• SA firm Sabvest gets liquidity boost after share sale

    Sabvest, the South African investment holding company, has substantially boosted its liquidity after two investment vehicles sold out of the stock.

    17 Aug 2018

  • Drayson's Sensyne Health trades up 8.6% after IPO on AIM

    Sensyne Health, the UK healthcare artificial intelligence company, has traded up nicely after the company priced its IPO on London’s alternative investment market (AIM).

    17 Aug 2018

  • Berlin Hyp to bring first preferred senior after German law change

    Berlin Hyp is set to become the first German bank to sell a preferred senior bond after issuers regained their access to the funding tool through recent legislative changes.

    17 Aug 2018

  • Nafmii bans domestic rating agency

    Dagong Global Credit Rating, one of China’s largest credit rating agencies, has been banned from rating bonds in the interbank market for one year because it was providing consulting services to companies as it was rating them, the National Association of Financial Market Institutional Investors (Nafmii) announced today.

    17 Aug 2018

  • Paiho Shih returns for $120m refi

    Taiwan’s Paiho Shih Holdings has returned to the offshore loan market, seeking a $120m refinancing loan through KGI Bank.

    17 Aug 2018

  • China people & markets round-up: JP Morgan seeks onshore private fund licence, China holds less US Treasuries, SGX sets new USDCNH futures record

    The asset management arm of JP Morgan targets the private fund market in the mainland, China downsizes holdings of US Treasuries in June, and the Singapore Exchange (SGX) sets a new single-day trading record for USDCNH futures contracts.

    17 Aug 2018

  • China policy round-up: A-shares available for foreigners in China, US-China trade talks to resume, MoF asks local governments to sell special bonds

    Regulator allows foreign nationals in China to buy A-shares, Beijing and Washington walk back to the negotiation table, and the Chinese finance ministry guides local governments to borrow and spend on infrastructure in the third quarter.

    17 Aug 2018

  • KBS to hit road for Singapore’s third US Reit

    KBS Realty Advisors is preparing to float its second Reit in Singapore backed by US commercial properties, bankers close to the deal said.

    17 Aug 2018

  • OCBC scores with Sing dollar AT1

    Oversea-Chinese Banking Corp (OCBC) reopened Singapore’s alternative tier one market this week, managing to raise S$1bn ($726.87m) from the first such deal in 14 months.

    17 Aug 2018

  • CooTek lines up $100m NYSE listing

    Chinese mobile internet company CooTek is planning a $100m IPO of American Depository Shares (ADS), according to a draft prospectus filed with the US Securities and Exchange Commission on Thursday.

    17 Aug 2018

  • It’s a nexus, not a doom loop

    The sovereign credit crisis spurred lawmakers to undertake a number of major initiatives designed to sever the ‘doom loop’ — the link between sovereign and bank credit risk. Recent events in Italy and Turkey show the limits of these policies, but not their impotence.

    16 Aug 2018

  • Blockchain company hires ABS veteran

    Blockchain and cryptocurrency company AlphaPoint has brought on a securitization industry veteran to advance the firm’s push into asset-backed finance markets.

    16 Aug 2018

  • Lat Am September plans left in doubt

    The drought in Latin American new issuance stretched to six weeks by Thursday, but DCM bankers are now more concerned by prospects for September after contagion from Turkey hit Lat Am assets this week.

    16 Aug 2018

  • PDVSA 2020s recover as market digests court ruling

    Venezuelan state oil company PDVSA saw its 8.5% 2020s drift back upwards this week after taking a hit on the back of a US court ruling that caused some concern about bondholders’ ability to claim their collateral.

    16 Aug 2018

  • Rough end to the summer in sight for US ABS, say analysts

    The US securitization market has shrugged off macroeconomic turmoil in recent weeks and months, but investors that think sector operates in a vacuum may be due a shock before the end of the summer, according to analysts, writes David Bell.

