, increasing it by 45% to €343m-equivalent and extending its maturity by 2.5 years.

    23 Jan 2018

  • UCB extends revolver to back of its debt queue

    UCB, the Belgian pharmaceutical company has amended and extended its €1bn revolving credit facility early, pushing the maturity of its only commercial bank loan to the far end of its debt profile.

    23 Jan 2018

  • Porsche halves its spread on €280m Schuldschein return

    Porsche has launched a Schuldschein, priced at about half the spreads on its previous €1.1bn offering in March 2016.

    23 Jan 2018

  • Pfandbrief trio get great execution in small size

    DekaBank, BayernLB and Berlin Hyp took the opportunity to issue in small sizes across the full range of maturities with deals that were all priced with a double digit spread through mid-swaps.

    23 Jan 2018

  • BPCE brings e-book first to Samurai market

    Groupe BPCE has become the first European issuer to use an electronic order book in the Samurai market, making it easier for the bank to execute its deal while not putting off investors, according to those on the deal.

    23 Jan 2018

  • Securelink debuts in 'attractive' Nordic HY

    As more investors from across Europe turn their attention to the Nordic bond markets, some Nordic bankers believe they can convince more European borrowers to go north, like Belgium’s Securelink, which has listed its first bond on the Oslo Stock Exchange.

    23 Jan 2018

  • Italgas takes advantage of lack of supply for tight tap

    On Tuesday, Italgas was the latest issuer to benefit from the lack of corporate bond supply so far in 2018. Investors, starved of paper, have caused order books to be multiple times oversubscribed and issuers have benefitted from tight pricing as a result.

    23 Jan 2018

  • Austria EUR4bn 0.75% Feb 28

    23 Jan 2018

  • Sparebank 1 leads way with first green residential covered bond

    Sparebank 1 Boligkreditt has issued the first covered bond secured solely on energy efficient green residential properties. The sizeable transaction was priced almost flat to fair value and placed with a newly diversified group of investors.

    23 Jan 2018

  • NAB’s RMBS to offer direct green/non-green price comparison

    The forthcoming mortgage securitization by National Australia Bank, which includes a green tranche, will be one of the first times any issuer has issued green and normal bonds at the same time that are identical in almost every other way. As such, it will offer a rare insight into pricing.

    23 Jan 2018

  • Goldman’s Weber moves to Middle East

    Martin Weber, a Goldman Sachs managing director, is moving to Dubai to run the bank’s MENA financing group.

    23 Jan 2018

  • Saudi Arabia launches financing plan

    Saudi Arabia has sent out a request for proposals to refinance its $10bn syndicated loan signed in 2016. The sovereign has also requested ideas for a dollar bond issue and a possible export credit agency (ECA) backed financing.

    23 Jan 2018

  • Vakifbank adds to senior supply

    Vakifbank opened books on Tuesday on the third senior 2023 from a Turkish financial institution this year and was expected to guide investors towards a sub-6% print.

    23 Jan 2018

  • Bank capital ‘ripping’ tighter in secondary market

    Subordinated bond deals from European financial institutions have zoomed tighter in secondary market trading this week, in anticipation of lower supply and ahead of the reporting period for full year earnings for 2017.

    23 Jan 2018

  • Ollerenshaw survives Barclays cull

    A new role for Simon Ollerenshaw was announced internally at Barclays on Monday.

    23 Jan 2018

  • MS PE unit picks up $199m from CTBC sell down

    Morgan Stanley Formosa Holdings pulled off a NT$5.8bn ($199.3m) block trade in CTBC Financial Holdings on Monday — Taiwan’s largest accelerated share sale in four years, according to a source close to the deal.

    23 Jan 2018

  • Fosun rides Moody’s upgrade momentum to nab $700m

    Fosun International raised $700m from two bonds on Monday, tapping an outstanding three year sold at the end of 2017 while extending its maturity profile with a new five non call three year. The deal came a week after Moody’s raised the issuer’s corporate family rating by one notch.

    23 Jan 2018

  • New issue monitor: Wijaya Karya sells Rph5.4tr Komodo bond

    Indonesian construction services company Wijaya Karya sealed a Rph5.4tr ($404.7m) offshore rupiah bond on Monday, a key deal in the opening up of the Komodo bond market.

    23 Jan 2018

  • A-Living sees strong demand for $600m HK listing

    A-Living Services Co plans to raise around $600m in a Hong Kong IPO, on the back of strong indications of interest from investors.

    23 Jan 2018

  • Kospo sets strong tone for Korean dollar supply

    Korea Southern Power Co (Kospo) has priced the first public dollar bond from South Korea amid a US government shutdown. But the 144A deal saw little fallout from that. Easing tensions on the Korean peninsula, the quality of its credit and demand for short-dated paper ensured investor interest.

    23 Jan 2018

  • Shenzhen Sunway beams debut financing into syndication

    Shenzhen Sunway Communications has reached out to lenders for an up to $250m borrowing, marking its debut in the overseas loan market.

    23 Jan 2018

  • Keep Indonesia’s Komodo bonds caged

    Komodo bonds, the catchy term for offshore Indonesian rupiah bonds, are finally sputtering to life. The second such deal by an Indonesian company this week shows the possibilities. But don’t count your dragons before they hatch. The market will always be limited — and that’s a good thing.

    23 Jan 2018

  • China Houze sets out for $60m loan with IFC umbrella

    China Houze Group, a non-bank financial company, has embarked on its maiden offshore loan syndication with the help of International Finance Corp.

    23 Jan 2018

  • Citi’s Duffy leaves senior Asia ECM role

    Citi has lost a veteran banker who was in charge of the south Asia equity capital markets business, according to sources close to the move.

    23 Jan 2018

  • India’s Route Mobile kicks off IPO process

    Cloud-communications service provider Route Mobile set the ball rolling for its IPO on Monday, filing a draft red herring prospectus with the Indian securities regulator.

    23 Jan 2018

  • Carnival Group nets $100m from fresh equity issue

    Theme park operator Carnival Group International Holdings has raised HK$781m ($100m) after selling a chunk of primary stock, according to a filing with the Hong Kong Stock Exchange.

    23 Jan 2018

  • Indonesia sets sights on first Asian sovereign green bond

    The Republic of Indonesia has mandated banks for a green dollar sukuk sale, marking the region’s first sovereign green issuance.

    23 Jan 2018

  • Dalian Wanda starts work on IPO of sports business

    Dalian Wanda Group has mandated banks to start work on a possible IPO of its sports assets, said sources close to the matter.

    23 Jan 2018

  • Banco Estado returns to Aussie dollars

    Chilean lender Banco del Estado de Chile (Banco Estado) returned to the Aussie dollar market last week with a A$40m ($31.9m) trade.

    23 Jan 2018

  • Shandong Gold eyes HKEX for listing

    Chinese state-owned Shandong Gold Mining is planning to hold an IPO in Hong Kong, filing a draft prospectus with the city’s bourse on Monday.

    23 Jan 2018

  • SingHaiyi gets green light for $109m cash call

    Singapore's SingHaiyi Group will go ahead with a rights offering to raise S$143.5m ($108.9m) after receiving regulatory approval, the company has said.

    23 Jan 2018

  • SoFi, Lending Club gear up for busy quarter

    Up to four transactions from marketplace lenders SoFi and Lending Club are slated to hit the market this quarter, including prime and non-prime consumer and student loan refinancing offerings.

    22 Jan 2018

  • T-Mobile returns to HY bond market after merger breakdown

    Volumes in the US high yield market were given a boost on Monday from a $2.5bn dual tranche deal from T-Mobile, which the mobile operator will use to refinance old debt.

    22 Jan 2018

  • Rise in Treasury yields drives CMBS to post-crisis tights

    The first CMBS conduit deal was priced on Friday, with spreads at the top of the capital structure falling to post-crisis tight levels, reflecting the rise in the 10 year Treasury rate and the move in swap spreads.

    22 Jan 2018

  • Providence increases €245.7m Masmovil block

    Providence Equity Partners increased the size of an offering to sell a 14.03% stake in Spanish telecom operator Masmovil through a block trade on Monday evening.

    22 Jan 2018

  • UK RMBS ‘on fire’ as further supply looms

    The order book for London Wall Mortgage Capital’s UK buy-to-let RMBS Fleet 2018-1 has been opened amid high hopes it will meet the same buoyant demand seen in other UK RMBS sold this year. But with cheap central bank funding to be withdrawn and a potential £1bn sale of legacy mortgages coming up, some observers have their doubts that the rally can last.

    22 Jan 2018

  • Metrovacesa plays on size, quality in €700m IPO

    Metrovacesa, the Spanish property developer, has opened the books for its IPO on the Spanish Stock Exchanges with a price range that values it at up to €2.95bn.

    22 Jan 2018

  • HIG Capital taps direct lender for Beinbauer stake

    HIG Capital has acquired a controlling stake in German manufacturing firm Beinbauer Group. The fund used financing from direct lender Beechbrook Capital, with both borrower and lender praising the flexibility of the evolving direct lending market.

    22 Jan 2018

  • BondMarker results: Euro deals dominate top spots

    A trio of long-dated deals in euros achieved the highest scores on BondMarker this week. Read on to see how the deals in what is traditionally one of the busiest weeks of issuance in the year fared with our voters.

    22 Jan 2018

  • Upgraded Spain coming for 10 years

    Spain, fresh from an upgrade to its Fitch credit rating, hit screens on Monday to announce a new 10 year euro benchmark. The sovereign will share the market with Agence Française de Développement (AFD).

    22 Jan 2018

  • Three’s crowded: SSAs cram into short dated dollars

    Public sector borrowers are pouring into the three year part of the dollar curve after a series of issuers printed strong deals in the tenor last week.

    22 Jan 2018

  • Survey shines light on 3.29m index tally

    The Index Industry Association on Monday revealed that its members administered about 3.29m indices around the world, with more than 95% of those referencing equities.

    22 Jan 2018

  • Big loan tickets up for grabs as Sanofi announces M&A

    Investment grade loans bankers are ready to stump up big tickets for bridge loans, and deals are coming their way. Sanofi, the French pharmaceutical group, has announced an $11.6bn debt-financed acquisition of Bioverativ, the blood disorder treatment company, and banks are set to launch at least one other M&A loan into syndication this week.

    22 Jan 2018

  • Securelink, Titan emerge in cautious HY market

    Belgian cybersecurity firm Securelink and Greek cement group Titan International announced new high yield bonds totalling a combined €200m on Monday, as talk of potential spread widening grows in the European high yield bond market.

    22 Jan 2018

  • Pirelli gets good traction for first unrated deal of 2018

    On Monday, Italian tyre company Pirelli returned to the bond market for the first time since its IPO. With no other investment grade deals in the market, the new five year transaction saw strong investor demand and 40bp of tightening from initial price thoughts.

    22 Jan 2018

  • Westpac’s quick feet prove useful as spreads tighten in Swissies

    Westpac raised Swiss franc bonds on Monday, reaffirming the idea that financial institutions are best placed to act opportunistically in the Swiss market this year.

    22 Jan 2018

  • TD suggests unfaltering demand for sterling covered

    Even though sterling covered bond supply so far this year has been high, Toronto Dominion Bank showed on Monday that demand was also plentiful, as it was set to issue another tightly priced transaction with a strong book.

    22 Jan 2018

  • BPCE hits euros for two tranches of non-preferred

    Groupe BPCE was in the market raising non-preferred senior funding on Monday, as part of a plan to issue €4bn-€5bn in the asset class this year.

    22 Jan 2018

  • Investors plug €4.2bn into CA Assurances tier two

    Crédit Agricole Assurances caught market participants’ attention with a new tier two deal on Monday, building an order book of close to €4.2bn.

    22 Jan 2018

  • IKB tightens 50bp for unrated tier two deal

    IKB Deutsche Industriebank, an unrated German financial institution, was selling tier two capital in the euro bond market on Monday.

    22 Jan 2018

  • Wells hires for UK real money sales

    Wells Fargo has hired an experienced banker from Lloyds Bank's to work on UK real money fixed income sales.

    22 Jan 2018

  • Debutante Petkim squeezes investors for $500m

    Petkim Petrokimya Holding brought the first high yield corporate trade from Turkey since 2014 last Friday, raising $500m with a sub-6% coupon.

    22 Jan 2018

  • SCBC takes spread over size in Swedish sevens

    Despite mounting evidence of falling Swedish house prices and the likelihood that orders were lost at the re-offer spread, Swedish Covered Bond Corporation (SCBC) issued its tightest covered bond on Monday.

    22 Jan 2018

  • Investec’s UK branch more than doubles loan at $450m

    Investec plc, the South African bank’s UK branch, has signed a loan for $450m — growing to more than double its launch amount of $200m after being three times subscribed.

    22 Jan 2018

  • TAIFEX targets SMEs with FX futures

    Taiwan Futures Exchange (TAIFEX) on Monday released two new foreign exchange futures to cater to small and medium-sized enterprises, as the exchange pivots towards FX derivatives.

    22 Jan 2018

  • Belarus weighs up tap of best performing bond

    The Republic of Belarus is considering reopening its $600m 7.625% 2027s, according to a source with knowledge of the matter, after a strong rally that has made them the best performing hard currency bonds in CEEMEA in the last six months.

    22 Jan 2018

  • Steinhoff sells €476m stake in PSG

    Steinhoff International has sold a second chunk of its stake in PSG Group, the South African financial services company, in as many months, as Steinhoff struggles to stabilise itself after its disastrous revelation that three years' accounts will need restating.

    22 Jan 2018

  • Sino-Ocean lays groundwork for Panda return

    Property developer Sino-Ocean Group Holdings is set to return to the Panda bond market with a Rmb3bn ($467.9m) three year trade — its first Panda since its debut in the asset class last March.

    22 Jan 2018

  • IndusInd Bank out for biggest offshore borrowing

    Indian lender IndusInd Bank has sent invitations for a $500m borrowing, its largest from the overseas syndicated loan market.

    22 Jan 2018

  • Morgan Stanley arm offers $202m CTBC Financial block

    Cayman Islands-based Morgan Stanley Formosa Holdings opened a block sale of CTBC Financial Holdings’ stock on Monday, hoping to raise up to NT$5.9bn ($202.3m).

    22 Jan 2018

  • Instone Real Estate brings rare German housebuilder IPO

    Instone Real Estate Group, the German house builder, plans to go public on the Frankfurt Stock Exchange in February, having filed an intention to float document on Monday.

    22 Jan 2018

  • Zhongyuan Bank brings action to Chinese AT1 market

    Zhongyuan Bank Co is looking to raise Rmb10bn ($1.56bn) from an offshore additional tier one transaction, according to a Sunday filing with the Hong Kong Stock Exchange.

    22 Jan 2018

  • AerCap flies in for $600m syndication

    AerCap Holdings, one of the largest aircraft leasing companies in the world, has approached banks for a $600m four year revolver, with three lenders co-ordinating the syndication process.

    22 Jan 2018

  • Liquidity rush continues strong for Indian IPOs

    Amber Enterprises, an air conditioner manufacturer, has sealed its Rp6bn ($93.9m) IPO in India after institutional investors, corporations and high net worth individuals flooded into the trade.

    22 Jan 2018

  • Kospo kicks off year’s Korean dollar supply

    Korea Southern Power Co (Kospo) is returning to the offshore dollar bond market after almost five years, becoming the first issuer from the country to tap international investors in 2018.

    22 Jan 2018

  • Wijaya Karya unleashes new Komodo bond

    Indonesian construction services company Wijaya Karya began marketing an offshore rupiah deal on Monday morning, making it the second Komodo bond from the country to hit the market.

    22 Jan 2018

  • Mexican president spins finance ministry merry-go-round for final stretch

    Mexico’s president has proposed a new — but familiar — director of public credit amid a reshuffle at the country's finance ministry. The move was triggered by the resignation of deputy finance minister Vanessa Rubio, who will coordinate the market favourite’s presidential campaign.

    22 Jan 2018

  • Brazilian Natura gets made up for markets

    Natura Cosméticos, the Brazilian cosmetics and personal care group that bought UK firm The Body Shop from L’Oréal last year, is to meet bond investors this week as it looks to refinance the debt used to finance the acquisition.

    22 Jan 2018

  • The week in renminbi: Counter-cyclical factor tamed but not gone, PBoC puts new ceiling on cross-border RMB financing, CSRC tightens grip on private bonds

    China Foreign Exchange Trade System (CFETS) insists that the counter-cyclical factor remains in place, the Chinese central bank introduces a new limit on cross-border financing for commercial banks, and China Securities Regulatory Commission (CSRC) reportedly cracks down on risky private bond issuance.

    22 Jan 2018

  • Hung, Stoehr promoted in major Credit Suisse reshuffle

    Credit Suisse has appointed Zeth Hung and Carsten Stoehr as replacements for Mervyn Chow, one of its most senior investment bankers in Asia.

    22 Jan 2018

  • US high yield buyers tuck in to triple-C Arby’s bond

    The riskiest end of the US high yield market is heating up, after restaurant chain Arby’s priced a triple-C rated bond on Thursday at levels some bankers said would draw in other low-rated borrowers.

    19 Jan 2018

  • SEC slaps down crypto ETFs, for now

    The US Securities and Exchange Commission on Thursday slapped down the possibility of new cryptocurrency exchange traded funds until “significant outstanding questions” were answered with regards to investor protections.

    19 Jan 2018

  • Funding scorecard: Nordic agencies

    The first funding scorecard of 2018 looks at the funding programmes of Nordic agencies.

    19 Jan 2018

  • Alloheim launches €600m lev loan for Nordic buyout

    On Friday, the German private nursing care group Alloheim Senioren-Residenzen announced a new leveraged loan offering to fund its buyout by Nordic Capital. The deal is the third to be lined up to close in February, as hopes build of a surge of merger and acquisition driven borrowing.

    19 Jan 2018

  • Crédito Real mandates for Swiss bonds

    Crédito Real, the Mexican consumer finance company, is set to debut in the Swiss franc bond market in the coming weeks.

    19 Jan 2018

  • Saudi Electricity scores its largest loan for $2.6bn

    Saudi Electricity Co (SEC) has signed its biggest ever syndicated loan, for $2.6bn, with a club of eight banks, after tapping the same banks for $1.75bn last year. The loan is an unsecured one year bridge facility.

    19 Jan 2018

  • SCBC to test appetite for seven year Swedish covered bonds

    The Swedish Covered Bond Corporation has mandated joint leads for a seven year euro benchmark which is likely to be launched on Monday. The deal will be closely watched to see how it compares with Stadshypotek, which issued a seven year to a lacklustre reception in November.

    19 Jan 2018

  • Polyus prices $250m CB

    Polyus Gold, Russia’s largest gold producer, priced a $250m convertible bond on Friday, just a day after issuing a separate mandate for a new Eurobond.

    19 Jan 2018

  • Russia's Rusal returns for dollars

    United Company Rusal has returned to its core currency after issuing two Panda bonds via private placement last year. The Russian aluminium producer will meet investors for a dollar bond of intermediate maturity next week.

    19 Jan 2018

  • Alpha mandates leads for soft bullet covered bond

    Alpha Bank has mandated leads for the third publicly syndicated Greek covered bond in three months. But in contrast to the first two deals, it has chosen a longer maturity with a soft bullet structure, instead of a conditional pass through.

    19 Jan 2018

  • First timer Petkim puts out 'punchy' price talk

    Turkish petrochemical manufacturer and debut issuer Petkim Petrokimya Holding was marketing a five year bond at what one rival banker called a “punchy” starting point on Friday.

    19 Jan 2018

  • Geely prices opportunistic five year tighter than SOEs

    Geely Automobile Holdings opted for price over size with its new bond, landing aggressively at the middle of the final guidance range. The tactic meant the private company funded at or even inside the levels of some similarly or higher rated state-owned enterprises (SOE).

    19 Jan 2018

  • Investors pump money into Tata Steel’s bonds

    Investors showed their faith in Tata Steel on Thursday, pouring money into the Indian issuer’s dual-tranche transaction, shrugging off the weak structure and aggressive pricing.

    19 Jan 2018

  • Chinese issuers opt for keepwell structures

    Peking University Founder Group Company and Bank of Communications Financial Leasing Co used keepwell deeds for their dollar bond sales on Thursday, paying a bit of premium for the structure.

    19 Jan 2018

  • Smooth sailing for Philippines’ sovereign outing

    The Republic of the Philippines has wrapped up an SEC-registered transaction, raising $2bn from Asia’s first sovereign bond of the year, with $1.25bn going towards liability management. The new issuance made the country’s outstanding bonds look relatively attractive, said analysts.

    19 Jan 2018

  • Local investors keep Ford’s ABS on track

    Ford Automotive Finance (China) started the year in China’s asset-backed securities market by selling a Rmb4bn (Rmb618.3m) deal on Thursday. The deal was open to foreign investors, but onshore demand formed the core support for Ford’s sale, sources on the deal told GlobalRMB.

    19 Jan 2018

  • Jinjiang sells year’s first euro bond from Asia

    Chinese issuers Jinjiang International Holding, China South City Holding, Guangxi Communications Investment Group Corp and Tianjin Real Estate Group Co tapped the market for euro and dollar bonds on a busy Thursday.

    19 Jan 2018

  • RMB round-up: Safe asks companies to adapt to RMB volatility, CBRC’s Guo lashes out at banking outlaws, Chinese rating agency downgrades the US

    China’s FX watchdog tells corporates to prepare for more volatility in the RMB exchange rate, the chief of China Banking Regulatory Commission (CBRC) criticises illegal activities in the banking sector, and a domestic Chinese credit rating agency moves US sovereign rating as a result of the recent tax cut.

    19 Jan 2018

  • SK Biopharma sends RFP for US listing

    South Korean firm SK Biopharmaceuticals Co has sent a request for proposals to foreign banks and securities firms as it looks for candidates to lead its IPO, according to a source familiar with the matter.

    19 Jan 2018

  • Canopus uses Indorama stock in rare Thai equity-linker

    Thai firm Canopus International has raised $200m from a bond exchangeable into shares of Indorama Ventures, the first zero coupon exchangeable with a Thailand-listed underlying stock.

    19 Jan 2018

  • All aboard: Rites gears up for India float

    Indian state-owned Rites has filed a draft prospectus for an IPO through a syndicate of local bookrunners.

    19 Jan 2018

  • First real IPO hits Myanmar with TMH Telecom slated to list

    TMH Telecom Public Co will list on the Yangon Stock Exchange in Myanmar next week, having held an IPO that included a chunk of primary shares — the first flotation in the country with new stock.

    19 Jan 2018

  • BNPP DCM banker quits for GS

    A senior BNP Paribas CEEMEA DCM banker has resigned from the bank to join Goldman Sachs.

    19 Jan 2018

  • Shanghai Pharmaceuticals nets $397m in H-share offering

    Shanghai Pharmaceuticals Holding Co raised HK$3.1bn ($396.6m) through an H-share placement on Thursday, its biggest follow-on offering yet.

    19 Jan 2018

  • PFC $300m five year hits general syndication

    A $300m five year facility for Indian state-owned company Power Finance Corp (PFC), which mandated three banks for the financing in October, is now open to retail participation.

    19 Jan 2018

  • Philippines’ Metrobank gets green light for $1.2bn rights issue

    Metropolitan Bank & Trust Co’s board of directors has given the go-ahead for a rights issue that could raise up to Ps60bn ($1.18bn), according to an exchange filing on Thursday.

    19 Jan 2018

  • Sinopec Oilfield names banks for $806m H-share placement

    Hong Kong-listed Sinopec Oilfield Service Corp has hired CICC, Citic CLSA Securities, Deutsche Bank and Guotai Junan to help raise up to HK$6.3bn ($805.7m) in new equity.

    19 Jan 2018

  • Bundesbank eyes small RMB allocation for FX reserves

    Germany's domestic central bank said this week that it would start buying renminbi assets. Andreas Dombret, a member of the board at the Bundesbank, indicated to GlobalRMB that the central bank — like others in the developed markets — would follow the European Central Bank’s small initial allocation to the currency.

    19 Jan 2018

  • Brazil back in business as LatAm ploughs deeper

    The Brazilian sovereign continued a busy period for the country’s issuers with a tap of its existing 30 year bonds on Thursday as bankers said that borrowers from the country were rushing to issue ahead of elections later this year.

    18 Jan 2018

  • AerCap flies solo in dry January

    Aircraft leasing company AerCap was the only benchmark-sized corporate issuer in the dollar market as earnings blackouts enveloped the investment grade market in the US.

    18 Jan 2018

  • Ecuador nabs biggest, tightest ever deal

    Bondholders appear to have brushed off any concerns about the Ecuadorean government’s intention to audit existing debt as the sovereign clinched its largest ever bond issue on Thursday at the tightest yield in its history.

