• GlobalCapital US ABS Awards 2018: Call for Nominations

    GlobalCapital is taking nominations for its annual US ABS awards.

    23 Feb 2018

  • Belgium’s green debut set for next week

    The Kingdom of Belgium’s first green bond will be launched next week following a two week roadshow.

    23 Feb 2018

  • Funding scorecard: European sovereigns

    Find out how far European sovereigns have progressed in their 2018 plans as we near the end of February.

    23 Feb 2018

  • Mashreqbank on a roll with African bank loans

    Dubai's Mashreqbank is adding a deal for Nigeria's Access Bank to the string of loans to African financial institutions it has arranged.

    23 Feb 2018

  • Lantmännen launches Schuldschein as market heads North

    Swedish agricultural co-operative Lantmännen launched a €100m dual currency Schuldschein on Friday, as the Schuldschein product makes ground in the Nordic region.

    23 Feb 2018

  • Canadian covered issuance considered

    The outlook for Canadian covered bond supply in euros is not as grim as it seems, despite the fact that the nation’s lenders have already issued three quarters of what they supplied in euros In 2017, the cross currency basis swap is not particularly compelling and senior unsecured funding is cheap in dollars.

    23 Feb 2018

  • Vivat bonds tumble as Beijing takes control

    Outstanding bonds issued by Vivat NV, the Dutch insurance group, suffered on Friday morning after its parent company Anbang Insurance Group was seized by Chinese authorities — but a sale to a European firm could provide an upside for bondholders.

    23 Feb 2018

  • Phoenix Group cheers capital markets with M&A financing

    Phoenix Group, the UK life assurance fund consolidator plans to raise £1.5bn of underwritten debt to part-fund its £3.24bn cash and shares acquisition of Standard Life Aberdeen’s insurance business, in what is likely to be one of the biggest sterling acquisitions this year.

    23 Feb 2018

  • Indonesia’s landmark green bond wakes up market

    The Government of the Republic of Indonesia raised $1.25bn on Thursday in the first green sukuk from a sovereign, paving the way for more green issuance from Asian countries.

    23 Feb 2018

  • HKEX releases guidelines on dual listings, dual class

    The Hong Kong Stock Exchange (HKEX) has released its long-awaited guidelines on dual-class shares, with the move set to allow Chinese firms such as Alibaba Group Holdings to have a secondary listing in the city for the first time.

    23 Feb 2018

  • Fund managers back Redco’s short-dated note

    Redco Properties Group priced an opportunistic transaction on Thursday, raising a larger-than-expected $300m. Unlike some other 364-day deals, its transaction saw strong support from real money accounts.

    23 Feb 2018

  • RHB Bank acquires 100% of Vietnam Securities Corp

    Malaysia’s RHB Bank is deepening its presence in Vietnam with the full acquisition of Vietnam Securities Corp (VSEC), a stock brokerage and corporate finance outfit.

    23 Feb 2018

  • PBoC’s Xu: ‘Super central bank’ a global phenomenon

    China is aligning itself with central banks around the world by giving the People’s Bank of China a leading role in regulating financial markets, Xu Zhong, head of the research bureau at the PBoC, has argued.

    23 Feb 2018

  • Far East Horizon doubles up with dollars and renminbi

    Chinese leasing firm Far East Horizon was one of the first issuers to reopen the international bond market after a lull of more than a week, raising $300m from a dual-currency transaction on Thursday. But it was forced to pay up for the dollar portion due to lingering volatility in the market.

    23 Feb 2018

  • Sembcorp eyes $632m from India energy arm spin-off

    Singapore-listed Sembcorp Industries is planning to spin-off and list its Indian energy unit, which will raise Rp41bn ($632.2m) from a fresh issue of stock, according to a draft red herring prospectus filed on Thursday.

    23 Feb 2018

  • Tata Steel loan shrinks to $1.7bn after successful bond

    India's Tata Steel, which mandated a group of 21 lenders last month for a new loan, has shrunk the size of the fundraising following a blowout bond issuance.

    23 Feb 2018

  • RMB round-up: Insurance watchdog takes over Anbang, Fullerton makes private fund debut in China, RMB stays fifth in payments ranking

    The China Insurance Regulatory Commission (CIRC) takes control of Anbang Insurance Group amid concerns over its finances, Fullerton Fund Management offers its first private fund in the onshore market, and the renminbi remains the fifth most used payments currency in January 2018.

    23 Feb 2018

  • Lat Am issuers opt to wait for ideal conditions

    At least two Latin American borrowers opted to delay new issue announcements this week as syndicate bankers suggested the names in the pipeline would be more demanding on pricing than their CEEMEA counterparts that did issue.

    22 Feb 2018

  • Venezuela’s crypto plans no boon for bond markets

    Venezuela’s cryptocurrency plans were met with a dismissive reaction from Lat Am bond market participants this week, who questioned the value of any currency issued by the defaulting government.

    22 Feb 2018

  • PACE lien delinquencies lower than property taxes, says DBRS

    A study by DBRS published this week shows that residential Property Assessed Clean Energy (PACE) delinquency rates have been consistently lower than delinquency rates on residential property taxes, dispelling some of the uncertainty that has cropped up around borrower repayments in the budding sector.

    22 Feb 2018

  • Venezuela's petro cryptocurrency meets cold reception

    Venezuela has become the first sovereign nation to launch a cryptocurrency. While few outside Venezuelan president Nicolas Maduro’s administration are impressed by the pioneering venture, others are expected to follow suit nonetheless, write Lewis McLellan, Costas Mourselas and Oliver West.

    22 Feb 2018

  • Clifden ups bid for RMAC bonds under threat of legal action

    Investors have been urged to accept a beefed up tender offer from hedge fund Clifden IOM Holdings for several pre-crisis non-conforming UK RMBS deals from the RMAC shelf, despite originator Paratus AMC threatening legal action against anyone that goes along with Clifden's move.

    22 Feb 2018

  • NWB EUR1.25bn 1% Mar 28

    22 Feb 2018

  • EAA EUR1bn 0% Feb 21

    22 Feb 2018

  • Spain EUR6bn 2.7% Oct 48

    22 Feb 2018

  • BNG USD2.5bn 2.5% Feb 20

    22 Feb 2018

  • KfW EUR1bn 0.375% Mar 23 tap

    22 Feb 2018

  • EIB EUR2bn 1.125% Apr 33 tap

    22 Feb 2018

  • BNG prints big in strong dollar mart

    Bank Nederlandse Gemeenten this week capitalised on movements in short end dollar rates to print its largest trade in nearly two years. It was the solitary dollar benchmark this week, but with the Chinese New Year holidays out of the way and Asian investors back at their desks, bankers expect supply to pick up next week and for the very short end to still be the place to be.

    22 Feb 2018

  • US borrowers go long amid short-end sell-off

    The dollar high-grade calendar snapped back to life on Wednesday and Thursday, but bankers remain cautious as a significant uptick in rates will severely test pricing levels and investor appetite.

    22 Feb 2018

  • Make bank bankruptcy great again, says US Treasury

    The US Department of the Treasury defied Republican calls to scrap the Orderly Liquidation Authority this week, after publishing a report in which it recommended an overhaul of the nation’s framework for dealing with failing banks.

    22 Feb 2018

  • The Pained Trader: carping from the sidelines

    The Pained Trader has been fomenting sedition.

    22 Feb 2018

  • The struggle to staff up for Saudi DCM

    Saudi Arabia’s debt markets are open for business, the hiring charge is on and foreign banks are flooding in, but there has been a struggle to build a local force of primary bond market bankers, boding ill for the capital markets expansion the country is hoping for.

    22 Feb 2018

  • Evidence builds of tighter green bond pricing

    A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”

    22 Feb 2018

  • US debt drive to boost SSAs but rock IG market

    The US government’s agreement to remove the country’s debt ceiling early in February has left the buy-side waiting for a wave of issuance from the US Treasury. But as opportunities arise for investors, one has warned that the public may end up seeing the bond market as “the bad guys” as rising yields help public sector borrowers but hinder corporates in the front end of the dollar curve. Nigel Owen and Craig McGlashan report.

    22 Feb 2018

  • All quiet at the front end as Yankee banks roll in

    Yankee banks shunned the short end of the curve this week as they returned to the dollar market after reporting earnings.

    22 Feb 2018

  • Swiss bonds: the tyranny of the minority

    GlobalCapital understands the Swiss Exchange is considering changing the way a bond becomes eligible for the Swiss Bond Index. This will not only be a significant development, but a welcome one.

    22 Feb 2018

  • Higher rates open up new areas of euro curve

    With the return of stability to the euro public sector market, a new wave of borrowing hit this week. Four core European names brought syndications, some of which were able to access unusual or difficult tenors because of the higher rates on offer.

    22 Feb 2018

  • Santander Consumer Bank EUR500m 0.75% Mar 2023 senior

    22 Feb 2018

  • EG Group ramps up acquisition spree with third deal

    UK petrol station operator EG Group has announced a third debt-financed acquisition, heaping further pressure on its credit metrics, which rating agencies have already warned are under strain.

    22 Feb 2018

  • Spain stuns in 30s amid Italy election chatter

    Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market-friendly result, according to a portfolio manager at a leading investment house. Spain, meanwhile, printed a 30 year benchmark with the second largest book ever for a euro sovereign deal in the tenor — another sign that the country is marching towards or already at semi-core status, said bankers.

    22 Feb 2018

  • People News in Brief

    Santander FIG trading head leaves - Securitization vets start research shop - QInvest DCM head departs

    22 Feb 2018

  • Broadcom offer under pressure as Qualcomm sweetens NXP bid

    US chipmaker Qualcomm has improved its offer for NXP Semiconductors by 16%, leaving Broadcom “evaluating its options” over its $121bn hostile bid for Qualcomm and putting the possibility of a record-breaking syndicated financing on shaky ground.

    22 Feb 2018

  • Technology seen as key to growth for European PP markets

    The use of technology to drive down the cost of issuance could boost the growth of private debt markets across Europe, said a report commissioned by the Capital Markets Union (CMU) published on February 16.

    22 Feb 2018

  • ABS market heads to Vegas, a hotbed of CMBS collateral

    The US securitization industry is heading to Las Vegas next week for the industry’s largest annual gathering. Fittingly, securitizations backed by the city’s casinos are on the rise, although industry pressures pose growing concerns for the market, wrote Kroll analysts in a note on Thursday.

    22 Feb 2018

  • Morgan Stanley DCM head Civitillo dies

    Morgan Stanley debt capital markets head Leo Civitillo, who had been in the fixed income business for 20 years, has died.

    22 Feb 2018

  • French properties prove fashionable for investors

    French property companies were in vogue this week as Icade sold its fourth corporate bond in two years, further extending its redemption profile, while Mercialys, the firm spun off from supermarkets group Casino, saw its sub-benchmark deal 2.5 times oversubscribed.

    22 Feb 2018

  • Sterling on the rise in US PP market

    US private placement investors are becoming more comfortable with buying sterling tranches, which bankers said will drive pricing down for borrowers.

    22 Feb 2018

  • Healthineers kick-starts big year for spin-offs

    After the recent equity market volatility, Siemens has decided to push on with the spin-off of its healthcare division, which promises to be the biggest IPO in Germany since the flotation of Deutsche Telekom in 1996. The deal is the first in a promising pipeline of corporate carve-outs this year, writes Aidan Gregory.

    22 Feb 2018

  • Commerzbank EUR500m 1.875% Jan 2028 senior non-preferred

    22 Feb 2018

  • Albaraka Turk provides blueprint for Turkish AT1

    Albaraka Turk broke new ground last week it has emerged, issuing the first ever Basel III-compliant additional tier one (AT1) from Turkey in a private placement. The deal has set a structuring template for future Turkish AT1 issuance, and has sparked interest among those looking to bring the next, possibly public benchmark, deal, writes Virginia Furness.

    22 Feb 2018

  • Cov conversation noisier in high yield market

    Traditional high yield investors have taken advantage of a quiet primary market to raise their complaints about default protection covenants becoming too weak. But its translation into spreads is yet to be seen.

    22 Feb 2018

  • European banks could be hamstrung by extra-territorial CLO rules

    New securitization rules could put EU-domiciled banks at a competitive disadvantage arranging US CLOs, if EU risk retention rules are applied in their planned form. Market participants raised the issue at a public hearing on Monday, but regulators refused to be drawn on whether they would try to cure the problem in the final version of the rules.

    22 Feb 2018

  • HY investors should pay to parlay

    European high yield bond investors are up in arms at being asked to pay to be members of the European High Yield Association (EHYA), a division of industry body, the Association for Financial Markets in Europe (AFME). They should pay up, if not shut up.

    22 Feb 2018

  • ALD reaping benefits of IPO with €800m bond deal

    French car leasing company ALD printed its largest ever bond deal when it issued an €800m three year floating rate note this week, just three months after it had printed a similar but smaller deal. Chief financial officer Gilles Momper said the success of the deal was helped by the company’s IPO in 2017.

    22 Feb 2018

  • Grand City builds solid double fronted extension to much acclaim

    Grand City Properties, the German residential property firm, printed eight and a half year Swiss franc bonds on Wednesday, and also sold a new nine year in euros on Monday alongside a tender for some outstanding bonds and convertibles.

    22 Feb 2018

  • Scania struggles for traction but known names take the right road

    The sterling investor base can be stubborn one not listened to, as Swedish truck and bus manufacturer Scania found to its detriment when it launched its debut deal in the currency this week. Gatwick Airport and London & Quadrant had better receptions.

    22 Feb 2018

  • Kenya bags $14bn book as buyside brushes off volatility

    Kenya printed a $2bn dual tranche bond this week from a combined book of $14bn as investors continued to pile into emerging market credits they favour.

    22 Feb 2018

  • FIG executions get tougher as HSBC plans AT1 flood

    Syndicates have encountered some difficulty in placing financial institution bonds this week, but there is optimism in the face of widening spreads. This is just as well for HSBC’s plans to raise $5bn-$7bn of the most risky form of bank debt in the first half of the year.

    22 Feb 2018

  • KfW and NWB score in euros

    The public sector bond market in euros is in rude health thanks to the return of stability at higher yields. Two borrowers took advantage of the conditions to pull off smooth executions with skinny new issue premiums on Thursday.

    22 Feb 2018

  • Italy ‘could make up half’ of ground lost to Spain after election

    Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market friendly result, according to a portfolio manager at a leading investment house.

    22 Feb 2018

  • Ence brings €160m CB at ‘fair’ terms after stock run-up

    Ence, the Spanish biomass energy company, finalised a €160m equity-linked bond on Thursday to fund the voluntary redemption of an earlier straight bond.

    22 Feb 2018

  • De Volksbank and ANZ NZ hit the covered road

    De Volksbank has appointed joint leads for a roadshow with plans to issue a 10 year benchmark covered bond — a tenor that has tended to be a little unloved in the secondary market. ANZ New Zealand has also appointed leads for a roadshow.

    22 Feb 2018

  • OCBC's covered bond size ambitions thwarted

    Overseas Chinese Banking Corporation (OCBC) had adequate demand to print a €500m five year covered bond on Thursday, and though it was unable to reach the upper end of its size ambitions, it was able to issue the tightest Singaporean covered bond in euros.

    22 Feb 2018

  • EasyHotel raises £50m to fund expansion

    EasyHotel, the UK budget hotel developer and franchise operator, has raised £50m through an increased share placement to fund the development of new hotels. Its CEO said expansion plans stretched as far as Sri Lanka and Iran.

    22 Feb 2018

  • El Corte packs in more lenders to new facility

    El Corte Inglés, Europe’s largest department store group, has attracted 10 more lenders to the top line of a €3.65bn funding package, ahead of the transaction being launched into general syndication.

    22 Feb 2018

  • Barclays picks up the pace in investment banking but regulatory risks remain

    The bank is showing some much-needed urgency after losing momentum in Europe, but the fate of its investment banking strategy could lie in the hands of regulators, writes David Rothnie.

    22 Feb 2018

  • Unipol goes tight with tier two ahead of Italian election

    UnipolSai Assicurazioni, the insurance branch of Unipol Gruppo, came to the market on Thursday with a no-grow €500m tier two deal, which was priced inside some expectations of fair value.

    22 Feb 2018

  • Belarus prints inside curve after huge rally

    The Republic of Belarus has printed its $600m 12 year bond through its curve despite other emerging market sovereigns paying up for their bonds over the past fortnight.

    22 Feb 2018

  • Barclays trading assets balloon as bank gets back in the game

    Barclays reported annual results on Thursday, revealing the huge scale of the firm’s trading balance sheet expansion in 2017, as it scales back up in its historical strength of macro trading. But the low volatility last year weighed on returns, and the growth in the trading book has yet to deliver the profits it hopes for.

    22 Feb 2018

  • Intesa opens new yen funding route for Italian issuers

    Intesa Sanpaolo has overcome Japanese concerns about Italy to become the first ever Italian bank to sell a Tokyo Pro-Bond.

    22 Feb 2018

  • Ukrexim set to print hryvnia Eurobond

    State Export-Import Bank of Ukraine has wrapped up investor meetings for an internationally cleared hryvnia bond with the deal expected to generate plenty of interest.

    22 Feb 2018

  • QInvest loses head of DCM

    QInvest’s head of debt capital market and financial institutions has left the bank earlier this week.

    22 Feb 2018

  • Turkey marches towards Panda debut

    The Republic of Turkey is preparing to issue its first Panda bond by the end of the year, having mandated three banks to handle the deal.

    22 Feb 2018

  • Foreign bankers sceptical as IRFC eyes Japanese for 10 year loan

    Indian Railway Finance Corp has turned heads in the loan market with its request for up to $250m of 10 year money. While some market participants balked at the idea of 10 year commercial loans, those at the firm’s main target audience — Japanese banks — think the deal is worth a look. Shruti Chaturvedi reports.

    22 Feb 2018

  • Southeast Asia ECM pipeline fills up in Year of the Dog

    The pipeline for equity capital raisings out of Southeast Asia is filling up nicely, with issuers from the Philippines, Vietnam, Bangladesh and Singapore looking to launch deals.

    22 Feb 2018

  • Indian banks’ QIP plans hit for six by PNB revelation

    Indian state-owned Punjab National Bank sent shockwaves through the country’s financial system last week when it disclosed a $1.8bn fraud at one of its branches. The timing could not have been worse, with the announcement casting a shadow over other public sector banks, most of which are in dire need of capital, writes Jonathan Breen.

    22 Feb 2018

  • Grand City enters Swiss market

    Grand City Properties, the German residential property firm, printed eight and a half year bonds on Wednesday, in the second foreign real estate deal in Swissies since 2013.

    22 Feb 2018

  • People and markets news in brief, February 22, 2018

    MUFG Securities Asia has named Royal Bank of Scotland veteran Pierre Ferland as its new chief executive.

    22 Feb 2018

  • Nomura creates new global business in client financing

    Nomura has created a new global unit to focus on client financing, in a move that combines its investment banking and markets capabilities.

    22 Feb 2018

  • They think it's Moldova, it is now: Trans-Oil offering not so slick

    Trans-Oil, a Moldovan agro-industrial firm, failed to generate enough interest in its debut bond offering on Wednesday, becoming the second CEEMEA issuer in as many weeks to fall foul of tougher market conditions.

    22 Feb 2018

  • Pipeline prepares primary for post-pause pick-up

    Corporate bond syndicate managers have been surprised and disappointed that the pace of issuance evident at the start of the week has not continued, but the existence of a material pipeline for the first time this year is giving them some cause for optimism.

    22 Feb 2018

  • HY's hiatus breaks as Faurecia leads refis back

    Borrowers have broken the 10 day spell without a deal in the European high yield market, and are coming back with refinancing deals. Faurecia, the French car parts manufacturer, opened the new batch with a refinancing deal on Thursday.

    22 Feb 2018

  • Indonesia sukuk gives fillip to nascent green market

    The Government of the Republic of Indonesia’s green sukuk is a game changer for the region, giving a boost to a green sovereign bond market that has so far had scant issuance globally.

    22 Feb 2018

  • Two more Deutsche bankers at risk

    Two more Deutsche Bank staff put at risk of redundancy in the bank's major investment banking cuts round have emerged — a director in African origination and an analyst working in project finance.

    22 Feb 2018

  • French regulator tightens net on cryptocurrency derivatives

    The French financial markets regulator clamped down on cryptocurrency derivatives on Thursday, setting out tighter regulation and an advertising ban for the products.

    22 Feb 2018

  • Chinese issuers return to the bond market

    Chinese issuers are back following the Lunar New Year break. Far East Horizon and Redco Properties Group are both wooing bond investors, effectively reopening the dollar debt market in Asia.

    22 Feb 2018

  • Lat Am borrowers still shy of primary despite sov success elsewhere

    US market volatility has kept Latin American primary bonds silent for nine straight business after what had been a record start to the year. But even though EM borrowers from other parts of the world are this week pricing deals, Lat Am bankers are in no hurry to bring new debt issuance from the region while the volatility persists.

    22 Feb 2018

  • Lending Club may sell ABS residuals, increase CLUB cert issuance

    Lending Club executives said on a Tuesday earnings call that the company may look to sell the residual notes retained from a December 2017 securitization, and indicated the company’s intent to grow its Club whole loan certificate program.

    21 Feb 2018

  • Eyeing rate risk, funds load up on floating rate ABS

    Interest rate risk has become the driving concern among ABS investors, with data showing on Wednesday that investors are increasingly shifting into floating rate CLO, agency CMBS and agency credit risk transfer bonds, with further rate hikes on the horizon.