    16 Aug 2018

  • Ringfences at the ready as UK banks reassure on reforms

    The large British banks have just completed one of the most complex structural reforms they’ve ever undertaken, severing their UK retail businesses from their wholesale operations to meet ringfence regulations. The sheer disruption of the changes has led competitors to scent blood, while the UK banks have been anxious to reassure their clients that nothing will change.

    16 Aug 2018

  • Lat Am issuers have nothing to fear

    Another month, another set of headlines to scare even the most resolute of EM investors. Yet it is nearly time for Latin American primary markets to make a comeback, and issuers shouldn't let their plans get derailed.

    16 Aug 2018

  • Regulators mull climate risk charge in Pillar 2

    The banking industry has largely backed efforts to use sustainable financing to cut capital charges through a ‘green supporting factor’. But regulators may use the stick, as well as the carrot, through temporary capital add-ons for dirty lending — something the financial industry is unlikely to welcome.

    16 Aug 2018

  • World Bank’s first SOFR sparks price discussion

    The World Bank priced a landmark deal this week as financial markets ween themselves off Libor. But the execution of the $1bn August 2020 bond, the supranational's first with a coupon linked to the Secured Overnight Financing Rate, sparked a debate about the premium the borrower paid. Burhan Khadbai reports.

    16 Aug 2018

  • Tradeweb targets US equity options

    Electronic trading platform provider Tradeweb is entering the US equity options market with a request-for-quote protocol that aims to capture growing investor taste for the product.

    16 Aug 2018

  • Where will it end?

    There is something strange about allowing banks to use ordinary senior debt to count towards their minimum requirement for own funds and eligible liabilities (MREL).

    16 Aug 2018

  • Turkey crash takes out EM

    Emerging market currencies and bond yields were battered this week as old school contagion — the like of which has been absent for many years — infected the market as the Turkish lira crashed. But there is hope that a bounce back for many of these countries could be imminent, as it was after the 2013 taper tantrum. Francesca Young reports.

    16 Aug 2018

  • Analysts keep cool over Turkish risks for European banks

    Banks with major exposures to Turkey were getting hammered after a loss of financial market confidence pushed the country towards a crisis at the beginning of the week. But analysts suggest that any fears of contagion into the European banking sector are overdone.

    16 Aug 2018

  • Grafton diversifies with long-dated private placements

    UK and Irish building materials group Grafton has raised €160m in a dual tranche US private placement (US PP) transaction.

    16 Aug 2018

  • People Moves in Brief

    HSBC loses sustainable bond head in EMEA - StanChart picks new syndicate boss - Citi FIG DCM boss heads to Santander

    16 Aug 2018

  • BNPP hires credit strategy head from Brevan Howard

    BNP Paribas said on Thursday that it had hired Viktor Hjort from Brevan Howard as global head of credit strategy and desk analysts, following the promotion of Olivia Frieser to global head of research.

    16 Aug 2018

  • The Pained Trader: Turkey shoot

    The Pained Trader has a ringside seat at the crisis of the day.

    16 Aug 2018

  • Sponsors ride HY volatility so far, shows SEB research

    Private equity firms have bolstered their high yield footprint in European and Nordic issuance, but yield spreads are also running up, according to SEB this week.

    16 Aug 2018

  • Petrofac switches revolver for bilateral lines

    Petrofac has turned to bilateral financing to reduce its reliance on its existing revolving credit facility, with three banks providing the UK-headquartered oil field services company with separate credit lines.

    16 Aug 2018

  • Haven assets benefit as Italy and Turkey spark safety rush

    Concerns over the upcoming budget from Italy’s populist government — as well as the months’ long economic crisis in Turkey — took its toll on government bond yields in the eurozone periphery this week. But a hunt for safe assets among investors did play into the hands of top tier credits.

    16 Aug 2018

  • Turkey fin min investor call tries to reassure

    Within a fortnight, the Republic of Turkey is planning to announce “additional sources of financing” to fill a $2.5bn gap in its 2018 external bond funding plans, Berat Albayrak, the country's finance minister, said on an investor conference call on Thursday afternoon. Albayrak also said Turkey is not in talks with the International Monetary Fund (IMF) and ruled out capital controls.