    18 Jan 2018

  • Hidrovias debuts as market buys into Brazilian logistics

    Brazilian waterway logistics provider Hidrovias do Brasil drew a raucous reception for an international bond debut on Wednesday as the Brazilian company was able to price just inside where Rumo — its closest comparable — issued last week, though just wide of where Rumo was trading.

    18 Jan 2018

  • Argentine trio to restart corporate supply

    Government-owned water utility AySA (Agua y Saneamientos Argentinos) joined energy companies Genneia and MSU Energy in the pipeline on Thursday as this year’s corporate supply from Argentina looks set to start next week.

    18 Jan 2018

  • Jefferies EM trader jumps to JPM

    JP Morgan has hired an emerging markets trader from Jefferies.

    18 Jan 2018

  • Fixed income disappoints as Trump trades fade

    Following a fourth quarter in 2016 that saw frenzied trading on the back of Donald Trump’s election as president, a rally in US stocks and a steepening yield curve, the biggest US banks saw trading revenues slide at the end of last year.

    18 Jan 2018

  • Investor price discrimination is the thin edge of the tapering wedge

    Primary covered bond sales have gone smoothly so far this year, with borrowers continuing to pay negligible new issue premiums and still attracting comfortably oversubscribed order books. But look a little closer and its clear there’s been a perceptible change. Investors are fighting back, and beginning to get their way.

    18 Jan 2018

  • Brazilian duo wrap up bond buy-backs

    Meatpacker Marfrig and airline Gol both completed tender offers for existing bonds this week as Brazilian issuers up the pace of capital market activity at the start of an election year.

    18 Jan 2018

  • US loan covenants sink to weakest level on record

    Moody’s Investors Service said on Thursday that quality of covenants in the US leveraged loan market have dropped to their weakest ever level.

    18 Jan 2018

  • Morgan Stanley escapes Steinhoff but others succumb

    All of the US banks that reported results this week booked losses related to troubled South African retailer Steinhoff, other than Morgan Stanley — despite the close relationship between the bank and the firm, which saw it handed a plumb gloco role on the IPO of its African retail arm in September.

    18 Jan 2018

  • Duration risk lurks in bullish US CLO market

    The CLO curve has flattened as a result of the success of the refinancing market, and investors may be becoming complacent on the duration risk in longer dated bonds, said a CLO portfolio manager on Thursday.

    18 Jan 2018

  • Rates markets start to rock from pricing pushback

    It’s hard to fault the support the euro market has offered rates borrowers in the past week. Executions have been smooth, books well-filled and new issue premiums skinny. But, with ever more hawkish signals from the European Central Bank and steepening yield curves, the future does not look so rosy for borrowers. The balance of pricing power seems likely to shift in favour of investors.

    18 Jan 2018

  • SSAs bask in ‘best ever’ start for sterling as records tumble

    Sterling conditions are searing hot for public sector borrowers, with records breaking left, right and centre. And despite investors taking large volumes out of the market, SSA bankers are confident that more supply can be handled.

    18 Jan 2018

  • Kommuninvest USD1bn 2.375% Apr 21

    18 Jan 2018

  • World Bank GBP1.25bn 1% Dec 22

    18 Jan 2018

  • BNP Paribas EUR500m Jan 23 non-preferred FRN

    18 Jan 2018

  • Raiffeisen Bank International EUR500m 4.5% PNC7.5 AT1

    18 Jan 2018

  • Banks land flurry of bail-inable deals in ‘optimal’ market

    Financial institutions have been making the most of extremely supportive conditions in global credit markets in 2018, with four banks printing bail-inable senior deals at very tight levels in euros this week.

    18 Jan 2018

  • Self-funders plunder dollar market after full year earnings

    Wall Street’s biggest banks hit the dollar bond market with multi-billion offerings after reporting fourth quarter earnings this week, and supply-starved investors piled into the new deals.

    18 Jan 2018

  • Société Générale EUR1.25bn 1.125% Feb 25 non-preferred

    18 Jan 2018

  • EDC USD1.25bn 2.5% Jan 23

    18 Jan 2018

  • Deutsche Pfandbriefbank EUR500m 0.625% Feb 22 non-preferred

    18 Jan 2018

  • Barclays Plc EUR1bn 1.375% Jan 26

    18 Jan 2018

  • Sweden EUR4bn 0.125% Apr 23

    18 Jan 2018

  • Threes ‘good company’ in dollars

    The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end.

    18 Jan 2018

  • MuniFin EUR500m 1.25% Feb 33

    18 Jan 2018

  • CEB EUR1bn 0.75% Jan 28

    18 Jan 2018

  • Dexia USD1.5bn 2.5% Jan 21

    18 Jan 2018

  • LeasePlan flies in hot FRN mart as industrial firms hang back

    The closest things to European corporate bond issues in euros on Thursday were a €200m sole-led issue for Deutsche Telekom, reported by Dealogic, and a €500m floater for LeasePlan, the Dutch car leasing bank.

    18 Jan 2018

  • Belgium EUR5bn 0.8% Jun 28

    18 Jan 2018

  • African sovereigns set for loan spree

    Emerging market loans bankers are predicting African sovereign issuance will blossom this year, after Kenya led the way with a $1bn transaction last year.

    18 Jan 2018

  • KommuneKredit EUR1bn 0.5% Jan 25

    18 Jan 2018

  • Hot US high yield ‘earning little more than Treasuries’

    Exuberant US high yield bond investors have driven spreads to multi-year tight levels. Guggenheim said on Thursday that high yield portfolios would earn little over a 10 year Treasury on an adjusted basis, but this is not stopping the rush of buyers into new issue deals. David Bell reports.

    18 Jan 2018

  • EIB GBP1bn 0.875% Mar 21

    18 Jan 2018

  • HeidelbergCement seals cheaper revolver

    Germany’s HeidelbergCement, rated Baa3/BBB-/BBB-, has signed a new €3bn-equivalent multi-currency revolving credit facility, refinancing debt early to lock in better terms.

    18 Jan 2018

  • Lenders joyful as jumbo M&A season begins

    Investment grade loans bankers are licking their lips as a spate of big UK M&A transactions gathered pace this week, but jumbo acquisitions rarely go smoothly and lenders have already had to adjust expectations after GKN batted away an offer from Melrose.

    18 Jan 2018

  • EG Group launches jumbo syndication

    UK petrol station operator EG Group launched a jumbo leveraged loan facility on Thursday, totalling €3.5bn-equivalent, to finance its acquisition of Esso sites in Italy and Germany. Bank meetings are due to be wrapped up by the end of this week.

    18 Jan 2018

  • Lenders prepare for covenant battle

    Investment grade loans bankers are trying to hold firm against what they claim is an attempt by borrowers to aggressively loosen deal terms, as the market prepares for a spate of merger and acquisition financing.

    18 Jan 2018

  • Peso rally helps drive SSA issuance

    Strong moves in the Mexican peso and the peso/dollar basis swap have ignited investor demand for bonds in the currency from SSA issuers that can offer a pick-up over govvies.

    18 Jan 2018

  • Sparebank eyes green covered as Luxembourg plans law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market its first green covered bond. The move coincided with proposals from lawmakers in Luxembourg for a green covered bond framework.

    18 Jan 2018

  • Carillion collapse rumbles through private debt markets

    The Schuldschein and US PP markets pride themselves on rigorous credit analysis, but both were caught flat-footed when UK outsourcing firm Carillion fell into liquidation this week. The likelihood of private debt investors getting their money back is slim, and the knock-on effects on both markets are being disputed, write Nell Mackenzie and Silas Brown.

    18 Jan 2018

  • People Moves in Brief

    IFC names Chao funding head - Jefferies levfin head readies exit - Mizuho loses LatAm debt MD

    18 Jan 2018

  • Mizuho leads Saudi push with senior hire

    Mizuho Bank has hired a senior banker to run its Saudi office as it looks to develop its business in financing and advisory work.

    18 Jan 2018

  • Covered bond 10 year trio hoovered up with ease

    NIBC, Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) and BayernLB were easily able to sell 10 year covered bonds issued this week, thanks to their small size and European Central Bank demand.

    18 Jan 2018

  • EIB inks big synthetic trade with Crédit Agricole

    EIB Group, which comprises the European Investment Bank and the European Investment Fund, has carried out a synthetic securitization with Crédit Agricole CIB to support French SME and intermediate-size-enterprise (ISE) lending, injecting roughly €1.1bn into the economy.

    18 Jan 2018

  • Non-eurozone covered issuers favour fives

    DNB Boligkreditt and Canadian Imperial Bank of Commerce this week issued the first five year covered bonds of the year and found strong demand, even though there was a sensitivity around the final spread.

    18 Jan 2018

  • Risk transfer deal transfers risk

    Risk managers are already turned on to the benefits of balance sheet CLOs — if arrangers and investors in this intensely private market are to be believed, almost every large institution in Europe has been looking at issuing these deals. But they still leave a nasty taste in some mouths.

    18 Jan 2018

  • DMOs reveal funding plans at Euromoney’s CEE Forum in Vienna

    Debt management officials met in Vienna this week at Euromoney’s annual Central & Eastern European Forum. After a record year for CEEMEA funding in 2017, 2018 has begun with equally supportive conditions, though CEE sovereigns will maintain a measured approach to borrowing this year. GlobalCapital presents a round-up of some of their funding plans for 2018.

    18 Jan 2018

  • Austria stands alone in super euro conditions

    Only a single issuer came to market in euros on Thursday. In what a banker away from the deal referred to as “good traffic control”, Austria had the market to itself for a €4bn 10 year.

    18 Jan 2018

  • Second time lucky for Fibabanka senior bond

    Fibabanka has launched its $300m five year senior unsecured bond at 6%, with leads having built a book of just under $500m for the bond, which had been postponed from October.

    18 Jan 2018

  • The Pained Trader: shithole country sales in off-locations

    The Pained Trader knows the importance of a quality location.

    18 Jan 2018

  • EQT Credit signs largest deal as alternatives power on

    Institutional investors are playing a bigger role in alternative asset classes, a BlackRock survey showed on Thursday, increasing the chance of larger deals. EQT Credit’s latest investment was a case in point.

    18 Jan 2018

  • IFC shows dollar threes ‘just as strong’ as rampant fives

    The International Finance Corporation on Thursday offered a solid helping of three year supply to a dollar market that has so far this year been dominated by five year issuance. The issuer was rewarded with a well oversubscribed book, with bankers away from the deal suggesting central banks would have played a large part.

    18 Jan 2018

  • MUFG talks to investors about green senior

    Mitsubishi UFJ Financial Group is the latest Japanese bank to market a green bond in euros, with a five year senior trade. Proceeds are earmarked for renewable energy projects.

    18 Jan 2018

  • WBBS shows strength of sterling RMBS market

    West Bromwich Building Society (WBBS) priced its first RMBS deal in five years on Thursday, selling the bonds well inside initial guidance. The comfortably oversubscribed order book showed that further supply can be easily absorbed by the market.

    18 Jan 2018

  • Houlihan Lokey eyes global prize after Quayle Munro acquisition

    Houlihan Lokey's international expansion won't end with its latest acquisition as it eyes a bigger global offering, writes David Rothnie.

    18 Jan 2018

  • How Trump broke the repo market

    Banks tried to prevent a repeat of 2016 year-end collateral market chaos but trading choked on huge spreads again. And this time, it was for a reason unexpected: Trump.

    18 Jan 2018

  • Investec’s UK branch wins big demand for $300m loan despite Steinhoff fall

    Investec Bank plc, the South African bank’s UK branch, is expected to sign a loan to refinance a $300m facility signed in 2015.

    18 Jan 2018

  • ESMA ponders crypto CFD ban, consults on complex retail derivs

    The European Securities and Markets Authority on Thursday kept up the pressure on providers of complex retail derivatives products by announcing a short consultation on crack-down measures, including a potential ban on cryptocurrency contracts for difference.

    18 Jan 2018

  • EG Group oils acquisition plans with jumbo syndication

    UK petrol station operator EG Group launched a jumbo leveraged loan facility on Thursday totalling €3.5bn-equivalent to finance its acquisition of Esso sites in Italy and Germany, with bank meetings due to wrap up by the end of this week.

    18 Jan 2018

  • GKN claims Melrose’s takeover bid ‘misleading’

    UK engineering group GKN slapped down the claims made in a hostile takeover bid by industrial conglomerate Melrose on Thursday, leaving loans bankers facing a long wait before they find out if debt will be needed to fund the deal.

    18 Jan 2018

  • Sustainable bond supply gives boost to Swedish krona market

    A growing enthusiasm behind sustainable debt issuance has been adding to supply volumes in Swedish krona market in 2018, with the European Investment Bank tapping a Climate Awareness Bond this week.

    18 Jan 2018

  • Aroundtown first foreign commercial real estate deal in Swissies

    German property firm Aroundtown became the first issuer from its sector to raise Swiss franc debt not driven by reverse enquiry.

    18 Jan 2018

  • Ring-fencing UK covered bonds is positive

    UK issuers propose to include their covered bond programmes within their ring-fenced entities, which is positive for their credit quality, said Moody’s.

    18 Jan 2018

  • Cineworld fixes the price for its £1.7bn rights offer to finance US expansion

    Cineworld, one of the biggest cinema operators in the UK, has set the terms for a £1.7bn rights issue to finance its reverse takeover of Regal Entertainment, a US peer.

    18 Jan 2018

  • Shift underway in LBO financing, as buyers clamour for bonds

    Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.

    18 Jan 2018

  • Luxembourg proposes first green covered bond law

    The finance ministry in Luxembourg has published a draft covered bond law to finance renewable energy infrastructure loans. But there could be limited demand to use the framework, and much depends on new European rules coming later this year.

    18 Jan 2018

  • Reverse enquiries lead to Israel Chemical and VAT share sales

    Reverse enquiries led to two large share sales over the last week, with one of the blocks executed as a pure club transaction without the need for an accelerated bookbuild at all.

    18 Jan 2018

  • Belfius tees up first AT1 as investors get 'grabby'

    Belfius announced a mandate for its first additional tier one (AT1) note on Thursday, the day after Raiffeisen Bank International picked up more than €4.2bn of demand for the first deal in the format in 2018.

    18 Jan 2018

  • Barclays European govvie traders hired by hedge funds

    Two European government bond traders who resigned earlier this year from Barclays are heading to hedge funds.

    18 Jan 2018

  • Turkey’s Fibabanka puts out 'fair' guidance

    Fibabanka began marketing its revived five year bond at 6.25% area on Thursday.

    18 Jan 2018

  • Phosagro reopens Russian bonds with sub-4% coupon

    Russian fertiliser producer PhosAgro placed the first Russian corporate bond of the year on Wednesday, securing a coupon of below 4%.

    18 Jan 2018

  • LMA consults with US PP investors about new documents

    The Loan Market Association is consulting with US private placement investors about creating European PP documentation that is more similar to what they are used to — in the hope that the lenders will be more drawn to European companies as a consequence.

    18 Jan 2018

  • DB returns to dollars as G-SIBs attack TLAC

    Deutsche Bank placed $2.15bn of new non-preferred senior notes with US investors on Wednesday, as Europe’s largest banks continued to bombard the market with multiple deals at the beginning of 2018.

    18 Jan 2018

  • Indian lenders woo FIs with overseas push

    Axis Bank’s presence in the top group of a recent loan for Oman’s Bank Sohar has once again put the focus on Indian lenders’ efforts to expand their overseas balance sheets. Banks from the south Asian country see FIG deals as a safe gateway to business in unfamiliar geographies — and are keen to step up their game. Shruti Chaturvedi reports.

    18 Jan 2018

  • Franklin Templeton to acquire Edinburgh Partners

    Franklin Templeton, an American global investment firm, has announced that it is to acquire Scottish fund management company Edinburgh Partners in the first half of this year.

    18 Jan 2018

  • Chock-a-block: Asian equity deals have huge start to the year

    The block trade market in Asia came to life in spectacular fashion as firms chalked up nearly $4bn from share sales in just the first three weeks of January. The rally in stocks has brought a horde of cash to overnight fundraisings, with bankers seeing few signs of the momentum stopping any time soon. John Loh reports.

    18 Jan 2018

  • Big name Barclays MDs at risk in investment bank cull

    Barclays rolled out sweeping cuts to its investment bank on Wednesday, with around 100 jobs gone across the business, including several managing directors in the EMEA primary bonds business.

    18 Jan 2018

  • Kakao pockets $1bn from GDR issue

    South Korean mobile messaging platform Kakao Corp raised $1bn this week from an issue of Global Depository Receipts (GDRs), defying fears it would suffer from its link to a cryptocurrency exchange.

    18 Jan 2018

  • Country Garden sets tongues wagging with $3bn combo

    Country Garden Holdings wowed the market this week with a HK$23.5bn ($3bn) print in both the equity and equity-linked formats, marking the largest convertible offering from a Chinese property developer.

    18 Jan 2018

  • Alfa to test appetite after Russian bank bloodbath

    Alfa-Bank will be the first Russian privately owned bank to test demand for additional tier one (AT1) securities since the write-down of capital bonds from Otkritie and Promsvyazbank.

    18 Jan 2018

  • Khazanah scoops up $321m from Citic-linked exchangeable sukuk

    Malaysia’s sovereign wealth fund Khazanah Nasional has sold a $320.8m exchangeable sukuk with Hong Kong-listed Citic Securities as the underlying stock, taking advantage of a rally in the broker’s shares.

    18 Jan 2018

  • Bond market revival gives second chance to debut issuers

    A receptive market and generous pricing worked in favour of China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) this week, as both managed to pull off debut dollar bonds two months after failed attempts. Morgan Davis reports.

    18 Jan 2018

  • BeiGene nets $750m from ADS follow-on

    Chinese biopharmaceutical company BeiGene wrapped up a follow-on offering of its Nasdaq-listed American Depository Shares on Wednesday, raising a larger than expected $750m, according to a company statement.

    18 Jan 2018

  • Exotix adds to senior hires

    Exotix Capital, a frontier and emerging markets investment bank, has appointed a new global head of fixed income as part of a series of senior hires to expand its global presence.

    18 Jan 2018

  • Pan Brothers spins $150m three year deal

    Three bookrunners have kicked off primary distribution of an up to $150m revolver for Indonesian garment maker Pan Brothers.

    18 Jan 2018

  • Mizuho, MUFG open Panda market for Japan’s issuers

    Mitsubishi UFJ Financial Group (MUFG) and Mizuho Bank opened the Panda bond market for Japanese issuers on January 12, with both crossing the finish line on the same day.

    18 Jan 2018

  • People news in brief: January 18, 2018

    Crédit Ag’s Sodhi takes global role – Daiwa equity-linked banker exits – Deutsche builds up loans team – Nomura hires DCM banker – Mizuho names CEO – MUFG appoints Philippines head – Russell-Davison joins Amana Bank

    18 Jan 2018

  • Mum's the word when bragging about bonuses

    It’s bonus season again and what has until recently been a time of either great triumph or great sorrow has turned out quite well in Hong Kong.

    18 Jan 2018

  • Polyus Gold plans bonds after sale talk fails

    Polyus Gold has announced plans to issue a Eurobond, three days after terminating an agreement to sell a stake to Chinese investment company Fosun International.

    18 Jan 2018

  • Indonesia’s Tunas Baru secures maiden dollar bond sale

    Indonesia’s Tunas Baru Lampung printed its first international bond on Wednesday, a few months after attempting a transaction in Singapore dollars.

    18 Jan 2018

  • ‘Power of tech’ evident in Sunny’s aftermarket rally

    Sunny Optical Technology (Group) Company’s $600m bond debut tightened 15bp in the secondary market on its first day of trading, a clear sign of the rampant demand for technology credits. But despite the eye-catching tightening, even rival bankers thought the pricing was spot-on. Addison Gong reports.

    18 Jan 2018

  • Dermapharm Holding kicks off first German flotation of 2018

    Dermapharm Holding, the German pharmaceuticals company, has begun investor education for the first IPO on the Frankfurt Stock Exchange this year.

    18 Jan 2018

  • Moody’s upgrades Mongolian sovereign rating

    Moody’s upgraded the government of Mongolia’s long-term issuer and senior unsecured ratings to B3 from Caa1 on Thursday.

    18 Jan 2018

  • India Exim kicks off roadshow for dollar bond

    Export-Import Bank of India has tapped five banks for a new dollar bond. Meetings with fixed income investors in Asia, Europe and the US kicked off on Thursday.

    18 Jan 2018

  • Vietnam bags $244m from BSR refinery sell down

    State-owned Vietnam National Oil and Gas Group (PetroVietnam) has raised D5.6tr ($244.3m) from the IPO of subsidiary Binh Son Refining and Petrochemical Company — nearly $100m more than anticipated.

    18 Jan 2018

  • Philippines opens Asia sovereign issuance

    The Republic of the Philippines is marketing Asia’s first sovereign bond of the year, taking bids for a 10 year SEC-registered deal on Thursday.

    18 Jan 2018

  • Bond buyers steam into Hidrovias debut

    Hidrovias do Brasil, the waterway logistics provider, drew a raucous reception on its international bond debut on Wednesday as the Brazilian company was able to price just inside where Rumo — its closest comp — issued last week, though just wide of where Rumo was trading.

    18 Jan 2018

  • Argentine duo to energise pipeline

    Energy companies Genneia and MSU Energy will begin meeting bond investors this week as they look to become the first corporates from Argentina to tap cross-border debt markets this year.

    18 Jan 2018

  • RMBi concerns Chinese national security, says ex-HK official

    Promoting RMB internationalisation is necessary for China to safeguard its national security, Anthony Leung, chairman and CEO of Nan Fung Group and former financial secretary of Hong Kong, told the Asian Financial Forum on January 16.

    18 Jan 2018

  • Mulvaney initiates first wave of change at the CFPB

    Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau (CFPB), announced a wave of changes to rules overseen by the agency this week, including a potential revision of the Payday Rule, in addition to seeking public input on the agency’s operations.

    17 Jan 2018

  • Cheap funding lures Sonic back to ABS market

    Fast food chain Sonic Drive-In is marketing a securitization this week, with executives saying this month that they would be looking to lock in a “favorable” interest rate to refinance a 2016 deal.

    17 Jan 2018

  • Cineworld launches $6.6bn financing package for Regal takeover

    On Wednesday, Cineworld launched a $4bn term loan and £1.7bn rights issue to back its acquisition of Regal, the second biggest cinema operator in the US.

    17 Jan 2018

  • Barclays puts 100 jobs at risk, MTN boss among cap mart veterans on list

    Barclays has put a number of senior bankers' jobs at risk this week. GlobalCapital understands that several managing directors involved in primary bond markets are among those whose jobs are at risk.

    17 Jan 2018

  • Two South African corporates expected to launch loans

    Two large South African corporates are due to refinance some loans in the coming weeks, according to bankers close to the deals, who expect activity in the country to be high this quarter.

    17 Jan 2018

  • Dollar SSAs enjoy big books and tightened pricing

    Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.

    17 Jan 2018

  • Aussie dollar market keeps on hopping

    There have been high levels of issuance in the long end of the Aussie dollar curve this week, with a trade from KfW on Wednesday taking advantage of an increase in demand.

    17 Jan 2018

  • Precise buy-to-let RMBS wins tight pricing

    The strength of demand for UK RMBS was highlighted on Wednesday with the launch of Charter Mortgages’ Precise Mortgage Funding 2018-1B, with the deal being priced well inside of initial guidance and all tranches subscribed multiple times over.

    17 Jan 2018

  • World Bank record-breaker ‘dispels myth of shallow sterling mart’

    Big central bank and bank treasury demand, alongside good liquidity in the sterling/dollar cross currency basis swap and issuers’ willingness to print large deals, are driving the strongest ever start for the sterling SSA market — and a record trade for World Bank.

    17 Jan 2018

  • EUROPEAN CORPORATE BOND PIPELINE

    GlobalCapital's latest information on forthcoming and planned corporate bond issues in the European market.

    17 Jan 2018

  • CMBS market set to surge after slow start

    A typically slow start for new US CMBS issuance this year has led to spreads tightening in the secondary market, though the primary pipeline is bracing itself for a surge of deals.

    17 Jan 2018

  • Council of Europe hits target as EFSF and Austria take aim

    The Council of Europe Development Bank (CEB) pulled off a strong first deal of the year, raising €1bn with what bankers said on the deal was only a 1bp new issue concession. More issuers are already lining up for euro deals.

    17 Jan 2018

  • Ex-Barclays FX head indicted for front-running

    Barclays’s former New York head of FX trading, Robert Bogucki, was charged this week with allegedly “front-running” a £6bn options trade to be executed by technology company Hewlett-Packard in 2011.

    17 Jan 2018

  • HeidelbergCement seals cheaper revolver

    Germany’s HeidelbergCement (Baa3/BBB-/BBB-) has signed a new €3bn-equivalent multicurrency revolver, with the company refinancing debt early to lock in better terms.

    17 Jan 2018

  • Dwr Cymru opens taps on corporate sterling market

    Dwr Cymru Welsh Water reopened the investment grade sterling corporate bond market on Wednesday with a £300m bond that came bang in the middle of the maturity range marketed during the issuer's roadshow.