    21 Feb 2018

  • Student accommodation firm Unite raises £170m in day block trade

    Unite Group, the UK’s largest developer and manager of student accommodation, has raised £170m in a daytime block trade to fund two new building projects.

    21 Feb 2018

  • Volatility and Brexit good for business, says Deutsche Boerse CEO

    Deutsche Boerse's new CEO, Theodor Weimer, said this week that, given the low market volatility of 2017, there were "headwinds" for the exchanges group, but that there was opportunity heading into 2018.

    21 Feb 2018

  • BNG prints largest dollar deal in two years

    Bank Nederlandse Gemeenten on Wednesday sold its largest bond in nearly two years, as underlying rate dynamics allowed the issuer to offer a juicy spread over US Treasuries and an attractive yield to investors.

    21 Feb 2018

  • Paratus threatens legal action to thwart RMAC tender offer

    Paratus AMC, the originator of the RMAC series of UK non-conforming RMBS bonds, has hit back at hedge fund Clifden IOM No.1’s attempt to seize control of the deals, hinting ominously at potential legal action. It is the latest chapter in a vicious tussle between the two entities for the right to gain control of the underlying mortgage collateral.

    21 Feb 2018

  • NWB, KfW line up as EIB and EAA bring home euros

    The euro SSA market is returning to a more aggressive pace of issuance after a slackening in tempo last week. Two borrowers raised a combined €3bn on Wednesday and another pair are set to print on Thursday.

    21 Feb 2018

  • Broadcom offer under pressure as Qualcomm sweetens NXP bid

    US chipmaker Qualcomm has improved its offer for NXP Semiconductors by 16%, leaving Broadcom “evaluating its options” over its $121bn hostile bid for Qualcomm and putting the possibility of a record-breaking syndicated financing on shaky ground.

    21 Feb 2018

  • EG Group ramps up acquisition spree with third deal

    UK petrol station operator EG Group has announced a third debt-financed acquisition, heaping further pressure on its credit metrics, which rating agencies have already warned are under strain.

    21 Feb 2018

  • Jacquet Metal Service successful in Schuldschein market

    Jacquet Metal Service, the French steel parts and distribution company, has raised €150m with its second Schuldschein.

    21 Feb 2018

  • UOB issues sterling first as OCBC lines up in euro covereds

    United Overseas Bank issued its debut covered bond in sterling on Wednesday, and the first from a Singaporean bank. Despite being its maiden deal, UOB was able to match the spread of more established sterling issuers. At the same time, Overseas Chinese Banking Corporation (OCBC) has mandated for a euro covered bond benchmark.

    21 Feb 2018

  • BPCE and Nordea reset covered confidence

    Nordea and BPCE helped revive covered bond market confidence on Wednesday after some lacklustre deal receptions at the start of this week, with the successes due to thoughtful consideration of tenor and pricing strategies.

    21 Feb 2018

  • Sterling investors prove to be no pushovers as issuance returns

    After four euro new issues in two days, the sterling market took its chance for a day in the spotlight as two issuers chose to bring new deals while euro borrowers remained on the sidelines. However, despite the recent lack of issuance, investors pushed back on spreads being tightened.

    21 Feb 2018

  • Barclays joins repackaging consortium SPV

    Barclays Bank has joined a multi-dealer special purpose vehicle that issues secured notes, it was revealed on Wednesday.

    21 Feb 2018

  • Aegon is ‘looking at’ RT1 but has no issuance plans at present

    Aegon NV, the Dutch insurance group, could use restricted tier one (RT1) capital to replace grandfathered instruments.

    21 Feb 2018

  • European securitization veterans launch research boutique

    Two veterans of the European securitization market have launched an independent structured finance research firm, Integer Advisors. It issued its first mailout on Tuesday, covering the European Banking Authority's public hearings on securitization held on Monday.

    21 Feb 2018

  • Sterling investors happy to be back in the game

    Before this week, sterling corporate bond investors had had just four new issues to consider in 2018, but by Wednesday this had increased by three. Sterling investors have a reputation for not getting carried away with sentiment, but they have been pleased to see the increase in activity.

    21 Feb 2018

  • Period of ‘super easy markets’ is over, say FIG bankers

    FIG syndicate bankers are advising issuers to get on with their capital and funding plans as quickly as possible in 2018.

    21 Feb 2018

  • Premiums still up for African sovs as Kenya opens books

    Kenya looked to have adopted the same pricing strategy as its African peers on Wednesday, opening books on a dual tranche 2028 and 2048 bond with a chunky concession, much like Egypt and Nigeria last week.

    21 Feb 2018

  • Turkey’s Ziraat bank launches $1bn refi

    Ziraat Bank launched a $1bn loan to refinance a facility signed in April last year, with pricing in line with Turkish peer Akbank’s new loan.

    21 Feb 2018

  • Moldova’s Trans-Oil opens with chunky 10% handle

    Moldova’s Trans-Oil opened books on the first ever Eurobond from the country on Wednesday, but the small size is likely to mean it flies under the radar of most investors.

    21 Feb 2018

  • Georgia Capital hits the road

    Georgia Capital (formerly BGEO Investments), the Georgian holding company representing the investment business of BGEO Group, is embarking on a roadshow for a five year dollar bond.

    21 Feb 2018

  • Price fight is on in EM after volatility

    The new bond issues may be flowing in emerging markets, but after weeks of volatility, the era of easy execution is over.

    21 Feb 2018

  • Military action in Syria weighs on Akbank trade

    A Turkish military strike in Syria on Tuesday hit investor appetite for Akbank’s subordinated tier two offering, with the raid causing several accounts not to come into the book at all, according to a lead manager.

    21 Feb 2018

  • Equity issuers dip toes back in after rough start to February

    The equity capital market has kicked back into life this week with a number of high profile deals to test investor appetite. But with investors challenging IPO valuations and volatility causing a scare, lead managers might have to start selling deals on their fundamentals rather than relying on bullish market sentiment to do the job.

    21 Feb 2018

  • Belarus brings bond after stellar 2017 new issue performance

    The Republic of Belarus has released initial price thoughts for a $600m 12 year bond after the country’s last deal, printed in June 2017, climbed 11 points since pricing.

    21 Feb 2018

  • Gazprom looks to raise Swiss francs

    Gazprom is looking to enter the Swiss franc market for the fifth time, mandating four banks to arrange meetings for a benchmark bond. After Moody’s upgraded the Russian company to investment grade, the arrangers are particularly confident of Swiss interest.

    21 Feb 2018

  • Investors excited for HSBC’s jumbo AT1 plans

    Financial institutions bond investors are looking for an ‘attractive entry point’ when HSBC opens books on $5bn-$7bn of additional tier one issuance in the next four months, following the bank's latest results on Tuesday.

    21 Feb 2018

  • Get ready for the public 'to hate the bond market'

    The US government’s agreement to remove the country’s debt ceiling early in February has left the buy-side waiting for a wave of issuance from the US Treasury — including this week, when the largest ever T-bill auction took place. But as opportunities arise for investors, one has warned that the public may end up seeing the bond market as "the bad guys."

    21 Feb 2018

  • Sebi cracks whip on banks for retail IPO work

    The Securities and Exchange Board of India (Sebi) is cracking the whip on banks managing IPO applications for retail accounts, saying investors may have to be compensated under certain conditions.

    21 Feb 2018

  • Rupiah debt gets entry into bond index

    Indonesian rupiah-denominated debt will be eligible for the Bloomberg Barclays Global Aggregate Bond Index for the first time from June 1.

    21 Feb 2018

  • PBoC touts bond reform amid deleveraging, opening up

    The People’s Bank of China has laid out its next moves to upgrade the domestic bond markets, including better market standards, clearer default rules and further opening to foreign investors — steps that could make regulators less active in the corporate debt market.

    21 Feb 2018

  • VPBank Finance’s $200m borrowing opens in general

    VPBank Finance is tapping international loan market liquidity for an up to $200m three year facility, which has two lenders at the helm.

    21 Feb 2018

  • The Global RMB Poll 2018

    The Global RMB Poll 2018 runs from February 26 to March 30. Corporations, financial institutions and investors from around the world that have used renminbi services are welcome to participate.

    21 Feb 2018

  • Moody’s strikes Suriname with downgrade

    South America’s smallest nation, Suriname, suffered a rating downgrade late on Tuesday, due to Moody’s fears of a further erosion in the country’s fiscal metrics.

    21 Feb 2018

  • Far East Horizon cooks up dollar and dim sum bonds

    Chinese financial services provider Far East Horizon is pursuing the sale of a dollar-denominated and offshore renminbi bond.

    21 Feb 2018

  • MUFG Securities names new Asia CEO

    MUFG Securities Asia has appointed Royal Bank of Scotland veteran Pierre Ferland as its new chief executive officer, effective on February 20.

    21 Feb 2018

  • HG Infra preps Rp4.6bn India listing

    HG Infra Engineering is planning to launch its Rp4.7bn ($72.4m) IPO in India at the end of February.

    21 Feb 2018

  • Chinese New Year round-up: Safe relaxes onshore rules on FX forwards, HSBC completes RMB remittance first, US blocks Chinese bid to buy stock exchange

    China’s FX watchdog loosens its grip on FX forward settlement, HSBC becomes the first foreign bank to handle an individual RMB remittance transaction following a rule change in January and the Securities and Exchange Commission (SEC) stopped an attempt by Chinese investors to acquire the Chicago Stock Exchange.

    21 Feb 2018

  • HSBC misses RMB business target for 2017

    HSBC's annual results show the bank's focus on RMB business has yet to translate into revenue growth.

    21 Feb 2018

  • CLO credit quality could weaken without risk retention, says Morgan Stanley

    Morgan Stanley analysts described the potential rollback of risk retention rules for US CLO managers as a “modest positive” for the market on Tuesday, adding $10bn to their 2018 issuance forecast, but they warned that credit quality could suffer in new deals because of the scarcity of leveraged loans.

    20 Feb 2018

  • Sprint sells $1.5bn HY bond, clarifies ABS legal confusion

    Wireless carrier Sprint sold a larger than expected $1.5bn eight year high yield bond on Tuesday. The company also clarified that its outstanding spectrum-backed ABS bonds do not conflict with covenants on its existing high yield bonds, before an anticipated new slug of paper from the securitization shelf.

    20 Feb 2018

  • PeerIQ, Cross River Bank launch loan buying service

    Marketplace lending data company PeerIQ and Cross River Bank announced a partnership on Tuesday to launch a loan buying service for banks and institutional investors looking to access the online lending sector.

    20 Feb 2018

  • VIEW: The ECB’s collateral rule is a step to a safer German banking system

    Disallowing the use of senior bail-in debt as collateral at the ECB has alarmed some parts of the market — but discouraging banks from buying other banks' debt should be applauded.

    20 Feb 2018

  • EMEA blocks market reopens with WPP and Farmafactoring trades

    The equity blocks market in EMEA reopened after Presidents Day on Tuesday night with trades in WPP, the UK advertising agency, and Banca Farmafactoring.

    20 Feb 2018

  • Australia’s mortgage proposals to improve bank credit risk, says Moody's

    Revisions of mortgage risk weights proposed by the Australian Prudential Regulation Authority are credit positive for the country’s banks. The revision may result in a higher composition of riskier loans in prospective capital relief RMBS trades, according to Moody’s.

    20 Feb 2018

  • PRS raises £250m to invest in UK housing

    PRS Reit, a UK real estate investment trust that builds and owns private rented homes in the UK, has completed a £250m capital raising to invest in UK real estate.

    20 Feb 2018

  • Venezuela and Russia: the return of the crypto underground

    Since cryptocurrencies started to go legit, many in the market assumed legitimate uses for the technology would marginalise criminal uses that characterised bitcoin’s early development. This was naïve. Venezuela’s foray into the sector show that avoiding the constraints of the mainstream financial system remains at the heart of the cryptocurrency value proposition.

    20 Feb 2018

  • Milbank hires two levfin lawyers from Shearman & Sterling

    As Europe’s leveraged finance markets return to growth, Milbank, Tweed, Hadley & McCloy has added Apostolos Gkoutzinis and Rebecca Marques as partners to its leveraged finance and capital markets team.

    20 Feb 2018

  • Slovenia opens tender, plans new euro bond

    The Republic of Slovenia is once again in the market with a liability management exercise that will enable it to tidy its debt structure by buying back up to $650m of its outstanding dollar bonds, as it continues its bid to consolidate its outstanding dollar debt into one bond maturing 2024.

    20 Feb 2018

  • Clifden beefs up tender in last-ditch attempt to stop RMAC call

    Clifden IOM Holdings has beefed up its tender offer for several pre-crisis non-conforming RMBS issues, in a last-ditch attempt to fend off the redemption of the bonds by their originator. With the hedge fund offering 105, investors have every reason to hit the bid, but the clock is ticking, as the originator has already activated the call.

    20 Feb 2018

  • Spain lands €6bn at 30 years

    Spain’s first trip to the long end of the curve in almost two years met with an overwhelming response, as the sovereign received one of the largest books ever for a 30 year bond.

    20 Feb 2018

  • Rosenthal Collins Group appoints new president

    Chicago-based futures brokerage Rosenthal Collins Group on Tuesday announced that it had appointed Jason Manumaleuna president of the organisation, replacing industry veteran Maureen Downs, who left last December.

    20 Feb 2018

  • BNG to bring dollar twos amid elevated swap spreads

    Bank Nederlandse Gemeenten will reopen the dollar market for SSAs after a US public holiday on Monday — but is very much keeping to a trend set in the currency last week.

    20 Feb 2018

  • Cineworld's £1.7bn rights offer fully subscribed after rump sale

    Cineworld, the UK cinema operator, has finished its £1.7bn rights issue to finance its reverse takeover of Regal Entertainment in the US, winning a high take-up from its shareholders.

    20 Feb 2018

  • First Turkish AT1 breaks ground but there's more to do

    Albaraka Turk scored a solid first last week when it issued Turkey’s first Basel III compliant additional tier one bond, but while this marks progress, it will take one of the country’s larger banks to establish a true benchmark.

    20 Feb 2018

  • Astorg's SGG seeks debt to buy First Names as levloans swell

    SGG Group, the corporate and investor services firm based in Luxembourg and owned by Astorg, will fund its acquisition of UK peer First Names in the leveraged loan market, which has already enjoyed its busiest January ever in EMEA.

    20 Feb 2018

  • GlobalCapital Bond Awards Poll — vote now!

    We are excited to announce that the GlobalCapital Bond Awards Poll is now open.

    20 Feb 2018

  • Amundi to take top spot in sustainability ratings

    Oekom Research, the sustainability ratings agency, has given only 7% of the asset managers and securities brokerages it assessed a prime rating, in an unpublished report seen by GlobalCapital.

    20 Feb 2018

  • Temenos likely to borrow for £1.4bn swoop on Fidessa

    Temenos, the Swiss banking software company, is in advanced discussions about an all cash offer for Fidessa, the UK trading technology firm, for around £1.4bn, which is likely to involve some debt issuance.

    20 Feb 2018

  • VIEW: The Schuldschein market should mind its manners

    The Schuldschein market's reputation as a gentlemanly club is at risk of diverging from reality. Competition is becoming fiercer and arrangers are employing every weapon in their armouries to win mandates. This is how capital markets behave — but the Schuldschein market should not follow.

    20 Feb 2018

  • BPCE differentiates with first French seven year covered bond

    BPCE chose to differentiate itself from other French issuers on Tuesday by mandating joint leads for the first French seven year of 2018.

    20 Feb 2018

  • MUFG promotes credit sales head

    MUFG has created a new job — global co-coordinator for origination and distribution — for its head of EMEA credit sales, Emmanuel Delattre.

    20 Feb 2018

  • ADCB updates MTN programme as FAB waits in the wings

    It could be a clash of the Abu Dhabi banking titans as Abu Dhabi Commercial Bank is updating its MTN programme — a possible precursor to a bond issue — while First Abu Dhabi Bank is poised with a trade.

    20 Feb 2018

  • Commerzbank brings out 10 year senior in trying circumstances

    Commerzbank’s senior deal on Tuesday was a test of demand for German long-dated senior bonds in the face of market volatility, rate rise expectations and a change to rules over European Central Bank's collateral eligibility.

    20 Feb 2018

  • HSBC to front load AT1 plans and clear path for buybacks

    HSBC plans to issue between $5bn-$7bn of additional tier one debt in the first half of this year, clearing the path for share buybacks in the second half. The bank is prevented by listing authority rules from issuing AT1 at the same time as running a buyback, meaning it delayed its issuance plans last year.

    20 Feb 2018

  • SpaVest covered shows taper effect is ‘trickling down’

    With one of the most thinly oversubscribed Norwegian covered bonds in years, Sparebanken Vest Boligreditt (SpaVest) was barely able to tighten pricing this week. It followed Berlin Hyp, which was unable to tighten pricing at all.

    20 Feb 2018

  • Intesa to sell Italy’s first ever Pro-Bond ahead of election

    Intesa Sanpaolo is looking to become the first ever Italian bank to sell a deal in the Tokyo Pro-Bond format, less than two weeks away from a general election in Italy which has made some investors nervous.

    20 Feb 2018

  • French pair keeps triple-B run going with €1.1bn haul

    French issuers ALD and Mercialys continued the triple-B theme of the week in the investment grade corporate bond market when the pair announced new deals on Tuesday. These followed three BBB+ rated credits on Monday.

    20 Feb 2018

  • FCA plans for machine-filed reports

    The Financial Conduct Authority on Tuesday called upon technology experts from across the finance industry to give feedback on a new automated way to provide the FCA with regulatory reports.

    20 Feb 2018

  • ECA financing on the rise in the Middle East

    Demand for export credit agency financing is growing among firms operating in the Middle East as banks clamp down on lending amid low oil prices over recent years.

    20 Feb 2018

  • Learning Curve: The promise and perils of deal-contingent hedging

    Deal-contingent hedging can be a great way to hedge risks associated with mergers and acquisitions, but a number of pitfalls can flummox first time users of these specialist derivatives.

    20 Feb 2018

  • Akbank looks to guide T2 with 6% handle

    Turkey’s Akbank has the sole attention of EM investors on Tuesday as it looks to price its second Basel III compliant tier two transaction.

    20 Feb 2018

  • Canara Bank hires five for Rp45bn QIP

    Indian state-owned Canara Bank has appointed a five-strong syndicate group to run a potential Rp45bn ($695.7m) qualified institutional placement (QIP), according to a senior banker on the deal.

    20 Feb 2018

  • Idea Cellular calls investors for Rp35bn share sale

    Idea Cellular has raised Rp35bn ($541.8m) from a qualified institutional placement (QIP) as it prepares for a mega merger with the Indian unit of network carrier giant Vodafone.

    20 Feb 2018

  • PNB Housing looks to IFC to anchor debut Masala

    India’s PNB Housing Finance is preparing to make its debut in the offshore rupee bond market and has turned to the International Finance Corp (IFC) to make sure the deal goes off without a hitch.

    20 Feb 2018

  • Give me a hand: A night of poker with old friends

    Are poker skills correlated with deep insights into the financial markets? I certainly hope not.

    20 Feb 2018

  • IRFC has 'fingers crossed' for $250m 10 year loan

    Indian Railway Finance Corp has approached offshore lenders for a financing of up to $250m-equivalent in Japanese yen. But the company may struggle to generate demand from maturity-shy Japanese lenders, said a banker familiar with the deal.

    20 Feb 2018

  • Flemingo Travel eyes Rp24bn in fresh capital from IPO

    Flemingo Travel Retail has filed a draft red herring prospectus with India’s stock market regulator. The company plans to go public using a mix of new and existing shares.

    20 Feb 2018

  • Argentine bank seeks to increase bond shelf

    Banco Supervielle, the Argentine lender, is looking to increase the size of its existing bond shelf from $800m to $2.3bn, according to a regulatory filing.

    20 Feb 2018

  • Peru stock exchange plots green bond initiative

    The UK Embassy in Peru and Bolsa de Valores de Lima (BVL), the Lima Stock Exchange, have launched plans for what would be the first green bond market in South America, following a similar initiative in Mexico.

    20 Feb 2018

  • Time for Asian loans to shine

    The Asian loan market has had to battle a tough few years, with record volumes in 2014 tailed by four straight annual declines. But loans bankers in the region have a feeling their time may have come.

    20 Feb 2018

  • ECB knocked as 'boys' club' with de Guindos set for VP role

    The Economic and Financial Affairs Council has confirmed Luis de Guindos, the Spanish finance minister, as its choice for the next vice president of the European Central Bank. The decision came amid criticism of the institution's lack of female representation.

    19 Feb 2018

  • Energean's flotation offers pure play on Mediterranean energy

    Energean, the oil and gas exploration company focused on the Eastern Mediterranean, plans to go public on the London Stock Exchange next month to finance the development of gas fields off the coast of Israel.

    19 Feb 2018

  • Spain set for long end

    Spain has picked banks for its second deal of the year, looking towards the long end of the curve for the first time since May 2016.

    19 Feb 2018

  • BondMarker results: who rode the volatility best?

    The BondMarker voters have spoken — read on to find out their views on the deals priced in the week beginning February 5.

    19 Feb 2018

  • World Bank lands in Swedish kronor for sustainable bond

    The World Bank has raised Skr1.2bn ($150.2m) with a five year sustainable bond, following up a $350m private placement sold to Folksam Group last week.

    19 Feb 2018

  • Itiviti targets hot lev loan market with second lien

    In stark contrast with a mute high yield bond market, leveraged loan investors were expecting more than €5bn of new deals on Monday, including a $725m-equivalent deal from Swedish trade technology provider Itiviti, which includes a triple-C rated second lien.