    16 Aug 2018

  • Privatisation doubts send Tesla CBs down

    Elon Musk’s shock announcement on Twitter last week that he had secured funding to take Tesla private at $420 a share rocked US financial markets and send its shares and bonds rallying. Yet one week on questions are being asked about Musk’s “funding secured” claim most notably from the SEC.

    16 Aug 2018

  • KKR, Schroders partner with Neos on SME lending fund

    The Dutch Growth Joint Venture, controlled by direct lender Neos, closed for a targeted €1bn, with investment firm KKR as the principal investor.

    16 Aug 2018

  • UniCredit CDS highlights Italy as much as EM

    Turkey’s self-inflicted problems have had ramifications well beyond its borders and led to comparisons with previous emerging market crises.

    16 Aug 2018

  • UTC’s Rockwell funding dominates US IG bond market

    The US corporate bond market continued at a strong pace this week, ignoring the lure of the beach that sees its European counterparts' new issue flow slow to a standstill in August. More than $22bn of bonds were sold in the first three days of the week and around half of that was raised by United Technologies Corp.

    16 Aug 2018

  • SSA banker leaves Morgan Stanley

    A London-based SSA syndicate banker at Morgan Stanley has left the bank a year after joining, GlobalCapital understands.

    16 Aug 2018

  • Pfandbrief issuers likely to move first

    Covered bond primary activity is expected to pick up from as early as next week with a couple of German issuers understood to be monitoring the market. FIG activity is predicted to ratchet up again the following week as borrowers move in advance of potentially negative rating news.

    16 Aug 2018

  • World Bank USD1bn FRN Aug 20

    16 Aug 2018

  • Northcross launches two new repo conduits

    Northcross Capital, the specialist manager that sponsors the Anglesea Funding asset backed commercial paper (ABCP) conduit, launched two of the first new ABCP vehicles structured seen in years: Glencove Funding and Longship Funding.

    16 Aug 2018

  • World Bank looking ‘closely’ at euros

    World Bank is looking to issue more deals in euros in its fiscal year, ahead of large redemptions in the currency.

    16 Aug 2018

  • Missing budget 'foregone conclusion' for some loans bankers

    Loans heads have resigned themselves to missing their budget targets this year, despite the overall amount lent in the EMEA region so far being ahead of 2017.

    16 Aug 2018

  • UK gov agrees to open up Co-op Bank review

    The UK government has said that it will provide full access to documents required to carry out an investigation into the supervision of the Co-operative Bank between 2008 and 2013, following criticism of the review’s protocol from the UK Treasury Select Committee.

    16 Aug 2018

  • Turkey’s five year CDS spread tightens as US feud continues

    The cost of buying credit default swaps on Turkish five year government debt has stopped its upward trajectory and eased lower, even as the country’s standoff with the US continues.

    16 Aug 2018

  • Turkish borrowers facing tough redemption schedule

    The collapse in the Turkish lira has stoked fears as to how the nation’s borrowers will repay their foreign currency debt just as the country's foreign exchange reserves are shrinking.

    16 Aug 2018

  • Disappointing year for French IPOs as volume falls 75%

    Bankers working within France’s equity capital markets are resigned to the fact that 2018 is going to be a very poor vintage for French IPOs, with volumes down significantly versus last year, a string of failed deals and supply unlikely to pick up in the second half.

    16 Aug 2018

  • EM on tenterhooks over Turkey finance minister call

    Turkey’s finance minister, Berat Albayrak, is holding an investor call at 2pm London time today. Over 5,000 participants are registered for the call and will be looking to see if the politician can bring calm to the crisis engulfing Turkish and wider emerging markets.