    17 Jan 2018

  • Lenders gleeful as jumbo M&A season begins

    Investment grade loans bankers are licking their lips as a spate of big UK M&A transactions gathered pace this week, with lenders confident that the market will be able to provide financing almost no matter what the terms.

    17 Jan 2018

  • Barclays targets euro holdco debt in strong market

    Barclays came to the unsecured market for the third time in two weeks, as UK banks think about the phase-out of the Bank of England's Term Funding Scheme (TFS).

    17 Jan 2018

  • CIBC follows DNB in fives, a tenor of choice as 2018 unfolds

    Canadian Imperial Bank of Commerce followed DNB Boligkreditt with the second five year covered bond of the year. The tenor, which appeals to the broadest audience and offers the best execution certainty, should become increasingly popular as tapering of central bank purchases and refinancing of the central bank liquidity takes effect.

    17 Jan 2018

  • Carillion loan was hedged in HSBC CLO

    HSBC hedged part of its lending to Carillion in a synthetic CLO, Metrix 2015-1, with the latter company’s liquidation announcement on Monday triggering a credit event in the portfolio.

    17 Jan 2018

  • Crédit Agricole prints tight Swiss senior preferred

    Crédit Agricole issued Swiss franc senior preferred bonds due November 2023 on Wednesday, pricing the transaction inside the bank's Swiss senior secondary curves.

    17 Jan 2018

  • Investors lap up RBI AT1 despite extension risk

    Raiffeisen Bank International’s additional tier one (AT1) bond — the first in the asset class this year — met a wall of demand and was priced with a coupon that was tighter than all but one euro AT1. This was in the face of investors’ preference for bonds offering a higher reset spread, increasing the chance of bonds being called.

    17 Jan 2018

  • Fibabanka revives senior dollar bond

    Fibabanka has restarted a dollar bond issue that it postponed last year.

    17 Jan 2018

  • SSA market blooms amid reflation and optimism

    The tone of the European Central Bank’s communiques is firmly hawkish, but investors are determined to pile money into the latest offerings from public sector borrowers.

    17 Jan 2018

  • PhosAgro puts out 'fair' guidance

    PhosAgro, a Russian phosphate-based fertiliser company, has released price guidance for a $500m 5.25 year bond that a banker away from the deal and an investor are calling “fair”.

    17 Jan 2018

  • Carillion contagion contained but IG awaits true test

    Investment grade loan bankers are keeping an eye on the Carillion scandal this week, though so far they are confident that the company’s failure will not impact the UK loan market beyond the banks immediately caught up in the affair. Meanwhile, leveraged debt markets in Europe are off to a roaring start to the year.

    17 Jan 2018

  • Bulls abound at Euromoney’s CEE conference

    Attendees at Euromoney’s Central and Eastern Europe conference in Vienna, which was in full swing this week are bullish heading into 2018.

    17 Jan 2018

  • Second time’s the charm: Concord, SSMS find success

    China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) sold their first dollar bonds on Tuesday, successfully completing transactions that were stymied just two months ago.

    17 Jan 2018

  • Cineworld cheers UK ECM with £1.7bn rights issue

    Europe’s equity capital markets saw the launch of the first big rights issue of the year on Wednesday when Cineworld Group, one of the biggest cinema chains in the UK, confirmed it would raise £1.7bn to partly finance its takeover of Regal Entertainment, the US cinema operator.

    17 Jan 2018

  • BPI board gives nod to $986m rights issue

    Bank of the Philippine Islands is preparing to issue a chunk of new stock through a rights offer, with a view to raise up to Ps50bn ($985.5m).

    17 Jan 2018

  • ZhengTong Auto winds up $380m loan with 19 on board

    Luxury auto dealership China ZhengTong Auto Services has wrapped up its latest borrowing at $380m.

    17 Jan 2018

  • FIG investors weigh up AT1s as first of 2018 arrives

    Raiffeisen Bank International was marketing the first additional tier one (AT1) note of the year on Wednesday morning, with investors continuing to see value in the asset class. Meanwhile, covered bond investors are becoming fussier over price adjustments.

    17 Jan 2018

  • Kakao hits screens with $1bn overnight GDR fundraising

    Kakao Corp, the South Korean mobile messaging platform, launched a Global Depositary Receipts offering of $1bn to the market on Wednesday.

    17 Jan 2018

  • Unmet demand pushes Sunny 15bp tighter in secondary

    Sunny Optical Technology (Group) Company priced a tight debut bond on Tuesday, with the notes tightening a further 15bp in secondary, showing the strength of demand for the technology sector. But despite the rally, pricing was considered spot-on by market participants.

    17 Jan 2018

  • Woori Bank returns to dollars in Taiwan

    South Korea’s Woori Bank sealed a $300m floating rate Formosa bond on Tuesday.

    17 Jan 2018

  • Shandong Saxing, Cifi build new bonds

    Chinese corn oil manufacturer Shandong Sanxing Group Company and real estate developer Cifi Holdings (Group) Co raised a combined $500m on Tuesday, adding to the growing momentum in the Asia bond market.

    17 Jan 2018

  • Country Garden bags $3bn in equity, equity-linked sale

    Country Garden Holdings pocketed HK$23.5bn ($3bn) from a dual-tranche sale of shares and convertible bonds on Tuesday, pricing the equity-linked portion at the best end for investors.

    17 Jan 2018

  • Amber Enterprises opens books for Rp6bn IPO

    Air conditioner manufacturer Amber Enterprises launched its IPO on Wednesday, gunning for Rp6bn ($93.8m) from the three day bookbuild.

    17 Jan 2018

  • Deutsche strengthens Asia loan origination with hire

    Deutsche Bank has beefed up its debt origination team in Asia with the addition of an experienced loans banker.

    17 Jan 2018

  • Senior equity-linked banker leaves Daiwa HK

    A senior equity-linked banker with Daiwa Capital Markets Hong Kong has left his position, sources close to the matter told GlobalCapital Asia.

    17 Jan 2018

  • Shenzhen International ends long wait for Panda

    Following nearly a year of waiting, red chip company Shenzhen International Holdings is finally gearing up for its Panda bond debut on the Shenzhen Stock Exchange. But the issuer appears to be cautious in its first outing, targeting only Rmb300m ($46.6m).

    17 Jan 2018

  • Country Garden unveils interbank Panda offer

    Property developer Country Garden Holdings is planning a return to the Panda bond market on Friday, after approaching onshore investors with a Rmb1.8bn ($279.8m) three year bond. It will be the first time the company has sold a Panda in the interbank bond market.

    17 Jan 2018

  • BeiGene launches $650m ADS follow-on

    Chinese biopharmaceutical company BeiGene is looking to raise about $650m from a follow-on offering of American Depository Shares (ADSs), according to a filing with the US regulator.

    17 Jan 2018

  • MUFG taps StanChart veteran for Philippine corporate banking

    Bank of Tokyo-Mitsubishi UFJ has appointed Marie Diana Lynn Coronel-Singson as head of global corporate banking for its Manila branch in the Philippines, effective Wednesday.

    17 Jan 2018

  • Brazilian airline lands tender

    Gol, the Brazilian low-cost airline, will buy back $21.3m of its outstanding 2020s after wrapping up a tender offer.

    17 Jan 2018

  • Mizuho LatAm debt MD leaves bank

    Carlos Vargas, managing director in Latin American DCM at Mizuho Securities USA, has left the bank, GlobalCapital understands.

    17 Jan 2018

  • UBS’s Hu: More countries to add RMB to reserves

    More central banks may add the Chinese currency to their FX reserves following Bundesbank’s indication to do so, Yifan Hu, regional chief investment officer and chief China economist at UBS, said at the Asian Financial Forum (AFF) on January 16.

    17 Jan 2018

  • Apollo preps first 2018 aircraft ABS for takeoff

    Apollo Aviation is opening the 2018 aircraft ABS pipeline with a $442m securitization, but the deal’s exposure to emerging market obligors poses risks.

    16 Jan 2018

  • Newcomer Avid heads to subprime auto ABS market

    Subprime auto lender Avid Acceptance LLC is lining up an inaugural securitization as the 2018 new issue pipeline builds and as industry observers anticipate the ABS market skewing towards “deep subprime” issuers.

    16 Jan 2018

  • EBA and ESMA heed calls for clarity on STS

    Responding to the securitization industry’s concerns that proposed draft regulations lack clarity and may ultimately prove self-defeating, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) will hold a joint public hearing on the new rules.

    16 Jan 2018

  • Planning for the fall: what a cryptocrash would look like

    Bitcoin has, since its creation, been a wild ride. Volatility is part of its charm — after all, where else do you get more than 1,500% growth in a year? But if, or when, it crashes for good, how would it play out?

    16 Jan 2018

  • World Bank lines up in hot sterling market

    The World Bank is set to become the latest public sector borrower to visit the sterling market, following the European Investment Bank’s £1bn trade on Tuesday.

    16 Jan 2018

  • Mexican peso market 'hotter than ever'

    SSA issuers are able to offer a pickup against Mexican government bonds for the first time "in memory", according to one head of local currency bonds.

    16 Jan 2018

  • Israel Chemicals trades up after Potash Corp sells $700m of shares

    UBS led the biggest Israeli follow-on offering for almost three years on Tuesday morning on behalf of the Potash Corp of Saskatchewan, the Canadian potash producer that recently merged with Agrium to create Nutrien.

    16 Jan 2018

  • Carillion: unhappy in its own way

    Carillion filed for compulsory liquidation on Monday, prompting floods of columnists to rush to display their hours-old knowledge of the UK outsourcing sector and denounce the firm’s borrowing strategy. But what the case proves is that each collapsing company is unhappy in its own way.

    16 Jan 2018

  • Swap spread widening ‘will boost’ SSA dollar bunch

    A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.

    16 Jan 2018

  • New issue premiums shrink as run of big euro books extends

    Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.

    16 Jan 2018

  • DMO head switches to investment bank

    The head of one of Europe's highest profile sovereign debt management agencies has returned to the sell side to run his new firm's investment banking business in his home country.

    16 Jan 2018

  • Second Taptica International block attracts 40 orders

    Taptica International, the London-listed Israeli digital marketing solutions company, has raised £21.8m to finance future M&A in a £38m share sale that attracted substantial demand. The deal also provided an opportunity for its investors to monetise some of their investment in the company.

    16 Jan 2018

  • High yield investors salute riskier deals, but remain picky

    High yield borrowers were roadshowing €3bn of mostly lower rated bonds this week. Although there is appetite for riskier paper, investors say, demand is expected to be selective.

    16 Jan 2018

  • Carillion: the insouciance of Schuldschein

    The UK building and services company had borrowed Schuldschein loans, which are unlikely to be paid in full — and the Schuldschein market couldn’t care less.

    16 Jan 2018

  • High grade loans bankers dig in for covenant battle

    Investment grade loans bankers are trying to hold firm over what they claim is an attempt by borrowers to aggressively loosen deal terms, as the market prepares for a spate of M&A activity.

    16 Jan 2018

  • Gas Natural lights up bond market with 10 year trade

    Spain’s Gas Natural came to the investment grade bond market on Tuesday for an €850m 10 year deal, with the borrower seeing almost triple demand for its notes as rumours bubbled about a potential stake sale from major holder Repsol.

    16 Jan 2018

  • Banks offer sub senior across the curve

    Deutsche Pfandbriefbank, Société Générale and BNP Paribas issued a total of €2.25bn of senior non-preferred debt on Tuesday, offering four, five and seven year tenors.

    16 Jan 2018

  • DNB differentiates in crowded covered mart with rare fives

    DNB Boligkreditt differentiated itself in a crowded covered bond market on Tuesday by issuing the first five year deal of 2018, a strategy that paid off, given it was also the largest deal of the year.

    16 Jan 2018

  • RBI lines up first AT1 of the year

    Raiffeisen Bank International announced a mandate for the first additional tier one (AT1) issue of the year, giving investors a chance to dive back into an asset class which saw exceptional returns last year. Crédit Agricole Assurances also announced a mandate for a tier two bond.

    16 Jan 2018

  • Muoio readies exit from Jefferies levfin as Ramesh joins

    Tom Muoio, head of European leverage finance capital markets at Jefferies, who was appointed six years ago, will be leaving the bank, as former HSBC leveraged finance director Bala Ramesh joins the team.

    16 Jan 2018

  • NIBC and RLB-NW keep 10s busy in covered bonds

    NIBC and Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) found solid demand for their pair of €500m 10 year covered bonds issued on Tuesday. But with the tighter Austrian deal extracting more demand at a tighter spread, investors clearly showed a preference for the hard bullet maturity.

    16 Jan 2018

  • Ashmore inflows give EM bulls more reason to cheer

    Emerging markets debt investor Ashmore saw $3.6bn of inflows in the quarter running up to the end of December last year, a sign that syndicate bankers are taking as further proof that the bull market has plenty of gas left in the tank.

    16 Jan 2018

  • BPM covered bond soars in sevens

    Banca Popolare di Milano (BPM) successfully issued its first covered bond transaction since June 2016 with the high spread overcoming credit quality and volatility concerns.

    16 Jan 2018

  • GEMS Education loan roadshow attracts crowd

    Dubai’s GEMS Education hosted a roadshow last week for a $1.25bn loan, which attracted a mix of local and international banks.

    16 Jan 2018

  • BNPP likes Europe, but US keeps winning

    As global stock markets soar into 2018, BNP Paribas is finding value in eurozone companies' stocks, which look relatively cheap compared with the US.

    16 Jan 2018

  • Mizuho International opens Dubai office

    Mizuho International (MHI) is expanding its presence in the Middle East and has opened an office in the Dubai International Financing Centre (DIFC). The bank has moved over a DCM banker from London to head the team, and is eyeing further expansion.

    16 Jan 2018

  • Guangxi Financial lands $500m amid SOE vs LGFV talks

    Guangxi Financial Investment Group Co raised $500m from its debut on Monday — a rather large amount for a sub-investment grade government-owned Chinese credit. But the deal was priced in line with comparables, despite bankers and some accounts viewing the credit differently.

    16 Jan 2018

  • Trio launches syndication for Xinjiang Goldwind

    A $300m debut international loan for Chinese wind turbine manufacturer Xinjiang Goldwind Science & Technology has entered primary syndication, after two lenders joined in the senior phase.

    16 Jan 2018

  • Dim sum bonds: here today, gone tomorrow

    China’s offshore renminbi bond market has made a strong start to the year, with two foreign issuers already selling dim sum notes. The signs for a robust 2018 are there but the market’s return to form will be contingent on more than just issuer interest.

    16 Jan 2018

  • Bank Sohar seeks $300m in general syndication

    Oman’s Bank Sohar has enlisted three lenders to arrange a $300m new money borrowing.

    16 Jan 2018

  • Anmol, Devi Seafoods mandate banks for India IPOs

    Anmol Industries has hired three banks to lead its flotation in India this year, which could raise around Rp10bn ($156m).

    16 Jan 2018

  • PetroVietnam readies three January IPOs

    State-owned energy conglomerate Vietnam National Oil and Gas Group (PetroVietnam) is preparing to launch IPOs for three of its subsidiaries this month as part of its privatisation plan, potentially raising a combined D12.31tr ($542.9m).

    16 Jan 2018

  • Crédit Agricole veteran Sodhi promoted to global DCM corporates head

    Crédit Agricole has named Atul Sodhi as head of global debt capital markets corporates, for which he will relocate from Hong Kong to Paris.

    16 Jan 2018

  • Cifi, Sunny, Sanxing take bids for bonds

    Three Chinese issuers are seeking fresh funding from the dollar bond market on Tuesday, with one wooing accounts for a comeback deal and the other two making their debuts.

    16 Jan 2018

  • China Hongqiao raises $798m to pare down debt

    China Hongqiao Group's shares fell after it completed a HK$6.2bn ($798m) top-up placement on Monday to pay down some of its debt.

    16 Jan 2018

  • Concord New Energy makes second attempt at dollar bond

    China’s Concord New Energy Group is hoping for second time lucky in the dollar bond market, opening books for a new green deal on Tuesday, about two months after a failed attempt.

    16 Jan 2018

  • Argentine energy company contemplates tap

    Genneia could return to international bond markets soon, according to market participants in Argentina, after the energy company’s board approved an increase of its global bond programme.

    16 Jan 2018

  • Share and share alike: China D-shares ready to take off

    China's listed companies are set to sell stock directly to European investors. The first listing of an A-share company on the China Europe International Exchange (Ceinex) in Frankfurt will happen by June this year. Investment banks have already been mandated, GlobalCapital Asia's sister publication GlobalRMB has reported.

    16 Jan 2018

  • MUFG goes local in Panda debut

    Mitsubishi UFJ Financial Group (MUFG) has become the first Japanese issuer to tap the Panda bond market, crossing the finishing line on the same day as Mizuho Bank. The issuer focused on attracting local investors in its debut deal, raising Rmb1bn ($154m) from the onshore market.

    16 Jan 2018

  • High yield motor roars into life as Selecta leads five deals

    A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday.

    15 Jan 2018

  • Daytime B&M block finishes multiple times covered, to price at 2.5% above the close

    Clayton Dubilier & Rice seized the opportunity to sell the last of its shares in B&M European Value Retail, the UK discount retailer, last Friday, after the company posted strong Christmas results.

    15 Jan 2018

  • UK buy to let duo hit screens following Finsbury Square

    Charter Court Financial Services and BlackRock's London Wall Mortgage Capital are in the market with two UK buy-to-let RMBS deals, Precise Mortgage Funding 2018-1 and Fleet 2018-01. The deals take advantage of strong demand for UK RMBS seen in last week’s Finsbury Square 2018-1.

    15 Jan 2018

  • Derivatives Service Bureau still missing venues

    The cost split of using the Derivatives Service Bureau has finally been released but some trading venues are still absent from its fee structure.

    15 Jan 2018

  • Telefonica nine year deal connects with investors

    Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros.

    15 Jan 2018

  • EDC and Kommuninvest take aim at dollar fives

    Appetite for quality dollar issuance is strong as 10 year Treasury yields hover above 2.54%, prompting two borrowers to hit screens on Monday with dollar benchmarks.

    15 Jan 2018

  • Scorching euro conditions roll into week three

    The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.

    15 Jan 2018

  • BNG taps Japanese demand for Aussies

    Bank Nederlandse Gemeenten has tapped its July 2028 Australian dollar bond, taking advantage of strong demand from Japanese investors in the long end of the Kangaroo curve.

    15 Jan 2018

  • Spire boosts CLO and credit biz with Tikehau hire

    Spire Partners has hired a senior credit analyst from Tikehau.

    15 Jan 2018

  • Schuldschein market unfazed as Carillion sinks

    There has been little immediate impact on the broader Schuldschein market after the breakdown of talks between the UK government and Carillion’s creditors over the weekend, which has led to the UK building and services company going into liquidation.

    15 Jan 2018

  • Nomura rejigs fixed income in a global way

    Nomura has promoted several of its senior fixed income traders, giving out global responsibilities to seven individuals.

    15 Jan 2018

  • Deutsche Pbb reserves a slot for non-preferred senior issuance

    Deutsche Pfandbriefbank said on Monday that it was looking to sell new non-preferred senior bonds, as it looked to ‘reserve a slot’ in what is expected to be a busy market for new issuance this week.

    15 Jan 2018

  • BPCE reruns client-directed social Samurai

    Groupe BPCE issued ¥116.1bn ($1.04bn) of Samurai notes this week across six tranches, two of which were social bonds. But unlike with many socially responsible deals, the proceeds will go to clients rather than financing projects directly.

    15 Jan 2018

  • SSA funding officer switches to syndicate

    A senior funding officer at a European SSA has crossed the aisle to take up a syndicate position at an investment bank.

    15 Jan 2018

  • Former Intesa CEO launches big Spac to invest in fintech or NPLs

    Corrado Passera, former CEO of Intesa Sanpaolo and government minister, is leading the promotion of a €500m special purpose acquisition company (Spac) focusing on financial services.

    15 Jan 2018

  • BayernLB issues first of three 10 year covered bonds

    BayernLB has issued the first of three 10 year covered bonds to be priced this week. With the European Central Bank stepping up its presence in the primary market compared to January 2017, forthcoming deals from NIBC and Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) are assured of a smooth execution.

    15 Jan 2018

  • Trafigura Pte launches $4.5bn revolving credit facility

    Trafigura’s Singaporean entity Trafigura Pte launched a $4.5bn revolving credit facility on Monday to refinance two loans taken out over the last two years.

    15 Jan 2018

  • KfW USD5bn 2.375% Dec 22

    15 Jan 2018

  • Mizuho makes cautious Panda debut

    Mizuho Bank opened the Japanese Panda bond market on January 12, sharing the title of first issuer in the category with Mitsubishi UFJ Financial Group (MUFG). But instead of aiming for a blockbuster transaction, Mizuho treaded carefully – raising just Rmb500m ($77m) from the debut deal.

    15 Jan 2018

  • Villiers to lead UK and Nordic corporate banking for MUFG

    MUFG has appointed Holly Villiers to a new role heading corporate banking for UK, Ireland and the Nordic countries.

    15 Jan 2018

  • JP Morgan books Steinhoff loss but rides high in IB

    JP Morgan said its fourth quarter investment banking revenue was up 10% on the year to $1.64bn — a welcome boost, given a miserable result in markets — but said that it had booked $273m against the troubles of South African retailer Steinhoff.

    15 Jan 2018

  • EM bond fund flows stay strong

    Fund flows into emerging market bond funds hit a 76 week high in the week ending January 12, according to EPFR data, culminating a week of strong primary markets that a wobble in US Treasuries could do nothing to derail.

    15 Jan 2018

  • HDFC gets green light for $2bn fundraising

    India’s Housing Development Finance Corp has won approval from its committee of directors to raise up to Rp129.9bn ($2.05bn) in fresh capital.

    15 Jan 2018

  • Chao says ciao to Singapore as IFC replaces Powell

    The International Finance Corp has appointed a new head of funding, following the departure of Ben Powell last October.

    15 Jan 2018

  • Updated: Tata Steel mandates 21 for up to $2.16bn six year loan

    India's Tata Steel has lined up a group of 21 lenders for an up to $2.16bn six year loan, which will be launched into primary syndication in a couple of weeks, said bankers close to the deal.

    15 Jan 2018

  • Chinese issuers fuel offshore bond sale

    Chinese issuers Peking University Founder Group, Bank of Communications Financial Leasing Co, Geely Automobile Holdings and Jinjiang International Holding are meeting investors this week ahead of planned dollar and euro bond sales.

    15 Jan 2018

  • Nomura nabs ex-Barclays banker for DCM

    Nomura has hired veteran banker Guy Smith as head of DCM and acquisition and leveraged finance for Asia ex-Japan, effective Monday.

    15 Jan 2018

  • Mizuho taps Sakai as new group CEO

    Mizuho Financial Group has appointed Tatsufumi Sakai as its new president and group chief executive, succeeding Yasuhiro Sato, who is becoming the bank’s chairman.

    15 Jan 2018

  • Indonesia exchange evacuated after floor collapses

    The Indonesia Stock Exchange has been evacuated after a part of the building, thought to be a floor, collapsed on Monday.

    15 Jan 2018

  • Indian, Indonesian issuers ready dollar bonds

    Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.

    15 Jan 2018

  • China Hongqiao seeks $798m of new equity after tough 2017

    China Hongqiao Group has opened books on a HK$6.2bn ($798m) top-up placement, in yet another Hong Kong equity block deal to be launched with a fixed price.

    15 Jan 2018

  • Xiaomi-backed Huami gets ball rolling on $150m US listing

    Huami Corp, backed by Chinese mobile internet and electronics brand Xiaomi, is eyeing the Nasdaq stock exchange for a $150m IPO of American Depository Shares (ADSs).

    15 Jan 2018

  • Guangxi duo explore international debt market

    Two issuers from the Guangxi province of China, Guangxi Financial Investment Group Co and Guangxi Communications Investment Group Corp, are hitting the dollar bond market for funds.

    15 Jan 2018

  • China Jinmao nets $426m from pre-weekend placement

    China Jinmao Holdings Group raised HK$3.3bn ($425.8m) from a fixed price offering of new shares through a top-up placement last Friday.

    15 Jan 2018

  • The week in renminbi: PBoC’s Yi sees room for improvement for RMBi, CBRC warns Chinese banks on risk, Citic forecasts strong cross-border RMB demand

    The deputy governor of China’s central bank believes the country is punching below its weight on renminbi internationalisation, the Chinese banking watchdog stresses the need to prevent risk, and China Citic Bank International projects strong demand for cross-border RMB transactions in the first quarter.

    15 Jan 2018

  • SGX ready to give no quarter

    In the latest Clawback, columnist Philippe Espinasse puts the Singapore Exchange's proposal on quarterly reporting by companies under the microscope.