    19 Feb 2018

  • Leonardo homes in on cheaper revolver

    Leonardo, the Italian defence company, has agreed a €1.8bn five year revolver 25bp cheaper than the facility it is replacing, making it the latest crossover borrower to negotiate better terms for itself in a refinancing.

    19 Feb 2018

  • Broadcom's $100bn megaloan structure and spread emerge

    Details have emerged of Broadcom’s record-breaking $100bn financing package for its acquisition of chipmaker Qualcomm. It is paying 100bp over Libor for the biggest two tranches.

    19 Feb 2018

  • EN+ restructures leadership as Deripaska set to step down

    Oleg Deripaska is to step down from his role as president of EN+, the Russian aluminium and hydropower company, which floated for $1.5bn in London and Moscow in November, and as president of its affiliate Rusal, as part of a pre-planned organisational change in which he will shift focus to other business interests.

    19 Feb 2018

  • Obvion drops call for extra-long Storm RMBS

    Obvion placed an ultra-long European residential mortgage-backed security on Thursday, dropping the usual five year call from its Storm prime mortgage shelf, and extending the weighted average life of the notes over 10 years.

    19 Feb 2018

  • Corporate bonds back with a bang and a bit more premium

    For the first day this year since January 10, investors had a choice of three benchmark new issues in the investment grade corporate bond market. All three issuers were BBB+ rated, but the variety of tenors and spreads meant none of the deals were directly competing. However, new issue premiums have increased after the recent bout of volatility.

    19 Feb 2018

  • SocGen tests sub market after sell-off

    Société Générale built an order book of around €2.6bn on Monday, as it became the first issuer to venture into the subordinated market following the sell-off earlier this month.

    19 Feb 2018

  • Covered issuers pile in but investors resist tightening for Berlin Hyp

    Berlin Hyp left some new issue premium on the table for investors on Monday, while Sparebanken Vest Boligkreditt lined up a deal for Tuesday. ANZ New Zealand was also considering covered or senior unsecured issuance.

    19 Feb 2018

  • REWE reaches €1bn in Schuldschein market

    German supermarket group REWE has doubled its initial target size of €500m, becoming the first corporate in 2018 to place a €1bn Schuldschein loan.

    19 Feb 2018

  • Santander FIG trading co-head leaves

    Santander's co-head of FIG trading has left the bank. GlobalCapital understands.

    19 Feb 2018

  • MidEast trade finance experts see opportunities in political climate

    A hardening of the US attitude to Iran, tensions with Turkey and the Qatari crisis may be closing some doors for trade in the Middle East but experts are convinced it is opening others, with China's One Belt, One Road initiative pushing countries such as China, India and Russia towards the region.

    19 Feb 2018

  • Icade lines up four in a row beyond Olympics

    French property company Icade saw the announcement that the 2024 Olympic Games will be held in Paris as a positive for its portfolio in the French capital. On Monday it sold its fourth corporate bond in two years, creating a steady redemption profile beyond the date of the Games.

    19 Feb 2018

  • Five is the magic number in popular SCB deal

    Santander Consumer Bank AS sold its first ever five year senior bond in the euro market on Monday, raising €500m of new funding with five times as much in orders in tow.

    19 Feb 2018

  • Investors enjoy speedy boarding after early signal of Gatwick deal

    On Monday, the UK’s second busiest airport, Gatwick, sold its largest bond deal to date with a £300m 30 year trade. Investors were ready for the transaction after Moody’s announced its initial rating for the company the previous week.

    19 Feb 2018

  • CurveGlobal announces new Sonia future

    London Stock Exchange Group's CurveGlobal, an interest rate derivatives platform, on Monday said it would launch a three-month futures contract based on the benchmark rate set to replace sterling Libor, in the second quarter of 2018.

    19 Feb 2018

  • ZSE to bring refi bond

    Slovakia’s largest distribution operator Západoslovenská energetika (ZSE) has named two banks to arrange a new euro deal of a medium maturity.

    19 Feb 2018

  • Grand City continues its extension plans

    In July 2017, German property company Grand City Properties announced a tender of its 2021 bonds alongside a new nine year issue. On Monday it repeated the process, offering to buy what remained of the 2021 bond it didn’t buy in July and adding a tender for its 0.25% 2022 convertible bonds.

    19 Feb 2018

  • UniCredit names Kupfer Germany CIB boss

    Veteran UniCredit banker Jan Kupfer, will now head corporate and investment banking in Germany for the firm, following Michael Diederich's move to the role of country chairman and chief executive of UniCredit’s German entity. Diederich’s move was announced by the bank in November.

    19 Feb 2018

  • SGX promises Nifty successor products

    Singapore Exchange on Monday revealed that it would replace its Nifty products with suitable successors by August to ensure that investors could maintain exposure to Indian markets.

    19 Feb 2018

  • Pemex buying back $1.8bn in tender

    Mexican state-owned giant Pemex will buy back $1.8bn of old bonds in the second leg of a liability management exercise funded by its recent bond issue.

    19 Feb 2018

  • Siemens Health brings trophy IPO to wary market

    Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.

    19 Feb 2018

  • Albaraka Turk brings first Turkish AT1

    Albaraka Turk, the Turkish subsidiary of Bahrain’s Albaraka Banking Group, has issued the first ever additional tier one capital bond from Turkey, doing so in private placement format.

    19 Feb 2018

  • Türk Eximbank seeks $300m loan, outside Akbank

    Türk Eximbank is in the market for a $300m loan to refinance debt and support exporters.

    19 Feb 2018

  • Brexit sours Swiss equivalence deal

    Brexit wrecked a recent attempt by Switzerland to adopt parts of EU financial regulation, injecting a dose of politics into the previously orderly arrangements between the two jurisdictions, and creating uncertainty for EU firms trading on the Swiss stock exchange.

    16 Feb 2018

  • Prisa's 'transformational' rights offer ends 7.6 times covered

    Prisa, the Spanish media group, has raised €563m to tackle its high debts after its rights issue finished more than seven times oversubscribed.

    16 Feb 2018

  • Berlin Hyp to extend curve with eight year

    Berlin Hyp is expected to extend its covered bond curve and open order books for an eight year mortgage-backed Pfandbrief early next week, after mandating joint leads on Friday.

    16 Feb 2018

  • Funding scorecard: supranationals

    This week's scorecard reveals how far progressed supranationals are in their 2018 funding plans as we hit the middle of February.

    16 Feb 2018

  • LatAm takes break but DCM bankers sanguine

    New issue markets in Latin America took a pause this week, but DCM bankers covering the region were not overly concerned as recent deals issued amid the volatility began to gain ground.

    15 Feb 2018

  • Volatility takes toll on Lat Am LM efforts

    Two Latin American companies on the path to recovery from precarious situations have found themselves somewhat stuck in their liability management efforts because of tougher conditions in new issue markets.

    15 Feb 2018

  • Fitch sees Mexico downside risks despite improvement

    As investors turn their eyes to Mexico’s forthcoming presidential elections, Fitch said the country’s economic and fiscal resilience would be tested this year.

    15 Feb 2018

  • People Moves in Brief

    Macquarie hiring for ABS push - Goldman structurer to launch Swiss biz - Barclays raids CS for electronic trading

    15 Feb 2018

  • Unholy trinity threatens Europe's loan market

    The European syndicated loan market is facing an unprecedented structural challenges this year, leaving market participants unsure what the usually steady corner of the capital markets might look like by Christmas, writes Michael Turner.

    15 Feb 2018

  • Deutsche finds Pfandbrief solace as cold senior winds continue to swirl

    Deutsche Bank found fleeting funding consolation with a tightly priced Pfandbrief this week but, with a considerable funding requirement left to fill, the German bank is braced for a return to senior and subordinated markets where support is likely to be more flighty. Bill Thornhill reports.

    15 Feb 2018

  • ABS trading: keeping it old school

    The $4.5m rap on the knuckles for Deutsche Bank’s CMBS trading desk for taking advantage of an opaque system of secondary trading should come as no surprise. The market revels in its lack of transparency, so don’t expect change any time soon.

    15 Feb 2018

  • Daimler steers dollar supply back on course

    Daimler led three corporate dollar issuers on Thursday as the market stabilised and high grade credits showed their resilience after a stop-start week.

    15 Feb 2018

  • Index skews sound reminder of credit interplay

    Rates and equity markets are now embroiled in a tussle that has upset the pervasive complacency of the beginning of 2018. This has naturally affected the credit markets, with primary credit indices experiencing considerable volatility. This may not be as newsworthy as the VIX, but it is notable nonetheless.

    15 Feb 2018

  • Land NRW EUR1bn 1.65% Feb 38

    15 Feb 2018

  • Madrid scores with SRI bond, coaching others on tactics

    The Autonomous Community of Madrid this week made a triumphant second visit to the socially responsible investment (SRI) market as it printed a deal double the size of its debut last year. Further issuance from the borrower — in conventional and SRI format — is likely to come soon, although in private placement (PP) format. But there may be further SRI issuance from some of Madrid’s Spanish peers.

    15 Feb 2018

  • Madrid EUR1bn 1.773% Apr 28 sustainable bond

    15 Feb 2018

  • Goldman banker joins Swiss bank to launch structured finance biz

    A managing director at Goldman Sachs has joined Swiss private banking group Reyl & Cie to head its new structured finance business.

    15 Feb 2018

  • ESMA blasted for debt approval grab

    The European Securities and Markets Authority’s plan to take over approving wholesale debt and asset backed securities prospectuses has flummoxed market participants, who say ESMA has no plan to make the new system work — raising fears that European debt markets will be gummed up by a cumbersome approval process.

    15 Feb 2018

  • NRW shows long end euros open for core as Greece suffers from vol

    The State of North Rhine-Westphalia showed that the euro long end is open for core SSAs despite wider market volatility on Thursday, but there was a more testing time for Greece in secondary.

    15 Feb 2018

  • ‘Unprecedented’ fund outflows as US high yield suffers

    The US high yield market is hunkering down, with skittish investors pulling a record amount of cash for the sector this week while the proportion of investors shorting high yield exchange traded funds hits a post-crisis high. David Bell reports.

    15 Feb 2018

  • UK banks eye dollar RMBS as TFS rolls off

    UK securitization issuers preparing for the end of the Bank of England's Term Funding Scheme are eyeing dollar-denominated RMBS, following a strong result for Nationwide's Silverstone 2018-1 issue, marketed over two weeks in the UK and US.

    15 Feb 2018

  • EC reports sees potential for growth of private debt across Europe

    A report published on Friday and commissioned by the Capital Markets Union (CMU) locates countries that are well placed to match the domestic success of the French euro private placement (PP) and German Schuldschein instruments.

    15 Feb 2018

  • World Bank SDG bond marks SRI broadening

    The World Bank’s Sustainable Development Goal (SDG) themed bond could mark a sea change as socially responsible investors broaden their focus from environmental issues to the wider universe of sustainable assets, particularly focused on the UN’s SDGs.

    15 Feb 2018

  • Investors slam banks for superficial approach to climate risk

    A group of more than 100 investors managing nearly $2tr in assets said in a report this week that banks had put up only ‘skin deep’ efforts to capture the risks and opportunities associated with climate change.

    15 Feb 2018

  • Kexim plots public dollars, prints Swissie

    Export-Import Bank of Korea (Kexim) is planning a return to the dollar bond market in the first half of this year, but the policy bank has reduced its overall funding target. It also went to the Swiss franc market this week.

    15 Feb 2018

  • US yields go high, SSAs go low in curve

    A jump in US Treasury yields following a higher than expected US inflation print could boost long end dollar supply from SSAs said bankers, although investors might be keen for concerns over inflation to die down first. Meanwhile, issuers have been focusing on short dated arbitrage style trades with benchmark issuance limited this week — and likely next week — due to the Chinese New Year holidays.

    15 Feb 2018

  • The Pained Trader: my funny valentine

    The Pained Trader wishes business and pleasure could be more happily mixed.

    15 Feb 2018

  • Collateral rule puts German sub-senior in spotlight

    Liquidity in German senior bonds is set to be hit by new rules preventing the use of the bonds as collateral when borrowing from the European Central Bank (ECB).

    15 Feb 2018

  • End of EM bull run feared as markets see red

    Three new issues from the CEEMEA market this week marked the end of the heyday of easy money for emerging market bonds, as EM bond fund outflows were on track to hit their highest level since those prompted by the election of US president Donald Trump in 2016. Francesca Young reports.

    15 Feb 2018

  • EBA pushes for tougher hedging after Premier Oil splits risk transfer market

    Premier Oil’s restructuring last year was a test for the risk transfer market, as the different synthetic securitizations exposed to the troubled firm reacted very differently. The European Banking Authority wants to see a tougher approach and more consistency in the market, which could hurt some firms’ ability to transfer risk.

    15 Feb 2018

  • Banks turn to Swiss market for opportunistic funds

    National Australia Bank (NAB) and Société Générale issued Swiss franc bonds on Wednesday with tight pricing, in a sign that the market is luring financial borrowers to print opportunistically.

    15 Feb 2018

  • VIX trends lower after short volatility fallout

    Implied equity volatility on US stocks, measured by the CBOE’s VIX index, showed signs of cooling off on Wednesday and Thursday, after it dropped from 27 on Monday and Tuesday to 19.7 on Thursday.

    15 Feb 2018

  • HY investors lead pushback, but momentum evasive

    Investors in Europe’s leveraged finance markets have started to fight for better pricing and deal terms. But a lack of supply is playing in borrowers' favour.

    15 Feb 2018

  • Macquarie looks to broaden US ABS footprint

    Macquarie Group is seeking to hire a US ABS director for its credit markets team as it looks to grow its presence in US esoteric ABS sectors, including whole business, marketplace lending and renewable energy finance.

    15 Feb 2018

  • Broadcom gets record $100bn loan for Qualcomm buy

    US chip maker Broadcom has received commitments for a staggering $100bn funding package for its acquisition of technology company Qualcomm, with the companies meeting for the first time a few days after the record financing was announced.

    15 Feb 2018

  • GKN fires broadside against hostile £7bn Melrose bid

    UK engineering group GKN has written a formal letter to its shareholders calling the £7bn plus debt-financed hostile takeover bid from industrial conglomerate Melrose 'low price and high risk', prompting yet another quick fire public response from the potential buyer.

    15 Feb 2018

  • ISDA hires finreg firm for CDM development

    The International Swaps and Derivatives Association has hired Regnosys, a finreg company, to develop the conceptual design of the trade association’s common domain model into digital format.

    15 Feb 2018

  • High yield at crossroads after investor row with trade body

    Investors want the Association for Financial Markets in Europe (Afme) to bulk up their fight against loose high yield bond terms. Afme wants high yield investors to pay a fee for the first time. With borrowers only now tentatively coming back after an unusual risk off pause, this week’s confrontation between Afme and some investor members will add uncertainty to new deal pricing, said market participants.

    15 Feb 2018

  • Hope returns to SA as Ramaphosa ends Zuma era

    Emerging market investors were optimistic after Cyril Ramaphosa was voted in as president of South Africa on Thursday, following the long awaited resignation of Jacob Zuma, though the administration has its work cut out to revive the country’s anaemic economy.

    15 Feb 2018

  • BondMarker: Portugal battles it out with KfW for January honours

    Just one-hundredth of a point separated the two frontrunners for the highest scoring deal on BondMarker in January.

    15 Feb 2018

  • NRW reopens 20 year euros as ‘stars align’

    The State of North Rhine-Westphalia on Thursday brought the first 20 year euro benchmark of the year from a core eurozone issuer, for which leads said the “stars aligned”. A sell-off in rates, core SSAs stability in the face of wider market volatility and a healthy spread over OATs all helped the deal, they said.

    15 Feb 2018

  • Sampo EUR500m 1.625% Feb 28

    15 Feb 2018

  • CFTC's Giancarlo plans European charm offensive on CCPs

    Christopher Giancarlo, the chairman of the Commodity Futures Trading Commission, will visit European regulators in London, Brussels, Frankfurt and Madrid next week in an attempt to defuse European efforts to alter unilaterally the supervision regime for foreign clearing houses.

    15 Feb 2018

  • ANZ EUR750m 0.625% Feb 23 sustainable

    15 Feb 2018

  • ANZ raises €750m as interest in sustainable bonds begins to grow

    ANZ sold what it said was the first issue of a bond aligned to UN Sustainable Development Goals (SDGs) in euros this week, raising €750m of new funding.

    15 Feb 2018

  • Climate risk is worth stressing about

    Central banks have been tweaking and improving their stress testing models in recent years. But these schemes are already long overdue using a climate risk scenario.

    15 Feb 2018

  • GKN sets out final arguments against hostile Melrose bid

    UK engineering group GKN has written a formal letter to its shareholders calling the £7bn+ debt-financed hostile takeover bid from industrial conglomerate Melrose 'low price and high risk', prompting yet another quick fire public response from the potential buyer.

    15 Feb 2018

  • Juicy Beni Stabili premium may concern some issuers

    Beni Stabili printed a “gutsy” investment grade corporate trade at the start of the week. The BBB- rated Italian firm managed to attract investors despite plenty of background noise, though bankers said it may send other prospective issuers mixed messages.

    15 Feb 2018

  • UOB considers debut sterling covered bond

    United Overseas Bank has mandated joint leads for a covered bond roadshow in the UK with a view to potentially issuing its sterling debut. Singapore peer DBS Bank undertook a roadshow in the UK two years ago but did not follow up with a deal.

    15 Feb 2018

  • Sixt sells carbon copy for latest biennial bond issue

    German car rental and leasing company Sixt sold just the second corporate bond issue of the week when it copied the format of its four previous deals, which the company has sold at two year intervals.

    15 Feb 2018

  • Creval’s €699m recapitalisation gets going

    Creval, the Italian bank, has kicked off its fully underwritten €699m rights issue, having announced the price range late on Wednesday evening.

    15 Feb 2018

  • Moody’s Gatwick rating fuels new issue hopes

    Gatwick Funding has received its first rating from Moody’s for its £5bn-equivalent multicurrency MTN programme, prompting investors to expect a new sterling issue from the UK airport group soon.

    15 Feb 2018

  • Rate rises on horizon credited for Euro PP surge

    The euro private placement market is seeing volumes rise to the highs reached in 2013-2015 as corporates push ahead with funding in the hope of beating European Central Bank interest rate rises expected later this year.

    15 Feb 2018

  • Jittery covered bond buyers set more conditional orders

    Covered bond investors are setting more conditions on their orders, joining order books later, and limiting tenors they will buy, anxious to avoid buying bonds that will underperform. Despite the picky investor base, Swedbank still raised a €1bn five year at a record tight spread.

    15 Feb 2018

  • Nigeria brings cheap bond, reprices curve

    The Federal Republic of Nigeria has released price guidance for its dual tranche bond that rival syndicate bankers and investors are calling “exceptionally” cheap.

    15 Feb 2018

  • CEE loan pipeline heats up with PXFs

    Deal flow in Central and Eastern Europe (CEE) is picking up, according to international loan bankers, with more pre-export finance facilities from Russia and some anticipated event driven transactions in the rest of the region.

    15 Feb 2018

  • Mediobanca joins run of banks raising Swiss francs

    Mediobanca is selling five year senior preferred Swiss franc bonds, one day after National Australia Bank (NAB) and Société Générale raised funding in the market. Cross-currency basis swaps are improving for foreign issuers in Swiss francs, and interest rates are rising — which means there a more windows for banks to place opportunistic bonds.

    15 Feb 2018

  • Headache for Kenya as Moody’s upsets with one notch downgrade

    Kenya will have its work cut out to reassure investors after Moody’s cut its credit rating by a notch on Tuesday. Rival bankers said the clash is poor planning, but the leads on Kenya’s upcoming roadshow said investors should be doing their own credit work, reopening the debate about the relevance of ratings agencies in emerging markets.

    15 Feb 2018

  • Østlandet plans debut benchmark Eurobond after merger

    SpareBank 1 Østlandet, created from the merger of two banks operating in the area around Oslo, has picked banks to arrange its inaugural benchmark bond in euros.

    15 Feb 2018

  • Spanish regions may follow Madrid’s SRI lead

    Spanish regional issuers are in discussions with the Autonomous Community of Madrid in an effort to add their names to the list of Spanish public sector SRI bond issuers.

    15 Feb 2018

  • UnipolSai eyes rare 10 year tier two

    UnipolSai Assicurazioni, the Italian insurer, is gearing up to sell a rare 10 year bullet tier two transaction, despite subordinated debt’s recent moves wider.

    15 Feb 2018

  • Crunch year for Deutsche's IB biz as Warren promises growth

    Shareholders are losing patience with Deutsche Bank. Rivals are circling. But the firm believes its corporate and investment bank has turned a corner. This year will be critical for its corporate finance business, writes David Rothnie.

    15 Feb 2018

  • Judge demands full Deloitte report in Popular document pull

    The Spanish National Court has ordered parties involved in a criminal investigation into Banco Popular to hand over nearly 80 related documents, including a full and unredacted version of Deloitte’s valuation report.

    15 Feb 2018

  • Fitch sees fiscal test for Mexico

    As investors turn their eyes in earnest to Mexico’s forthcoming presidential elections, Fitch said that the country’s economic and fiscal resilience would be tested this year.

    15 Feb 2018

  • ANZ seals maiden sustainable bond

    ANZ raised €750m this week from its first bond aligned with the UN sustainable development goals (SDGs), marking only the second such deal globally.