    16 Aug 2018

  • Deripaska’s VTB sanctions buster plan ‘difficult’ for OFAC, says former chief

    The US Office of Foreign Asset Control (OFAC) has an unprecedented decision to make on whether to accept a reported offer from EN+ owner Oleg Deripaska to sell shares in the company to VTB Bank. The aim of the deal is to reduce the oligarch’s majority stake in the aluminium conglomerate, which, it is hoped, will result in sanctions against it being removed.

    16 Aug 2018

  • Chinese healthcare platform 111 eyes $200m US IPO

    Integrated online healthcare provider 111 filed draft documents on Wednesday for a potential $200m issue of American Depository Shares (ADS).

    16 Aug 2018

  • Aegon considers Vivat bid after sale reports

    Aegon has said it will consider buying Vivat should its fellow Dutch insurer be put up for sale this year, but the firm added that it was “far too early” to talk about financing options.

    16 Aug 2018

  • Corps, financials to follow SSAs on the SOFR

    Corporates and financial institutions are planning to issue bonds linked to the Secured Overnight Financing Rate (SOFR), according to a US rates analyst.

    16 Aug 2018

  • Nomura turns to structured solutions as it seeks international growth

    The Japanese bank has revamped its investment banking division as it looks to boost efficiency and grow revenues following a grim first quarter and cuts in global markets.

    16 Aug 2018

  • China’s Tesla poised to electrify IPO investors

    China’s answer to Tesla is set to make a splash with its New York IPO. Nio is preparing a multibillion-dollar listing that will test investor appetite for the booming electric car industry. John Loh reports.

    16 Aug 2018

  • Emerging market worries strike Asian bonds, but anchors help Chinese issuers close deals

    Asia’s offshore bond market has ground to a halt. Global market volatility, driven by in part by geopolitical risk, has left borrowers on the sidelines, waiting for what will they hope will be a more stable market in September. In the meantime, the only sign of resilience in the region comes from China, where local banks can be leaned on to anchor deals. Morgan Davis reports.

    16 Aug 2018

  • StanChart picks new head of syndicate, and heads of DCM of west and east

    Standard Chartered has appointed a new head of syndicate, as well as a new head of DCM West and DCM East.

    16 Aug 2018

  • Foreign autos fashion single tranche trades in China ABS

    Geely and BNP Paribas’s auto finance joint venture hit the Chinese securitization market with a bang this week, as domestic investors oversubscribed for its single tranche sale by three times. The deal came a week before Mercedes is scheduled to launch a similarly structured transaction, its first in China this year.

    16 Aug 2018

  • Dubai’s Emirates NBD seeks loan rollover

    Dubai’s Emirates NBD is looking to roll over its $1.7bn loan signed in 2016, joining fellow Emirates lender Abu Dhabi Commercial Bank in the dollar loans market.

    16 Aug 2018

  • People and markets news in brief: August 16, 2018

    Deutsche Bank taps Ngan for ECM — Citi names first BRI head — Li emerges at Citic — Morgan Stanley promotes in SEA — Nomura hires for Korea DCM

    16 Aug 2018

  • StanChart rejigs global capital markets unit

    Standard Chartered has rearranged its primary and secondary debt business, creating a global credit markets team that will be run by Henrik Raber, its long-time capital markets head.

    16 Aug 2018

  • Please leave a message after the beeping beep

    It is all part of the daily routine for us bankers to make and receive lots of phone calls, among which there will be a few from journalists.

    16 Aug 2018

  • RCom: tender is the night

    India’s Reliance Communcations (RCom) tender and exchange offer, unveiled last week, would clear the issuer’s books of its $300m 6.5% 2020 bond. But since RCom defaulted on a payment for the notes last November, it is in no position to offer investors such paltry tender and exchange terms.

    16 Aug 2018

  • BOC Aviation, Digital China seek offshore borrowings

    Chinese companies BOC Aviation and Digital China have launched offshore loans into general syndication, seeking $500m and $100m, respectively.

    16 Aug 2018

  • Tata Motors closes $237.6m loan for bond buyback

    India’s Tata Motors has closed the senior syndication of an offshore loan worth $237.6m, helping the company fund the buyback of bonds due in 2020.