    15 Jan 2018

  • Lat Am rush to keep pace with jumbo trade imminent

    After Latin America made a record start to 2018, bankers expect primary supply to keep flowing at a strong pace —despite investors already fretting about the tight pricing on new deals.

    15 Jan 2018

  • Former Torino man joins EM hedge fund

    The co-founder of emerging markets broker Torino Capital has joined a hedge fund as portfolio manager — just over half a year after he left the business he built.

    15 Jan 2018

  • VW places €600m SSD with single investor

    Volkswagen Financial Services has raised €600m through a Schuldschein placed with a single investor. The benchmark, which took the market by surprise, left many with more questions than answers.

    12 Jan 2018

  • Altran adds to early signs of expected LBO big bang

    Market participants hoping for a surge of large leveraged buyout financings in 2018 have been rewarded already by the arrival of seveal deals. One of them is the funding to finance French engineering services firm Altran's purchase of its peer Aricent.

    12 Jan 2018

  • Swedish report recommends cash for green bond issuers

    Green bond issuers could be encouraged with a payment from the government if the bond finances a reduction in carbon dioxide emissions, according to a report for the Swedish government this week.

    12 Jan 2018

  • BondMarker: first results of 2018

    Issuers printed a slew of benchmarks in dollars, euros and sterling last week as the SSA market roared into action. Read on to see whether the first deals of the year won favour with our voters.

    12 Jan 2018

  • AIIB hires ALM manager from OCBC

    Asian Infrastructure Investment Bank announced the latest catch in its hiring spree on Friday. Yunan Gao will join the supranational’s team in March.

    12 Jan 2018

  • BNS enjoys solid euro reception, but price sensitivity is becoming more of a theme

    Price sensitivity is becoming a material theme in covered bond deals issued this week, and the first Canadian covered bond of 2018, issued by Bank of Nova Scotia on Friday, was no exception.

    12 Jan 2018

  • Íslandsbanki achieves four times subscription for callable deal

    Íslandsbanki issued a six year non-call five senior deal in the euro market on Friday, as La Mondiale opened books on a sub-benchmark callable deal.

    12 Jan 2018

  • Sparebank 1 set for green covered, Luxembourg plans green law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market it first green covered bond. The news comes amid German press articles suggesting lawmakers in Luxembourg are set to propose a green covered bond framework. BayernLB is also lining up a vanilla 10 year Pfandbrief for execution on Monday.

    12 Jan 2018

  • Corporate bond week ahead: secondary weakness not a worry

    European rates markets suffered some volatility this week, but on a smaller scale than that experienced in the US. This did cause some widening of secondary spreads, but the sentiment around primary issuance has stayed constructive.

    12 Jan 2018

  • Gansu Bank nets $756m from HK IPO

    Bank of Gansu Co has raised HK$5.9bn ($756.4m) after pricing its IPO at the midpoint of guidance, according to a banker on the deal.

    12 Jan 2018

  • Chinese energy names nab combined $1bn

    Power Construction Corporation of China (PowerChina) and Yingde Gases Group Co each sold a $500m bond on Thursday, taking advantage of a receptive market.

    12 Jan 2018

  • US investors buoy Tencent’s $5bn jumbo deal

    Chinese internet company Tencent Holdings added an impressive $5bn to its coffers on Thursday from its first international bond since 2015. While pricing looked fair, what surprised the leads was the strong participation from US investors.

    12 Jan 2018

  • Century-old Osotspa plans $400m IPO on Thailand bourse

    Thailand’s Osotspa is planning a flotation of up to $400m on the domestic bourse this year, said bankers working on the trade.

    12 Jan 2018

  • China sticks with US Treasuries – for now

    The State Administration of Foreign Exchange (Safe) has poured cold water over claims that China may stop buying US Treasury bonds. But there is a need for the country to diversify its debt portfolio in the long run if it is serious about promoting RMB internationalisation, economists told GlobalRMB.

    12 Jan 2018

  • Trans Media tunes in for $301m fundraising

    A $301m-equivalent five year refinancing for Trans Media Corpora has been launched into general syndication by five mandated lead arrangers and bookrunners.

    12 Jan 2018

  • Chinese real estate trio navigate busy Thursday

    Three Chinese property companies, Jiayuan International Group, Golden Wheel Tiandi Holdings Company and SEA Holdings, have managed to meet their respective funding targets despite hitting the dollar bond market on a crowded day.

    12 Jan 2018

  • Petron attracts investors to $500m bond

    Philippine oil company Petron Corp seized $500m from a tightly priced perpetual bond on January 11, winning over investors with a step-up structure.

    12 Jan 2018

  • RMB round-up: China touts RMB IPOs in HK for Belt and Road, international investors up stake in Chinese bonds, Li Keqiang unveils 2017 GDP figure

    The Chinese government contemplates RMB-denominated IPOs for mainland companies fundraising for Belt and Road projects, foreign ownership of Chinese bonds goes up in December, and premier Li Keqiang indicates the economy grew by 6.9% in 2017.

    12 Jan 2018

  • Hong Kong blocks heat up as NWS, ZhengTong Auto sell stakes

    Equity investors had their fill of block trades in Hong Kong on Thursday, with three completed successfully — and two even managing to raise more than intended.

    12 Jan 2018

  • Yes Bank makes quick comeback for new loan

    India’s Yes Bank is extending a fundraising spree that began last year, and is back in the overseas loan market for the third time since August 2017.

    12 Jan 2018

  • China Maple Leaf seals HK$1bn top-up on stock surge

    China Maple Leaf Educational Systems has added HK$1bn ($127.9m) to its coffers after selling a chunk of shares through a top-up placement, capitalising on a recent jump in its stock price.

    12 Jan 2018

  • Hyundai Oilbank mandates for $1.9bn IPO

    Hyundai Oilbank, a subsidiary of shipbuilding giant Hyundai Heavy Industries, has appointed six firms to run its potential multi-billion-dollar listing expected later this year.

    12 Jan 2018

  • Corporates step up as Lat Am roars on

    Four Latin American corporates priced a total of $3bn of new debt on Thursday, as investors said they were grateful for the chance to get their hands on new paper but not overly enthused about the yields on offer.

    11 Jan 2018

  • ADB USD3.75bn 2.125% Jan 21, ADB USD1.5bn 2.75% Jan 28

    11 Jan 2018

  • Rumo improvements keep bond investors on track

    The CFO of Brazilian railroad operator Rumo told GlobalCapital that improvements in the company’s credit metrics allowed it to successfully issue in dollars on Wednesday, despite the issuer not guaranteeing the bonds with its main operating company as it had for its previous deal.

    11 Jan 2018

  • US CLOs braced for further tightening

    US CLO debt is at its tightest levels since the financial crisis, but with seemingly relentless demand spreads are set to get even tighter once the primary market builds up steam, according to bankers.

    11 Jan 2018

  • Mexico wraps funding needs with swift euro outing

    Mexico issued in euros for the first time since 2016 on Tuesday, coming tight to its dollar curve and wrapping up its external funding for needs for the year already.

    11 Jan 2018

  • Green and social to drive revamped DZ Bank in DCM

    DZ Bank has overhauled its debt capital markets operation and plans to use its sustainable finance credentials to push for more international business, especially in SSAs and covered bonds.

    11 Jan 2018

  • EIB EUR2.5bn 1.5% Oct 48

    11 Jan 2018

  • KfW GBP1bn 1% Dec 22

    11 Jan 2018

  • IADB USD3.75bn 2.5% Jan 23

    11 Jan 2018

  • Italy EUR9bn 2.95% Sep 38

    11 Jan 2018

  • Portugal EUR4bn 2.125% Oct 28

    11 Jan 2018

  • KfW EUR5bn 0.625% Jan 28

    11 Jan 2018

  • A great week but caution needed

    Public sector borrowers have enjoyed the finest of weeks, printing across the euro and dollar curves, finding size in sterling and Australian dollars and enjoying reopened Canadian and New Zealand dollar markets.

    11 Jan 2018

  • EIB USD5bn 2.5% Mar 23

    11 Jan 2018

  • EFSF EUR6bn 0.4% Feb 25

    11 Jan 2018

  • People Moves in Brief

    Jefferies hires from Barclays for EM — Cred Ag adds to green team in Asia — Citi names new Nordic heads

    11 Jan 2018

  • Dexia EUR2bn 0.5% Jan 25

    11 Jan 2018

  • Swedish state green bond a ‘golden egg’, says minister

    Expectations that Sweden will issue a sovereign green bond have risen, as a government inquiry this week recommended the idea.

    11 Jan 2018

  • Euro lev loan bankers upbeat after bumper start to year

    With issuers already lining up €6bn of new deals in January, leveraged loan bankers are confident that the European market is set for another booming year in 2018.

    11 Jan 2018

  • US high yield at 10 year tights as retail cash returns

    US high yield spreads touched the tightest levels seen in over a decade this week, with the return of mutual and retail fund flows and sluggish supply creating attractive financing conditions for the few borrowers that emerged.

    11 Jan 2018

  • Kodak developing crypto-funding with banks out of shot

    Cryptocurrencies overtook venture capital as the dominant form of fundraising for start-ups in 2017. Now, a grown-up, publicly listed company is getting in on the action. Investment banks would do well to take notice.

    11 Jan 2018

  • SSAs print chunky deals in superlative sterling mart

    SSAs enjoyed a fine week in the sterling market, raising a total of nearly £2bn as bankers pointed to several factors that could be driving demand.

    11 Jan 2018

  • SSAs spoiled for choice as multiple currencies open up

    Public sector borrowers are finding funding conditions beyond their wildest dreams, with not just last year’s staples of dollars, euros, sterling and Australian dollars on offer across the curve but the Canadian and New Zealand currencies coming into play too.

    11 Jan 2018

  • Euro borrowers adjust to new levels with aplomb

    The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.

    11 Jan 2018

  • Italy, Portugal go large as Cannata bows out

    Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.

    11 Jan 2018

  • UniCredit EUR1.5bn 1% Jan 23 senior non-preferred

    11 Jan 2018

  • CaixaBank EUR1bn 0.75% April 23

    11 Jan 2018

  • Monte dei Paschi di Siena EUR750m 5.375% Jan 28 tier two

    11 Jan 2018

  • Barclays Plc GBP1.5bn 3.25% Jan 33 / GBP250m 3.125% Jan 24 tap

    11 Jan 2018

  • European cat bond market poised to grow as UK ILS law passes

    Something is brewing in the catastrophe bond market. Last month the UK government passed a law allowing the creation of insurance-linked security (ILS) vehicles, paving the way for the first ever transaction. More issuance is expected, while more insurers around Europe are expected to consider catastrophe bonds, reports Jasper Cox.

    11 Jan 2018

  • Hedge fund makes bold bid to seize UK mortgage book

    Clifden IOM No.1, a real estate-focused hedge fund, has launched an audacious bid to take control of £2bn of pre-crisis UK mortgages, launching a tender that could forestall a refinancing of the portfolios by the original lender, Paratus AMC. Owen Sanderson reports.

    11 Jan 2018

  • Yankee banks make last-ditch dash before blackout

    Yankee banks made their final foray to the dollar bond market this week, before heading into earnings blackout and handing the baton over to US lenders.

    11 Jan 2018

  • Deutsche Bank EUR1.25bn 0.375% Jan 21 / EUR1.25bn 1.75% Jan 28 senior non-preferred

    11 Jan 2018

  • Banque Fédérative du Crédit Mutuel EUR1.5bn 0.75% July 25

    11 Jan 2018

  • Crédit Ag and Caffil hit eights covered sweet spot

    Crédit Agricole SFH and Caffil issued eight year covered bonds this week and managed to attract strong demand from bank investors buying for their liquidity portfolios.

    11 Jan 2018

  • Strategists cautiously bullish on US and European equities

    Equity derivatives strategists are bullish on equities in the short term as European business confidence is high and US markets bask in the afterglow of tax reform passed by President Donald Trump. But questions remain over how long the US equity bull run can continue, with some experts encouraging more cautious long positions this year.

    11 Jan 2018

  • Kodak pioneers cryptocurrency as listed company capital tool

    Kodak will hold an initial coin offering (ICO) on January 31 to sell Kodakcoin, the first cryptocurrency to be issued by a listed company, putting the burgeoning asset class in competition with established capital markets products like shares and bonds.

    11 Jan 2018

  • Peak capital markets — issuers soak up demand despite 'bondmageddon' fears

    Records were tumbling this week as countries, companies and credit institutions were met with a wall of cash for new bond offerings across the globe — prompting speculation that primary capital markets may well be at the very height of their capacity. Tyler Davies reports.

    11 Jan 2018

  • Ten year covered trio get traction but concerns remain

    A trio of 10 year covered bond deals issued this week showed that interest in this tenor is less uncertain than initially feared. But, in a rising yield environment, investors are likely to become more defensive and this demand risks being short-lived.

    11 Jan 2018

  • IBRD gets C$1bn for sustainable dev amid niche spree

    World Bank issued a rare benchmark Canadian dollar bond this week, raising C$1bn ($802m) with a sustainable development deal in a strong week for niche currency sales from SSA borrowers that also included several Australian and New Zealand dollar deals.

    11 Jan 2018

  • Bayer ups Covestro block by €300m, gets 2.2% discount

    Bayer took advantage of the robust conditions in Europe’s market for equity block trades on Wednesday night with another jumbo sale of stock in Covestro, the former plastics division it span off in 2015.

    11 Jan 2018

  • Year of TLAC opens novel questions for CDS market

    In our last article of 2017 we noted that it was widely billed as the year of political risk. Perhaps those in the fixed income world will call 2018 the year of TLAC (total loss absorbing capacity).

    11 Jan 2018

  • Engie EUR1bn 1.5% Perp NC Apr 2023

    11 Jan 2018

  • US traders try to dodge 'MiFID-like' solution

    Industry members and SEC commissioners put their heads together to address the liquidity issues that face the fixed income markets in the first US Fixed Income Market Structure Advisory Committee.

    11 Jan 2018

  • FCA Bank EUR850m 3mE+33 Jun 2021

    11 Jan 2018

  • Sterling IG market ready for first deals of the year

    The sterling corporate bond market had a very strong year in 2017. So it is somewhat surprising, especially given the strength of the euro corporate bond market, that the scorecard in the sterling market remains blank. However, there have been signs of life with a pair of roadshows announced this week.

    11 Jan 2018

  • Vonovia sets foundation for strong week of issuance

    Vonovia, Germany’s largest housing association, may have issued the only investment grade corporate bond on Monday but, as its order books showed, conditions remained very receptive for issuance.

    11 Jan 2018

  • Investors get the taste for AB Inbev’s €4.25bn triple tipple

    Anheuser-Busch InBev’s last visit to the euro bond market was to help finance its $107bn acquisition of SAB Miller in 2016 and on Tuesday the world’s largest brewer returned with a smaller offering that investors were still thirsty for.

    11 Jan 2018

  • Tencent makes hay as supply slide spooks syndicate desks

    Chinese conglomerate Tencent brought cheer to the dollar bond market on Thursday as it tapped pent-up demand with a four-part benchmark trade that amassed a $40bn order book.

    11 Jan 2018

  • REWE brings first Schuldschein benchmark this year

    German supermarket group REWE International has become the first company to launch a Schuldschein deal at benchmark size this year, a sign that German blue chips may be busy in the market this year.

    11 Jan 2018

  • Tight FCA debut floater finds real investor appetite

    Italian auto finance bank FCA Bank was in the market on Wednesday with its first benchmark floating rate note, which was priced with no new issue premium.

    11 Jan 2018

  • Long tenors still flavour of the month for IG corporate issuers

    French toll road operator Autoroutes du Sud de la France on Wednesday followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year bond, while Deutsche Bahn and Ren Finance on Thursday opted for the 10 year area of the curve. Investors appear keen to put their money to work at the longer end of the corporate bond curve.

    11 Jan 2018

  • Green demand grows as Enel drops second bond

    Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite having a longer maturity.

    11 Jan 2018

  • Debt Explained introduces digital score for ‘more sober’ HY covenant scrutiny

    Market discussions over loose default protection covenants have grown louder, but not always wiser, said Debt Explained, the leveraged finance analysis firm, as it launched a covenant scoring product this week. But some investors remain sceptical of such services.

    11 Jan 2018

  • Turkey USD2bn 5.125% Feb 28

    11 Jan 2018

  • Kensington prices largest, tightest RMBS deal to date

    Kensington, which is now known as Northview Group (NVG), has issued its largest new origination RMBS transaction post-crisis at the tightest spreads.

    11 Jan 2018

  • Hybrids find new low as Engie goes with green variation

    Multi-tranche and green bond issuance returned to the investment grade corporate bond market on Tuesday, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for coupons and spreads.

    11 Jan 2018

  • Macedonia books over €3.5bn as final terms set

    Macedonia on Thursday set final terms for a €500m seven year bond at 3%, the tight end of price guidance at 3.125% area, with books over €3.5bn.

    11 Jan 2018

  • Puma Energy Holdings USD750m 5% Jan 24

    11 Jan 2018

  • Petkim and PhosAgro hit the road for dollars

    Two CEEMEA corporates hit the road this week to gauge investor interest for dollar bonds — Turkish petrochemical manufacturer Petkim Petrokimya Holding (Petkim) and Russian phosphate fertiliser company PhosAgro .

    11 Jan 2018

  • ESMA voices concern over trade repository fees

    The European Securities and Markets Authority (ESMA) has gone public with its concerns over the fees that trade repositories charge their clients and made recommendations for change.

    11 Jan 2018

  • Sultanate of Oman triple tranche $1.25bn 4.125% Jan 23, $2.5bn 5.625% Jan 28, $2.75bn 6.75% Jan 48

    11 Jan 2018

  • FCA reaches for the unregulated through trade bodies

    From February, the UK Financial Conduct Authority (FCA) might be able to ban or impose fines on anyone doing business in unregulated markets if they break codes of best practice — codes that might have been written almost anywhere or by anyone.

    11 Jan 2018

  • Lone Star sells out of Neinor Homes

    US private equity firm Lone Star sold a 9.9m block of shares in Spanish real estate developer Neinor Homes after the market closed of Wednesday, via an accelerated bookbuild that was “substantially “oversubscribed,” according to a banker involved.

    11 Jan 2018

  • Massive books in EM as Treasury blip fails to derail buy-side bid

    Several big name investors this week called the start of a bond bear market after a back-up in 10 year US Treasury yields but there was little sign of reticence from the emerging markets buy-side, with three sovereigns pulling in jumbo order books.

    11 Jan 2018

  • MiFID II could put block investors in reverse gear

    The MiFID II requirement for banks to justify allocation decisions on equity capital markets (ECM) deals could encourage investors to make reverse enquiries to lead managers, write Sam Kerr and Aidan Gregory.

    11 Jan 2018

  • EIB pulls off bumper €2.5bn in 30 year Earn return

    The European Investment Bank put the strength of the appetite for duration in the euro market to the test on Thursday, becoming the first borrower of the year to attack the ultra long end of the curve.

    11 Jan 2018

  • IADB adds to already buoyant Kauri market

    The Inter-American Development Bank has joined the New Zealand dollar market by bringing a NZ$200m ($144.7m) 2023 clip on Thursday. It has been a very active week so far in Kauri bonds, with Asian Development Bank pricing a NZ$500m on Wednesday.

    11 Jan 2018

  • The Pained Trader: your son always shines on TV

    The Pained Trader takes a starring role.

    11 Jan 2018

  • ADB, KfW bring full dollar curve as demand trumps politics

    Public sector issuers rounded out a superlative week for dollars with sparkling results across the curve on Thursday. Bankers are confident that issuers wishing to print in the coming weeks should find that investor demand outweighs any of the political concerns that brought volatility to rates over the last few days.

    11 Jan 2018

  • Jefferies nabs third co-head of EM credit trading and sales

    Jefferies has hired a new co-head of European emerging market credit trading and sales from Barclays.

    11 Jan 2018

  • CORPORATE BOND PRICED DEALS TABLE 2018

    GlobalCapital's list of European corporate bond issues in euros and sterling, with links to stories about the deals.

    11 Jan 2018

  • Optimism in Euro PP market as heavier weights return

    Euro private placement issuance has dwindled in the past few years as larger companies have found cheaper funding elsewhere. But a flurry of chunky transactions late in 2017, including two from prestigious family holding companies, has led some to dream big for the year ahead.

    11 Jan 2018

  • Telefonica Deutschland launches Schuldschein using blockchain

    Telefonica Deutschland launched a €200m Schuldschein on Thursday, which included a €50m one year tranche that was placed using blockchain technology.

    11 Jan 2018

  • TowerBrook funds Bosal unit buyout with private EQT loan

    Bosal, the Dutch manufacturer of industrial equipment, is selling its tow bar division to private equity firm TowerBrook. EQT has provided the financing for the acquisition.

    11 Jan 2018

  • Oman locks in $6.5bn, trades up on break

    Strong demand enabled Oman to secure a larger than expected $6.5bn of funding on Wednesday, taking it a considerable way towards covering its Omr3bn ($7.8bn) deficit for 2018.

    11 Jan 2018

  • Westpac sucks on stellar sterling demand

    Westpac attracted substantial demand for its five year sterling floating rate deal on Thursday, with considerable investor liquidity ensuring a particularly attractive cost of funding.

    11 Jan 2018

  • Israel takes whopping book

    Investors piled in excess of $12.5bn orders into a dual tranche dollar trade for Israel on Wednesday, the largest level of oversubscription the sovereign has ever experienced.

    11 Jan 2018

  • Zoopla opens HY market with its first bond

    UK property website operator Zoopla announced the first deal of 2018 in the European high yield market this week, a sub-benchmark sized bond in sterling.

    11 Jan 2018

  • NordLB takes size and duration — with ECB’s helping hand

    NordLB issued its largest Pfandbrief since 2011 on Thursday, but the oversubscription ratio was on the low side — despite a relatively attractive new issue concession and a large order from the European Central Bank.

    11 Jan 2018

  • Market divided over Monte dei Paschi pricing

    The coupon for Banca Monte dei Paschi di Siena’s €750m comeback tier two deal was compared with a whole host of other subordinated transactions this week — with varying opinions on what represented good value.

    11 Jan 2018

  • Rumo rides UST volatility to begin Brazil barrage

    Brazilian railroad operator Rumo clinched its second dollar bond on Wednesday, offering a pick-up to its previous deal and building a hefty order book in the process.

    11 Jan 2018

  • Deutsche Bahn and Ren tap 10 year demand

    State owned German rail operator Deutsche Bahn steamed back into the investment grade corporate bond market on Thursday, choosing an unusual maturity that was still well received by investors. The same applied to Ren Finance, which brought a sub-benchmark 10 year deal following a roadshow earlier in the week.

    11 Jan 2018

  • ‘Breathtaking’ UniCredit deal lifts lid on Italian SNP

    UniCredit has become the first Italian bank to sell a non-preferred senior bond, clearing the path for further issuance out of the country.

    11 Jan 2018

  • Unifin to keep Lat Am FIG moving after Interbank return

    Mexican non-bank lender Unifin Financiera is plotting a subordinated perpetual deal, according to bond market sources, after Peru’s Interbank became the latest Latin American financial name to issue on Wednesday.

    11 Jan 2018

  • Macedonia books over €3.5bn as final terms set

    Macedonia has set final terms for its first international bond in over a year, with books for the deal hitting over €3.5bn

    11 Jan 2018

  • Asia people and markets news, January 11, 2018

    Goldman Sachs has added two senior executives to its investment banking division in Hong Kong who will focus on equity and equity-linked products.

    11 Jan 2018

  • Alibaba makes up with HKEX after dual-class shares get OK

    Jack Ma, one of the founders of technology giant Alibaba Group Holding, said this week he will seriously consider listing the company in Hong Kong, which has finally approved dual-class share IPOs. It is a sign of what lies ahead for the city’s stock exchange, writes Jonathan Breen.

    11 Jan 2018

  • IL&FS cooks up first HY dim sum since 2016

    India’s IL&FS Transportation Networks sold a Rmb900m ($138.21m) offshore renminbi bond on Wednesday, making it the first high yield issuer to seal a deal in the market in more than 16 months.

    11 Jan 2018

  • Updated: Ford China starts engine for 2018 auto ABS race

    Ford Automotive Finance (China) is preparing for a Rmb4bn ($614m) deal in the onshore asset-backed securities market – the first by a foreign originator in 2018. But the carmaker is not in the mood for change in the New Year, sticking with the same format it printed in last August.

    11 Jan 2018

  • Pretending to understand your boss

    The new boss calls his team into a meeting room and delivers the speech he has spent his life preparing for. It is a moment of rhetorical genius, a rallying cry, a tour de force. Unfortunately, no one understands a word.

    11 Jan 2018

  • BNPP hires heavy hitters amid CIB revamp

    BNP Paribas has hired two senior bankers and folded its corporate clients, financing and advisory (CCFA) units and corporate trade and treasury services (CTTS) units into a single new division, as it looks to expand its offering to corporate clients.