    15 Feb 2018

  • Idea Cellular on track with Rp35bn QIP

    India's Idea Cellular opened books for a qualified institutional placement of up to Rp35bn ($547.4m) after getting final approval for the deal from its board of directors on Wednesday.

    15 Feb 2018

  • Ganfeng Lithium seeks greenlight for HK IPO

    Ganfeng Lithium Co, the world’s largest producer of lithium metals, has filed a draft IPO prospectus with the Hong Kong Stock Exchange.

    15 Feb 2018

  • More debut issuers drawn to CRE CLOs for cheap funding

    First time issuers are dominating activity in the growing market for commercial real estate CLOs, with Bridge Debt Strategies the latest debut real estate investment trust to tap the market.

    14 Feb 2018

  • Al Rayan sets path to further Islamic UK RMBS

    Al Rayan Bank priced the first UK Islamic securitization this week. Even though the final spread was more than double the level of another recently priced prime UK RMBS, repeat issuance from the issuer’s Tolkien Funding programme is likely and a number of other issuers could follow.

    14 Feb 2018

  • World Bank deal heads SDG bond trend

    The World Bank’s Sustainable Development Goal (SDG) themed bond could mark a sea change as socially responsible investors broaden their focus from environmental issues to the wider universe of sustainable assets, particularly focussed on the UN's SDGs.

    14 Feb 2018

  • Pain for Novares as volatility sinks its IPO

    French car parts maker Novares has pulled its €260m IPO on Euronext Paris as global equity market volatility meant that the deal could not be achieved at a level which was in "the best interests" of the company.

    14 Feb 2018

  • Inflation print raises US rate rise expectations, as Rentenbank doubles dollar deal

    Investor expectations for the number of US Federal Reserve target rate rises this year grew on Wednesday after inflation figures for the country came in higher than most analysts’ expectations. The shift came on the same day that Rentenbank doubled its minimum size on a dollar syndication.

    14 Feb 2018

  • Global Jet revives scuttled 2017 aircraft deal

    Global Jet Capital, a private aircraft financier, has revived a securitization backed by a portfolio of aircraft leases and loans that the company scuttled late last year.

    14 Feb 2018

  • GKN offers shareholders £2.5bn in Melrose battle

    Industrial conglomerate Melrose’s likely debt-driven hostile takeover attempt of UK engineering group GKN took another twist on Wednesday, with the target offering shareholders £2.5bn in cash over the next three years as it sells assets.

    14 Feb 2018

  • ECB steps up secondary covered bond purchases as investors ‘park cash’ in threes

    In the absence of primary activity, the European Central Bank maintained its strong presence in the covered bond market over the last week by stepping up secondary purchases. At the same time, investors have avoided punitive negative yields by buying three year non-Eurozone bonds.

    14 Feb 2018

  • Unilever Spreads’ €7bn LBO ready for ‘wobbly markets’

    Bookrunners will start marketing the financing for KKR’s buyout of Unilever’s spread business as soon as next week, with the European high yield bond and the leveraged loan market both braced for supply.

    14 Feb 2018

  • IOSCO trumpets its concerns on complex retail derivs

    The International Organization of Securities Commissions on Tuesday urged its members to “improve the practices” of firms offering complex derivatives to retail clients as it opened a consultation on the matter to the public.

    14 Feb 2018

  • Deutsche Bank eschews senior volatility with tightly priced Pfandbrief

    Deutsche Bank avoided senior unsecured and subordinated bond markets, where its paper has widened considerably, to raise €500m of seven year covered bond funding on Wednesday. The bank paid virtually no new issue premium.

    14 Feb 2018

  • Swiss market weathers storm as two banks raise opportunistic funding

    National Australia Bank (NAB) and Société Générale both entered the Swiss market on Wednesday with tight pricing, in a sign that the market is luring financial borrowers to print opportunistically in Swiss francs.

    14 Feb 2018

  • Macquarie tees up euro return

    Macquarie is set to issue in euros for the first time since 2015 as it looks to re-engage with investors in that currency. It will also be the first time it has issued at the group level in euros.

    14 Feb 2018

  • Active managers eye chance to prove themselves amid volatility

    Volatility is still the talk of equity markets after last week's global sell-offs. Prices have stabilised but markets are expected to remain turbulent, raising questions as to whether these conditions will lead to a fundamental shift in how equity investors manage their portfolios.

    14 Feb 2018

  • Egypt grabs $4bn with hefty book

    The Arab Republic of Egypt printed its $4bn triple tranche bond on Tuesday from a book that peaked at $12.5bn, despite another EM issuer — Russia's GTLK — having to postpone because of market volatility. A rival syndicate banker called the note cheap, but necessarily so.

    14 Feb 2018

  • Bank Sohar’s $300m loan to be oversubscribed

    Bank Sohar, the Omani bank, is expected to sign an oversubscribed three year loan for $300m by the end of February. Demand for the facility has been high from international banks despite the country’s rising budget deficit.

    14 Feb 2018

  • FIG issuers return to find buyers want more NIP

    Borrowers have returned to the FIG primary market, but investors are hoping for greater new issue premiums.

    14 Feb 2018

  • SDG themed bonds ‘growing in prominence’

    Bonds targeting the United Nation’s Sustainable Development Goals (SDG) are set to become a bigger part of the socially responsible investment universe, according to one investor.

    14 Feb 2018

  • GTLK pulls deal, blames market volatility

    GTLK, Russia’s state transport leasing company, on Tuesday postponed its dollar Reg S seven year amortising bond, blaming “broader market volatility” for the move. But investors looking at the note said the postponement was more a sign of the buyside becoming more discerning.

    14 Feb 2018

  • ANZ goes for size with debut sustainable bond

    ANZ equalled a record €750m deal size with its first ever sustainable bond on Wednesday, as bankers said that the market was wide open for deals in more defensive formats.

    14 Feb 2018

  • ECB buying is keeping net IG issuance negative

    The European Central Bank’s corporate sector purchase programme maintained its rate of purchasing in the first six weeks of 2018, which helped support spreads through the recent period of volatility in global markets.

    14 Feb 2018

  • Inflation the focus for IG corporate bond investors

    The bond markets have been muted in their response to last week’s equity market volatility. Corporate bond investors did not suffer the heavy losses or wild intraday swings their equity peers had endured, leaving them to focus back on fundamentals.

    14 Feb 2018

  • EM investors turn picky as volatility bites

    The recent bout of volatility has claimed its first victim in the emerging markets after Russia’s State Transport Leasing Company (GTLK) postponed its proposed seven year dollar bond.

    14 Feb 2018

  • Galliford to raise £150m to cover Carillion costs

    Galliford Try, the UK construction company, has announced a £150m capital increase to help cover costs related to the collapse of Carillion in January.

    14 Feb 2018

  • San Miguel Pure Foods eyes $1.5bn follow-on

    Philippine food and beverage conglomerate San Miguel Pure Foods Co is planning to tap the local equity capital markets for up to $1.5bn, according to an exchange filing on Wednesday.

    14 Feb 2018

  • Debt bankers shrug off Macau’s rating upgrade

    Fitch upgraded Macau’s long term foreign currency issuer rating to AA from AA- on Tuesday on the back of strengthened financials, but the boost is unlikely to spur more bond issuance from the region, said bankers.

    14 Feb 2018

  • Non-call events weigh on market watchers as rates rise

    A Chinese company’s decision to pay an extra 300bp in coupon to defer payments on its onshore perpetual notes has not only shocked the domestic bond market, but also inevitably raised concerns offshore. Bankers and investors are now paying much closer attention to the onshore/offshore dynamics.

    14 Feb 2018

  • Baidu's iQiyi sets ball rolling for US IPO

    Baidu-backed video streaming platform iQiyi has filed documents with the US market regulator for a listing of American Depository Shares (ADS), according to the Chinese parent company’s quarterly earnings report released on Tuesday.

    14 Feb 2018

  • Shenzhen Stock Exchange to woo tech IPOs

    The Shenzhen Stock Exchange (SZSE) may adjust its profitability and share structure requirements for IPOs as technology-oriented listings come to the fore.

    14 Feb 2018

  • Tianli Education plans Hong Kong IPO

    Tianli Education International Holdings filed a draft IPO prospectus with Hong Kong’s stock exchange on Tuesday, joining the ever-growing group of Chinese education firms listing in the city.

    14 Feb 2018

  • Camposol pulls tender but Lat Am not dead

    Peruvian agricultural company Camposol has cancelled a tender offer for existing notes after market conditions led it to delay a new bond sale, but Lat Am bankers are not overly pessimistic about prospects for primary markets.

    14 Feb 2018

  • JPM nails world first with RMB clearing mandate

    JP Morgan has become the first non-Chinese financial institution to get an official renminbi clearing bank licence, joining Bank of China's New York branch as the second such firm in the US, the People’s Bank of China said on February 13.

    14 Feb 2018

  • Morningstar appoints new president, sees potential boom in esoteric ABS

    Morningstar Credit Ratings has named managing director of RMBS and ABS Brian Grow as president, as the rating agency eyes a growing esoteric securitization market in 2018.

    13 Feb 2018

  • Marble Point US CLO fund lists on LSE

    Shares in US CLO manager Marble Point’s listed loan fund were admitted to the London Stock Exchange on Tuesday, after the firm successfully closed a $42.5m initial public offering on Friday.

    13 Feb 2018

  • Tax reform presents obstacle for residential PACE ABS

    A trio of changes in the recently signed US tax reform package could lead to shrinking origination volumes of residential Property Assessed Clean Energy (PACE) liens, and speed up prepayments on existing PACE securitizations, analysts at Morningstar Credit Ratings cautioned this week.

    13 Feb 2018

  • Little respite for loan starved CLOs despite credit swings

    US high yield bonds have been jittery in recent days but the loan market has largely held firm, with few opportunities for CLO managers to buy assets on the cheap. The riskiest pieces of CLO debt have shown some vulnerability to market pressures, however.

    13 Feb 2018

  • American Greetings bags financing for CD&R takeover

    Greetings card company American Greetings, which owns brands such as Papyrus and Carlton Cards, has obtained financing from a consortium of banks to finance Clayton, Dubilier & Rice’s acquisition of a 60% stake in the privately owned firm.

    13 Feb 2018

  • Blackstone CMBS defies ECB ban to price at tight end of talk

    Blackstone’s Italian CMBS Pietra Nera Uno was priced this week at the tight end of the 115bp-125bp price talk range for the senior tranche, despite a minor upset last Thursday as the European Central Bank (ECB) decreed that CMBS would be ineligible as repo collateral.

    13 Feb 2018

  • Madrid scores ‘excellent’ result with second SRI visit

    The Autonomous Community of Madrid on Tuesday printed its largest ever sustainable bond — and its biggest bond of any kind in three years — with a trade that was double the size of its SRI debut last year. Bankers away from the trade hailed the “excellent” result, with one saying it was “probably as good a result as the issuer could have hoped for”.

    13 Feb 2018

  • Monte: back to life, back to reality

    Following an €8.1bn state bail-out, Banca Monte dei Paschi di Siena still has its work cut out in putting ticks in the boxes of its 2021 restructuring plan.

    13 Feb 2018

  • E-trading provider bids to resolve MiFID-GDPR clash

    Electronic platform provider NEX has found a compromise between MiFID II, the new set of European regulations which require transparency of trading, and the General Data Protection Regulation (GDPR), an upcoming European regulation which requires corporations to protect individual private data.

    13 Feb 2018

  • UK challenger lender TruFin floats for £70m

    TruFin, the UK financial technology and direct lending holding company, has completed its £70m IPO on the London Stock Exchange.

    13 Feb 2018

  • 3i aims to replicate Refresco success with Royal Sanders acquisition

    Sources have said 3i plans to follow a buy-and-build approach with the newly acquired Royal Sanders, the Anglo-Dutch personal care product manufacturer. The strategy would mirror its successful expansion of drinks bottling company Refresco, which sparked a bounty of deals in the high yield and leveraged loan markets.

    13 Feb 2018

  • Turkish IPOs hold fast despite EM outflows

    The two Turkish IPOs priced this year are trading roughly in-line with their listing prices, despite recent outflows from emerging market ECM. But it is too early to judge whether this represents a positive outlook for Turkish ECM this year, according to sources.

    13 Feb 2018

  • Syndicated loan market facing most challenges in memory

    The European syndicated loan market is facing an unprecedented amount of structural challenges in 2018, leaving market participants unsure what the usually stalwart corner of the financial sector might look like by the end of the year.

    13 Feb 2018

  • Public bonds would be better for Qatar National Bank

    Qatar National Bank (QNB) has picked up $2.38bn of bonds via private placements (PPs) in the last fortnight. But the size of the deals are such that they would have been better printed as public Eurobonds.

    13 Feb 2018

  • Equity-bond sell-off leads to more derivatives hedging

    After last week's equity and bond market sell-offs, investors are worried about the positive correlation between the two asset classes, leading to increased hedging with derivatives, according to an equity derivatives strategist.

    13 Feb 2018

  • 'Books covered' for GTLK, final yield unmoved from talk

    GTLK, Russia’s state transport leasing company, is adding to the flurry of Russian bonds printed since the start of this year, but leads have been unable to crunch the final yield tighter from initial price thoughts.

    13 Feb 2018

  • Dubai Holding’s telecom business seeks $572m refi

    Investment holding company Dubai Holding’s telecom business — Emirates International Telecommunications (EIT) — is looking to refinance a previous facility with a Dh2.1bn ($572m) club loan.

    13 Feb 2018

  • Sør Boligkreditt reopens covereds after bout of volatility

    Sparebanken Sør Boligkreditt came to the market on Tuesday with a five year covered bond, as market participants suggested that new issue premiums could start to rise.

    13 Feb 2018

  • Egypt brings single-B bellwether bond

    The Arab Republic of Egypt is providing the first big test of the resilience of emerging market debt since last week's volatility with a triple tranche dollar bond. Bankers eyeing the trade say the book size, and amount of price revision, will be a real indicator of investor appetite for riskier EM debt now the shine has come off the market.

    13 Feb 2018

  • Sampo picks spot for 10 year in calmer market

    Sampo, the Finnish insurance firm, brushed away the recent bout of volatility with a €500m issue of new senior bonds in the euro market on Tuesday.

    13 Feb 2018

  • The real Barclays difference

    Barclays has replaced most of its C-suite, hired expensive bankers and traders from top firms, recommitted balance sheet to fixed income trading, and proclaimed its commitment to a still-underpowered investment bank. But the effects of all this are still dwarfed by the UK bank’s approach to litigation.

    13 Feb 2018

  • ANZ eyes euros for debut sustainable bond

    ANZ is lining up its first issue of a bond aligned to the UN Sustainable Development Goals (SDGs), following its debut green transaction in 2015.

    13 Feb 2018

  • Republic of Belarus back for dollar test

    The Republic of Belarus, which issued one of the best performing bonds of 2017, is looking to return with a 10 year dollar benchmark.

    13 Feb 2018

  • Deutsche CEEMEA DCM banker at risk

    Deutsche Bank has put the role of a CEEMEA DCM banker at risk.

    13 Feb 2018

  • Universities target 'patient' investors to buy into innovation

    The worlds of academic research and finance are increasingly merging, as “patient capitalists” look to invest in university spin-outs for social impact and returns — and some equity investors and SRI funds are taking note.

    13 Feb 2018

  • Singapore eyes first Bangladeshi IPO in Summit Power

    Singapore is set to host its first IPO from Bangladesh, with Summit Power looking to hit screens in early March, said bankers close to the deal.

    13 Feb 2018

  • MS names new heads of Apac FIG and financial sponsors group

    Morgan Stanley has appointed Simon Herrmann as head of Asia Pacific financial institutions group and Mohamed Atmani to head the region’s financial sponsors group, according to internal memos seen by GlobalCapital Asia.

    13 Feb 2018

  • Lenovo plugs in for $1bn new money borrowing

    Chinese smartphone and laptop maker Lenovo Group has approached lenders in the offshore loan market for a $1bn fundraising.

    13 Feb 2018

  • Korea postpones widening of foreign investor capital gains tax

    South Korea’s Ministry of Strategy and Finance (MOSF) has decided to suspend its plan to lower the threshold for capital gains tax on foreign shareholders of local stock.

    13 Feb 2018

  • Ronshine squeezes $100m tap through narrow window

    Ronshine China Holdings became the only Asian issuer to sell a dollar bond this week in the run-up to Chinese New Year. But the company ended up bagging a mere $100m from its tap, despite rumours it was eyeing as much as $225m.

    13 Feb 2018

  • EM portfolios post biggest outflows in 14 months

    After a buoyant January, emerging markets took a hit this month, with volatility leading to the biggest outflows seen in more than a year. But this is likely to be just a short-term blip.

    13 Feb 2018

  • Vingroup mulls $1bn housing unit spin-off

    Vingroup is considering the spin-off and listing of its residential business Vinhomes in a deal that could be worth around $1bn, according to a source familiar with the matter.

    13 Feb 2018

  • GMR Infrastructure picks banks for IPO of airport arm

    India’s GMR Infrastructure has mandated three banks for the spin-off and listing of its airports unit, according to sources close to the matter.

    13 Feb 2018

  • Argentine aluminium producer weighs up bond sale

    Aluar, the Argentine aluminium producer, will look into the possibility of issuing local or international debt after the company’s board of directors approved a $300m bond shelf.

    13 Feb 2018

  • CSN cuts tender offer size

    Brazilian steel producer CSN (Companhia Siderúrgica Nacional) has more than halved the size of a planned tender offer after completing a smaller than intended bond issue last week amid market volatility.

    13 Feb 2018

  • CCB, Citic CLSA lead Jiangxi Bank's Hong Kong IPO

    Jiangxi Bank has filed a draft prospectus for its Hong Kong IPO, with the Chinese lender appointing two firms as sponsors.

    13 Feb 2018

  • Deutsche Bank to repay $3.7m to ‘misled’ CMBS customers

    The Securities and Exchange Commission has settled charges with Deutsche Bank over the “misleading” of customers over the price of US CMBS bonds, ordering the bank to repay more than $3.7m to customers, on top of a $750,000 fine.

    12 Feb 2018

  • Purchasing Power makes ABS return

    Purchasing Power, a speciality e-commerce retailer, is back in the ABS market after a three-year absence.

    12 Feb 2018

  • Natixis closes Amazon office securitization

    Natixis has securitized a commercial mortgage made to real estate investment firms RFR Holding and TriStar Capital secured on a brand new office building outside Seattle that is leased to Amazon.

    12 Feb 2018

  • CLO supply to improve, but risk retention ruling could dent European demand

    A ruling last week by a US court exempting CLO managers from risk retention rules should boost supply of US CLOs, though demand may suffer, as regulated European investors will no longer be able to buy into US deals, said bankers. Likewise, European CLO spreads may tighten as the supply of compliant paper dwindles.

    12 Feb 2018

  • Greece 'under pressure' in secondary after ‘difficult week’

    Greece’s return to capital markets last week drew nothing but praise on the day, but its subsequent performance in the secondary market has left something to be desired, said bankers.

    12 Feb 2018

  • Madrid to revisit sustainable market

    The Autonomous Community of Madrid is prepping its second ever sustainable benchmark, after mandating banks on Monday.

    12 Feb 2018

  • Broadcom gets $100bn loan for Qualcomm buy

    US chip maker Broadcom has received commitments from 12 lenders for a staggering $100bn funding package to finance its acquisition of technology company Qualcomm.

    12 Feb 2018

  • EG’s acquisition spree weighs on ratings

    Petrol station forecourt company EG Group’s credit worthiness has come under pressure after the UK firm announced $2.15bn of debt-financed acquisition plans last week.

    12 Feb 2018

  • Yildiz Holding restructures $1bn loan

    Turkish food giant Yıldız Holding has restructured the equivalent of $1bn in short term loans into one long term syndicated loan, as part of its efforts to facilitate its growth plans for this year.

    12 Feb 2018

  • Wabco tests Schuldschein water for US supply

    Wabco Europe BVBA, an industrial equipment supplier with headquarters in Brussels, has launched a €200m inaugural Schuldschein. The deal is guaranteed by Wabco Holdings, a company listed on the New York Stock Exchange.

    12 Feb 2018

  • Photos from the Syndicated Loan and Leveraged Finance Awards 2017

    GlobalCapital revealed the winners of its Syndicated Loan and Leveraged Finance Awards 2017 at its 15th Annual Loans Dinner on Wednesday. Banks and borrowers from all over the EMEA region attended the dinner at the new venue of Gibson’s Hall in Bishopsgate, London.

    12 Feb 2018

  • Renaissance Capital launches algo unit

    Russian investment bank Renaissance Capital on Monday revealed that it had set up an algorithmic trading unit to take advantage of volatility in financial markets.

    12 Feb 2018

  • BondMarker results: a trio of euro prints

    The votes are in — read on to find out how deals priced in the week beginning January 29th fared with our voters.

    12 Feb 2018

  • Learning Curve: The merits of equally weighted portfolios

    While market capitalisation weighted indices and portfolios have been incredibly popular in recent years, data show that their equally weighted brethren can have an edge with lower concentration risk and better performance.

    12 Feb 2018

  • Volatile markets fail to put a dent in home builder Instone’s IPO

    The Frankfurt IPO of German real estate developer Instone finished on a strong note on Wednesday, despite the company having to bookbuild during an extraordinarily volatile week for equity markets.

    12 Feb 2018

  • Euro lev loans ignore US volatility with run of leveraged buyouts

    Europe’s speculative grade debt markets began cautiously weighing the impact of a recent surge of US-driven volatility this week. While high yield issuers remain circumspect, leveraged loan borrowers led by French calibration specialist Trescal are charging on, confident that investor demand remains strong.