    16 Aug 2018

  • Turkey relief brings no respite to Lat Am

    Some Latin American bond bankers said that a soft day in the region on Wednesday was even more worrying than Monday’s havoc as spreads continued to widen despite Turkish assets rebounding somewhat.

    16 Aug 2018

  • Fitch sounds off on methodology, ratings shopping in RMBS

    Once dominated by the ‘big three’ agencies, the RMBS ratings industry has welcomed new entrants into the market after the financial crisis tarnished incumbents’ reputations. But Fitch Ratings told investors this week to be wary of the competition.

    15 Aug 2018

  • Diamond prices bigger timeshare securitization

    Diamond Resorts came to market on Wednesday with its first ABS offering of 2018, increasing the size of the deal at pricing by $100m.

    15 Aug 2018

  • Starwood launches HY bond to support GE energy project finance deal

    Starwood Property Trust was looking to price a $300m high yield bond on Wednesday to support the acquisition of GE Capital’s energy project finance business, as the firm looks to diversify beyond core commercial real estate activities.

    15 Aug 2018

  • Strong euro securitization pipeline seen for September

    Securitization bankers are expecting a strong issuance pipeline following the summer lull, with issuers said to be looking further ahead and planning their funding and capital structures more carefully than in the past. Issuers said to be scoping the market include Virgin Money, and NewDay credit cards.

    15 Aug 2018

  • R.J. O'Brien appoints chief strategy officer

    Chicago-based futures brokerage R.J. O'Brien and Associates (RJO) has appointed Stephen Brodsky to its newly created chief strategy officer role, the company said on Wednesday.

    15 Aug 2018

  • CLO resets needed to build ‘runway’ for downturn

    Tom Majewski, chief executive of US CLO equity investment firm Eagle Point, said on Tuesday that the firm was focused on resetting existing CLOs in which it held majority equity positions, in order to improve the arbitrage in the structures and also build “runway” for the company to benefit when the loan market eventually suffers a downturn.

    15 Aug 2018

  • Negative rates pose contract questions

    A note by law firm Mayer Brown has advised counterparties trading with International Swaps and Derivatives Association (ISDA) documentation to consider special amendments if they want their contracts to take into account the effects of negative interest rates, referencing a recent court decision.

    15 Aug 2018

  • BAML SSA banker moves to New York

    A London-based SSA syndicate banker at Bank of America Merrill Lynch has moved to New York as part of an internal exchange programme.

    15 Aug 2018

  • Nordic Entertainment agrees to spin off revolver

    Sweden’s Modern Times Group (MTG) and its subsidiary Nordic Entertainment Group have agreed a five year revolving credit facility in the run up to the subordinate company being spun off.

    15 Aug 2018

  • Buy-backs pitched to troubled Turkish banks

    EM bond investors are watching Turkish banks closely, as some of the banks have heavy maturities falling due in the next year and capital ratios are being battered by the huge drop in the lira. But DCM bankers are telling these issuers that the lower levels may mean there are opportunities for buy-backs.

    15 Aug 2018

  • Lloyds shakes up Swiss market with benchmark bond

    Lloyds Banking Group entered the Swiss franc bond market on Thursday after a seven year absence.

    15 Aug 2018

  • Sanctions future holds key for domestic bound Gazprom

    Gazprom may have stepped away from the international capital markets but its liquidity position remains strong enough to keep it afloat for the foreseeable future, provided the diplomatic situation between Russia and the US does not worsen.

    15 Aug 2018

  • Senvion places €62.5m of new equity after first half earnings

    Senvion, the German maker of wind turbines, has raised €62.5m of fresh capital to fund its expansion in new markets such as India, where the Indian government has announced plans to build 30,000 mega watts of offshore wind capacity by 2030.