    11 Jan 2018

  • Adnoc to tap Japanese lenders for $3bn

    Abu Dhabi National Oil Co (Adnoc) is due to sign a $3bn loan with four lenders — three of which are Japanese — next week, after borrowing $6bn from the international market in November last year.

    11 Jan 2018

  • NWS, Maple Leaf jump on share rally to sell block deals

    The equity block trade market is heating up in Hong Kong as shares continue to rally, with banks launching one sole mandate after another.

    11 Jan 2018

  • Real estate issuers pay up to seal bond deals

    Chinese property companies bombarded the dollar market this week in an attempt to use their regulatory issuance quotas and seal deals before Chinese New Year. But with more borrowers expected to vie for investor attention, issuers will need to navigate the market carefully — and be ready to pay up. Morgan Davis reports.

    11 Jan 2018

  • India to be a bright spot for loan syndications in first quarter

    Indian loan activity has got off to a steady start, with a large borrowing for companies under the Tata Group, including Tata Steel, due to be mandated shortly. Lacklustre credit demand from Indian firms may become a thing of the past as market participants are betting on a pick-up in momentum from the country this year. Shruti Chaturvedi reports.

    11 Jan 2018

  • BNP Paribas places UK at heart of European ambitions

    The recruitment of the former head of European M&A at Barclays is a statement of intent from BNP Paribas, which has serious aspirations for its UK business. Expect some trademark caution though, writes David Rothnie.

    11 Jan 2018

  • China Water Affairs sails in for $200m five year

    China Water Affairs has returned to the international loan market after two years for a $200m fundraising.

    11 Jan 2018

  • Citi veteran to join global bank as Nordic CEO

    Eirik Winter, a veteran Citigroup banker, will join a rival global bank as chief executive for the Nordic region.

    11 Jan 2018

  • ICTSI entices investors with fixed-for-life perp

    International Container Terminal Services, a Philippine port operator, sold a fixed-for-life perpetual bond on Wednesday, braving the market despite US Treasury volatility shaking investors’ nerves.

    11 Jan 2018

  • Agricole puts green banker in Asia

    Crédit Agricole has moved one of its sustainable banking specialists to Asia, hoping to capitalise on what it expects to be a growing market for green bonds.

    11 Jan 2018

  • Investors jump into rare SBLC-backed bond

    Chinese city commercial bank Bank of Shanghai Co priced a rare bond backed by a standby letter of credit (SBLC) on Wednesday, seeing an over five times covered book but leaving a few basis points on the table.

    11 Jan 2018

  • LGFV supply starts strong as Zhongyuan Yuzi nabs $300m

    Zhongyuan Yuzi Investment Holding Group Co sold the first offshore bond from a Chinese local government financing vehicle (LGFV) on Wednesday, pricing it 15bp inside analysts’ fair value estimates.

    11 Jan 2018

  • Tencent, Petron in the mix on seven-bond Thursday

    A slew of Chinese issuers are wooing dollar bond investors on Thursday, as Philippine company Petron Corp also competes for buy-side attention.

    11 Jan 2018

  • New Sports Group eyes $128m follow-on to double shares

    New Sports Group will double its share capital with two placements that aim to raise a combined HK$1bn ($128m), said the company.

    11 Jan 2018

  • ZhengTong Auto takes $211m block for a spin

    China ZhengTong Auto Services Holdings opened books on Thursday morning for an up to HK$1.6bn ($211m) capital increase.

    11 Jan 2018

  • Sears lands new financing amid new round of closures

    US retailer Sears has landed a $100m private secured term loan, with a potential further $200m to be secured against the collateral, after the firm announced a fresh batch of store closures that Morningstar said could cause trouble for 16 CMBS loans.

    10 Jan 2018

  • KKR fund to target ‘undervalued’ UK, Irish and US assets

    KKR’s latest global private credit fund will target asset classes seen as undervalued, including UK prime auto loans, Irish SME loans and US residential bridge loans, said portfolio manager Dan Pietrzak on Wednesday.

    10 Jan 2018

  • PE firm claims new model for small green projects

    The transition to a greener economy is likely to involve not just changes in the kinds of technology used, but also in scale. Smaller, local installations will become much more important — but these pose financing challenges.

    10 Jan 2018

  • LBO loans and roses: Flamingo seeks €300m loan

    Private equity firm Sun European Partners is merging its portfolio business Flamingo with Afriflora, the world’s largest exporter of roses to Europe, and funding it with an all-leveraged loan deal.

    10 Jan 2018

  • EFSF snatches size crown as EIB winds up to go long

    The euro market is providing SSA borrowers with ever more impressive execution — the European Financial Stability Facility (EFSF) pulled off the largest supranational or agency deal of the year on Wednesday — but it faces a fresh challenge on Thursday: ultra long debt.

    10 Jan 2018

  • Mezz RMBS demand heats up as slate of issues hit screens

    Demand for the mezzanine tranches of RMBS Finsbury Square has been strong, boding well for a series of new UK RMBS issues that hit came to market on Wednesday.

    10 Jan 2018

  • Periphery basks in scorching euro market

    A combined €48bn of cash swelled the orderbooks for Italy and Portugal’s deals on Wednesday, dispelling any fears that the reduction of the European Central Bank’s quantitative easing programme would hamper demand.

    10 Jan 2018

  • JC Flowers exits OneSavings Bank via final £95m block

    JC Flowers sold the last of its stake in OneSavings Bank, the UK challenger bank, via a £95m accelerated bookbuild on Tuesday night.

    10 Jan 2018

  • IADB in another dollar high five as ADB prepares long end test

    The Inter-American Development Bank provided further proof on Wednesday that there is deep demand at the five year part of the dollar curve — but another supranational is stepping up to test the long end of the currency for the first time this year.

    10 Jan 2018

  • Brunello Cucinelli sells block to raise funds for charity

    Brunello Cucinelli, the Italian luxury goods entrepreneur, sold a 6% stake in the fashion brand named after himself through a block trade on Tuesday night, to raise money to spend on charitable projects.

    10 Jan 2018

  • Bulgarian stock ETF comes to Deutsche Boerse through Expat

    Expat Asset Management has joined German exchange group Deutsche Boerse as a new exchange traded fund issuer, debuting with an ETF that provides exposure to Bulgarian stocks.

    10 Jan 2018

  • REWE brings first Schuldschein benchmark this year

    German retail group REWE International has become the first company to launch a Schuldschein at benchmark size this year, a sign that German blue chips may be active in the market this year.

    10 Jan 2018

  • Engie green offering breaks Danone’s records as hybrids return

    On Tuesday multi-tranche and green bond issuance returned to the investment grade corporate bond market, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for the product's coupon and spread levels.

    10 Jan 2018

  • Terra Firma hires three from top banks

    Terra Firma has hired three veteran bankers to take up senior roles within the firm.

    10 Jan 2018

  • NordLB lines up with ‘interesting’ 10 year Pfandbrief

    NordLB has mandated joint leads for a 10 year Pfandbrief which some bankers believe will prove an ‘interesting’ trade, reflecting the view that spreads are tight to competing agency paper.

    10 Jan 2018

  • SG prioritises spread over size

    Société Générale issued a tightly priced 10 year French covered bond on Wednesday with the €750m deal size, ensuring a solid level of excess demand and good potential for a stable performance.

    10 Jan 2018

  • Westpac sets sights on sterling covereds

    Westpac has mandated leads for the third sterling five year floating rate covered bond from a bank outside the UK to be issued this year.

    10 Jan 2018

  • Caixa prefunds ahead of maturation and TLTRO phase-out

    CaixaBank issued €1bn of senior preferred notes on Wednesday as it looked to prefund ahead of a bond maturing in May and the end of the European Central Bank’s (ECB’s) targeted longer-term refinancing operations (TLTRO) programme.

    10 Jan 2018

  • Long tenors and FRNs still flavour of the month for corporates

    On Wednesday French toll road operator Autoroutes du Sud de la France followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year new issue. Meanwhile Italian auto finance bank FCA Bank was also in the market with its first benchmark floating rate note.

    10 Jan 2018

  • CBA hits euros as Aussie banks make flying start

    Commonwealth Bank of Australia (CBA) was marketing a new senior bond in the euro market on Wednesday, following a fast start for Australian bank bond issuance in 2018.

    10 Jan 2018

  • BFCM targets senior in busiest sterling start on record

    Banque Fédérative du Crédit Mutuel (BFCM) has sold £450m of new senior notes in the sterling market, which is enjoying its fastest ever start to a year.

    10 Jan 2018

  • Turkey grabs $2bn as US Treasury sell-off bites EM

    The Republic of Turkey sold a $2bn 10 year bond on Tuesday just as a sell-off in US Treasuries took hold, but it still managed to raise a book of $5.3bn for the deal.

    10 Jan 2018

  • Citi names new Nordic heads following Winter’s departure

    Citi has named Lars Ingemarsson and Ari Mäkelä co-heads of Nordic investment banking, partly replacing Eirik Winter, who left the firm before Christmas.

    10 Jan 2018

  • SSA spreads wider but investors' confidence returns

    The start of the year has been beset by new regulation and a widening spread environment but, for issuers canny enough to navigate the new levels, investors are eager to put cash to work.

    10 Jan 2018

  • IG investors happy to see supply but HY investors less so

    Traditionally, January causes investors the headache of trying to keep up with the number of deals coming to market. This January however, it was starting to look like investors may have had the opposite problem.

    10 Jan 2018

  • Sell-off weighs on EM new issues

    Though bankers may have expected the first quarter of 2018 to play out with a glory run of slam dunk deals, a recent back-up in US Treasury yields has left some big name investors calling the start of a bear market in bonds.

    10 Jan 2018

  • ADB’s Kauri more than doubles target

    The Asian Development Bank's minimum NZ$200m ($143.6m) five year Kauri bond has grown to NZ$500m, indicating strong demand in the mid-part of the New Zealand dollar curve.

    10 Jan 2018

  • US senators add to warnings on EC's CCP plans

    Two US senators have scolded the European Commission's efforts to unilaterally change agreed rules for the oversight of foreign clearing houses in the wake of Brexit, backing the toughening position of Commodity Futures Trading Commission chairman Christopher Giancarlo.

    10 Jan 2018

  • Israel on track to extend curve

    The State of Israel opened books on Wednesday for a dual tranche dollar note that will extend its curve by an extra five years.

    10 Jan 2018

  • TSKB bags big book despite sovereign competition

    Turkiye Sinai Kalkinma Bankasi batted away suggestions on Tuesday that its deal would suffer from pricing on the same day as the Turkish sovereign, printing a $350m five year bond from a book of $1.15bn and 15bp inside initial price guidance.

    10 Jan 2018

  • Oman navigates choppier markets with triple tranche note

    Oman has hit the screens with a copycat trade of its 2017 triple tranche $5bn note, navigating a more volatile market than it may have hoped for after a back-up in US Treasuries on Tuesday.

    10 Jan 2018

  • Greater China property companies build offshore momentum

    Dollar investors had plenty of Chinese property bonds to choose from this week, with four issuers competing for their attention on Tuesday. But with no end in sight to the pipeline, companies will have to navigate the market carefully, or cough up a premium for their bonds.

    10 Jan 2018

  • Puma pulls in $750m with early pounce

    Puma Energy made a strong start for non-financial corporate issuers on Monday, making full use of investor familiarity with the credit — and some excess cash — to make its $750m market return.

    10 Jan 2018

  • Regional Capital Markets Awards Part IV: Investment Bank

    In the last instalment of our 2017 awards, we present the full write-ups of the winners of Best Asian Investment Bank and Best Investment Bank.

    10 Jan 2018

  • US private placements to get green bug

    The trend for green debt issuance is set to touch the US private placement (PP) market this year, bringing yet another segment of the debt capital markets within its ambit.

    10 Jan 2018

  • PhosAgro markets dollar bond

    PhosAgro, a Russian phosphate-based fertiliser company, is embarking on a series of investor meetings to market a five to seven year dollar bond.

    10 Jan 2018

  • Investors debate Monte tier two as NPL securitization progresses

    Financial institutions bond investors were assessing this week whether or not they should invest in Banca Monte dei Paschi di Siena’s first deal since its recapitalisation by the state last summer.

    10 Jan 2018

  • Goldman makes outside hires for Asia ECM, equity-linked

    Goldman Sachs has added two senior executives to its investment banking division in Hong Kong who will focus on equity and equity-linked products.

    10 Jan 2018

  • ICTSI jump starts Philippine dollar bond market

    Philippine company International Container Terminal Services (ICTSI) opened books for a fixed-for-life dollar perpetual bond on Wednesday, making it the first issuer to take advantage of the country’s ratings upgrade last month.

    10 Jan 2018

  • Chinese supply continues to dominate Asia DCM

    Chinese issuers BOSC International, a local government financing vehicle from Henan, Lai Fung Holdings and Hilong Holding are in the market with new deals on a busy day for issuance.

    10 Jan 2018

  • CALC takes new route in Chinese dollar ABS

    China Aircraft Leasing Group Holdings (CALC) has sealed a rare asset-backed securities deal in the onshore market — the first dollar-denominated ABS to be publicly traded. But while the transaction holds symbolic significance, the format is unlikely to become the norm for the Chinese ABS market.

    10 Jan 2018

  • IL&FS returns for dim sum bond

    India’s IL&FS Transportation Networks launched an offshore renminbi bond on Wednesday morning, following Westpac Banking Corp’s opening of the dim sum market earlier this week.

    10 Jan 2018

  • Tencent prepares for Thursday bond outing

    Chinese technology giant Tencent Holdings is taking feedback from global investors for a 144A/Reg S transaction, and is looking to hit the market on Thursday morning.

    10 Jan 2018

  • KBank maximises on rarity value for tight print

    Thailand’s Kasikornbank prioritised price over size for its return to the bond market this week, selling a $400m deal at a level that forced some investors to stay away.

    10 Jan 2018

  • AirAsia chief talks up potential listing of India business

    AirAsia head honcho Tony Fernandes hinted at a potential IPO for the budget airline group’s India arm through his Twitter account on Wednesday.

    10 Jan 2018

  • European ECM makes a good start to the year

    Going into 2018, many in Europe’s equity capital markets anticipated a busy first quarter. So far those predictions have proven correct, with a rush of deals this week.

    10 Jan 2018

  • PBoC U-turns on tight currency grip

    The People’s Bank of China has reportedly tweaked the way it sets the daily renminbi fix against the dollar, abandoning a key control mechanism it introduced last May. While some analysts hail the move as a sign of confidence from China, others say it exposes the failure of the PBoC’s previous FX policy.

    10 Jan 2018

  • SC Lowy sells stake to strategic investors

    SC Lowy, a fixed income-focused banking and finance group, has sold 20% of its shares to a group of strategic investors.

    10 Jan 2018

  • Zhenro Properties rakes in $510m from Hong Kong IPO

    Chinese real estate developer Zhenro Properties Group has bagged HK$3.99bn ($510m) after pricing its IPO near the top of guidance, according to a source close to the deal.

    10 Jan 2018

  • Telkom hunts for €1bn acquisition financing

    Telekomunikasi Indonesia (Telkom) has asked banks to submit bids for a €1bn financing to support its M&A activities, said a banker whose firm is in the race for the mandate.

    10 Jan 2018

  • Pakistan shakes up IPO process to boost listings

    Pakistan’s securities regulator has overhauled its IPO rules to make the country’s bookbuilding process more market-friendly.

    10 Jan 2018

  • Interbank plans first Peruvian trade of 2018

    Peruvian lender Interbank (Banco Internacional del Perú) is planning to raise $200m of new five year debt on Wednesday to become the first Peruvian borrower in the bond markets in 2018.

    10 Jan 2018

  • Mexico clinches euros with slim pick-up to dollars

    Bankers following Mexico’s second trade in less than a week said that the sovereign had managed to price its euro deal impressively tight to its dollar curve as the government wrapped up its funding needs for the year.

    10 Jan 2018

  • NAB to become second green RMBS issuer

    National Australia Bank has mandated its own investment bank to lead a potential mortgage securitization that could include a green tranche, making it only the second issuer of green residential mortgage-backed securities.

    10 Jan 2018

  • GM, CPS price first auto ABS deals of 2018

    GM Financial and Consumer Portfolio Services hit the ABS primary market with the first US auto loan transactions of the year on Tuesday, with heavy demand for paper helping both issuers tighten pricing from guidance.

    09 Jan 2018

  • Energy issuers dominate in ‘bid only’ US high yield market

    The return of retail inflows into the supply starved US high yield bond market has created strong conditions for borrowers so far this year. On Tuesday, energy issuers were the main beneficiaries of the supply-demand imbalance.

    09 Jan 2018

  • KKR, Barings close private debt funds

    KKR closed fundraising for a $2.24bn global private credit fund on Monday that will target private junior and mezzanine corporate debt as well as asset-backed financing, while on Tuesday Barings said it had closed a $1.85bn fund that will invest in private senior secured middle market loans.

    09 Jan 2018

  • Clifden launches £2bn tender for legacy UK mortgage bonds

    Clifden IOM No. 1, a real estate-focused hedge fund, has launched a tender for UK RMBS bonds totalling £2bn from the RMAC series, which were issued before the crisis by non-conforming lender GMAC-RFC. The fund has stayed tight-lipped about its strategy, but some see it as an attempt to seize control of the collateral, following an announcement before Christmas that the original sponsors could call the deals.

    09 Jan 2018

  • QNB’s loan underwrite shows only partial market confidence

    Qatar National Bank (QNB) launched a $3bn loan on Monday, the first real test of the market since Qatar’s Gulf Cooperation Council (GCC) neighbours severed diplomatic ties with the sovereign. Nine banks have agreed to underwrite the full amount ahead of general syndication, showing initial fears have subsided. But the test is not over — will Qatar’s other relationship banks step up?

    09 Jan 2018

  • Swiss Prime bags Sfr300m in hot CB market

    Europe’s equity linked new issue market is enjoying a busy start to the year, with four deals totalling €1.56bn priced in the past week. The latest was a Sfr300m seven year convertible bond (CB) issue by Swiss Prime Site, the property investment company.

    09 Jan 2018

  • Neon opens up UK ILS market

    Neon Underwriting has launched the first insurance linked security (ILS) deal in the UK, after a new law designed to incentivise the creation of vehicles was passed last month.

    09 Jan 2018

  • Investcorp hires Rothschild senior adviser for new credit funds business

    Investcorp has hired Phil Yeates as managing director and head of European credit funds, after he had spent 24 years at Rothschild.

    09 Jan 2018

  • Sovereigns poised to jump into action

    January’s impressive pipeline of sovereign issuance is starting to unload, as Italy and Portugal hit screens on Tuesday for their first syndications of the year.

    09 Jan 2018

  • KfW pulls in biggest ever book

    The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.

    09 Jan 2018

  • EIB sets tone for SSA dollar rush with biggest book in years

    The European Investment Bank on Tuesday produced its largest dollar deal in nearly three years — and its biggest book in even longer — in what bankers said was a clear signal of the strength of demand in the currency. The Inter-American Development Bank is next up in dollars, and more supranationals could still enter the fray this week, with supply expected to keep at a rampant pace until mid-February.

    09 Jan 2018

  • There’s something about Monte

    Banca Monte dei Paschi di Siena’s comeback plans show that there is still a big difference between tier two and additional tier one (AT1) bonds, even after the failure of Banco Popular.

    09 Jan 2018

  • ISDA preps French, Irish master agreements

    Chief executive of the International Swaps and Derivatives Association (ISDA) Scott O’Malia on Monday said that the trade body was preparing French and Irish law governed ISDA master agreements to be “ready for all eventualities” in the wake of Brexit.

    09 Jan 2018

  • ICBC Standard Bank appoints new COO

    ICBC Standard Bank has appointed Gary Simpson, a former HSBC banker, as chief operating officer of global markets, a newly created role.

    09 Jan 2018

  • QNB follows ADCB to Formosa

    Two banks from the Gulf Corporation Council (GCC) have turned to Taiwan to raise dollar funding already this year, with Abu Dhabi Commercial Bank (ADCB) printing $540m and Qatar National Bank (QNB) printing $720m in Formosa trades.

    09 Jan 2018

  • European equities benefit from China's Blue Sky thinking

    European stock markets have enjoyed a solid start to 2018, led by a metals and commodities rally that has been strengthening since the beginning of autumn. But the market must consider whether the good times are organic or due to temporary measures in China.

    09 Jan 2018

  • Kommunalbanken taps Aussie mid-curve in bountiful market

    Kommunalbanken is tapping its April 2023 Kangaroo line, the first time it has accessed the Aussie mid-curve since September 2017, amid what bankers said were strong conditions for the currency.

    09 Jan 2018

  • UOB priced in line with Westpac

    United Overseas Bank in Singapore was able to price a seven year euro covered bond in line with Westpac on Tuesday. Although UOB was unable to match the pricing of DBS Bank, it achieved 'remarkable traction' with second and third tier investors across Europe.

    09 Jan 2018

  • Metrovacesa IPO taps into Spain’s recovery

    Metrovacesa, the Spanish property developer that collapsed during the financial crisis, hopes to become a listed company again, having filed an intention to float document on Tuesday.

    09 Jan 2018

  • Caffil secures solid result with careful choices

    Caffil managed to attract a strong order book for its eight and 15 year covered bonds issued on Tuesday, largely because it paid careful attention to size, starting spread and tenor.

    09 Jan 2018

  • Investors offered €5bn levloan pipeline in borrower’s market

    The list of European leveraged loan deals for January is rapidly growing, with multi-billion offerings in euros, sterling and dollars as borrowers seek low margins. But some buyers believe the market is becoming too hot, too fast.

    09 Jan 2018

  • Euros find favour as Santander returns for non-preferred

    Santander has come to the market with its second senior non-preferred bond in euros, as banks turned back towards the currency in the second week of the year.

    09 Jan 2018

  • Kivinen replaces Greenbaum at Deutsche

    Petri Kivinen is joining Deutsche Bank from Morgan Stanley to fill the gap left by David Greenbaum, who was the bank’s head of origination for corporate and financials in CEEMEA.

    09 Jan 2018

  • Erste shows 10s in demand — for the right name

    Erste Group attracted solid demand for its 10 year covered bond on Tuesday and, by pricing the transaction with a relatively slim new issue premium, it helped assuage concerns about the appropriateness of this tenor that followed deals issued last week.

    09 Jan 2018

  • Oman Gas to sign $1bn club loan

    Oman Gas Co, Oman’s midstream natural gas transportation company, is expected to sign a $1bn loan with a club of banks.

    09 Jan 2018

  • Green demand grows as Enel drops number two

    Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite printing with a longer maturity.

    09 Jan 2018

  • Investors imbibe €4.25bn AB InBev triple trancher after dry 2017

    The world's largest brewer Anheuser-Busch InBev’s last visit to the euro bond market was to help finance its $107bn acquisition of SAB Miller in 2016 and on Tuesday the issuer returned with a smaller offering that investors were still thirsty for.

    09 Jan 2018

  • Taqa prices out banks on $1.25bn loan

    Abu Dhabi Energy Co (Taqa) has signed a $1.25bn loan with a small club as some banks were deterred by the deal’s tight pricing.

    09 Jan 2018

  • Mexico returns to euros

    The United Mexican States has released price guidance on its first euro bond for over a year.

    09 Jan 2018

  • TOPIX futures hitting CME in February

    Chicago Mercantile Exchange Group (CME) and Japan Exchange Group (JPX) on Monday announced that Yen-denominated Tokyo Stock Price Index (TOPIX) futures would launch on CME’s Globex platform on February 5.

    09 Jan 2018

  • TSKB under scrutiny as sovereign arrives

    The Turkish sovereign has mandated three banks for its usual start of year dollar bond while Turkiye Sinai Kalkinma Bankasi released guidance for its note. But the latter drew criticism for going head to head with its sovereign.

    09 Jan 2018

  • Investors happy with juice in new 12 year Orange deal

    French telecoms operator Orange sold a new 12 year trade on Tuesday and paid a low new issue premium for the €1bn deal. The deal was one of three that priced on Tuesday, but only seven new issues for the year so far, meaning investors are keen to put their money to work.

    09 Jan 2018

  • Deutsche gets in on multi-tranche fever

    Deutsche Bank opened books on three tranches of non-preferred senior debt in the euro and sterling markets on Tuesday, becoming the latest European financial institution to knock out multiple funding obligations in one go.

    09 Jan 2018

  • Kuwait’s parliament approves 30 year debt

    Kuwait could become the latest Gulf Corporation Council sovereign to issue 30 year debt after its parliament approved a bill allowing the government to raise its borrowing ceiling to KD25bn ($83bn), and to issue international debt out to 30 years.

    09 Jan 2018

  • Jacquet Metal Service enters Schuldschein market for second helping

    Jacquet Metal Service, the French steel construction and distribution company, has launched its second Schuldschein, aiming it at Asian and European commercial banks.