    12 Feb 2018

  • ‘Huge consequences’ for German senior as ECB tightens collateral criteria

    The European Central Bank (ECB) has said that bail-inable senior bank bonds cannot count as collateral, as part of changes tightening its eligiblity criteria. This could have a particular effect in Germany, where all senior bank bonds are statutorily subordinated.

    12 Feb 2018

  • Kenya to push out international funding to 2048

    Kenya has mandated banks for its first Eurobond since 2014, and is looking to extend its curve by 24 years to join the handful of sub-Saharan African borrowers that have tapped the 30 year part of the curve.

    12 Feb 2018

  • Sør Boligkreditt to open books for rare five year covered bond

    Sparebanken Sør Boligkreditt has mandated joint leads for a new euro covered bond, the second five year transaction from a investment grade European issuer this year.

    12 Feb 2018

  • No guidance yet on Novares' €260m Paris IPO

    There has been no book update or price guidance yet on the €260m IPO of Novares, the French plastic car parts maker, according to a source close to the deal. The books are due to close this week.

    12 Feb 2018

  • ECBC launches EeMAP public consultation

    The European Covered Bond Council (ECBC) has launched a consultation seeking market feedback on draft guidelines for a standardised European energy efficient mortgage.

    12 Feb 2018

  • Bond markets not ‘out of the woods yet’ after volatile period

    Financial institutions are likely to be cautious about jumping back into the primary market this week, after a recent sell off in equities and credit.

    12 Feb 2018

  • Kexim prints in Swiss francs as market proves 'resilient'

    The Export-Import Bank of Korea (Kexim) printed in Swiss francs on Monday. That was a sign, said bankers in Zurich, that the market is more resilient than others in times of broader volatility, and could welcome more emerging market names in the coming months.

    12 Feb 2018

  • European authorities give cryptocurrency warning

    European supervisory authorities jointly warned consumers this week about the potential risk of buying and holding virtual currencies like bitcoin.

    12 Feb 2018

  • Kexim eyes dollar bond return

    The Export-Import Bank of Korea (Kexim) is plotting its return to the dollar bond market in the first half of this year, but the policy bank has reduced its overall funding target.

    12 Feb 2018

  • Top Glove loan cruises to oversubscription

    A $310m two-part borrowing to support Malaysian surgical glove maker Top Glove Corp’s acquisition of Aspion is oversubscribed, with a handful of banks committing to the deal.

    12 Feb 2018

  • IPO roundup: Spandana preps $150m deal, Indostar eyes $300m

    Indian micro-finance lender Spandana Sphoorty Financial is in the process of mandating banks for a potential $150m IPO, according to a banker at a firm pitching for the deal.

    12 Feb 2018

  • Ronshine tap offers glimmer of activity before CNY

    Those bankers and investors who hoped for a small burst of activity before Chinese New Year were left disappointed on Monday, when Ronshine China Holdings became the only issuer from Asia ex-Japan to launch a dollar bond.

    12 Feb 2018

  • Sino-Ocean keeps Panda party going

    Sino-Ocean Property Holdings has extended the streak of Panda bonds issued since the start of 2018. The real estate issuer sealed a Rmb3bn ($476.2m) three year deal – its second Panda in two weeks – at the wide end of the price guidance range last Thursday.

    12 Feb 2018

  • Pemex to add $1.8bn to new 30 year via exchange

    Mexican state-owned oil giant Pemex will more than double the size of its 30 year bond issued on February 1 after receiving a strong response to an exchange offer.

    12 Feb 2018

  • Aster DM Healthcare nets eight IPO anchor investors

    Aster DM Healthcare has brought in eight investors including Caisse de dépôt et placement du Québec and First State Investments to anchor its Rp9.8bn ($152.7m) IPO in India.

    12 Feb 2018

  • The week in renminbi: China sets date for oil futures launch, Philippines wins approval for Panda debut, offshore investors hold more Chinese bonds

    China unveils plans to kick start RMB-denominated oil futures next month, the Philippines gets regulatory greenlight for its Panda bond issuance, and foreign ownership of bonds in the interbank bond market rises again in January.

    12 Feb 2018

  • Fannie Mae’s surge makes green MBS a big market

    Fannie Mae has quietly become a powerhouse in green securitization. In 2017 it issued $27.6bn of green mortgage-backed securities, dwarfing all other issuance ever.

    11 Feb 2018

  • US CLO industry wins risk retention exemption

    In a big vote of confidence in the CLO product, the District of Columbia Court of Appeals ruled on Friday that CLO managers should be exempt from risk retention requirements, vindicating the arguments put forward by the Loan Syndications and Trading Association against federal regulatory agencies.

    09 Feb 2018

  • LBBW reshuffles research team

    LBBW has promoted Thomas Meißner to be its new head of strategy. Alexandra Schadow takes over from Meißner as head of cross-asset research.

    09 Feb 2018

  • ECB signals CPT covered bonds’ risk with greater repo haircuts

    The European Central Bank (ECB) has effectively doubled valuation haircuts for conditional pass through (CPT) covered bonds that are retained for repo purposes. The move, which follows the bank’s decision to not buy CPTs from non-investment grade issuers for its purchase programme, signals that the central bank sees inherent risks in the structure.

    09 Feb 2018

  • Greece EUR3bn 3.375% Feb 25

    09 Feb 2018

  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress Europe's supranational and agency borrowers have made in their funding programmes.

    09 Feb 2018

  • Yushvaev sells €134m of Delivery Hero stock

    Another equity block trade in Delivery Hero, the German online food ordering marketplace, flew out of the door on Thursday night after the company had reported its 2017 earnings earlier in the week.

    09 Feb 2018

  • Umicore raises €891.5m despite difficult markets

    Umicore, the Belgian materials technology and recycling group listed on Euronext Brussels, braved volatile equity markets on Thursday to raise €891.5m of new equity.

    09 Feb 2018

  • Lincoln loves the limelight as JP, Citi hit holdco

    Lincoln National showed the resilience of the US high-grade as it racked up a bumper order book and enjoyed tight pricing.

    09 Feb 2018

  • Nostrum takes out $400m for refi

    Nostrum Oil & Gas, the Kazakh independent oil and gas company listed in London, nipped into a busy bond market on Thursday to raise $400m to complete the refinancing of its bonds due 2019.

    09 Feb 2018

  • Barclays raids CS again for electronic equities head

    Barclays has hired a new global head of electronic equities from Credit Suisse, following Stephen Dainton into the revamped UK firm, and signalling the importance of electronic execution.

    09 Feb 2018

  • Corporate bond week ahead: Corp bonds stand firm amid equity turmoil

    The corporate bond market has stayed away from the eye of this week’s equity market correction storm, so far. Despite the enhanced volatility, €5.75bn of corporate bonds were priced. While none of the nine tranches have given investors much performance yet, equally, none have yet really underperformed.

    09 Feb 2018

  • Santander had ‘much higher bid’ for Popular, sources claim

    Santander had lined up a “much higher bid” than the €1 it paid for Banco Popular last summer, claimed sources close to the Spanish bank’s resolution. They argued that the sales process would have been more competitive if the Single Resolution Board had allowed potential rescue bidders more time to consider their positions.

    09 Feb 2018

  • Huami weathers US equity rout as shares pop on debut

    A tightly allocated book helped Huami Corp weather the storm in equity markets, with the New York Stock Exchange-listed company closing 2% higher on its debut.

    09 Feb 2018

  • Meeting the margin challenge

    Clearing Houses collecting margin to manage their counterparty risks is perhaps the central tenet of the G20 plan to de-risk the derivatives market. To work, it depends on collateral moving quickly and efficiently between market participants and clearing houses. Time is tight and delays can have major consequences.

    09 Feb 2018

  • Golden Eagle hunts for $500m facility with five

    Chinese department store operator Golden Eagle International Trading is back in the overseas loan market after a gap of three years for a $500m financing.

    09 Feb 2018

  • Funding arbitrage encourages Sinochem to cook up dim sum

    Sinochem Hong Kong (Group) Company has raised Rmb1bn ($158m) from a dim sum bond, reviving the sector for corporate issuers from the Mainland. Although market sentiment was not ideal, the issuer still managed to achieve a ‘good saving’ compared to both its onshore funding level and the likely funding cost it would face with a dollar deal.

    09 Feb 2018

  • Qingdao Haier mulls debut D-share listing in Germany

    Mainland consumer electronics giant Qingdao Haier is considering launching a flotation of Chinese D-shares on the Frankfurt-based China Europe International Exchange (Ceinex).

    09 Feb 2018

  • Golden Energy pays Asia’s highest bond coupon this year

    Indonesia’s Golden Energy and Resources nabbed $150m from a visit to the bond market but the market volatility cost the company, forcing it to pay the highest coupon for a dollar bond in the region so far this year.

    09 Feb 2018

  • Fantasia secures $300m as refi pressure builds

    Fantasia Holdings Group Co managed to take advantage of a stock market rebound that proved to be short-lived on Thursday, raising $300m from a 364-day trade. The company has around $1.6bn of onshore and offshore bonds maturing in the coming months, but managed to convince investors it has a plan to deal with this looming maturity risk.

    09 Feb 2018

  • HK watchdog clamps down on crypto exchanges, ICOs

    Hong Kong’s markets regulator has sounded off another warning on cryptocurrencies, taking action against a number of exchanges and issuers of initial coin offerings (ICOs).

    09 Feb 2018

  • Canara Bank adds Rp10bn to fundraising goal

    Indian state-owned Canara Bank is looking to raise up to Rp45bn in fresh capital. It increased the target by Rp10bn this week and plans to use methods including a qualified institutional placement and rights issue.

    09 Feb 2018

  • Aekyung Industry readies W232bn flotation

    South Korean firm Aekyung Industry Co is preparing to launch an IPO that could be up to W231.9bn ($213.3m), according to filing with the Korean market regulator on Thursday.

    09 Feb 2018

  • Credit Suisse equity-linked head rejoins Morgan Stanley

    Eva Zhong, who ran Credit Suisse’s equity-linked business in Asia, is rejoining Morgan Stanley to take up a senior equity capital markets role, sources close to the move said.

    09 Feb 2018

  • RMB round-up: PBoC to reform bond markets, FX reserves up for twelfth straight month, Cambodia considers RMB for China trade

    The People’s Bank of China eyes bond market reforms, China’s FX reserves stand at $3.16tr after another month of growth, and Cambodia moves closer to replacing the dollar with the renminbi for trades with China.

    09 Feb 2018

  • Volatility strikes twice to complicate Lat Am deal rush

    Four Latin American issuers ventured into cross-border markets on Thursday after a deceptively calm Wednesday, only to be faced with a wave of volatility that had investors worried and led to wider pricing.

    08 Feb 2018

  • Unifin continues microfinance run in tough conditions

    Mexican non-bank lender Unifin made its second bond market outing of the year on Thursday with a senior unsecured deal that came at the wide end of initial price thoughts.

    08 Feb 2018

  • Investors smoke peso debut but DR pays up in dollars

    Bankers said that the Dominican Republic’s Dominican peso bond sale was the highlight of a busy but choppy day in Latin American primary debt markets, though market volatility cost the sovereign heavily in dollars.

    08 Feb 2018

  • People Moves in Brief

    Citi names HY trading head — Kurdyavko to run EM for BlueBay — CFPB names chief of staff

    08 Feb 2018

  • The Pained Trader: Portrait of The Artist As A Young Broker

    The Pained Trader advises his younger self.

    08 Feb 2018

  • Italian banks fear ECB will target existing NPLs

    The European Central Bank might implement its controversial provisioning proposal for NPL inflows from April — later than originally anticipated, it said this week. But Italian lenders are now scared their existing NPLs will be on the hook next.

    08 Feb 2018

  • SSAs cheer as investors ignore US equity shock to grab dollar bonds

    The SSA market showed its “resilience” to the horror show in US equities early in the week as a series of borrowers printed strong dollar trades — one with its largest ever book, another with its largest size in years and not one paying up for the privilege. Some bankers suggested they may have benefited from a flight to safety but the general sense was that if the volatility comes back, public sector borrowers need not worry.

    08 Feb 2018

  • EIB USD4bn 2.375% May 21

    08 Feb 2018

  • BNG USD1.5bn 2.5% Feb 21

    08 Feb 2018

  • UK GBP2.75bn 0.125% Aug 48 linker tap

    08 Feb 2018

  • EFSF EUR3bn 0.95% Feb 28

    08 Feb 2018

  • Sweden USD3bn 2.375% Feb 21

    08 Feb 2018

  • Finland EUR3bn 1.125% Apr 34

    08 Feb 2018

  • Bpifrance EUR1bn 0.25% Feb 23

    08 Feb 2018

  • US IG bonds hold firm amid the carnage

    The US high grade bond market remained open for business through the market sell-off this week, underlining its resilience.

    08 Feb 2018

  • Belgium’s Green OLO to fund rail transport

    Rail travel will be the centrepiece of the Belgian government’s green bonds, the framework for which was revealed on Thursday morning at meetings in Brussels.

    08 Feb 2018

  • Ontario USD3bn 2.55% Feb 21

    08 Feb 2018

  • CAF EUR1bn 1.125% Feb 25

    08 Feb 2018

  • CEB USD1bn 2.625% Feb 23

    08 Feb 2018

  • Corporates mull options hedge in new life under IFRS 9

    Corporates have been considering using options to hedge their FX exposure ever since the International Financial Reporting Standard 9 came into effect this year. But interest has been slower to build than some experts had expected.

    08 Feb 2018

  • Investors head to the short end as market volatility returns

    Investors showed their preference for additional tier one (AT1) deals approaching their first call dates this week, as they looked to reassess the sector amid a bout of volatility.

    08 Feb 2018

  • Quality euro SSAs thrive amid returning vol

    The euro SSA market reacted with commendable calmness to the Dow Jones’s worst day in six years on Monday but moves in the secondary market on Thursday showed that “vol isn’t dead”, according to one head of SSA DCM.

    08 Feb 2018

  • US RMBS to escape downgrades from hurricane impact, says Fitch

    Regions in the US hit by hurricanes in August and September are recovering at a rate that will likely spare residential mortgage bonds from downgrades, said Fitch Ratings on Thursday.

    08 Feb 2018

  • UK mulls syndication future after finishing financial year

    The UK Debt Management Office (DMO) this week rounded out its syndication programme for the 2017-18 financial year with another deal that met with acclaim. Unlike several of its last few deals, the UK did not build a record book — but that development may have helped sway a debate over the future of its syndication programme.

    08 Feb 2018

  • Steady hands required as Greece and volatility return

    Despite heavy volatility in the equity markets, in fixed income, public sector bond issuers had an excellent week. A cool €10bn hit the market in tenors from five to 15 years and from all parts of the spectrum within the asset class. Lewis McLellan reports.

    08 Feb 2018

  • Philly Fed chief warns of mounting student debt

    Patrick Harker, president and CEO of the Federal Reserve Bank of Philadelphia, said on Thursday that student loan debt is becoming a “real threat” to American households, with the number of older student loan borrowers quadrupling in the last 10 years.

    08 Feb 2018

  • Duo makes seven from Russia this year, blasts away US Treasury fears

    Credit Bank of Moscow and Domodedovo Airport (DME) brought the total Eurobond tally of Russian issuers this year to seven this week. Those latest two issuers jumped in shortly after Directive 1 sanction fears were quashed by the US Treasury.

    08 Feb 2018

  • Keep Qatar and carry on

    Ever since six Arab countries led by Saudia Arabia and the UAE ostracised Qatar last summer, banks have been agonising over the feud.

    08 Feb 2018

  • Reits on rise in private debt markets

    Real estate investment trust (Reit) issuance is rising in private debt markets, as spreads compress and borrowers look to lock in long term debt before expected interest rate rises.

    08 Feb 2018

  • RusHydro opens Eurorouble bond market to take Rb20bn

    RusHydro, the Russian hydroelectric power generator, issued the first local currency Eurobond of 2018 with a three year note on Thursday. Bond bankers said that internationally cleared local currency bonds would gain increasing traction this year.

    08 Feb 2018

  • Entertainment One completes Mark Gordon funding

    UK media company Entertainment One has tapped its outstanding 6.875% bonds due 2022 for £70m ($97.6m), as the company looks to snap up the remaining stake in the television studio Mark Gordon Company that it does not already own.

    08 Feb 2018

  • Short vol trick collapses as markets whipsaw

    The viability of short volatility strategies in derivatives markets was dealt a severe blow this week, after a historic spike in equity volatility torpedoed popular exchange traded notes. Costas Mourselas reports.

    08 Feb 2018

  • New frontier in EM as Trans-Oil plans first Moldovan bond

    Moldovan agro-industrial holding company Trans-Oil Group is looking to make its capital markets debut. The deal will be the first ever from a Moldovan corporate — and with no outstanding bonds from the sovereign, investors will have a lot of price work to do.

    08 Feb 2018

  • Long-end interest strong for Aussie dollars

    Rates in Australian dollars are compelling compared to most currencies, which has aided long-end demand and allowed for a bumper outing by a supranational this week.

    08 Feb 2018

  • Banks stick by Qatar on QNB funding despite Gulf spat

    Qatar National Bank (QNB) has signed a $3.5bn loan with 21 international banks, with one of those also selling over $2.3bn of MTNs for the issuer, showing that banks’ jitters about supporting Qatari entities in the wake of the dispute between the sultanate and six other Arab states have partly been assuaged. Bianca Boorer and Virginia Furness report.

    08 Feb 2018

  • Rare Italian CMBS offering hits primary pipeline

    Blackstone is in the market with a rare Italian CMBS transaction, with price talk emerging Thursday for Pietra Nera Uno S.r.l, a €403.8m securitization backed by a trio of loans secured by retail properties.

    08 Feb 2018

  • Greece 'worth the wait'

    After being sidelined by volatility in the equity market this week, Greece made it to market on Thursday with a €3bn seven year.

    08 Feb 2018

  • Deutsche makes MD and director cuts, blasts Birmingham DCM

    Deutsche Bank plans to put up to 40 bankers at director level and above in its EMEA investment banking division at risk of redundancy, including the bank's co-head of FIG DCM, GlobalCapital understands. Several of those put at risk were based in Birmingham, including the bank’s head of Europe-US private placements.

    08 Feb 2018

  • Entertainment One completes Mark Gordon funding

    Entertainment One, the UK media company, has tapped its 6.875% bond due 2022 for a further £70m, as it seeks to snap up the remaining stake in television studio Mark Gordon Co that it does not already own.

    08 Feb 2018

  • ING Groep €1bn 1.125% Feb 25 senior holdco

    08 Feb 2018

  • SGX wins another deriv trading member, despite big fee rises

    The Singapore Exchange has continued a healthy streak of sign-ups to its derivatives service this year, as it added a Chinese futures trading company to its membership.

    08 Feb 2018

  • Norway's Hurtigruten sails through €660m loan

    Hurtigruten, the Norwegian cruise operator owned by TDR Capital, has agreed on final pricing on a €660m leveraged loan facility, raising enough debt to repay all its high yield bonds.

    08 Feb 2018

  • DBahn makes quick return to extend euro curve

    State owned German rail operator Deutsche Bahn had a clear run at the euro investment grade corporate bond market on Thursday when it decided to sell its second bond of the year in the currency. The 15.5 year tenor it opted for extended its existing debt curve.

    08 Feb 2018

  • Reverse Yankees set to step up hit rate

    American issuers old and new enjoyed the benefits of the euro investment grade corporate bond market in 2017. In comparison, 2018 has been very quiet so far, but some bankers do not expect that situation to remain for much longer.

    08 Feb 2018

  • UU shows sterling market unaffected by volatility

    United Utilities became the third UK corporate issuer to sell a sterling bond in 2018, when it printed a seven year deal 24 hours later than initially planned. The company held an investor call on Monday, but then paused for a day due to global markets' volatility, before launching the deal on Wednesday.

    08 Feb 2018

  • Italo shareholders pushed management to dump IPO for higher PE offer

    Italian high speed train operator Italo pulled its IPO on Wednesday night, the day before the syndicate was due to release a price range, of €1.5bn to €1.6bn, in order to take a €1.98bn offer from New-York based private equity firm Global Infrastructure Partners.

    08 Feb 2018

  • Novartis suffers no equity hangover for long bonds

    A plunge in global stock prices at the start of the week only closed the European investment grade corporate bond market for a day before Novartis attracted €6.5bn of combined demand for a triple tranche offering.

    08 Feb 2018

  • TalkTalk raises quickfire £200m after profit warning

    TalkTalk Telecom Group, the UK provider of telecoms and broadband services, raised £200m on Thursday from an intra-day capital increase after issuing a profit warning.

    08 Feb 2018

  • Unilever overcomes volatility to print record size triple trancher

    Anglo-Dutch consumer goods company Unilever has become known in the corporate bond markets for its multiple tranche deals. Its latest deal is its third such trade in the last three years, and investors showed they still have plenty of appetite for the name, helping the company print its largest ever deal, despite market turmoil in the US.

    08 Feb 2018

  • Rocky equities give CBs a chance to shine

    Volatility returned to equities across the US, Europe and Asia this week, leading to the choppiest markets for some time. That presents a chance for the equity-linked debt market, write Aidan Gregory and Sam Kerr.

    08 Feb 2018

  • European levfin on hold amid own bouts of risk aversion

    Global stock markets have suffered from volatility in recent trading sessions but European primary leveraged finance markets had already slowed down as investor pressure grew around a €1.4bn deal for storage firm Algeco Scotsman and the worrying performance of UK retailer New Look.

    08 Feb 2018

  • Kuka ramps refi by €120m amid deal drought

    German robotics maker Kuka has signed a refinancing facility, ramping up the size of its syndicated bank borrowing by €120m.

    08 Feb 2018

  • Equity plunges dim loan banks’ post-IPO hopes

    The sharp falls in global equity markets over the past week have dimmed some of the optimism around this year’s syndicated loan market in Europe, as lenders worry that chief executives will postpone IPO plans — and the growth financing required immediately after going public.

    08 Feb 2018

  • If you liked XIV, you’ll love peripheral AT1

    Protecting retail investors is a laudable goal. But what they are protected from often seems arbitrary.

    08 Feb 2018

  • ESM slashes funding target after approving Spain repayment

    The European Stability Mechanism has cut more than 20% from its funding target for 2018 after approving a request from Spain to pay back €5bn of its ESM loan ahead of schedule.

    08 Feb 2018

  • Lull in SSD deals as market digests January flurry, and considers the threat of unrated bonds

    There is a hiatus in the Schuldschein new issue market, as the slew of transactions launched in January are weighed up and processed before settlement dates. Amid the calm, Schuldschein bankers are beginning to question whether the unrated bond market is a threat.

    08 Feb 2018

  • Absence of CBPP3 tapering could spell trouble

    Even though the ECB's net asset purchases were halved to €30bn from January, the pace of covered bond buying did not change. Though the absence of a lengthy tapering period implies a greater cliff-edge effect when net purchases inevitably fall to zero, bankers were relatively sanguine on the spread outlook.

    08 Feb 2018

  • ‘Get ready’ for NPL addendum as Italian champs look to cut exposure

    The European Central Bank’s addendum on non-performing loans (NPLs) will be published in March and could be implemented straight away, according to Danièle Nouy, chair of the body’s Supervisory Board. Meanwhile, UniCredit and Intesa Sanpaolo progressed with plans to reduce NPL levels this week.

    08 Feb 2018

  • First ever Moldovan corporate bond mandated

    Moldovan agro-industrial holding company Trans-Oil Group is looking to make its capital markets debut. The deal will be the first ever from a Moldovan corporate, and the first chance investors have had to buy Moldovan risk since 1997.

    08 Feb 2018

  • CBM defies UST rise as Russians rush in

    Credit Bank of Moscow printed a $500m five year bond from a book in excess of $1.1bn on Wednesday, quelling fears of EM new issues shutting down in face of US Treasury yield rises. Domodedovo Airport looks next to print in dollars from the country while the State Transport Leasing Company has also mandated for a bond.

    08 Feb 2018

  • Moody’s upgrades Hypo Vorarlberg, expects legacy T1 conversions

    Moody’s cited Hypo Vorarlberg’s recent capital strengthening measures in a decision to raise its credit ratings on Thursday, adding that it expected the Austrian bank to convert some of its legacy capital instruments into high trigger additional tier one (AT1s) in the near future.

    08 Feb 2018

  • Bulge bracket banks face up to boutique brain drain

    Independents are thriving and, with no constraints on pay, they will continue to tempt the very best bankers away from big firms in 2018. But not all boutiques are created equal, says David Rothnie.

    08 Feb 2018

  • Mezz gains popularity amid rising valuations

    Leverage finance bankers are bracing themselves for a rise in mezzanine financing in Asia, buoyed by talk that part of the HK$32bn loan to back a record-breaking Hong Kong property deal will be financed with junior debt.

    08 Feb 2018

  • Bumper week for MTNs in Asian currencies

    Issuance of Indian rupee MTNs is at record levels this year, with dealers citing higher yields and a stable exchange rate for the flows. Elsewhere in the market, Malaysian ringgit has made an appearance for the first time this year.

    08 Feb 2018

  • DBahn extends its range with second euro stop in two months

    State owned German rail operator Deutsche Bahn had a clear run at the euro investment grade corporate bond market on Thursday when it decided to sell its second bond of the year in the currency. The 15.5 year tenor the issuer opted for extended its existing debt curve.

    08 Feb 2018

  • RusHydro gains momentum in Eurorouble

    RusHydro, the Russian hydroelectric power generator, kicked off local currency Eurobonds for 2018 with a three year note on Thursday. DCM bankers said that internationally cleared local currency bonds will gain increasing traction this year.

    08 Feb 2018

  • IFRS 9 in stress testing: a ‘big deal’ for banks

    The introduction of IFRS 9, a new accounting standard, brings this year’s European Banking Authority stress tests into uncharted territory, with market participants expecting the exercise to raise questions about the comparability and reliability of results.

    08 Feb 2018

  • Israel Electric cuts through vol to price with zero NIP

    Israel Electric (IEC) shrugged off any concerns of contagion from the equity market rout earlier this week to print $1bn with no new issue premium on Wednesday.

    08 Feb 2018

  • Asian ECM brushes off global stock selldown

    Asian stocks added to the rout in global equity markets this week, putting a speed bump in front of the frenetic pace of primary activity. But deals continued to get done through the worst of the selldown, as equity bankers argued that the sell-off was a healthy, and temporary, correction. John Loh reports.

    08 Feb 2018

  • GLP ‘surprised’ market with BRI Panda pricing

    GLP has raised Rmb1.2bn ($191m) from a nine year Panda bond on the Shenzhen Stock Exchange. The size of the Belt and Road branded deal was expanded, surprising some in the market.

    08 Feb 2018

  • Heavy Asia bond pipeline looms after market rollercoaster pushes issuers to the sidelines

    Stock market volatility quickly spread to bonds this week, bringing Asia’s dollar bond market to a near standstill. The hold-up has started to ease and issuers are preparing deals again, but the blip has created a backlog of bond issues that will flood the market after Chinese New Year. Morgan Davis reports.

    08 Feb 2018

  • Shaken but not deterred: Lat Am quake cover drives largest World Bank cat bond

    The World Bank has priced $1.36bn of catastrophe bonds to provide earthquake protection to Mexico, Chile, Colombia and Peru, despite bondholders losing their principal on Mexico’s last cat bond after a quake in September.

    08 Feb 2018

  • Fujian, Shangrao LGFVs snap up combined $500m

    Local government financing vehicles (LGFVs) from Fujian and Jiangxi braved the offshore debt market this week, after share prices across Asia and the US recovered from a bout of volatility. The two companies raised $500m between them.

    08 Feb 2018

  • Daegu Bank finds fortune favours the bold

    South Korea’s Daegu Bank pulled off a bold $300m bond on Wednesday, choosing to price a deal with a generous new issue premium rather than delay the sale any further.

    08 Feb 2018

  • Aster DM prepares float, ICICI Sec listing approved

    Aster DM Healthcare is finally set to launch its Rp9.8bn ($152.7m) IPO, having once again scaled back the deal size and changed the syndicate.

    08 Feb 2018

  • Vincom employees net $198m from block sale

    A group of employees from Vincom Retail have raised Dong 4.51tr ($197.5m) after they sold a block of the company’s shares, upsizing the offer on the back of strong institutional demand.

    08 Feb 2018

  • Agile spin-off pockets $524m from Hong Kong listing

    A-Living Services raised HK$4.1bn ($524.4m) from its IPO this week. It priced the deal below the midpoint of guidance, but it was well-received across all tranches.

    08 Feb 2018

  • HKEX gives IPO issuers flexibility on pricing

    The Hong Kong Stock Exchange (HKEX) is giving IPO hopefuls more flexibility to price outside of indicative price ranges set during marketing, bringing its listing rules more in line with the US.

    08 Feb 2018

  • Lat Am bankers heard prepping Thursday deals

    Bond market participants said on Wednesday said that Latin American issuers could return in force on Thursday after another day of calm in markets.

    08 Feb 2018

  • Electronics manufacturer IMI sets price for Ps5bn rights

    Philippines-based Integrated Micro-Electronics (IMI) is planning to tap its shareholders for Ps5bn ($97.3m) of fresh capital. The company has priced its rights issue at an attractive discount to win them over.

    08 Feb 2018

  • Banker turns wedding planner

    I’ve only ever had to organise one wedding — mine and Tai Tai’s. And even then, my main task was to show up sober and say the right name at the right time. So I never really understood the stress and worry that went into putting together a big shindig. Until this week.

    08 Feb 2018

  • GlobalCapital Loan Awards 2017: the full results

    GlobalCapital revealed the winners of its 2017 Loan Awards at its annual Loans and Leveraged Finance Awards Dinner at Gibson Hall in London on February 7. The full results are below: GlobalCapital congratulates all the winners and nominees.

    07 Feb 2018

  • Buyers say subprime autos have room to run

    Bonds backed by car loans made to subprime borrowers have remained a hot sector of the securitization market, as buyers say the asset class cruised through broader market volatility this week and that spreads have room to grind tighter.

    07 Feb 2018

  • CFPB head names new chief of staff

    Mick Mulvaney, the acting director at the Consumer Financial Protection Bureau (CFPB), has appointed Kirsten Sutton Mork as the new chief of staff.

    07 Feb 2018

  • UniCredit cuts NPLs with completion of FINO

    UniCredit on Wednesday announced the completion of the second phase of its “failure is not an option” (FINO) plan to reduce its non-performing loan exposure and obtain recognition of “Significant Risk Transfer” by the end of March.

    07 Feb 2018

  • QNB signs $3.5bn loan with 21 banks at lower pricing

    Qatar National Bank has signed a $3.5bn loan with 21 international banks, showing that banks' jitters about supporting Qatari entities in the wake of the dispute between the sultanate and six other Arab states have partly been assuaged.

    07 Feb 2018

  • Volatility returns and valuations challenged but ECM soldier on

    A buoyant January in equities markets has been followed by a difficult start to February, with the first IPOs out of a full pipeline seeing some issues in marketing just as stock markets tumble across the globe.

    07 Feb 2018

  • Dollars working well for SSAs — but some benefit more from vol than others

    A pair of dollar deals on Wednesday showcased what bankers felt was a theme during a week with a volatile market backdrop, as a top tier name tightened pricing and was comfortably oversubscribed, while a second tier issuer was able to get a deal away but could not move in from price thoughts.

    07 Feb 2018

  • EFSF gets big book for no-grow

    The European Financial Stability Facility (EFSF) gathered a €14bn book on Wednesday, easily covering its €3bn no-grow deal. The no-grow language, plus the pick-up to OATs it offered, likely helped demand, said bankers.

    07 Feb 2018

  • Volatility clips US high yield wings

    Equity market turmoil has brought the US high yield market down from exuberant levels, but some investors have welcomed the move and are confident that primary market activity will soon pick up, despite one borrower scrapping a deal on Tuesday.

    07 Feb 2018

  • Banks sit out of 'quiet' Norwegian krone market

    Supply of new debt in the Norweigan krone market has been 'much scarcer' at the start of 2018 than in previous years, with banks already well funded and with asset managers still awaiting a spike in green bond issuance.

    07 Feb 2018

  • CEB ready for social spring, NRW preps sustainability

    The Council of Europe Development Bank (CEB) is planning to bring its second ever social inclusion bond in the spring, and has outlined to GlobalCapital the expected currency and tenor. The State of North Rhine-Westphalia also looks set to bring an SRI bond, after mandating banks on Wednesday for a roadshow.

    07 Feb 2018

  • Instone gets covered early in tricky IPO market

    The €478m IPO of Instone Real Estate, the German home builder, is covered at its full size, less than four working days into the bookbuild.

    07 Feb 2018

  • Informa’s acquisition debt fee structure revealed

    Informa, the UK media group, will initially pay 85bp over Libor for the acquisition debt facility due to partly finance its £3.9bn ($5.4bn) purchase of events company UBM. The spread will rise to a maximum of 225bp, depending on when the debt is repaid.

    07 Feb 2018

  • UU pays tight premium to take sterling count to three

    United Utilities became the third corporate issuer to sell a sterling bond in 2018, when it printed a seven year deal 24 hours later than initially planned. The company held an investor call on Monday, but then paused for a day due to global markets' volatility, before launching the deal on Wednesday.

    07 Feb 2018

  • EG Group fills up for Kroger purchase

    A group of five banks has agreed to underwrite UK garages company EG Group’s $2.15bn purchase of US firm Kroger’s convenience store business, after the equity market wobbles this week failed to put a dent in the year’s M&A extravaganza.

    07 Feb 2018

  • Sabic in talks with banks about loan financing

    Saudi Basic Industries Corp (Sabic), a diversified chemicals producer, is looking to raise a large syndicated loan with international banks, according to sources close to the potential deal.

    07 Feb 2018

  • Fitch warns on overcollateralization complacency in covered bonds

    Fitch has warned in a report that there is no certainty that covered bonds will retain their large overcollateralization buffers (OC) during the course of their life, in the absence of a contractual commitment.

    07 Feb 2018

  • ING braves choppy market with holdco deal

    ING Groep brought a senior deal from its holding company on Wednesday, undeterred by financial bonds selling off earlier in the week.

    07 Feb 2018

  • CBM brings barometer trade

    Rival bankers are keenly watching Credit Bank of Moscow’s trade as a barometer for the market this week. A sell-off in US Treasuries seemed to imply a higher borrowing cost for the issuer, though with price revisions to come, it is too early to say by how much.

    07 Feb 2018

  • Israel Electric on track with dollar deal

    Israel Electric revised pricing downwards on its 10.5 year bond issue on Wednesday as it looks to push out its curve.

    07 Feb 2018

  • HKEX locks-in index options after-hours trading

    Hong Kong Exchanges and Clearing (HKEX) has committed to allowing trading of popular equity index options in its after-hours trading session, after similar futures contracts enjoyed success in a lengthier session.

    07 Feb 2018

  • Pharma pair dispel IG market jitters with bumper books

    The plunge in global stock prices has only caused the European investment grade corporate bond market to close for one day. On Wednesday, two pharmaceutical companies from different ends of the the ratings spectrum brought multi-tranche deals which attracted more than €9.5bn of combined demand.

    07 Feb 2018

  • Investors see sell-off as an opportunity rather than a worry

    The focus of most debate in financial markets this week has fallen on whether the equity market sell-off was merely a correction or something longer lasting and more serious. The corporate bond market, however, has viewed it all in a much more sanguine way.

    07 Feb 2018

  • EM primary market resumes after equity rout

    Despite abundant rates volatility, two emerging market lenders braved the markets on Wednesday, adding further evidence that the asset class remains resilient amid the broader market sell-off.

    07 Feb 2018

  • US sell-off a ‘buying opportunity’, say investors

    A battering in the US stock market sent ripples through financial markets on Monday and Tuesday but, with stability returning, investors are keen to put money to work while higher yields are available. But one opportunity to do so was snatched away from them on Tuesday.

    07 Feb 2018

  • Short call AT1s find favour in volatile trading week

    Investors showed their preference for additional tier one (AT1) deals with a short time until their first call dates this week, as they looked to reassess the sector’s value amid a bout of volatility.

    07 Feb 2018

  • Sunshine breaks through clouds to close $165m tap

    Sunshine 100 China Holdings became the first Asian issuer to turn to the international bond market this week, tapping a three non-call two year bond as other issuers shied away from the market following a global collapse in stock prices.

    07 Feb 2018

  • ICICI Securities wins approval for Rp30bn IPO

    India’s capital markets regulator has given ICICI Securities the greenlight to hold an IPO, which is expected to raise at least Rp30bn ($467m).

    07 Feb 2018

  • China Taiping picks one for HK$500m club

    State-owned insurer China Taiping Insurance Holdings is raising a HK$500m loan from the offshore market, according to sources.

    07 Feb 2018

  • Three brave Asian bonds as sentiment shifts

    Three Asian debt issuers launched dollar bonds on Wednesday, taking advantage of a respite from the market turmoil that all but shut the debt market earlier this week.

    07 Feb 2018

  • JinkoSolar launches $100 ADS fundraising

    JinkoSolar Holding Co set out plans to raise $100m on Wednesday, after opening the order book for a follow-on offering of American Depository Shares alongside a private placement of the shares, according to a deal term sheet.

    07 Feb 2018

  • Lat Am credit resilient but DR drops amid pipeline doubts

    Secondary markets for Latin American bonds have held up well in the context of a storm of hefty sell-offs across global equity markets, but volatility is likely to make new issuance tougher as a raft of high yield borrowers line up deals.

    07 Feb 2018

  • CAF cuts cool figure in euros to beat volatility

    Bankers observing South American development bank CAF’s return to euro markets on Tuesday suggested that the multilateral had done well to push through equity market volatility with its largest ever euro deal.

    07 Feb 2018

  • Updated: CMP sells Belt and Road Panda in Shenzhen

    China Merchants Port Holdings sealed its first Panda deal on the Shenzhen Stock Exchange on Monday, raising Rmb500m ($79.5m) from a three year bond. The red chip issuer will take the proceeds offshore to finance its Belt and Road Initiative-linked purchase of the Hambantota port in Sri Lanka.

    07 Feb 2018

  • Panda bonds aren’t fit for purpose. Time to cut the red tape.

    Panda bond issuance has so far been dominated by overseas-incorporated Chinese names. That bolsters volumes, but it does little to help the market fulfil its role of boosting RMB internationalisation. Policymakers have the chance to fix it — but only if they are bold enough to let markets play a bigger role.

    07 Feb 2018

  • Argentic to debut in growing CRE CLO market

    Argentic Silverpeak has announced a debut US CLO backed by commercial real estate loans, following the pricing of a $932m TPG Real Estate Finance deal on Monday, as tight pricing encourages borrowers to turn to the capital markets to finance short dated real estate lending.

    06 Feb 2018

  • Navient brings first student loan refi deal

    Student loan servicer Navient has rolled out a student loan refinancing securitization, the first such deal from the issuer since acquiring online student lender Earnest, as it moves away from loans originated via the Federal Family Education Loan Program (FFELP).

    06 Feb 2018

  • Barings achieves tight print for latest European CLO

    CLO equity investors expressed strong interest for the €509.25m Barings Euro CLO 2018-1, with the equity tranche four times subscribed according to a market source.

    06 Feb 2018

  • Stop deceiving the market: book clarity must improve

    Demand for a deal can be accurately reflected only in the context of a specific spread. Anything other than that can mislead investors, so the ECB should demand better.

    06 Feb 2018

  • Greece ‘wisely’ steers clear of bucking market

    Greece, which on Monday announced its intention to sell a seven year, kept away from markets because of wide swings in European govvie spreads — a decision lauded by bankers away from the transaction. Dimitris Tsakonas, head of funding at the Greece's Public Debt Management Agency, spoke to GlobalCapital.

    06 Feb 2018

  • Volatility explosion sinks Credit Suisse ETN

    An exchange traded note that rewards investors when equity volatility drops is being shuttered by Credit Suisse, after implied volatility on the S&P 500 exploded this week.

    06 Feb 2018

  • UK wins plaudits for tight range against wobbly backdrop

    The UK Debt Management Office drew praise on Tuesday as it priced the final syndication of its 2017-18 financial year at the tight end of a tiny guidance range. Bankers said that result, coupled with the behaviour of the UK’s outstanding curve over the course of the deal, was particularly impressive given a turbulent backdrop in the wider financial markets.

    06 Feb 2018

  • Dollar SSAs give investors shelter amid volatility downpour

    Public sector borrowers are reaping the benefits of investors looking to “weather the storm” of wider market volatility, said bankers, as investors poured cash into short dated dollar issues this week. Bank Nederlandse Gemeenten and Sweden are set to be the next issuers to benefit, after mandating for three year trades on Tuesday.

    06 Feb 2018

  • Ocado braves rough markets with £143m capital increase

    Ocado, the UK online grocer, raised £143m of fresh equity on Tuesday morning in an early day accelerated bookbuild led by Goldman Sachs and Numis Securities that finished “a few times covered”, according to a banker involved.

    06 Feb 2018

  • The HLEG’s report: L’union fait la force

    In the week Belgium announces its first green bond roadshow, the national motto (Eendracht maakt macht in Dutch) aptly captures the real importance of the European Commission’s new roadmap on sustainable finance, which lays out a panoply of actions Europe could take to green its financial system. That is: unity makes strength.

    06 Feb 2018

  • CDP happy to support Italy from the ground up

    Fabio Gallia, who became chief executive of Cassa Depositi e Prestiti (CDP) in 2015, is overseeing its ambitious 2016-2020 business plan. In this interview, he shares his views with GlobalCapital on the prospects for the Italian economy and the role CDP will play in supporting its accelerated recovery.

    06 Feb 2018

  • Adding financial steel to Italy’s economic backbone

    Italy’s large companies had a bumper 2017 in the bond markets but they are well known names with investment grade ratings. What about the backbone of the Italian economy — how are the SMEs that form the supply chains of larger companies finding finance as the country emerges from its long economic winter and seeks out stable growth? By Nigel Owen.

    06 Feb 2018

  • Where next for Italian corporate bond issuers after a stellar 2017?

    What is the outlook for 2018 for Italy’s corporate borrowers, after a year in which old and new names came to the bond markets with great success? Some of Italy’s most important treasury teams met GlobalCapital to discuss the prospects for the year ahead. Funding teams and investment bankers shared their views on the state of the local and international economies, how they are finding access to capital markets and what the future holds as the ECB tapers its corporate sector purchase programme and investors adjust to a new era of normalisation.

    06 Feb 2018

  • Italian banks face up to MREL and SRI after year of progress

    Italian financial institutions had an exceptional year in 2017. Banks that had been flirting with collapse were either recapitalised or allowed to fail, with very little disruption spilling over into the broader market. All this helped to make Italy an attractive destination once again for international investment, clearing some of the clouds hanging over the financial system and allowing firms to increase the volumes of debt they placed into the public capital markets.