    09 Jan 2018

  • Bankers confident of success as Puma Energy returns

    Puma Energy has returned to the debt markets to redeem its outstanding 2021s and in doing so will provide investors with a nice lump of cash to reinvest in a new offering of debt.

    09 Jan 2018

  • Regional Capital Markets Awards Part III: Bonds

    In the third instalment of our 2017 awards, we present the full write-ups of the winners of the Best Local Currency Bond, Best High Yield Bond, Best Financial Bond, Best SSA Bond, Best Investment Grade Bond, Best Project Finance Deal, Best Bond, Best G3 and Local Currency Bond House, and Best High Yield Bond House.

    09 Jan 2018

  • GEA hopes ratings will pull institutions to Schuldschein return

    GEA Group, a maker of equipment for the food processing industry in Düsseldorf, has launched a €150m dual tranche Schuldschein, hoping to attract a wide variety of investors.

    09 Jan 2018

  • Westpac dim sum opens offshore renminbi supply

    Westpac Banking Corp raised Rmb500m ($77m) from a three year offshore renminbi bond on Monday, becoming the first dim sum note issuer of 2018.

    09 Jan 2018

  • Belt and Road Pandas finally come of age

    DCM bankers often market Panda bonds as Belt and Road bonds, even when they have little to do with China’s landmark infrastructure plan. But in recent weeks, issuers with genuine needs for funding Belt and Road projects have started to tap the market. The change could open up a new frontier for RMB internationalisation.

    09 Jan 2018

  • Trans Media plans new loan outing

    Trans Media Corpora, the TV broadcasting arm of Indonesian conglomerate CT Corp, is due to launch a new borrowing into general syndication soon, according to two bankers working on the transaction.

    09 Jan 2018

  • Fried chicken brand Kyochon eyes Korea listing

    Kyochon F&B, operator of South Korean fried chicken franchise Kyochon Chicken, is considering a domestic IPO, according to sources familiar with the matter.

    09 Jan 2018

  • Longfor Properties solidifies IG and sector appeal

    Investors lapped up Longfor Properties Co’s $800m bonds on Monday, in a vote of confidence not just for the investment grade rated Chinese company but also the broader property industry.

    09 Jan 2018

  • KBank entices accounts to rare Thai credit

    Thailand’s Kasikornbank is in the market with a 5.5 year dollar bond, some 15 months after its last appearance in the offshore debt market

    09 Jan 2018

  • PowerChina, BOSC International to meet investors for bonds

    Power Construction Corporation of China (PowerChina), Bank of Shanghai subsidiary BOSC International Company and financial services firm Guangxi Financial Investment Group Co are testing investor appetite for new bonds.

    09 Jan 2018

  • VietinBank taps loan market for new $100m financing

    Vietnamese state-owned VietinBank is back in the loan market with a $100m fundraising, this time with one lender at the helm.

    09 Jan 2018

  • India launches $228m sell down in NMDC

    The Indian government has launched an up to Rp14.45bn ($227.7m) offer for sale of stock in mining company NMDC.

    09 Jan 2018

  • Greater China property companies target dollar investors

    Property companies Country Garden Holdings Co (CoGard), Times Property Holdings, Tahoe Group Co and Wharf Real Estate Investment Company hit the dollar debt market in force on Tuesday.

    09 Jan 2018

  • Brazilian waterway company to float bond plans

    Hidrovias do Brasil, the Brazilian waterway logistics provider, will begin meeting investors on Wednesday as it plans a debut international bond sale.

    09 Jan 2018

  • JSL back with 2024 tap

    Brazilian logistics firm JSL returned to dollar markets on Monday to tap the 7.75% July 2024 notes it sold in its debut deal in July last year.

    09 Jan 2018

  • Agency CRT bonds rally to kick off 2018

    Agency credit risk transfer (CRT) RMBS has started 2018 in rally mode, with the secondary market performance of bonds across triple-B, double-B and unrated classes surpassing analysts' expectations.

    08 Jan 2018

  • US high yield boosted by tax reform passage

    The passage of the US tax reform bill has helped US high yield spreads contract to their tightest level in ten years in the first two weeks of the year, drawing in borrowers to refinance existing debt and push out their maturity profiles.

    08 Jan 2018

  • HSBC beefs up US corporate, FIG teams

    HSBC has hired managing directors in its US healthcare and consumer and retail coverage teams, as well as a new head for its US financial institutions group.

    08 Jan 2018

  • MTN banker Kleine heads to Credit Suisse

    GlobalCapital understands Stefan Kleine, formerly of BNP Paribas, will be joining Credit Suisse in a non-syndicate role.

    08 Jan 2018

  • Cellnex makes its equity-linked debut with hit €600m CB

    Cellnex, the Spanish telecoms company, has joined the ranks of Europe’s equity-linked issuers after successfully placing a €600m debut convertible bond.

    08 Jan 2018

  • Year-end prompted string of synthetic securitizations

    Banks lined up to close capital relief securitizations at the end of last year, protecting portfolios of leveraged loans, commercial property and project finance.

    08 Jan 2018

  • Blocks market starts rolling with first Mavi Jeans sale

    The equity block trades market in EMEA opened the week on Monday night with a TL496m ($132m) sale of stock in Mavi Jeans, the Turkish jeans maker that floated in Istanbul last year. The trade was covered inside an hour.

    08 Jan 2018

  • FCA fines former RBS trader £250,000

    A former interest rate derivatives trader at Royal Bank of Scotland, Neil Danziger, was fined £250,000 by the Financial Conduct Authority on Monday for allegedly trying to manipulate Libor.

    08 Jan 2018

  • Turkish private hospital group launches IPO

    MLP Sağlık Hizmetler, also known as MLP Care, the largest private healthcare provider in Turkey, has begun investor education for its flotation on Borsa Istanbul, in which it hopes to raise about TL500m ($133m) of primary proceeds.

    08 Jan 2018

  • BlackRock MD joins Alcentra as head of US loans and high yield

    The former head of loans and CLOs at BlackRock has joined Alcentra, the alternative fixed income specialist for BNY Mellon Investment Management, as head of US loans and high yield.

    08 Jan 2018

  • EIB alone in dollars as AIIB mulls June debut

    The European Investment Bank is set to bring its first core currency trade of the year, after hiring banks on Monday for a March 2023 global dollar benchmark. Despite a strong start to the year for the currency last week, no other dollar deals from SSAs are on screen — but a new issuer could join in the next few months.

    08 Jan 2018

  • Mangla Group sets up €1.2bn Catalan lending fund

    India’s real estate firm Mangla Group has joined with a Catalonian pro-independence business lobby, Cercle Català de Negocis (CCN), to establish a new property-backed direct lending fund aimed at businesses in Catalonia and the Balearic islands.

    08 Jan 2018

  • NIB aims for fives in busy start for sterling

    Nordic Investment Bank is looking to tap into what has been a bumper market for public sector sterling issuance in the early part of 2018, after hiring banks on Monday to run a December 2023 Reg S only benchmark.

    08 Jan 2018

  • Obvion sets sights on record pricing with first Dutch RMBS of 2018

    Rabobank has mandated lead banks for its first Storm RMBS deal of 2018, which is expected to be priced this week and could potentially set a new record.

    08 Jan 2018

  • KfW and Dexia kick off euros

    KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.

    08 Jan 2018

  • Scope claims that troubled issuers will put SSD investors off

    Scope Ratings, a rating agency in Berlin, has warned that Schuldschein issuance may fall as a consequence of the 2017 credit difficulties of international borrowers Carillion and Steinhoff International.

    08 Jan 2018

  • ADB's Kauri nearly double minimum target

    Asian Development Bank's minimum NZ$200m ($143.6m) five year Kauri bond has grown to NZ$350m, with books still open until Tuesday.

    08 Jan 2018

  • Sterling IG market stirs

    Surprisingly, given the strength of the corporate bond market, no euro mandates or roadshows were announced on Monday other than Vonovia's €1bn deal, which was completed intraday. However, the sterling market has finally flickered into life.

    08 Jan 2018

  • Vonovia stands alone in strong market

    Vonovia, Germany’s largest housing association, may have sold the primary market's only investment grade corporate bond on Monday but as its order books showed, conditions remain very receptive for issuance.

    08 Jan 2018

  • Cafill, Erste and UOB mandate leads for covered bonds

    The pace of covered bond supply is expected to remain fast on Tuesday, with as many as three issuers mandating lead managers for benchmark deals.

    08 Jan 2018

  • Crédit Agricole hits eight year covered bond sweet spot

    Crédit Agricole SFH took advantage of curve steepness to issue a €1.25bn eight year which, unlike recent 10 year deals, managed to attract strong demand from bank investors buying for their liquidity portfolios.

    08 Jan 2018

  • ESMA: CCPs should disclose their margin models

    The European Securities and Markets Authority (ESMA) on Monday issued a consultation on draft guidelines that would oblige central counterparties (CCPs) to disclose “parameters and information” on the way they calculate margin requirements for trades.

    08 Jan 2018

  • French duo fancies vanilla senior

    Groupe BPCE and Banque Fédérative du Crédit Mutuel (BFCM) both favoured the senior preferred instrument as they came to the market on Monday in dollars and euros respectively.

    08 Jan 2018

  • EM bullish as corps push ahead of sovs

    Two corporate issuers are making early moves into the capital markets this year without waiting for sovereign issuers to establish benchmarks, showing the strength of funding conditions in emerging market debt, said bankers.

    08 Jan 2018

  • UBI finds only just enough covered bond demand

    Unione di Banche Italiane (UBI Banca) wasted little time in following Crédit Agricole Cariparma with the second Italian Obbligazioni Bancarie Garantite of the year. The relatively small sized €500m tranches were just oversubscribed, reflecting the fact they were priced deeply through multiyear treasury bonds (BTPs).

    08 Jan 2018

  • Barclays and Lloyds look for hat tricks in holdco

    Barclays and Lloyds were marketing new senior offerings from their holding companies on Monday, having each already printed two transactions in the first week of 2018.

    08 Jan 2018

  • QNB confidently launches $3bn loan

    Qatar National Bank has launched a $3bn loan with nine banks underwriting the facility.

    08 Jan 2018

  • Turkish corporate prepares ground for debut

    Petkim Petrokimya Holdings, the largest petrochemical company in Turkey, has received approvals to issue an international bond of up to $500m.

    08 Jan 2018

  • GlobalCapital ECM Awards 2017: our poll is open

    The poll is open for GlobalCapital’s Equity Capital Markets Awards for 2017 and we invite market participants to have their say on the best performers of last year.

    08 Jan 2018

  • Jindal Steel eyes Rp10bn from debut QIP

    Jindal Steel and Power is planning its first qualified institutional placement, aiming to raise around Rp10bn ($157.8m).

    08 Jan 2018

  • ChemChina's $5.5bn refi heads into general

    A $5.5bn senior secured loan to refinance China National Chemical Corp’s (ChemChina) outstanding debt has been launched into general syndication by 16 mandated lead arrangers and bookrunners.

    08 Jan 2018

  • Puma Energy readies dollar bond sale

    Singapore’s Puma Energy Holdings began speaking with investors on Monday ahead of a new dollar bond issuance that will redeem its existing 2021s.

    08 Jan 2018

  • Unrated Yankuang scores $300m from tap

    Chinese state-owned coal miner Yankuang Group Company wrapped up the first week of 2018 with a quick tap of its debut bond, raising $300m on Friday.

    08 Jan 2018

  • Regional Capital Markets Awards Part II: Equities

    In the second instalment of our 2017 awards, we present the full write-ups of the winners for Best Follow-On/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.

    08 Jan 2018

  • Varroc Engineering targets first half for India IPO

    India’s Varroc Engineering has hired a trio of banks to lead an IPO timed for the first half of the year, according to a source close to the deal.

    08 Jan 2018

  • Westpac set for new dim sum bond

    Westpac Banking Corp is poised to sell the first offshore renminbi bond of the year, opening books for a three year trade on Monday.

    08 Jan 2018

  • CoGard-led real estate trio market bonds

    Country Garden Holdings Company (CoGard) and SEA Holdings are planning their comebacks to the offshore debt market, while Wharf Real Estate Investment Co is set to test its luck with accounts for the first time.

    08 Jan 2018

  • The week in renminbi: Regulators tighten bond repo rules, China’s FX reserves at $3.14tr, BOC completes RMB payment for Chinese diplomats

    Chinese financial regulators publish fresh rules on the bond market to control leverage, China’s FX reserves grow again to $3.14tr in December, and Bank of China completes a RMB salary payment for Chinese diplomats abroad after the central bank’s call to push for cross-border RMB transactions.

    08 Jan 2018

  • Longfor rolls out dual tranche dollar deal

    Longfor Properties Co returned to the dollar market on Monday for its second investment grade deal in six months.

    08 Jan 2018

  • Marfrig joins pipe after ground-breaking Lat Am week

    After Latin American issuers burst into the market in the first week of the year for the first time ever, Brazilian meatpacker Marfrig became the fifth company from the region to announce a roadshow and keep up primary market momentum.

    08 Jan 2018

  • Regional Capital Markets Awards Part I: Loans

    In the first instalment of our 2017 awards, we present the full write-ups of the winners for Best Investment Grade Syndicated Loan, Best High Yield Syndicated Loan, Best Leveraged/Acquisition Finance, Best Loan and Best Loans House.

    07 Jan 2018

  • Sovereigns could star in growing Nordic green bond market

    Bankers expect further fast growth in Nordic green bond issuance in 2018, including a good chance of sovereign deals, with Sweden a leading candidate.

    05 Jan 2018

  • CFTC opens the floor for virtual currency discussion

    With all the excitement around bitcoin and its introduction into established futures markets at the end of 2017, it is perhaps not surprising that the US Commodity Futures Trading Commission’s first public order of business in 2018 has addressed those markets.

    05 Jan 2018

  • Lev loan first deals: Dexko, Planasa

    While the high yield bond pipeline has yet to reveal its first roadshow of 2018, two leveraged loan borrowers announced new deals on Friday. They are trailer supplier Dexko Global and Planasa, the Spanish berry producer.

    05 Jan 2018

  • Michelin pockets $600m of cheap funding with equity-neutral CB

    Michelin, the French tyre maker, crowned an interesting first week of the year for Europe's equity-linked bond market on Friday with a $600m equity-neutral convertible bond due in 2023.

    05 Jan 2018

  • JP Morgan sells $350m exchangeable into Dufry to hedge derivatives

    JP Morgan launched on Thursday January 4 the first European equity-linked bond of the year: a $350m bond exchangeable into shares of Dufry, the Swiss duty free retailer. The deal is designed to hedge derivatives positions the bank already held on Dufry shares.

    05 Jan 2018

  • PSP first corp off the blocks in Swiss mart

    PSP Swiss Property, rated A- by Fitch, tapped its April 2026 Swiss franc bond last Friday, opening the market for corporate issuance in 2018. The deal doubled the bond's size to Sfr200m ($204.93m).

    05 Jan 2018

  • Covered bonds weaken on heavy selling flows

    The covered bond market looked weak on Friday with dealers reporting heavy selling flows as clients switched into new, cheaper bonds and reduced exposure in new issues where they had been over-allocated.

    05 Jan 2018

  • Insurers join FIG blizzard in dollars

    US insurers MetLife and New York Life joined seven Yankee bank borrowers in a blistering start to 2018 for the dollar market, despite a snow storm battering the East Coast of the US this week.

    05 Jan 2018

  • Angola commits to debt obligations, eyes liability management

    After spooking the market with allusions to debt ‘renegotations’ earlier this week, the Angolan Ministry of Finance has issued a statement saying it “stands behind all the debt obligations to its lenders.” It added that it will look to buy back its short term debts, while looking to obtain better terms on long term debts.

    05 Jan 2018

  • Corporate bond week ahead: light pipeline despite lots of investor cash

    Three investment grade corporate bond deals priced this week, building strong order books and paying minimal new premiums. However, the pipeline for the first full week of January contains just one roadshow. Some syndicate bankers are not that surprised though.

    05 Jan 2018

  • Macedonia looks for maturity extension in euros

    Republic of Macedonia has named three banks to arrange investor meetings for a combined buyback and new euro-denominated bond as the Southeast European sovereign looks to extend its maturity profile.

    05 Jan 2018

  • Four BRI countries get direct access to onshore FX market

    China has relaxed access to the onshore renminbi (CNY) foreign exchange market for overseas banks based in Cambodia, Kazakhstan, Mongolia and Thailand, all countries that fall under the Belt and Road initiative, GlobalRMB has learned.

    05 Jan 2018

  • Treasury picks new FCA chair

    HM Treasury has appointed Charles Randell as the chair of the UK's Financial Conduct Authority and chair of the Payments Systems Regulator.

    05 Jan 2018

  • RMB round-up: PBoC in fresh push for RMBi, HSBC eyes BRI business with Warsaw desk, ABC gets green light for Hanoi, Macau branches

    The People’s Bank of China announces new rules to promote cross-border RMB transactions, HSBC plans to launch a new service in Poland to capture business opportunities related to the Belt and Road Initiative, and Agricultural Bank of China obtained approvals for new branches in Southeast Asia.

    05 Jan 2018

  • China to loosen outbound grip in 2018

    With growing demand for overseas investment, Chinese regulators could release new outbound investment quotas in 2018 by rebooting the qualified domestic institutional investor (QDII) programme and launching a two-way ETF Connect with Hong Kong.

    05 Jan 2018

  • Updated: GLP jumps on Belt and Road bandwagon with new Panda

    Chinese regulators have given their blessing to Global Logistics Properties (GLP) returning to the Panda market. The company is putting a Belt and Road spin to the issuance programme, even though proceeds are going towards a recent acquisition in Western Europe.

    05 Jan 2018

  • MUFG sets sight on January Panda deal

    Mitsubishi UFJ Financial Group (MUFG) is preparing to sell a Rmb1bn ($154m) three year bond before the end of January, GlobalRMB understands. The financial institution has become the second Japanese issuer in two weeks to secure a Panda bond programme.

    05 Jan 2018

  • Vietnam state oil refinery readies $154m January IPO

    Binh Son Refining and Petrochemical Co is preparing to launch an IPO of at least D3.5tr ($154.3m) later this month.

    05 Jan 2018

  • Tata Motors' £640m refi heavily oversubscribed

    The response to Tata Motors' £640m ($839m) refinancing has been phenomenal, with the loan generating commitments exceeding $1bn, said bankers close to the situation.

    05 Jan 2018

  • Citic starts year with $750m trade

    Chinese conglomerate Citic became one of the first movers in the dollar debt market this week, raising $750m from a dual-tranche bond on Thursday.

    05 Jan 2018

  • IL&FS raises curtain on 2018 dim sum market

    India’s IL&FS Transportation Networks is laying the groundwork for the first offshore renminbi bond of the year, mandating banks on Friday.

    05 Jan 2018

  • Provincial LGFV Zhongyuan Yuzi preps for debut

    Zhongyuan Yuzi Investment Holding Group Co, a local government financing vehicle in China’s Henan province, is sounding out investors for its inaugural dollar bond.

    05 Jan 2018

  • Yankuang Group keeps investors busy with tap

    Chinese state-owned coal miner Yankuang Group Company is making a swift comeback to the debt market after its debut just over a month ago, looking to add to its existing three year. Guangzhou R&F Properties Co, meanwhile, sold a quiet $100m tap on Thursday at a slight discount to the original notes.

    05 Jan 2018

  • Idea Cellular board approves $1.1bn fundraising

    Idea Cellular’s board of directors has given it the go-ahead to raise up to Rp67.5bn ($1.1bn) in fresh capital, according to an exchange filing.

    05 Jan 2018

  • Lai Sun subsidiary markets dollar bond

    Property developer Lai Fung Holdings will kick off a roadshow next week for a new dollar bond.

    05 Jan 2018

  • ICTSI to lead year’s southeast Asia bond supply

    Philippine company International Container Terminal Services (ICTSI) will meet investors in Asia and Europe next week for a senior guaranteed perpetual bond.

    05 Jan 2018

  • S P Setia set to meet investors for $300m share sale

    Malaysia’s S P Setia will hit the road soon to market a MR1.2bn ($300.5m) placement to institutional investors, said a banker involved in the transaction.

    05 Jan 2018

  • Argentina blockbuster up in grey as Lat Am lights up early

    Below-freezing temperatures in New York that left several EM bond market participants working from home on Thursday could not stop Latin American borrowers from bringing early heat to 2018.

    04 Jan 2018

  • Brazilian corporate duo line up dollar trades

    Two Brazilian companies could tap international bond markets as soon as next week after announcing fixed income investor meetings.

    04 Jan 2018

  • Mexico lays down benchmark with dual tranche

    The head of Mexico’s public credit office told GlobalCapital that the Latin American sovereign had been particularly keen to set a strong precedent for the country’s issuers after it kicked off a potentially volatile year with a $3.2bn blowout dual-tranche.

    04 Jan 2018

  • SSAs and sovereigns split on retail under new distribution rules

    As the first trades of the new year hit the screen this week, one new line stuck out in the deal announcements — a specification that the target market for the issue would only be eligible counterparties and professional clients, a piece of boilerplate to comply with the new MiFID II rules.

    04 Jan 2018

  • Sweden USD3bn 2.375% Feb 23

    04 Jan 2018

  • Kommunekredit USD1bn 2.25% Jan 21

    04 Jan 2018

  • EIB GBP1bn 0.875% Dec 23 tap

    04 Jan 2018

  • Kommunalbanken USD1.5bn 2.5% Jan 23

    04 Jan 2018

  • BNG EUR500m 0.75% Jan 28

    04 Jan 2018

  • ADB GBP400m 1% Dec 22

    04 Jan 2018

  • Ireland EUR4bn 0.9% May 28

    04 Jan 2018

  • MiFID maelstrom as banks squabble over bond fees

    Banks have been pushed by new regulation to reveal their new issue bond fees for the first time, potentially shaking up competition in European DCM. But confusion over the rules has meant no consensus on how to share the information, leaving underwriters and issuers alike to improvise in the first week of MiFID II.

    04 Jan 2018

  • QE stoppage fears wreak havoc on SSAs

    Public sector euro borrowers have made a mixed start to 2018. Ireland was able to pull off a spectacular €4bn 10 year, but BNG fell short with its own effort in the same tenor. A lack of certainty surrounding the future of quantitative easing caused volatility in the bond curve, which led borrowers a merry dance, writes Lewis McLellan.

    04 Jan 2018

  • UBS trader fights Libor ban in High Court

    Arif Hussein, a former rates trader involved in the Libor rigging scandal at UBS, faced the Upper Tribunal this week to argue against his ban from working in the City, saying he had just been following orders. Following the UK’s introduction of the Senior Managers Regime in 2016, any similar scandal would play out very differently today.

    04 Jan 2018

  • MPS to offer the ‘ultimate recovery play’

    Banca Monte dei Paschi di Siena announced a mandate for a benchmark tier two bond on Thursday, its first since its recapitalisation last year. It is a crucial deal for the bank, but it will have to offer a high coupon to tempt investors back.

    04 Jan 2018

  • MiFID stumbles to a start

    This week brought the flick of the switch, the powering up of MiIFD II, but the mass market transparency that market participants had eagerly anticipated remained absent.

    04 Jan 2018

  • CFF deal sparks fears of covered bond bull run petering out

    A thinly oversubscribed €1bn 10 year covered bond issued this week by Compagnie de Financement Foncier could mark the beginning of the end of the bull run in covered bonds. Bill Thornhill reports.

    04 Jan 2018

  • Kensington to raise up to £616m as buyers warm to MBS

    Kensington Mortgage Co was close behind Vauxhall Finance on Thursday in announcing its first securitization of 2018. The issuer declared its fifth Finsbury Square issue to fund an existing mortgage portfolio of £431m, plus up to £185m of pre-funding for new loans.

    04 Jan 2018

  • Sweden scores in superb dollar market

    The dollar bond market has been thoroughly supportive of this week’s SSA borrowers, but none more so than Sweden, which pulled in its biggest order book ever for its first deal of 2018.

    04 Jan 2018

  • Prophecies of ISIN-geddon yet to materialise under MiFID II

    After much heated debate, the Derivatives Service Bureau (DSB), which generates international securities identification numbers for some over the counter derivatives, seems to have successfully navigated the first week of the Markets in Financial Instruments Directive’s second coming.

    04 Jan 2018

  • Dollar market storms into new year

    The dollar market picked up where it left off in 2017 with tight pricing and bulging order books as borrowers hit the ground running.

    04 Jan 2018

  • ADB, EIB and FMS-W grab almost £2bn

    The sterling market had a healthy opening week in the public sector with three deals raising a combined £1.9bn, and there is plenty more in the pipeline, according to syndicate bankers.