    06 Feb 2018

  • Italia SpA casts off the taint of the crisis years

    Italy’s biggest corporate bond issuers such as Enel and ENI have been agile players right through the crisis years. Spreads were turned upside down and companies traded inside the sovereign. Many still do, but Italy’s corporate bond market has changed greatly. The group of issuers has swelled and they have gone far beyond merely securing market access, to considering how to optimise their funding with a range of instruments, from liability management to green bonds. Nigel Owen reports.

    06 Feb 2018

  • European levfin on hold amid own bouts of risk aversion

    Global stock markets have been hit with volatility in recent trading sessions, but European primary leveraged finance markets had already slowed down as investor pressure grew around Algeco’s €1.4bn deal and UK retailer New Look’s performance.

    06 Feb 2018

  • Mixed messages in the debate over green capital relief

    Authors of last week’s HLEG sustainable finance report seem unsure whether they want green capital relief or not — while the European Banking Federation (EBF) seems unsure about why.

    06 Feb 2018

  • Italian retail: out with the old, in with the new

    Italy’s retail bond market is going through a profound shake-up in which alternative investments are set to replace bank bonds among the securities of choice for Italian households. Tyler Davies reports.

    06 Feb 2018

  • The Italian sovereign: growth, diversification and dollar return

    Italy may be holding the eurozone’s only major election in 2018 but the vote is causing little concern for bond investors, with a backdrop of solid growth and a new electoral law likely to keep fringe parties from wining outright power. While the improving economic outlook is generally good news, it does raise potential political challenges of its own — although the sovereign is confident enough about 2018 that it is planning to tap the dollar market for the first time in eight years, writes Craig McGlashan.

    06 Feb 2018

  • Finland plays safe while Bpifrance goes tight

    A pair of euro borrowers braved a tricky market on Tuesday, raising a combined €4bn despite heavy weather in government spreads. One opted for a defensive pricing strategy, while the other attempted to squeeze investors.

    06 Feb 2018

  • Visco: Reforms must continue to sustain economic momentum

    Italy’s economy, like those of its European neighbours, is showing encouraging signs of consistently strong growth. But how much of it should Italy take credit for — and how much is down to the broader improvements in Europe? Has Italy made the most of improving economic conditions and central bank support to enact enough reforms to escape its unwanted tradition of growing more slowly than other economies in the good times and shrinking further in the bad times? Ignazio Visco, governor of the Bank of Italy, answered these questions and many more in an interview with GlobalCapital’s Toby Fildes.

    06 Feb 2018

  • Italy’s five star political puzzle seeks March solution

    Contrary to expectations, the fall of Matteo Renzi has not slowed down Italy’s reform drive. Admittedly, much of the recent progress started under his leadership and even before it, but the country’s continued commitment to economic reform under the Gentiloni administration has been warmly welcomed by economists and investors. The next big test will be a general election in March. By Philip Moore.

    06 Feb 2018

  • CDP’s €250bn mission to reinvigorate Italy

    If Italy is decisively to address the persistent challenges presented by its low growth, poor productivity, elevated debt, high unemployment and weak financial services industry, then CDP will need to play a pivotal role in mobilising over €250bn of resources. Philip Moore reports.

    06 Feb 2018

  • Italy’s capital markets: an engine of growth?

    Ask people to name the centres for capital markets in Europe and most will probably pick London, Frankfurt and perhaps Paris. But Milan will not be on many people’s shortlist, at least not outside Italy. But that may be about to change as a series of major transactions on the city’s stock exchange has shone a spotlight on a growing trend that could point to a boost to the eurozone economy’s growth outlook. By Phil Thornton

    06 Feb 2018

  • Bear market jitters are a self-fulfilling prophecy

    After a year of predictions that a bear market is coming off the back of monetary policy normalisation, people shouldn’t be surprised that investors are a little jumpy.

    06 Feb 2018

  • HICL trims price for sterling loan refinancing

    HICL Infrastructure Co, the UK infrastructure fund advised by InfraRed Capital Partners, has refinanced its £400m ($556m) revolving credit facility and managed to negotiate cheaper funding from its banking group.

    06 Feb 2018

  • NordLB opens dollar covereds with three year LdG

    NordLB attracted a strong order book and paid little new issue premium for its first dollar covered bond — also the first dollar covered bond of 2018 — a defensive three year dollar Reg S Lettres de Gage publiques.

    06 Feb 2018

  • Fixing Italy’s growth problem

    Italy’s growth trajectory, at around 1.5%, may look modest in comparison to the 2.3% growth that UniCredit is projecting for the eurozone as a whole in 2018 and 2019 but by Italian standards, it represents an encouraging advance, given that the root cause of so many of Italy’s problems is its chronic lack of growth. Philip Moore reports.

    06 Feb 2018

  • Italy’s recovery: cyclical or structural?

    Cyclical or structural? This is a question which I have often been asked about Italy’s economic recovery. Italy began showing some first signs of recovery in 2014, a year in which Italy posted a 0.1% increase in GDP after a double-dip recession between 2009-2013 which led to a 10% drop in the country’s output. In the following years the recovery grew stronger and now the economy is growing at a rate similar to that of other euro-area countries.

    06 Feb 2018

  • CFTC warms to federal oversight of cryptocurrencies

    Commodity Futures Trading Commission chairman Christopher Giancarlo on Tuesday criticised the oversight regime of cryptocurrency spot transactions, saying that a “rationalised federal framework” could be more effective at ensuring the market’s integrity.

    06 Feb 2018

  • Dapo delights in difficult market

    Deutsche Apotheker- und Aerztebank issued a tightly priced €500m seven year mortgage Pfandbrief on Tuesday, paying a minimal new issue premium even though market conditions were awful.

    06 Feb 2018

  • BlueBay names sole head of EM debt

    BlueBay Asset Management has appointed Polina Kurdyavko as sole head of its emerging market debt team, a role she formerly shared with David Dowsett, who becomes a strategic advisor at the firm.

    06 Feb 2018

  • MLP Care IPO prices, shareholders will make up shortfall

    MLP Care, the Turkish company that owns the Medical Park chain of private hospitals, priced its IPO on Tuesday after extending the bookbuild and slashing the price range.

    06 Feb 2018

  • Citi plonks recent hire on to HY trading throne

    Citi’s has named a recent hire from HSBC as its new EMEA head of high yield trading, three months after the dealer joined the firm. It follows recent new hires of two salesmen for Citi’s high yield team.

    06 Feb 2018

  • World Bank sells joint largest Aussie in six years

    Rates in Australian dollars are compelling compared to most currencies, which has aided long-end interest and allowed for a bumper outing by a supranational.

    06 Feb 2018

  • Kosmos Energy refis $1.5bn RBL

    US oil and gas company Kosmos Energy, which operates in Africa, has refinanced a reserve-based lending facility signed in 2015.

    06 Feb 2018

  • FIG market wonders how hard equity slump will hit

    This week's sell-off in equity markets reverberated into the secondary market for financials credit on Tuesday — with some subordinated bonds seen as particularly exposed.

    06 Feb 2018

  • Digi Communications adds five banks to bridge loan

    Digi Communications’ Hungarian subsidiary has refinanced part of a €200m bridge loan provided by Citigroup and ING in October last year, which was used to fund the acquisition of a subsidiary of fellow Hungarian communications company Invitel.

    06 Feb 2018

  • EM resilient in face of global equity sell-off

    The Institute of International Finance (IIF) on Monday reported $4bn of outflows from emerging market bond funds since January 30, but even in the face of a global equity sell-off, the asset class has been largely resilient — for now.

    06 Feb 2018

  • Talk is cheap, but no longer effective in hindering Russia

    Last week’s chatter in the bond markets about the US applying a new round of sanctions on Russia served to highlight how little investors feel threatened by this kind of talk. Now the US has to take action to affect Russia.

    06 Feb 2018

  • Long end of IG curve to benefit from rates sell-off

    Unilever showed how resilient the investment grade corporate bond new issue market is on Monday with €4.9bn of orders for its deal against a backdrop of falling stockmarkets. Further falls in equity prices led to an empty day in the European new issue market on Tuesday, but syndicate desks are optimistic about upcoming issuance.

    06 Feb 2018

  • Vincom employees net $198m from block sale

    A group of Vincom Retail employees sold a block of the company’s shares on Monday, raising D4.51tr ($198.1m) after they bumped up the size of the offer, according to a source close to the deal.

    06 Feb 2018

  • HDFC eyes Masala bond as pipeline swells

    Housing Development Finance Corp (HDFC) is among a swathe of Indian issuers preparing to sell offshore rupee bonds in the coming months, a funding official said.

    06 Feb 2018

  • Light Year, Pacific Millennium plan HK listings

    Mainland firms Light Year Holdings and Pacific Millennium Packaging Group are seeking approval to float in Hong Kong. They both filed draft IPO prospectuses with the city’s bourse on Monday.

    06 Feb 2018

  • Updated: SMBC Aviation takes flight for $600m dual tranche fundraising

    SMBC Aviation Capital has swooped into the Asian loan market for a $600m two tranche borrowing.

    06 Feb 2018

  • Asian bonds on hold after equity market carnage

    Asian bond issuance has ground to a halt this week, with new deals put on hold and bankers urging caution amid volatility across the equity and bond markets.

    06 Feb 2018

  • IOB sends out feelers to banks for $156m QIP

    Indian Overseas Bank, a state-owned lender, plans to hire three firms to help it raise Rp10bn ($156m) from a qualified institutional placement, according to a request for proposals.

    06 Feb 2018

  • Updated: Sino-Ocean lines up second Panda in two weeks

    As China's domestic bond market continues to suffer from a deleveraging campaign, Sino-Ocean Property Holdings is again turning to the Panda market for funding – less than two weeks after it last tapped the asset class.

    06 Feb 2018

  • Ascendas India block comes up against global stock rout

    The mayhem reverberating through global equity markets pushed shares of Ascendas India Trust down to a new 52-week low, after the firm raised S$100m ($76m) from an overnight placement.

    06 Feb 2018

  • Del Monte eyes $324m from Philippines spin-off

    Food and beverage company Del Monte Pacific is looking to spin off and list its Philippine subsidiary through a secondary share offering. The company wants to raise as much as Ps16.7bn ($324.1m), according to a filing on Tuesday.

    06 Feb 2018

  • Singapore, Malaysia join hands for stock trading link

    Singapore and Malaysia's market watchdogs are setting up an equity trading link between their bourses. They are planning to go live by the end of the year.

    06 Feb 2018

  • CAF set to price euro benchmark

    South American development bank Corporación Andina de Fomento (CAF) is due to price its first benchmark of 2018 after announcing initial price thoughts for a euro-denominated seven year.

    06 Feb 2018

  • Prime Energia plots bond with affiliate

    Chilean company Prime Energía is looking to raise $575m of seven year bonds via a debut deal to be issued in conjunction with another company owned by the same group.

    06 Feb 2018

  • Rare data center ABS hits primary pipeline

    Vantage Data Centers is in the market with an unusual securitization backed by real estate and tenant lease payments on wholesale data centers.

    05 Feb 2018

  • US CLOs hit 100bp, but BAML cautions on short term

    Enjoying its busiest start to the calendar year since 2013, the US CLO market steamed ahead last week with triple-A new issue spreads touching the 100bp milestone. Bank of America Merrill Lynch cautioned last Friday on the risk of market volatility seeping into the underlying loan market, however.

    05 Feb 2018

  • European primary volumes to drag compared to UK

    European securitization volumes are expected to be muted over the medium term, said Bank of America Merrill Lynch (BAML) analysts in a report published on Monday, in sharp contrast to the strong start to the year seen in the UK.

    05 Feb 2018

  • HSBC offloads Prisa rights ahead of €563m recap

    Despite a turbulent Monday for markets in Asia, Europe and the US, HSBC successfully completed the sale of 4.7m subscription rights for shares in Prisa, the Spanish media group that owns El País, ahead of its €563m rights issue.

    05 Feb 2018

  • Belgium's green bond roadshow appears on schedule

    The Belgian Debt Agency announced on Monday that it would issue its first green OLO in the near future, after a roadshow that begins on Thursday February 8. This fulfils a plan announced by prime minister Charles Michel at the One Planet Summit in December.

    05 Feb 2018

  • Greece’s long-awaited seven year arrives

    Since Greece’s debt exchange operation in November, market participants have been expecting a return either at three years or seven years. Monday’s mandate brought the answer.

    05 Feb 2018

  • QNB to increase loan due to oversubscription

    Qatar National Bank is expected to increase its loan to around $3.25bn, after it received commitments exceeding its launch amount.

    05 Feb 2018

  • Three hit screens in buoyant dollar mart

    Three dollar borrowers have hit screens in a market buoyed by a pronounced Treasury sell-off.

    05 Feb 2018

  • BondMarker results: sweet spot in 10 years

    The votes are in and the scores have been calculated. Read on to see how deals priced in the week beginning January 22 fared with our voters.

    05 Feb 2018

  • Europe bears lick wounds as S&P 500 takes beating

    Investors who financed bearish European equity positions with US short volatility strategies have been burned as the S&P 500 continued its downward trend on Monday, and realised volatility spiked.

    05 Feb 2018

  • Vodafone-Liberty talks raise hopes of telco M&A boom

    Some loans bankers are looking forward to a wave of consolidation in the telecoms sector, as Vodafone said it was in talks with Virgin Media owner Liberty Global to buy some of the US company’s European assets.

    05 Feb 2018

  • Koenig & Bauer makes syndicated loan debut

    Koenig & Bauer, the German printing press maker, has made its debut in the syndicated loan market, agreeing facilities totalling up to €400m from eight banks.

    05 Feb 2018

  • Unilever prints record size with third triple tranche bond

    Anglo-Dutch consumer goods company Unilever has become known in the corporate bond markets for its multiple tranche deals. On Monday it announced its third such trade in the last three years and investors showed they still have plenty of appetite for the name, helping the company print its largest ever deal.

    05 Feb 2018

  • Pushback on Algeco may be ‘ephemeral win’, say investors

    Algeco Scotsman, the US storage group owned by TDR Capital, is talking to investors about sweetening the terms of its new high yield bond issue, due to be priced on Monday afternoon.

    05 Feb 2018

  • Novares begins bookbuilding for Paris IPO

    Novares, the French plastic car parts maker, has begun bookbuilding for its rebooted €260m initial public offering on Euronext Paris.

    05 Feb 2018

  • West Brom BS looks to ‘modernise’ cap stack with CCDS

    West Bromwich Building Society (WBBS) plans to replace existing notes with core capital deferred shares (CCDS), becoming the latest building society to opt for the instrument.

    05 Feb 2018

  • ApoBank lines up after busy start to 2018

    Deutsche Apotheker-und Aerztebank (apoBank) has mandated joint leads for a seven year Pfandbrief. It follows one of the busiest starts to the covered bond market in years. With a more limited supply outlook spreads should stay stable for now. But with yields rising and relative value declining, core European borrowers will become ever more reliant on the Eurosystem to support their deals.

    05 Feb 2018

  • Relief as US Treasury releases Russia sov sanctions report

    The US Treasury has said that Russia’s bond market is too important to global financial stability to sanction under Directive 1, which is the “most positive scenario for Russian financial instruments,” according to analysis by Danske Bank.

    05 Feb 2018

  • FIG issuers stand down as volatility resurfaces

    FIG issuers decided against launching new deals on Monday, as market participants predicted that a recent bout of volatility could be the start of a longer term trend.

    05 Feb 2018

  • Qatar National Bank sells second, larger PP

    Two days after locking in a $1bn private placement, Qatar National Bank has sold a second two year floating rate note, this time for $1.38bn.

    05 Feb 2018

  • The price is (not always) right

    In the latest Clawback, columnist Philippe Espinasse takes a closer look at two new IPO guidance letters released by the Hong Kong bourse.

    05 Feb 2018

  • Agile spin-off bags $524m from Hong Kong flotation

    A-Living Services has priced its Hong Kong IPO below the midpoint of guidance. The company raised HK$4.1bn ($524.2m) after the deal was well-received across all tranches.

    05 Feb 2018

  • Drug manufacturer AGP guns for $25m Pakistan IPO

    Pakistan-based pharmaceutical company AGP is set to launch bookbuilding for a Prp2.8bn ($25.2m) offer-for-sale on the country’s stock exchange this week, according to a statement by financial services company JS Global Capital.

    05 Feb 2018

  • Aster DM Healthcare rejigs IPO size, syndicate yet again

    Aster DM Healthcare is set to launch its Rp9.8bn ($152.7m) IPO in India next week, after only its latest attempt to scale back the deal size and change the syndicate group.

    05 Feb 2018

  • Not just property: China dollar bond pipeline building steadily

    Chinese companies in sectors from construction to technology are preparing to tap the dollar bond market. Despite rates continuing to push higher, particularly in the long-end of US Treasuries, more and more debut issuers are eyeing deals.

    05 Feb 2018

  • Cogo seals $595m rights, Ganfeng Lithium seeks nod for HK IPO

    China Overseas Grand Oceans Group (Cogo) has raised HK$4.7bn ($595.2m) from a rights issue of over a billion new shares, despite the deal being undersubscribed by shareholders.

    05 Feb 2018

  • Terms emerge for Indorent’s $100m syndicated loan

    Pricing details are out for a $100m facility for car rental service provider CSM Corporatama, better known as Indorent.

    05 Feb 2018

  • Greenland pushes out maturities with $700m bond

    Chinese property company Greenland Holding Group raised $700m last week, returning to the bond market to refinance a pair of short-dated deals it sold in the first half of 2017.

    05 Feb 2018

  • HKEX gives IPO issuers more flexibility on price range

    The Hong Kong Stock Exchange is giving IPO hopefuls more flexibility to price outside of indicative price ranges set during marketing, bringing its listing rules more in line with the US.

    05 Feb 2018

  • The week in renminbi: CFETS kicks off Thai baht trading, top Chinese official assures Hong Kong of its RMBi role, CCB opens New Zealand branch

    China launches onshore trading for Thai baht, NPC chairman says Hong Kong remains important to China’s effort to promote the renminbi, and China Construction Bank opens a new branch in Auckland.

    05 Feb 2018

  • Improved Camposol digging for investor demand

    Peruvian agricultural company Camposol could return to bond markets this week as it looks to capitalise on an improved rating to refinance expensive debt issued during darker days.

    05 Feb 2018

  • Gran Tierra plots capital markets land-grab

    Canada-listed oil and gas company Gran Tierra Energy, which has the majority of its operations in Colombia, is planning a debut 144A/Reg S bond offering which will come due in 2025, the company said.

    05 Feb 2018

  • Lead MEP demands clearer and simpler procedure on relocation

    EU Parliament rapporteur Danuta Hübner has written a draft report that emphasises the need to "mitigate the discretionary nature" of a draft plan that could force large non-European Union central counterparty clearing houses (CCPs) to relocate to inside the bloc.

    02 Feb 2018

  • Funding scorecard: French agencies

    This week's scorecard looks at the funding progress of French agencies as we move into February.

    02 Feb 2018

  • Instone eyes a €943m valuation as it opens the books

    German housebuilder Instone Real Estate could be worth as much as €943m when it lists on the Frankfurt Stock Exchange this month if its IPO is priced at the top of the range.

    02 Feb 2018

  • Enerjisa covered 4.8 times and prices at bottom, MLP covered

    Enerjisa, the Turkish utilities company owned by E.On and Sabanci, has attracted sizeable interest for its IPO, which was covered 4.8 times and priced at the bottom of the range.

    02 Feb 2018

  • AMAG Leasing issues two Swissie bonds in a week

    AMAG Leasing, the Swiss vehicle lessor, priced two new Swiss franc bonds this week. A Sfr150m (€129m) five year transaction on Monday was followed by a Sfr100m two year on Friday.

    02 Feb 2018

  • InBev shareholder Bevco gets cheers from investors on bond debut

    Bevco, the Luxembourg-based investment company that is the third largest shareholder in Anheuser-Busch InBev, made its corporate bond debut on Friday with a benchmark five year deal that won a warm reception from investors.

    02 Feb 2018

  • VW needs no monkeys for £300m success in sterling

    Despite the latest bout of negative publicity surrounding it having used monkeys in emission tests lingering in the press, investors were still keen to buy Volkswagen’s new sterling corporate bond on Friday. The German car maker got over £500m of orders for the 4.5 year fixed rate deal.

    02 Feb 2018

  • RusHydro returns to eurorouble market

    RusHydro, the Russian hydroelectric power generator, will meet investors next week for a Eurorouble bond.

    02 Feb 2018

  • RMB round-up: China signs $12.8bn deals with UK, RMB up one in payments, Aberdeen adds Rmb5.3b RQFII quotas

    China agreed to $12.8bn of deals with the UK during the British prime minister’s state visit, RMB returns as the fifth most used global payments currency, and Aberdeen Asset Management grabs Rmb5.3bn ($842.8m) new renminbi qualified foreign institutional investor (RQFII) quotas.

    02 Feb 2018

  • Cinda AMC goes conservative on size

    China Cinda Asset Management Co raised a smaller than anticipated $2.5bn from a four-tranche deal on Thursday, despite having an order book that was about 6.6 times covered at its peak.

    02 Feb 2018

  • Indorent revs up $100m syndicated loan

    Car rental service provider CSM Corporatama, better known as Indorent, has reached out to lenders for a $100m syndicated loan, said bankers who received a preliminary email asking them to attend a roadshow.

    02 Feb 2018

  • Chinese issuers delve into short-dated bonds

    China Logistics Property Holdings Co (CNLP) and Future Land Holdings Co both sold bonds with less than one year tenors on Thursday, sidestepping the Chinese regulator’s tight handle on offshore fundraising.

    02 Feb 2018

  • Times Property Holdings block goes for HK$834m

    Schiavona International Holdings has raised HK$833.5m ($106.6m) after offloading a block of shares in real estate developer Times Property Holdings, according to a source close to the deal.

    02 Feb 2018

  • Nazara Tech seeks green light for Indian IPO

    Mobile gaming company Nazara Technologies is planning to float on India’s stock exchanges through an offer-for-sale (OFS) of secondary equity, and has filed a draft prospectus with the market regulator.

    02 Feb 2018

  • GLP goes long with Belt and Road Panda

    Singapore's GLP will approach Chinese investors on Monday with a nine year Panda bond, one of the longest-dated deals ever to feature in the asset class.

    02 Feb 2018

  • India seeks InvIT boost as NHAI picked for share sale

    India plans to monetise its highway assets by packaging them into infrastructure investment trusts (InvITs) for IPOs, the government said during its annual budget presentation.

    02 Feb 2018

  • CMP gets official approval to market Belt and Road Panda

    It has now become common for bond issuers to stress their 'Belt and Road' credentials. But China Merchants Port has become one of the first issuers to get the official blessing to use the term.

    02 Feb 2018

  • Pemex book booms as Lat Am defies doubts

    Mexican state-owned oil giant Pemex attracted a huge book for its eagerly-anticipated dollar market return on Thursday as bond investors pile into the region’s credits despite major elections looming.

    01 Feb 2018

  • Lat Am sovs to keep ticking as DR eyes local currency

    Caribbean sovereign the Dominican Republic could become the first Latin American issuer to seek local currency bonds in the international markets this year as bankers say that timing could not be better for traditionally hard to execute deals.

    01 Feb 2018

  • Gol flies to tap as Asian buyers ask for time

    Brazilian low-cost airline Gol increased the size of a tap of its newest bonds on Tuesday after opting for a two day execution to allow Asian investors to participate.

    01 Feb 2018

  • Crypto still too exotic for futures

    The cryptocurrency world exploded in popularity, appeal and market capitalisation over the course of 2017. Exchanges struggled to develop products to cater to the huge swell of speculative demand. They’re learning quickly that the market wasn’t ready.

    01 Feb 2018

  • Angel Oak fund closes rare bank debt securitization

    A fund controlled by investment manager Angel Oak Capital Advisors has closed a rare, $155.2m securitization backed by subordinate debt issued by 25 community banks.

    01 Feb 2018

  • Crédito Real makes Swiss splash at attractive cost

    Mexican non-bank lender Crédito Real sold its inaugural Swiss franc bond on Wednesday, achieving attractive pricing compared to its US dollar curve, according to the company’s head of investor relations.

    01 Feb 2018

  • Gathering storm batters bitcoin

    After months of sensational growth, bitcoin has, at last, faltered. An increasingly hostile regulatory environment has caused its price, which nudged $20,000 in December, to collapse to around $9,000.

    01 Feb 2018

  • People Moves in Brief

    Chinese bank to set up shop in London — Credit Suisse cuts in corps — Ross returns at Saxo

    01 Feb 2018

  • Green capital relief off the agenda… for now

    The European Commission's High Level Expert Group report on Sustainable Finance this week stopped short of advocating that banks should be able to hold less capital against green assets, but the idea still has political legs.

    01 Feb 2018

  • Buyers line up to get behind wheel of first Tesla auto ABS

    Tesla’s first outing in the securitization market was greeted with much fanfare from investors, with the electric car maker pricing its deal on Thursday to huge demand.

    01 Feb 2018

  • Blackstone breathes life into PE big buys

    Blackstone announced its biggest acquisition for a decade this week, as it swooped on Thomson Reuters' data business for an enterprise value of $20bn. That left financiers waiting to see if it kick-starts a new round of big leveraged buyouts (LBOs) among private equity firms sitting on mountains of uninvested cash. Michael Turner and Victor Jimenez report.

    01 Feb 2018

  • MUFG rolls out US CDS desk for single name trades

    MUFG is setting up shop in the US credit default swaps market with a desk dedicated to trading single name contracts.

    01 Feb 2018

  • IBM, Comcast boost flagging supply

    IBM and Comcast hit the market on Thursday to get February off to a flying start after the quietest start to the year in the US corporate bond market since 2010.

    01 Feb 2018

  • Brexit ‘black hole’ scares banks as City urged to pay its own way

    Hopes of a post-Brexit trade deal for the City shrivelled this week after several reports of a meeting between EU27 states indicated little chance of special Single Market access for financial services.

    01 Feb 2018

  • High yield bond investors voice divergent views

    Buyers of high yield bonds in the European markets speaking to GlobalCapital this week sent two messages: overall demand is strong, but investors are searching for different targets.

    01 Feb 2018

  • HLEG pushes stricter EU green bond label

    The European Commission's High Level Expert Group on Sustainable Finance has put a high priority on green bonds, proposing a new EU standard, to be put in place this year, which could be more stringent than current market practice.

    01 Feb 2018

  • BAML and JP return to smash dollar record

    Bank of America Merrill Lynch and JP Morgan made quick-fire returns to the dollar market this week and propelled dollar supply to its busiest month on record.

    01 Feb 2018

  • Unclear future for Russian issuance as US sanctions talk returns

    Some of the wealthiest and most influential businesspeople in the Russian Federation received an expected, but still unpleasant, piece of news on Monday with the publication of a US Treasury Department list that is expected to precede new sanctions, write Sam Kerr and Bianca Boorer.

    01 Feb 2018

  • FADE EUR1.5bn 0.5% Mar 23

    01 Feb 2018

  • SFIL EUR1bn 0.75% Feb 26

    01 Feb 2018

  • Romania raises €2bn with 0bp-1bp concession

    Romania issued €2bn of new debt with a dual tranche offering on Thursday, taking the largest portion of funds with a new 20 year bond.

    01 Feb 2018

  • France and Germany push back on European pension plan

    France and Germany want to restrict the options for how a common European pension plan pays out, privileging annuities over lump sums, while keeping national authorities responsible for implementing the label, according to a 'non-paper' drafted by both countries together and seen by GlobalCapital.

    01 Feb 2018

  • Russia sov sanctions unlikely, say investors

    Despite the impending US Treasury recommendations on Russian sovereign debt, Russian OFZ’s hit their highest cash price since 2015 this week, suggesting investors are betting heavily that the report will come to nothing.

    01 Feb 2018

  • EU EUR2.4bn 0.5% Apr 25

    01 Feb 2018

  • Banco Santander EUR1.25bn 2.125% Feb 22 tier two

    01 Feb 2018

  • Nordea Bank EUR1bn Feb 22 FRN

    01 Feb 2018

  • Sub bond market settles after bumpy start to the week

    Subordinated bank bonds stabilised in trading after suffering a slight bout of volatility early this week, paving the way for a pick-up in issuance as firms head out of blackout periods.

    01 Feb 2018

  • Euro breather as market readies for Feb

    While the fast pace of issuance that characterised the SSA market in January has abated, the euro sector provided some rarer names with funding across the curve this week, in spite of a general widening of spreads.

    01 Feb 2018

  • EU law to steer markets to green future

    Europe’s financial system turned a corner this week, as the European Commission declared it would introduce legislation to redirect markets towards sustainability and equip them to face the threat of climate change, writes Jon Hay.

    01 Feb 2018

  • Yellen bows out with hawkish finale as buy-side eyes flattening

    Fixed income investors expect central bank tightening to lead to a flattening of the yield curve, according to a survey released in the same week as Janet Yellen’s final Federal Open Market Committee meeting as US Federal Reserve chair. The “modestly hawkish” statement from the FOMC likely helped flatten the US Treasury yield curve, said analysts.

    01 Feb 2018

  • Sterling HY ‘can take' Brexit, say participants

    Borrowers issuing sterling bonds with speculative grade ratings should find a receptive market despite the potential fallout of Brexit this year, Moody’s said in a report. It was a sentiment bankers and investors agreed with.

    01 Feb 2018

  • QNB sells $1bn PP as Gulf banks continue innovative funding run

    Qatar National Bank has added to a busy run of funding with a $1bn two year private placement that it sold to a single investor, according to sources. The region's banks have tapped the Islamic and Taiwanese markets and issued in Aussie dollars.

    01 Feb 2018

  • Republic of Poland EUR1bn 1.125% Aug 26

    01 Feb 2018

  • Wellcome Trust GBP750m 2.517% Feb 2118

    01 Feb 2018

  • Metrovacesa's repriced IPO oversubscribed at discount to NAV

    The IPO of Metrovacesa, the Spanish property developer, finished oversubscribed on Friday after the deal was repriced downwards after reaching the end of its scheduled bookbuild period without any covered message having been given.

    01 Feb 2018

  • FCA creates Brexit role

    The UK watchdog has created a new international role on its executive committee, setting the stage for the negotiations the regulator will have to manage following Brexit.

    01 Feb 2018

  • Just Group tightens nearly 40bp for rare tier three deal

    Just Group, the UK insurer, met with very strong demand of more than £1.1bn for a £230m tier three bond in the sterling market on Thursday.

    01 Feb 2018

  • The Pained Trader: hail seizure

    A lifetime staring at stock prices catches up with the Pained Trader.

    01 Feb 2018

  • Wellcome looks to next century with latest long sterling deal

    The two 100 year corporate bonds previously sold in the sterling market had received excellent responses and, when London-based charity the Wellcome Trust became the latest member of the century club this week, it proved that investors' demand for ultra long bonds is far from satisfied.

    01 Feb 2018

  • Triple-B trio get February IG issuance off to a strong start

    The investment grade corporate bond market started February with the second busiest day of 2018 so far, picking up after a relatively quiet January. Acea, Ford and Prosegur Cia de Seguridad, sold five tranches between them, including two floating rate notes (FRNs), on the first day of the new month.

    01 Feb 2018

  • Eurex jabs at liquidity gripes, revs up for relocation

    The chief strategy officer of Eurex Clearing, Matthias Graulich, has dismissed claims that euro interest rate swap clearing costs would increase substantially if moved to the EU 27 from London, noting that liquidity indicators for the product are already improving at Eurex.

    01 Feb 2018

  • Poland builds confidence in green as sovereigns queue

    The Republic of Poland exceeded its own and its leads’ hopes when it issued its second green bond this week. Piotr Nowak, undersecretary of state at Poland's finance ministry, told GlobalCapital that with 41% of green accounts participating, the sovereign had succeeded in diversifying its investor base.

    01 Feb 2018

  • Russian pair mandate for dollar bonds

    Two Russian issuers forged ahead with plans to issue Eurobonds this week, despite increasing noise around Russian sanctions that threaten to push spreads wider.

    01 Feb 2018

  • LMA plans could cut off ‘risk-free profits’ for loan banks

    Slow settlements and burdensome admin in the European leveraged loan market have been delivering risk-free profits to some loan arrangers — leaving loan funds and CLO managers fuming, and prompting a move from the Loan Market Association to work on a fix. But in a hot market, voluntary guidance may not be enough.

    01 Feb 2018

  • Audley taps HSBC's deep pockets for 'aggressive' growth

    Audley Group, the UK builder of luxury retirement villages, has signed a £125m revolving credit line as it follows up a 2017 equity raising as part of an “aggressive growth strategy”.

    01 Feb 2018

  • Balls of steel, or crystal?

    The Wellcome Trust charity is a fine institution. The medical research it has funded will benefit the world for many years. This week it helped fund that work by selling a £750m 100 year bond. The investors who bought it probably have a warm glow inside knowing they have helped the cause. But is it responsible to buy bonds that will redeem in 2118?

    01 Feb 2018

  • GKN spurns Melrose’s ‘fake’ advances again

    UK engineering group GKN has once again come down hard on a hostile takeover bid from industrial turnround specialist Melrose, prompting some loans bankers to lose confidence that the £7.4bn-plus deal is viable.

    01 Feb 2018

  • KfW seeks green currency diversity

    KfW is taking steps to diversify its green bond issuance away from euros and dollars. Taking advantage of strong demand for sustainable investment in Sweden, it sold its largest ever green Swedish krona bond.

    01 Feb 2018

  • Elevate appoints PayPal CIO to board of directors

    Online subprime lender Elevate Credit is bringing PayPal chief information officer Bradley Strock on to its board of directors as the company proceeds with plans to launch a credit card service this year.

    01 Feb 2018

  • Capita comes full Serco to dodge Carillion fate

    The big fall in the share price of UK outsourcer Capita on Wednesday led to fears of another large corporate collapse in the sector following Carillion's demise last month. But market sources saw the rights issue and turnaround plans, which caused the dip, as a way to avoid disaster as peer Serco once did with similar tactics.

    01 Feb 2018

  • UniCredit’s delivery heroes mine for investment banking growth

    UniCredit’s co-heads of its corporate and investment bank (CIB) want the Italian lender to be “a European winner” by ensuring every company in its network is served. That initiative is paying off, says David Rothnie.

    01 Feb 2018

  • EDC makes rare mid-curve Aussie tap

    Export Development Canada tapped its 2.7% October 2022 Kangaroo line for A$125m ($100.1m) on Thursday. This is the first intermediate tenor trade in three weeks, with most of the Kangaroo action being in the long end. Elsewhere, Bank Nederlandse Gemeenten tapped into some non-Japanese demand for Aussie dollars.

    01 Feb 2018

  • Deriv, cap market groups join forces on Libor

    Trade associations representing derivatives and capital markets have published a road map that they hope will lay the path to a smooth transition away from “ibor” interest rate benchmarks.

    01 Feb 2018

  • SPD Bank to fire up London ops next week

    Shanghai Pudong Development Bank is set to open its newly authorised UK branch for business next week, with initial plans for wholesale banking and vanilla securities trading.

    01 Feb 2018

  • Barclays cuts hit EMEA levfin head, ECM vice-chair, other senior bankers

    The round of redundancies at Barclays Investment Bank has hit more senior figures, including the head of EMEA leveraged finance, a vice-chairman in ECM, the COO of EMEA banking, as well as other managing directors across the origination businesses.

    01 Feb 2018

  • New rule powers big bid for Alliander hybrid refi

    Two weeks after rating agency S&P softened its stance on the early refinancing of hybrid instruments, Dutch energy distributor Alliander became the first issuer to take advantage when it sold a successful hybrid deal alongside a tender offer for a hybrid bond it issued just over four years ago.

    01 Feb 2018

  • Helaba finds favour in sixes

    Landesbank Hessen-Thüringen Girozentrale (Helaba) and Sparkasse Pforzheim Calw issued tightly priced Pfandbriefe with quite limited demand on Thursday.

    01 Feb 2018

  • FRNs return to the fore as BBB rated supply picks up

    The investment grade corporate bond market has started February with intent, with Thursday registering as the second busiest day of 2018 so far.

    01 Feb 2018

  • Santander goes T2 shopping after results

    Banco Santander brought out a 10 year tier two bond on Thursday on the back of announcing its full year results, at which it said it needed extra subordinated debt because of its acquisition of Banco Popular.

    01 Feb 2018

  • Books €3bn at last update for Romania

    Republic of Romania offered investors a rare opportunity to buy sovereign debt from central and eastern Europe with a three digit spread on Thursday.

    01 Feb 2018

  • BPER becomes first covered issuer in ED

    BPER Banca has become the first covered bond issuer to publish and upload loan data into the European Data Warehouse (ED). The move will boost investor appeal, help rating agencies meet European Central Bank requirements and could become important for programmes with extendable maturities.

    01 Feb 2018

  • Domodedovo Airport adds to Russia supply

    Moscow’s Domodedovo Airport (DME) has named leads for dollar roadshows, potentially adding to the $2bn of supply from Russian issuers so far this year.

    01 Feb 2018

  • EBA plans could cut benefits of synthetic securitization

    The European Banking Authority’s plans to level the playing field for synthetic securitization could raise the cost of such deals for banks supervised by the European Central Bank’s Single Supervisory Mechanism (SSM), slowing down a market which has boomed in the last two years, and forcing banks to look elsewhere for capital relief.

    01 Feb 2018

  • The art of listening clearly

    How seriously should one take the so-called ‘Freudian slip’? Being a man with little time for psychology — and having a mother that could best be described as ‘sturdy’ — I’ve never put much stock in the ideas of that bewhiskered Austrian. But I did have to wonder this week when I poked my nose into a lunch organised by the Hong Kong stock exchange.

    01 Feb 2018

  • QNB sells $1bn bond to single investor

    Qatar National Bank has added to its run of funding with a $1bn two year private placement, according to sources.

    01 Feb 2018

  • Galaxy Surfactants goes for the top with India IPO

    Indian specialist chemical producer Galaxy Surfactants closed books for its IPO on Wednesday and is set to raise Rp9.4bn ($146.9m) after the deal was multiple times covered by institutional investors.

    01 Feb 2018

  • Yango falls victim to yield spike, high leverage

    Chinese property developer Yango Group Co was forced to call off a $250m bond this week, amid heavy Asian dollar bond supply and a spike in US Treasury yields. But while market conditions played their part in the underwhelming demand for the deal, the issuer’s credentials were also called into question. Addison Gong reports.

    01 Feb 2018

  • Huami, Ping An Good Doctor lead China tech IPO march

    The first of China’s much-anticipated pipeline of technology-centric IPOs this year is starting to materialise.

    01 Feb 2018

  • Sub-one year bonds spill over into Asia equity-linked market

    Asia’s equity-linked market joined in the sub-one year bond party this week, as issuers and investors both found something to like in the structure. Two Chinese property developers successfully priced nearly identical 363-day deals, though they had slightly different results in the aftermarket. John Loh reports.

    01 Feb 2018

  • Yunnan Energy fires up $200m three year bullet

    Yunnan Provincial Energy Investment Group is out with its first borrowing in the international loan market.

    01 Feb 2018

  • People news in brief: February 1, 2018

    Credit Suisse’s Naqvi to step down – Nomura creates China IB role

    01 Feb 2018

  • India plans to merge and list public insurance trio

    The Indian government plans to merge three public sector general insurance companies into a single entity and float it on the stock exchange, finance minister Arun Jaitley said during the annual Union Budget on Thursday.

    01 Feb 2018

  • Evergrande tears up old plan, rings changes for mammoth CB

    China Evergrande Group attempted the largest Asian convertible bond in nearly two decades this week. But after investors baulked, the company pulled off one of the starkest changes of direction to a live deal GlobalCapital Asia has ever seen, relaunching with a new structure, a smaller deal size and a bigger bookrunning group, writes Jonathan Breen.

    01 Feb 2018

  • JM Financial pockets $102m in QIP with zero discount

    Indian brokerage JM Financial is set to bag Rp6.5bn ($101.8m) from a qualified institutional placement with no discount to its market price, as investors jostled for the shares.

    01 Feb 2018

  • Sharjah makes its name with Panda debut

    Chinese investors welcomed the first Panda bond issuer from the Middle East with caution this week. The government of the Emirate of Sharjah sold a Rmb2bn ($317.2m) three year bond in the upper half of the coupon range.

    01 Feb 2018

  • FAB starts public funding run in sukuk

    First Abu Dhabi Bank will follow Dubai Islamic Bank to the sukuk market as GCC banks look to tap into the enormous pool of Islamic liquidity in the region.

    01 Feb 2018

  • Can M Grass overcome its local government cooking the books?

    A green construction company in the Chinese region of Inner Mongolia has expressed interest in selling a dollar green bond. But the deal will have to overcome damning revelations that the local government released false economic data.

    01 Feb 2018

  • Zhongtai pushes out short term dollar bond

    Chinese issuers are continuing to circumvent regulatory approval for offshore fundraising by going down the short-term note issuance route, with Zhongtai Securities becoming the latest name to hit the market.

    01 Feb 2018

  • Voila! France eyes debut Panda bond

    France is hoping to add its name to a growing list of sovereigns in China’s Panda bond market, having discussed the possibility with at least two of the country’s biggest state-owned banks.

    01 Feb 2018

  • StanChart scoops new Panda licence

    Chinese regulators have given Standard Chartered the nod to become a joint lead underwriter on corporate Panda bonds, allowing it to take a senior position on deals that it was previously forced to play a junior role on. StanChart is only the second foreign bank to win the approval.

    01 Feb 2018

  • Dominican Republic touts local currency deal

    Caribbean sovereign the Dominican Republic will hit the road this Friday as it looks for a first international bond sale of the year, with the sovereign considering a local currency component.

    01 Feb 2018

  • Crédito Real sells lowest rated Lat Am FIG swissie

    Unregulated Mexican non-bank lender Crédito Real sold its inaugural Swiss franc bond on Wednesday, which is the lowest-rated deal in the currency from a Latin American financial institution.

    01 Feb 2018

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 71,795.24 248 8.65%
2 JPMorgan 59,685.75 255 7.19%
3 Bank of America Merrill Lynch 52,401.35 173 6.31%
4 Barclays 50,153.02 148 6.04%
5 Deutsche Bank 44,937.03 167 5.41%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 9,857.42 14 13.05%
2 SG Corporate & Investment Banking 7,833.35 12 10.37%
3 Goldman Sachs 5,773.27 11 7.65%
4 Citi 4,606.54 14 6.10%
5 BNP Paribas 4,132.76 19 5.47%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2,546.04 12 11.21%
2 JPMorgan 1,732.54 10 7.63%
3 Credit Suisse 1,727.84 7 7.61%
4 Deutsche Bank 1,465.10 11 6.45%
5 Citi 1,285.41 7 5.66%