    04 Jan 2018

  • Vauxhall starts up ABS in hot sterling market

    The first two European securitizations of 2018 appeared on Thursday — both sterling issues — with Vauxhall Finance, the new name for GMAC UK, announcing a £428m car loan ABS and Kensington Mortgage Co bringing the latest issue from its Finsbury Square programme.

    04 Jan 2018

  • Yankee banks hit US dollars with storm of new issuance

    Extreme weather conditions failed to prevent issuers from flocking to the US dollar bond market this week, with Yankee issuers getting off to a cracking start to the year.

    04 Jan 2018

  • Republic of Slovenia EUR1.5bn 1% March 28

    04 Jan 2018

  • Quiet start for US CLO market, but record year predicted

    In a quiet start to the US CLO market in 2018, only reset and refinancing deals have emerged so far, but Wells Fargo is predicting a record year of issuance for the asset class. Some investors are pulling back, however, as loan market fundamentals show signs of deterioration.

    04 Jan 2018

  • EIB and Rentenbank make active start with green Aussie deals

    With a new climate awareness bond from the European Investment Bank and the announcements of green taps from EIB and Rentenbank, it was a busy week of sustainable bond issuance in the Australian dollar market.

    04 Jan 2018

  • Fee-ble excuses

    Among the many miseries perpetrated by MiFID, there’s one aspect which has particularly caught this newspaper’s eye: the disclosure of the fees paid to banks for new bond issues.

    04 Jan 2018

  • European banks start with a clean slate

    The largest and darkest clouds that hung over Europe's banks appear to have all but cleared in time for the new year.

    04 Jan 2018

  • Two PXFs join Russia pipeline

    Siberian Coal Energy Co (Suek) and Russian Copper Co are expected to sign pre-export finance facilities after launching their deals before the end of 2017.

    04 Jan 2018

  • Competition for Russian loans to ramp up despite new sanctions

    International banks are expecting competition in the Russian loan market to heat up even further than it did over the course of last year, regardless of the onset of further sanctions from the US. Bianca Boorer reports.

    04 Jan 2018

  • Cabei eyes SSA status, dollar benchmark

    A new dollar benchmark could be on the cards for multilateral lender Central American Bank for Economic Integration (Cabei), the bank’s CFO told GlobalCapital, as the issuer looks to increase its appeal to traditional SSA investors by gaining double-A ratings.

    04 Jan 2018

  • Barclays leads flurry of sterling covered supply

    The sterling covered bond market enjoyed a strong start to the year, with four issuers raising a collective £3.7bn. Barclays priced the first deal of the year, which also happened to be one of the longest and largest.

    04 Jan 2018

  • People Moves in Brief

    NatWest boosts SSA biz — Deutsche EM banker joins a client — UniCredit hires sales head

    04 Jan 2018

  • BNP Paribas USD2bn 3.375% Jan 25 non-preferred senior

    04 Jan 2018

  • Santander UK USD500m 3.373% Jan 21 / USD1bn 3.373% Jan 23

    04 Jan 2018

  • Cariparma breaks record completing 2018 funding

    Crédit Agricole Cariparma took advantage of the exceptionally tight spread environment to issue the first 20 year Obbligazioni Bancarie Garantite (OBG) on Thursday and completed the final leg of its 2018 funding requirement at a record spread through BTPs.

    04 Jan 2018

  • EM borrowers expected to front-load as Slovenia sets tone for busy month

    Emerging market borrowers will front-load their funding tasks in 2018, according to several EM bankers who are predicting a busy month.

    04 Jan 2018

  • Crédit Agricole USD1.25bn 4% Jan 33 tier two

    04 Jan 2018

  • Slovenia scores with lowest ever coupon

    The Republic of Slovenia brought forward a euro-denominated trade by as much as a week in order to take advantage of a strong issuance window, which enabled it to increase the size of its deal by €500m to €1.5bn, according to Marjan Divjak, director general of Slovenia’s debt management office.

    04 Jan 2018

  • BNG comes up short with disappointing first week deal

    Bank Nederlandse Gemeenten fell victim to a volatile Bund curve and crowded pipeline, falling short of its hopes with its first deal of the year.

    04 Jan 2018

  • LBBW, Westpac and Santander strike lucky sevens

    LBBW, Santander UK and Westpac all enjoyed fair demand for seven year covered bonds issued this week, suggesting good scope for further issuance in this tenor.

    04 Jan 2018

  • The Pained Trader: Square Mile Fairytale

    A wicked spell has been cast over the Pained Trader's commissions.

    04 Jan 2018

  • ADB raises £400m in line with guidance

    Asia Development Bank rounded off a busy week of sterling issuance with a £400m December 2022 on Thursday, taking the week’s volume of sterling prints to just shy of £2bn.

    04 Jan 2018

  • Sweden scores biggest ever book in superb dollar market

    The dollar market has been thoroughly supportive of this week’s SSA borrowers, but none more so than Sweden, which pulled in its biggest order book ever for its first deal of 2018.

    04 Jan 2018

  • German blue chips mull Schuldschein comeback

    The Schuldschein pipeline is filling up fast, and German blue chips, mostly absent last year, are considering returning with benchmark deals, bankers said this week. If so, the Schuldschein market will look to add these chunky transactions to a repeat of last year’s heavy deal flow.

    04 Jan 2018

  • Aussie dollar issuers hop into 2018

    It has been an active week for Australian dollars, with the Asian Development Bank and the Inter-American Development Bank both selling in the middle of the curve.

    04 Jan 2018

  • NatWest Markets scoops new names for push in SSAs

    NatWest Markets has added three new members to its SSA team in an attempt to “beef up” its capabilities in the sector, according to Rom Balax, head of SSA syndicate at the bank.

    04 Jan 2018

  • Robust IPO pipeline gives banks hope for bumper 2018

    Equity syndicates expect a robust IPO pipeline to power strong issuance in the first half of this year, which could set 2018 up to surpass what was a good 2017.

    04 Jan 2018

  • Funding Circle sets up US financing line with Kansas bank

    The US arm of small business lender Funding Circle has set up a partnership with Kansas based InTrust Bank, as the online platform expands its sources of funding and plans to launch a US bond programme.

    04 Jan 2018

  • UK actuarial firm Xafinity raises £70m

    Xafinity, the UK actuarial services company, has completed its first capital increase since its £180m IPO on the London Stock Exchange in February 2017.

    04 Jan 2018

  • IHS Markit appoints new CEO and board members

    IHS Markit on Wednesday announced that Lord Browne of Madingley and Nicoletta Giadrossi have joined as board directors of the company, while its president and COO Lance Uggla became CEO on January 1.

    04 Jan 2018

  • IG market rampant despite QE end rumblings

    Corporate bond market participants show little sign of caring about the end of European quantitative easing and the danger that presents to their market — which has arguably been the sector most affected by the policy. Nigel Owen reports.

    04 Jan 2018

  • German blue chips mull Schuldschein comeback

    The Schuldschein pipeline is filling up fast, and there are rumours that German blue chips, mostly absent last year, are considering returning with benchmark transactions. If that is the case, the Schuldschein market will look to add these chunky transactions to a repeat of last year’s heavy deal flow.

    04 Jan 2018

  • ECM Outlook Survey 2018

    The illustrations on these pages display the results of GlobalCapital's survey of the outlooks for market activity in 2018 of leading investment banks in ECM. Seventeen banks took part in the survey, including seven of the top eight firms. By Jon Hay, Sam Kerr, Aidan Gregory

    04 Jan 2018

  • Westpac takes size in sevens

    Westpac and Santander UK returned to the euro covered bond market on Thursday. Though early book momentum was marginally stronger in the Australian deal, the oversubscription ratios for both deals was rather low. Meanwhile, Stadshypotek showed that there is still good scope for further sterling covered bond supply.

    04 Jan 2018

  • BondMarker: the best of 2017

    GlobalCapital looks at the most popular sovereign, supranational and agency deals of 2017 — as voted on BondMarker. Read on to see if one of your trades made the cut.

    04 Jan 2018

  • UBS finds nearly €9bn of demand for triple trancher

    UBS raised €4.12bn equivalent of senior debt at operating company level across three tranches and two currencies on Thursday, while ABN Amro looked to tap its June 2022 sterling senior bond.

    04 Jan 2018

  • Israel chooses dollars for first trade of 2018

    Israel has returned to dollars for its first trade of 2018, picking leads for a dual tranche 10 and/or 30 year bond.

    04 Jan 2018

  • Confusion over Angola ‘restructuring’ but bilateral renegotiations expected

    Angola left emerging market fund managers confused on Wednesday, after announcing that it was looking to renegotiate the terms of its outstanding external debt. But while the news initially filled the buy-side with dread, analysts believe that the sovereign is referring to a renegotiation of its bilateral debt, though a Eurobond restructuring is still possible.

    04 Jan 2018

  • Gulf crisis deters Chinese banks from Doha Bank loan extension

    Qatar’s Doha Bank extended a $575m loan that was scheduled to mature at the end of last year but it did not extend the whole amount as the deal's Chinese lenders pulled out.

    04 Jan 2018

  • Slovenia scores with tightest ever spread

    Slovenia took full advantage of its early market move on Thursday to secure its tightest ever spread, and what it expects to be its lowest coupon, on a new euro-denominated note.

    04 Jan 2018

  • Monte dei Paschi prepares bond market return

    Banca Monte dei Paschi di Siena has picked banks to arrange a new tier two transaction — its first bond offering since being recapitalised by the Italian state in July 2017.

    04 Jan 2018

  • Three days in, Cariparma finishes 2018 funding, breaks pricing record

    Crédit Agricole Cariparma returned to the market on Thursday to complete the final leg of its 2018 funding requirement, taking advantage of the exceptionally tight spread environment while it still exists.

    04 Jan 2018

  • Daimler follows Renault’s lead with floater

    Given the success of the corporate bond market's opening deals of the year, it was perhaps surprising that only one issuer came to market on Thursday, but Daimler achieved similar success to the RCI Banque Wednesday deal that it copied.

    04 Jan 2018

  • Fedrigoni’s €700m LBO tipped among coming HY debuts

    The visible deal pipeline of the European high yield bond market is expected to end the week empty, but the list of potential new borrowers keeps growing. Speciality paper manufacturer Fedrigoni is the latest.

    04 Jan 2018

  • Lloyds follows CBA with 30 year dollar T2

    Lloyds Banking Group opened books on a 30 year tier two deal in dollar market on Thursday, following Commonwealth Bank of Australia’s strong result in the same tenor the day before. The two deals began bookbuilding at the same price point, but SEC-registered Lloyds should also benefit from onshore US demand, while Reg S CBA did not.

    04 Jan 2018

  • BNP Paribas opens non-preferred market in euros

    BNP Paribas was in the market for its second non-preferred deal of the week on Thursday, ahead of what is expected to be a busy year for the asset class.

    04 Jan 2018

  • People news in brief, January 4, 2018

    Standard Chartered has brought a former banker at Citi out of retirement to run its Greater China and North Asian business.

    04 Jan 2018

  • Tata Steel, HDFC prepare for chunky equity raises

    Tata Steel has mandated a clutch of firms to underwrite its Rp128bn ($2bn) rights offering, part of a wider fundraising by the group across the capital markets.

    04 Jan 2018

  • Sebi decree gives India QIP volumes a leg up

    India’s qualified institutional placement (QIP), a popular equity fundraising tool, is about to get a shot in the arm after the regulator said it may be used by companies to meet their free float requirements. Listed firms could tap the market in droves over the next few years as they look to comply with the rules, writes John Loh.

    04 Jan 2018

  • Resolutions made, resolve still lacking

    At some point on Christmas Day, after I had polished off several plates of turkey with all the trimmings, six mince pies and half a Christmas pudding, I began to wonder whether or not I was living a healthy lifestyle. I decided that, yes, I probably was.

    04 Jan 2018

  • Asia opens year with green bond after record-breaking 2017

    Will 2018 be yet another record year for Asia’s green bond market? The signs were good this week. Swire Properties chose the format for the region’s first dollar bond of the year. Addison Gong reports.

    04 Jan 2018

  • Shelved Ant-MoneyGram deal casts cloud over China M&A

    Asia’s leveraged finance bankers started the year hopeful that volumes would pick up. However, US regulators have already undermined those hopes, blocking Ant Financial’s high-profile acquisition of local firm MoneyGram, calling into question the chances of further outbound deals from China. Shruti Chaturvedi reports.

    04 Jan 2018

  • Professor Richard Roberts, GlobalCapital’s Old Money columnist, has passed away

    We’re very sorry to announce that professor Richard Roberts, who wrote the ‘Old Money’ column for GlobalCapital, passed away just before Christmas. He is survived by a wife, Sarah, and two daughters.

    04 Jan 2018

  • Indian IPOs at full throttle as 2018 activity begins

    The Indian IPO market has started the new year with a flourish, with the FIG sector looking especially busy as Bandhan Bank and ICICI Securities kicked off investor meetings.

    04 Jan 2018

  • Xiabuxiabu shares raise HK$982m in first 2018 block

    General Atlantic Singapore raised HK$982.2m ($125.6m) on Thursday after upsizing a sale of Xiabuxiabu Catering Management China Holdings stock in Hong Kong’s first block trade of the year, according to a source close to the deal.

    04 Jan 2018

  • Chow Tai Fook rolls out $1.3bn five year fundraising

    Activity in the Hong Kong loan market has made a robust start to the year, with a big loan for Chow Tai Fook entering syndication.

    04 Jan 2018

  • H-share convertibility boon is just wishful thinking

    The Chinese regulator’s decision to kick-start a pilot scheme that will allow mainland-based holders of Hong Kong-listed stocks to convert them into H-shares is a big move, with many advantages for both stockholders and the city’s equity market. But it’s not time to crack open the champagne just yet. If the past is any example, progress will be slow at best.

    04 Jan 2018

  • UBS nabs Credit Suisse banker to run Korea

    Former Credit Suisse investment banker Byungil Lim will start at UBS next week, taking charge of the bank's South Korean operations, according to a source familiar with matter.

    04 Jan 2018

  • Yingde Gases tees up deal to meet looming maturity

    China’s Yingde Gases Group Co has mandated banks for its first dollar bond sale in more than three years.

    04 Jan 2018

  • Mexico gathers huge book to blow open Lat Am bonds

    Mexico returned to its habitual role of opening the Latin American bond markets for the year on Wednesday with a $2.6bn trade including a tap of its 2048s to make the most of an exceptionally flat curve.

    04 Jan 2018

  • BlackRock, Fidelity kick off 2018 private fund race

    Foreign asset managers in China have started the New Year in style. Fidelity International launched two funds on January 2, covering onshore equity and fixed income, after receiving its private fund management (PFM) licence last May. The move came less than a week after BlackRock got the regulatory green light for its own PFM licence.

    04 Jan 2018

  • Citic launches dual tranche trade

    Chinese conglomerate Citic began marketing a dual tranche dollar bond on Thursday morning, nearly a year after its last debt sale.

    04 Jan 2018

  • S&P predicts $1tr of ABS issuance in 2018

    After a booming 2017, with record deal volumes across securitized asset classes, S&P Global Ratings has predicted there will be $1tr of issuance across global ABS markets in 2018, driven by sustained economic expansion.

    03 Jan 2018

  • Editor's overview: Green finance — everyone is doing it

    Green finance, once a niche experiment, has become central to capital markets. This is just the beginning. The market still needs to find its true role, but private sector interest and public support are snowballing. By Jon Hay.

    03 Jan 2018

  • ECM: MiFID II — shake-up of research carries risks for capital raising

    MiFID II is finally upon us. To many, it is simply a monster compliance burden. But in the world of equity trading and research, the effects could be profound. In 2018 for the first time, most asset managers will be paying for research out of their own money. If that means research provision is decimated, it could be bad news for small companies — and new research models may be needed. Jon Hay reports.

    03 Jan 2018

  • Derivatives: Deal-contingent hedgers set sights on infrastructure

    Deal-contingent products — flexible derivatives for hedging the FX risk of cross-border acquisitions — are moving from the private equity industry to other markets. Infrastructure is considered a prime fit for the tool. But tricky accounting standards and incoming regulation could complicate the instruments’ roll-out to new users, writes Ross Lancaster.

    03 Jan 2018

  • ECM: No assets? No problem, say Reit and Spac investors

    One of the fastest growing corners of the equity capital markets, particularly in the UK, has been the listing of investment funds and cash shells. The popularity of this asset class will continue in 2018, just as long as rates stay low and inflation continues to rise. Aidan Gregory reports.

    03 Jan 2018

  • Corporate Debt: Flickers of hope across Europe as M&A stars align

    The perennial dream of the investment grade loan market is a large company looking for finance to back its jumbo acquisition. With lenders flush with cash, borrowers confident and growth returning to Europe, this year might turn that wish into reality, writes Silas Brown.

    03 Jan 2018

  • Emerging Markets: LatAm’s land of opportunities shows no sign of slowing

    Latin America faces elections in three of its largest economies this year, but bond market participants are feeling confident, after technicals helped 2017 to defy all expectations and with economic activity set to improve in 2018. Oliver West reports.

    03 Jan 2018

  • Carlyle to put $800m to work in booming CLO market

    The Carlyle Group has raised over $800m for its Carlyle Structured Credit Fund, which will invest in the CLO debt of third-party managers in the US and Europe.

    03 Jan 2018

  • Derivatives: Asset managers catch on to risk premia strategies

    With yields compressed and equity volatility at a historically low level, hunting for consistent returns has been a challenge for asset managers and institutional investors alike. But as Costas Mourselas reports, the meteoric rise of risk premia strategy, a type of passive investing, promises to at least partially alleviate those woes.

    03 Jan 2018

  • Emerging Markets: Private bank woes continue but strong outlook for Russian corps

    The fall-out from the failure of private lender Otkritie continues to weigh on Russia’s financial sector, but heavy bond redemptions and higher oil prices are expected to support corporate issuance in 2018. Virginia Furness and Bianca Boorer examine the outlook for Russia’s capital markets.

    03 Jan 2018

  • Emerging Markets: Middle East debt markets roll with the punches

    As 2018 begins in Middle Eastern debt markets, there is much to do, and much to contend with. Investors in the region are used to unrest and tension but it has started to crop up in unexpected places. Francesca Young and Bianca Boorer report.

    03 Jan 2018

  • Emerging Markets: Bond markets look to new frontiers despite rate rise fears

    While US Fed rate rises and the ECB’s tapering of its QE programme could knock some of the froth off the top of exuberant EM debt markets next year, there will still be plenty of opportunities for debut and frontier issuers to raise cash in innovative ways. Virginia Furness reports.

    03 Jan 2018

  • Emerging Markets: Investors face crunch year as rates tick up

    Emerging market bonds had a fantastic 2017, with issuance volumes the highest on record and returns the highest in global fixed income. But with rates ticking up and EM valuations looking stretched, 2018 will be a much trickier year for investors to navigate. Virginia Furness reports.

    03 Jan 2018

  • Corporate Debt: Private debt — a borrower’s market

    Private debt is in vogue. US private placements and Schuldscheine — with a little help from Euro PPs — racked up roughly $100bn-equivalent of new issuance for companies in 2017. They should beat that in 2018. But with demand outweighing supply, investors have to stretch to accommodate borrowers, writes Silas Brown.

    03 Jan 2018

  • Corporate Debt: Levfin optimistic for revival in leveraged buy-outs

    As Europe’s economy regains its long lost momentum, private equity firms are at last expected to start putting more of their unprecedented mountain of dry powder to use in 2018. Signs are already there of PE firms making bigger bangs with leveraged buy-outs, and if that continues, levfin investors will cheer the flow of new debt that results. Victor Jimenez reports.

    03 Jan 2018

  • Corporate Debt: High yield’s problem — where are the debutants?

    The high yield market is struggling to attract new issuers. Some believe the more flexible documentation on loans and alternative lending are luring debut leveraged debt issuers away. Could high yield lower its requirements to attract them back in 2018? Unlikely. But it can still find first time borrowers among companies unafraid of disclosure. Victor Jimenez reports.

    03 Jan 2018

  • Corporate Debt: How many investment banks does it take to sell a bond?

    Corporate bond issues in Europe with eight or nine bookrunners have become commonplace. The trend is symptomatic of title inflation — originally there was one bookrunner among two or three lead managers — and of the care with which companies share out their ‘wallet’ of ancillary business to relationship banks. For the banks it means having to do a lot more deals to earn the same money — and having to contend with an unwieldy syndicate. As Nigel Owen reports, at least the market is competitive, but when conditions get trickier, issuers may want more streamlined teams.

    03 Jan 2018

  • Securitization: Green opportunities appear as PACE accelerates

    Europe lags behind the US in green securitizations, but efforts buoyed by pro-ABS regulations — and an initiative to kick-start the Property Assessed Clean Energy (PACE) market in Spain — could soon change that. Meanwhile in the US, ABS participants are hyping the emergence of a robust secondary market for residential PACE bonds, in addition to increasing momentum in commercial PACE ABS, after a maiden transaction hit last September. Sasha Padbidri and Sam Kerr report.

    03 Jan 2018

  • Securitization: Hot loan market to test CLO managers’ mettle in 2018

    The onset of risk retention rules proved an unexpected boon for the US CLO market last year. The resulting surge of investor demand meant placing new deals was no real challenge. But in an increasingly aggressive loan market, CLO managers are being forced to make bold credit decisions to generate expected returns, writes David Bell.

    03 Jan 2018

  • Financial Institutions: Covered bonds fight for space as non-preferred issuance rises

    Banks will prioritise funding that helps meet their regulatory ratios in 2018, but covered bonds will continue to play a pivotal role because they provide the cheapest cost of funding. By Bill Thornhill

    03 Jan 2018

  • Financial Institutions: Resolution talks heat up as insurers eye capital structures

    Having waited a while before testing the water, insurance companies are finally issuing all the debt capital securities described by the Solvency II regulations. But the future looks complicated, as growing calls for an insurance resolution framework threaten to overhaul the way firms are supervised in Europe. By Tyler Davies

    03 Jan 2018

  • Financial Institutions: Walking without crutches — the last push for TLAC

    More than a decade after the financial crisis began, European banks are finally close to building new capital structures that should allow bail-ins to replace bail-outs. But with central banks promising to step away from financial markets in 2018, the last push could be the trickiest part of all. By Tyler Davies.

    03 Jan 2018

  • Financial Institutions: AT1 to forge ahead after year of rally and resolution

    Technical factors suggest additional tier one (AT1) capital yields will continue to fall this year, even after a remarkably strong 2017. Ironically, the Banco Popular resolution, which burnt AT1 holders, actually made the asset class look more attractive in relative terms. Jasper Cox reports.

    03 Jan 2018

  • Financial Institutions: Banks in 2018 — optimising capital structures

    Banks are now close to meeting their regulatory targets for issuing the new kinds of capital.They will turn their attention in 2018 to optimising their capital structures, writes Tyler Davies.

    03 Jan 2018

  • RBC Capital Markets Roundtable: Canada’s borrowers in good shape to take on tricky 2018

    Canadian public sector issuers had a barnstorming year in the international debt markets in 2017, propelled by a strong economic performance by Canada and many of its provinces. But challenges loom — uncertainty over Canada’s trade relationship with the US, geopolitical instability and changing global monetary policy are just three of many concerns that borrowers, bankers and investors in Canada’s public sector bond markets will have to deal with this year. GlobalCapital met key market participants in Toronto in November to discuss the key issues.

    03 Jan 2018

  • SSAs: Niche bond markets to offer a yield haven despite core hikes

    Niche currency bond markets in 2018 will offer borrowers not just a chance to find arbitrage funding — and investors some respite from the brutally low yields in core markets — but possibly a slightly easier regulatory regime than that applied to core currencies, writes William Chambers.

    03 Jan 2018

  • Swiss Franc Bond Market: Swiss spot windows for foreign borrowers in francs

    The Swiss franc bond market’s twin maladies of low interest rates and unattractive basis swap levels, which have hobbled foreign issuance since 2015, are showing signs of regression. Arbitrage windows will open this year as the market’s health improves, and financial institutions are best placed to exploit them. By Silas Brown

    03 Jan 2018

  • SSAs: Cheers as dollar curve opens and ECB keeps money tap on

    Supranational and agency borrowers enjoyed enviable conditions in the bond market last year, with European Central Bank quantitative easing creating long end funding opportunities and a deep dollar market providing some big deals in the short end. But central bank actions could mean the environment is even better in 2018, writes Craig McGlashan.

    03 Jan 2018

  • SSAs: Political risks linger, but the ECB trumps all — for now

    Thanks to quantitative easing, sovereign bond markets have been impervious to political volatility in recent years, getting through 2017’s shocks and surprises in serene style. But that could all be about to change as the European Central Bank starts to wind down its vast bond buying programme. Craig McGlashan reports.

    03 Jan 2018

  • Theme for 2018: Capital markets brace for blockchain breakthrough

    When the shadowy figure known as Satoshi Nakamoto launched bitcoin in 2009, few predicted that the technology underpinning it would, in a few short years, be hailed as an invention as important as the internet. Capital markets are on the front line for disruption, writes Lewis McLellan.

    03 Jan 2018

  • Theme for 2018: Debt and derivatives players set out on long road away from Libor

    It is six months since Andrew Bailey, head of the UK financial regulator, set the clock ticking on a transition from the London interbank offered rate to an alternative. But if credible replacements are to be ready by his 2021 deadline, there is still a mountain of work to do. Ross Lancaster explores the risks of phasing out the old benchmark and asks if it could yet survive.

    03 Jan 2018

  • Theme for 2018: Survival of the fittest as MiFID II burdens derivatives players

    Five years after being pushed on to trading venues in the US by the Dodd-Frank Act, over-the-counter derivatives players are beating a similar path in Europe, under the Markets in Financial Instruments Directive II. Most people think MiFID II has been a worse experience, and will make it harder for small players. But efficiency gains may follow. Ross Lancaster reports.

    03 Jan 2018

  • LBBW SSA Roundtable: Can SSA market get any better for issuers after a stellar 2017?

    After a superlative funding year for eurozone public sector borrowers, thanks partly to the European Central Bank’s asset purchase programme, some of the region’s top issuers and investors discussed with GlobalCapital the outlook for 2018 — when the ECB will start halving its monthly purchases to €30bn.

    03 Jan 2018

  • Theme for 2018: Banks stumble through Brexit fog to new plans, in London or not

    Banks and other financial firms operate in complex lattices of regulation. But for any firm based in the UK and operating internationally, Brexit means they have no idea what regulations will apply, come March 2019. They cannot afford to do nothing, yet do not know what to plan for. As Nigel Owen reports, the response has been to plan for every scenario, including relocation from London.

    03 Jan 2018

  • Theme for 2018: Who will win from MiFID II in fixed income?

    MiFID II rips up the market rulebook — and replaces it with a whole bookshelf of new rulebooks. Entire divisions have worked flat out to get ready for the regulation’s official start on January 3, and it’s certain to overturn the established competitive order. Nell Mackenzie looks at the winners and losers.

    03 Jan 2018

  • Theme for 2018: Children of the resolution — lessons from Banco Popular

    Banco Popular’s failure is likely to go down as a successful first case for the Single Resolution Board, but the process has raised big questions about transparency, liquidity support and capital. Learning from these issues is going to be crucial for the future of European bank supervision. Tyler Davies reports.

    03 Jan 2018

  • Theme for 2018: Are European banks ready to go back on the offensive?

    2017 saw some serious capital raising by European banks. Four European globally systemic banks, in four monster rights issues, raised more than €30bn — partly to deal with non-performing loans and partly to reclaim their places in global investment banking and capital markets. Even banks that did not turn to the equity markets sought to conserve capital — but is 2018 the year when belts will start to be loosened again? Owen Sanderson reports.

    03 Jan 2018

  • Theme for 2018: Can there be QE tapering without the tantrums?

    The era of quantitative easing is ending. The benefits for the real economy will be hotly debated. But for the capital markets the key question will be how investors react to the withdrawal of official money printing and the inevitable rise in volatility, writes Ralph Sinclair.

    03 Jan 2018

  • Nordic SSAs kick off dollar mart supply

    The dollar market is poised to get off to a flying start to the year in the Nordic region, which hosts all three of this week's scheduled dollar borrowers.

    03 Jan 2018

  • Theme for 2018: Radical US tax reform could change the corporate landscape

    Economic conditions are ripe for the mergers and acquisitions that drive capital markets. Into this mix comes a potential US tax reform more radical than any for decades. This is bound to tilt boardroom decisions about strategy — if nothing else, US CEOs could suddenly have more cash back at HQ than they know what to do with. Jon Hay and Sam Kerr report.

    03 Jan 2018

  • Refresco UK plant sale seen as way to save Cott leveraged buyout

    Refresco’s $1.25bn acquisition of Cott’s drinks bottling business raises monopoly concerns, the UK Competition and Markets Authority (CMA) said this week. But market sources see a quick fix ahead.

    03 Jan 2018

  • The GlobalCapital debt capital markets survey: banks expect to make money and hire

    Heads of debt capital markets at 20 of the top investment banks shared their thoughts on how they see 2018 with GlobalCapital in December. Almost all banks are optimistic about business prospects, especially for financial institutions and SRI issuance — though they expect spreads to widen. European politics has slipped down their list of worries, but asset bubbles have risen to the top. Research by Toby Fildes and Ralph Sinclair, graphics by Sam Medway and Jon Hay

    03 Jan 2018

  • Editor's overview: MiFID II — enforcing virtue, risking sterility

    MiFID II might qualify as one of the wonders of the modern world. At 1.5m paragraphs, including all its appendages, it swathes a blanket of mind-numbing verbiage around activities that were once fast and exciting.In that sense, it is the embodiment of modern financial markets and of modernity itself. By Jon Hay.

    03 Jan 2018

  • Editor's overview: China is coming — faster than you think

    The big beneficiary of the US’s international fatigue will be China. And China is more than ready to take advantage. By Toby Fildes.

    03 Jan 2018

  • Ireland smashes opening deal

    Ireland opened 2018 with a €4bn print deemed “spectacular” by a banker away from the deal, who said that it was priced flat to the sovereign’s curve.

    03 Jan 2018

  • Editor's overview: M&A — with EU growing, the recipe is complete

    Unlike recent years, when the M&A pie has turned out more lukewarm than piping hot, this year has one extra crucial ingredient: really convincing European growth. By Toby Fildes.

    03 Jan 2018

  • UniCredit hires sales head from Créd Ag

    UniCredit has hired a senior Crédit Agricole banker as head of markets sales.

    03 Jan 2018

  • Editor's overview: The end of Pax Americana — twilight of the West or Europe’s opportunity?

    As Donald Trump leads the US's retreat from the world, how will global capital markets react to this tilting of the landscape? Some see an opportunity for Europe and its banks. Others see a hastening of the inevitable rise to global influence of other powers — above all China, but also Russia and India — and perhaps even, in its own region, the newly assertive Saudi Arabia. By Toby Fildes.

    03 Jan 2018

  • Editor's overview: Brave old world — life after QE

    As central banks beat their retreat from bond markets and press on with raising rates, normalisation is a word capital markets could well come to despise in 2018. By Toby Fildes.

    03 Jan 2018

  • EIB and FMS-W scoop up early sterling

    A pair of public sector borrowers blew away the cobwebs in the sterling market on Wednesday, printing a combined £1.5bn.

    03 Jan 2018

  • EBA, ESMA float technical standards for STS

    Regulators responsible for drawing up the technical standards for the 'simple, transparent, standardised' (STS) framework for European securitization have published five draft consultation papers, seeking industry comment through March.

    03 Jan 2018

  • 2017 Bond Deals of the Year: Financial Institutions

    In many ways, the financial institutions bond market ran away with itself in 2017. Spreads formed one-way traffic, grinding relentlessly tighter, even as some corners of the market convinced themselves a correction was imminent.

    03 Jan 2018

  • 2017 Bond Deals of the Year: Corporates

    In 2017 the continuation of the ECB’s Corporate Sector Purchase Programme helped dampen volatility in the corporate bond market, allowed spreads to continue a long grind tighter and persuaded a diverse range of issuers to access the market. Debut issuers took advantage of some of the best ever conditions for issuance, while others returned after many years.

    03 Jan 2018

  • Citi’s Drury wins ‘inch by inch’ fight for ECM supremacy

    Citi finished 2017 in its highest ever position in the EMEA league tables, leading from the front in ECM. David Rothnie asks whether it can topple JP Morgan.

    03 Jan 2018

  • 2017 Bond Deals of the Year: Sovereigns, Supranational and Agencies

    After a year in which a myriad potential political risks failed to materialise and SSAs enjoyed extremely strong conditions, GlobalCapital used our editorial judgement, with inspiration from our world-famous Bond Comments and patented BondMarker app, to pick what we felt were the top trades of the year.

    03 Jan 2018

  • Autos get IG bond market into gear with low premiums

    Investment grade corporate bond market players only had to wait one day for the first new deals of 2018. Renault and BMW both brought new paper to market on Wednesday, selling a total of €2.75bn of bonds with little premium.

    03 Jan 2018

  • Covered issuers pound sterling, record for Lloyds

    Bank of Nova Scotia and Lloyds Bank both offered covered bonds in the floating rate note format to sterling investors on Wednesday, while Stadshypotek announced a mandate for a similar deal.

    03 Jan 2018

  • CFF wobbles as investors flock to ABN

    Compagnie de Finacement Foncier (CFF) was unable to attract a swell of demand for its 10 year, possibly due to the tight starting spread. In contrast, yield hungry investors flocked to ABN Amro’s mega-sized 15 year offering.

    03 Jan 2018

  • Caixa competes for attention in busy mart

    Caixabank brought the first covered bond deal of the year from Europe’s periphery on Wednesday but its offering appeared to struggle for attention on a busy day in the covered bond market.

    03 Jan 2018

  • Oman makes early move to help fund $7.8bn deficit

    Oman became the first CEEMEA borrower to hit the screens this year with an official mandate. It has named five lead managers to arrange a triple tranche dollar bond as it looks to fund a Omr3bn ($7.8bn) budget deficit for 2018.

    03 Jan 2018

  • Borrowers focus on dollars as ‘obvious place’ to start in 2018

    Non-US financial institutions have favoured going to the dollar market for unsecured offerings in the first two days of the year, with Crédit Agricole looking to raise tier two capital in the currency on Wednesday.

    03 Jan 2018

  • Strong start in SSAs but ECB eyes cutting off QE

    The SSA market is off to a typically fast start, with four deals in the market and more expected. However, a newly aggressive tone from members of the European Central Bank governing council could rock the boat.

    03 Jan 2018

  • Equity retail funds sell a little at year end, but 2017 still strong

    European retail-targeted equity funds, in aggregate, sold some of their positions during December, but year to date flows were still positive for the asset class.

    03 Jan 2018

  • IG investors don’t want to miss short term gains with long term wariness

    The lack of volatility combined with the continual grind tighter of spreads of investment grade corporate bonds meant investors in the asset class enjoyed good returns in 2017. Similar conditions look set to prevail at the start of 2018, but investors need to maintain vigilance.

    03 Jan 2018

  • Two more PXFs join Russia deal pipeline

    Siberian Coal Energy Co (Suek) and Russian Copper Co are expected to sign pre-export finance facilities after launching their deals before the end of 2017.

    03 Jan 2018

  • ZKB opens Swiss market, BLKB jumps into its slipstream

    Zürcher Kantonalbank (ZKB), in accordance with recent tradition, was the first canton off the blocks, opening the Swiss market with a Sfr240m ($246m) 10 year bond on Wednesday. Basellandschaftliche Kantonalbank (BLKB) was quick to follow, printing a Sfr300m nine year bond an hour later. A lack of issuance at the tail end of 2017 has buoyed the market, leaving participants hopeful of additional cash to put to work in the new year.

    03 Jan 2018

  • No hangover for EM with 2018 off to sprightly start

    Emerging market bond fund managers say they are markedly more optimistic than 12 months ago when the "whole world was negative" after the start of Donald Trump’s US presidential term. And with plenty of sovereign trades rumoured for January, there is an abundance of investment opportunities.

    03 Jan 2018

  • Covered bond investors race to put cash back to work

    A plethora of covered bonds issued in the first week of 2018 met with strong investor demand reflecting the fact that buyers have considerable amounts of cash to put to work.

    03 Jan 2018

  • High hopes for 2018’s IPOs as Siemens, Deutsche deals loom

    An optimistic mood is spurring on Europe’s equity capital markets, with a busy quarter expected, particularly for IPOs.

    03 Jan 2018

  • LSE trumpets open access as Eurex, ICE step away

    The London Stock Exchange this week reaffirmed its commitment to open access under the second Markets in Financial Instruments Directive, as major European exchanges and clearing houses (CCPs) were granted exemptions from the requirement until July 3 2020.

    03 Jan 2018

  • South Africa’s MTN Group heads to Taipei for NDR

    South African telecommunications company MTN Group is holding a non-deal roadshow in Taipei this month.

    03 Jan 2018

  • Tata Steel and Jio-RComm loans in spotlight

    India’s Tata Steel has issued indicative pricing for a borrowing totalling $2.15bn, which will mainly refinance debt at its Singaporean and Dutch units.

    03 Jan 2018

  • Pizza Hut's Indonesia owner eyes first half listing

    The owner of Indonesia’s Pizza Hut franchise has hired three banks as lead underwriters on an IPO slated for this year, said sources close to the matter.

    03 Jan 2018

  • New Year round-up: PBoC to maintain monetary policy stance, Pakistan backs RMB payments, RMB rebounds in global payments race

    China’s central bank will hold on to its 'neutral and prudent' monetary policy, the central bank of Pakistan encourages businesses to trade with China in renminbi, and the Chinese currency regains its position as the sixth most used global payments currency.

    03 Jan 2018

  • Citic lays groundwork for return to dollars

    Chinese conglomerate Citic has named banks to lead its first dollar bond sale of the year.

    03 Jan 2018

  • BOCHK promotes veteran Gao to chief executive

    Bank of China Hong Kong has appointed a long-serving employee of the group as its new chief executive.

    03 Jan 2018

  • StanChart hires former Citi banker for Greater China

    A 30-year banking veteran has joined Standard Chartered to lead one of the most important regions for the firm’s corporate and institutional banking strategy.

    03 Jan 2018

  • Lat Am bond market ready to roll after quiet first day

    After a record 2017, Latin America bond markets had a quiet start to 2018 on Tuesday but syndicate bankers covering the region said that they had a hefty pipeline and would start bringing deals as soon as possible.

    03 Jan 2018

  • Huali Uni Group joins HK education IPOs list

    Guangdong province-based Huali University Group filed a draft IPO prospectus with the Hong Kong bourse this week, following a stream of Mainland private education providers that listed in the city in 2017.

    03 Jan 2018

  • Swire Properties kicks off 2018 supply with green bond

    Swire Properties is set to become Asia ex-Japan's first issuer of international bonds in the new year, opening books for a 10 year dollar green deal on Wednesday morning.

    03 Jan 2018

  • CMP seeks Panda funds to buy Sri Lanka port

    China Merchants Port Holdings is returning to the Panda bond market for a Rmb500m ($76.8m) deal to fund its acquisition of a port in Sri Lanka — a flagship project under China's Belt and Road Initiative (BRI).

    03 Jan 2018

  • Natixis preps single borrower deal to kick off 2018

    A single borrower CMBS deal in the works from Natixis is set to be among the first in the asset class in 2018.

    02 Jan 2018

  • Sovereigns should get off the crypto bandwagon

    The cryptocurrency boom has been mostly confined to the corporate world. But, some of the more forward-thinking countries are planning on getting into the digital currency game. They should know better.

    02 Jan 2018

  • ECB’s CPT discrimination makes no sense

    The European Central Bank’s decision to exclude conditional pass through (CPT) covered bonds issued by non-investment grade issuers from its covered bond purchase programme (CBPP3) will constrain liquidity and credit where they are most needed, and is not necessarily justified by risk considerations.

    02 Jan 2018

  • Relief, but no MiFID II boom for Schuldschein

    Whether MiFID II will affect the Schuldschein market is often discussed in Frankfurt. As collections of bilateral loans, Schuldscheine are exempt from the regulation — leading some to predict a boon for the asset class. But the optimism in some quarters is overdone.

    02 Jan 2018

  • Deutsche EM banker makes CFO switch

    Deutsche Bank’s head of origination for corporate and financials in CEEMEA has moved to one of the bank’s clients as chief financial officer.

    02 Jan 2018

  • LCH and Euronext finalise awaited share-swap

    LCH Group and pan-European exchange Euronext have revealed their completion of a share swap, in which the exchange took a 2.3% stake in LCH Group in return for an 11.1% stake in France-based clearing house LCH SA.

    02 Jan 2018

  • In 2018, abnormal will remain normal for Euro ABS

    Last year was a strange one for European ABS, with negative yielding euro paper and the securitization of higher risk credit titillating the market, but with extraordinary monetary policy set to continue in the eurozone, and economic fundamentals improving across the continent, these trends will likely continue in 2018.

    02 Jan 2018

  • Covéa windstorm trade a first for European cat bond market

    Covéa Mutual Insurance Group has issued its debut catastrophe bond, a four year €90m deal to protect its French subsidiaries against losses from European windstorms.

    02 Jan 2018

  • Michele Montefiori leaves Eurofima

    Eurofima’s head of capital markets has left the organisation, according to two sources.

    02 Jan 2018

  • Active start for Aussie dollars

    Three issuers have been active in the Australian dollar market so far this week, including two borrowers targeting deals in socially responsible formats.

    02 Jan 2018

  • Ireland first out the gate in euros

    Ireland is set to become the first SSA borrower of 2018 to print a syndicated bond, picking banks for a benchmark deal to be sold on Wednesday. The German state of Lower Saxony will also come to market on Wednesday.

    02 Jan 2018

  • EIB readies big sterling note

    The European Investment Bank has hit screens to announce its first benchmark of 2018 — a £1bn sterling tap.

    02 Jan 2018

  • EQT helps Abac Capital with Catalan Metalcaucho

    Sweden-based EQT has provided funding to Abac, a private equity firm in Catalonia, to invest further in local portfolio company Metalcaucho, which makes spare parts for cars. This was despite political unrest in the region.

    02 Jan 2018

  • Premium Schuldschein? Institutional lenders ready their pitch

    Institutional lenders have participated in the Schuldschein market for decades. But as the market heats up, their offering of long-dated lending with a need for financial covenants has become less sought after. Now the institutions are working out ways to return.

    02 Jan 2018

  • Steinhoff 2015 figures to be restated, prior years may change

    Steinhoff International, the retail conglomerate listed in Johannesburg and Frankfurt, said on Tuesday that its numbers for 2015 were unreliable and that prior years may also need to be restated.

    02 Jan 2018

  • ICE bags Virtu Bondpoint trading platform for $400m

    Intercontinental Exchange on Tuesday announced that it had completed its acquisition of fixed income trading platform BondPoint from specialist liquidity provider Virtu Financial for $400m.

    02 Jan 2018

  • Schuldschein market limbers up for busiest first quarter

    Bankers are predicting the busiest first quarter on record, as the year ahead looks set to reflect the momentum of the last.

    02 Jan 2018

  • Euro high yield all set to shrug off a year of retail fund outflows

    The European high yield bond market may have endured a year of multi-billion outflows from retail funds but investors and bankers on the first business week of 2018 are predicting a busy first quarter of supply will be met with sufficient demand.

    02 Jan 2018

  • LBBW and Barclays hit covereds as mandates pile up

    LBBW and Barclays attracted strong demand for the first euro and sterling covered bond benchmarks of 2018 while ABN, Compagnie de Finacement Foncier (CFF) and Bank of Nova Scotia mandated leads for deals that suggested there would be a typically frenetic start to the year.

    02 Jan 2018

  • Russia’s Mechel to further restructure $1bn PXF

    Russian mining and metals producer Mechel has successfully obtained sufficient support from its lenders to go ahead with further restructuring a $1bn syndicated loan facility.

    02 Jan 2018

  • Christians quit Commerzbank for Christmas

    Commerzbank is "working on" a replacement for two longstanding FIG syndicate bankers who left the firm just before Christmas.

    02 Jan 2018

  • EM bond market braced for heavy load in January

    Emerging market borrowers will front-load their funding tasks in 2018, according to several EM bankers who are predicting a busy month.

    02 Jan 2018

  • 2017 Bond Deals of the Year: Emerging Markets

    For CEEMEA bonds, 2017 was a record breaking year and one which pushed the boundaries of product, tenor, and issuer. The $200bn of bonds raised in CEEMEA, and the $140bn raised in Latin America are the highest annual volumes on record. Investors’ seemingly insatiable appetite for EM debt fuelled massive inflows into the asset class and kept the many idiosyncratic risk events – from Qatar’s regional isolation to deteriorating relations between Turkey and the US– contained. Picking out the deals of the year for 2017 was not easy for GlobalCapital’s editorial team, but after much deliberation the below were chosen.

    02 Jan 2018

  • BNPP kicks off 2018 dollar supply with non-preferred

    BNP Paribas opened the new year’s unsecured market on Tuesday with a seven year senior non-preferred deal in dollars, undeterred by a less attractive cross currency basis swap.

    02 Jan 2018

  • Disruptive technology ETF comes to CBOE

    Exchange-traded fund provider ALPS has joined CBOE Global Markets as a new issuer, bringing a new technology-focused ETF to the table last Friday.

    02 Jan 2018

  • Isbank leasing launches loan

    Is Financal Kiralama (Is Leasing), Isbank’s leasing arm, is expected to sign a $75m loan which it has mandated Bank ABC to arrange.

    02 Jan 2018

  • New year, new asset class for Italian banks

    Italian banks are expected to begin issuing non-preferred senior bonds for the first time, after the country’s parliament approved a package of reforms as part of its latest budget law.

    02 Jan 2018

  • Syndicates raring to go as corporate market looks for hot start

    Syndicate managers in the corporate bond market are back at their desks and ready to get the year off to a fast start, with few thinking the start to 2018 will be any different to January of last year.

    02 Jan 2018

  • CSRC gives nod to pilot programme for full H-share convertibility

    The China Securities Regulatory Commission (CSRC) is going ahead with a pilot programme to fully float Hong Kong-listed shares, although the plan will be limited to three companies in the initial stage.

    02 Jan 2018

  • Gansu Bank covers $784m HK listing

    Chinese regional lender Bank of Gansu Co has covered the books for its Hong Kong IPO, which could raise HK$6.1bn ($783.9m) at the top of guidance, according to a banker on the deal.

    02 Jan 2018

  • France to set out 2018 green bond scope in coming weeks

    Agence France Trésor is about to finish deciding the scope of eligible green projects that could be funded by its green OAT issuance in 2018, and will announce this to the market by mid-January.

    02 Jan 2018

  • NTPC fires up 10yr loan in primary

    A $350m-equivalent yen denominated borrowing for Indian power financier National Thermal Power Corp (NTPC) has entered primary syndication, testing the market’s appetite for a 10 year maturity.

    02 Jan 2018

  • China’s SF Holding, Geo-Jade Petroleum plot new bonds

    Chinese logistics services provider SF Holding Co and upstream oil and gas firm Geo-Jade Petroleum Corp are planning to sell dollar bonds this year.

    02 Jan 2018

  • Sebi relaxes India QIP, Reit rules to spur issuance

    The Securities and Exchange Board of India (Sebi) will allow listed companies to sell shares through qualified institutional placements as a way to meet free float requirements.

    02 Jan 2018

  • ANZ hires from Deutsche for India markets business

    ANZ has appointed a new head of markets for India, naming Mumbai-based Rohit Bhasin to the position.

    02 Jan 2018

  • Hyundai Heavy plans $1.9bn Oilbank IPO

    South Korean shipbuilder Hyundai Heavy Industries is planning to list its refining arm Hyundai Oilbank this year, according to an ECM banker involved in the discussions.

    02 Jan 2018

  • Argentina sets $30bn financing needs, targets more domestic funding

    Luis Caputo, Argentina’s finance minister, said that the sovereign will raise $30bn of new debt across domestic and external markets in 2018, as the government intends to continue reducing its financing from the central bank.

    02 Jan 2018

  • Bandhan Bank, Ireda lay groundwork for India floats

    India’s Bandhan Bank is set to start pre-marketing its $700m IPO this month, according to bankers arranging the deal.

    02 Jan 2018

  • Swire Properties eyes new green bond

    Hong Kong’s Swire Properties is gearing up to become one of the first offshore bond issuers of the year, taking feedback from the market for a potential dollar-denominated green deal.

    02 Jan 2018

  • Shandong Chenming Paper prepares dollar debut

    China’s Shandong Chenming Paper Holdings is ready to start the new year with its first dollar bond issuance.

    02 Jan 2018

  • Gol to buy back $21m via tender after earning upgrade

    Brazilian low cost airline Gol is set to buy back more bonds after investors owning $21.191m of its existing 9.25% 2020s agreed to sell their notes as part of a tender offer launched on December 14.

    01 Jan 2018

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 31,385.40 114 7.52%
2 JPMorgan 29,232.19 105 7.00%
3 Goldman Sachs 27,645.83 55 6.62%
4 Barclays 26,090.00 67 6.25%
5 Deutsche Bank 23,883.15 74 5.72%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 ING 767.18 3 9.30%
1 BNP Paribas 767.18 3 9.30%
3 UniCredit 735.89 2 8.92%
4 Santander 467.33 2 5.66%
4 SG Corporate & Investment Banking 467.33 2 5.66%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,607.28 5 20.37%
2 Credit Suisse 1,301.65 4 16.50%
3 UBS 970.80 3 12.31%
4 BNP Paribas 522.35 4 6.62%
5 SG Corporate & Investment Banking 444.17 3 5.63%