    15 Aug 2018

  • Looming Italy crisis puts Turkey woes in perspective for Europe

    Fears about the Turkish exposures of European banks have done little to distract fixed income investors from a brewing crisis in Italy. They may even have sharpened focus on the scale of the problems facing the country.

    15 Aug 2018

  • Brexit taking its toll as fund managers pull away from UK

    Global investor confidence in UK equities has tumbled so far in August, according to the latest fund manager survey from Bank of America Merrill Lynch, marking the largest monthly drop in sentiment towards the UK since the Brexit referendum.

    15 Aug 2018

  • Carige covereds narrowly miss being junked

    Moody’s downgraded Banca Carige’s residential mortgage backed covered bonds this week, but kept them in investment grade territory. Spreads barely moved in the aftermath, suggesting investors have already sold their exposure.

    15 Aug 2018

  • Investors pile into KfW tap amid Turkey and Italy volatility

    KfW received solid demand for its €1bn global June 2020 benchmark tap on Tuesday, as investors lapped up the rising swap spreads caused by political tensions in Italy and economic crisis Turkey, and looked for safe assets.

    15 Aug 2018

  • Investors know they can rely on US for summer liquidity

    The summer break in European corporate bond markets has shortened in recent years to as little as two weeks in August, but investors know that the dollar market is always an option.

    15 Aug 2018

  • Emirates Airlines loan syndication takes flight

    Dubai’s Emirates Airlines is syndicating a 12 year loan, less than six months after wooing bond investors to print a sukuk inside fair value.

    15 Aug 2018

  • Ferrexpo reloads bigger revolver

    Iron ore firm Ferrexpo has more than doubled the size of its revolving pre export finance facility to $400m and has extended the maturity by an extra year, but lenders say Ukraine’s loan market remains only partially open.

    15 Aug 2018

  • Mayhem in EM as Turkey crashes

    Good old fashioned contagion has led the worsening situation in the Turkish market battering the rest of emerging markets this week as a plummeting lira and spiking Turkish CDS levels spooked buyers across CEEMEA and Latin America. Even western Europe has been feeling the heat as investors start to fret about Turkish exposure.

    15 Aug 2018

  • BOC Aviation launches $500m into general

    BOC Aviation, the aircraft leasing group under Bank of China, has launched a $500m five year borrowing into general syndication, with a group of ten banks at the helm.

    15 Aug 2018

  • US investors peek at Europe’s levfin debt to grab spread growth on similar risk

    Recent cash flows from funds buying European corporate bonds and loans with speculative grade ratings have increased with support from US investors, as markets get ready for the second half of the year.

    15 Aug 2018

  • Amid volatile market, Asian deals on hold

    Asia’s offshore bond market ran to a near stand-still this week, with just one issuer selling a dollar bond. While the typical summer lull is to blame for at least some of the quiet, bankers were divided on whether the crisis in Turkey has made things worse for Asian issuers.

    15 Aug 2018

  • Foreign auto names switch gear to single tranche ABS

    Geely and BNP Paribas’s auto finance joint venture hit the Chinese securitization market with a bang on Tuesday, as domestic investors oversubscribed its single tranche sale by three times. The deal came a week before Mercedes is scheduled to launch a similarly structured transaction, which will be its first in China this year.

    15 Aug 2018

  • RHB sale fetches $149m for Abu Dhabi shareholder

    An overnight sell-down in Malaysia’s RHB Bank raised MR609.9m ($148.9m) for its Middle Eastern shareholder on Tuesday. The deal finally went ahead after a period of election-related uncertainty.

    15 Aug 2018

  • China Everbright tees up $1.3bn rights issue, Chong Hing follows

    China Everbright International hit the market on Tuesday with news of a billion-dollar rights issue, sending its stock price tumbling

    15 Aug 2018

  • Sell-off dampens Lat Am September hopes

    A broad emerging markets sell-off triggered by worries over Turkey's economic future could spoil what should be a busy September for Latin America primary markets, fear DCM bankers.

    15 Aug 2018

  • CMBS players unfazed by growing macro headwinds

    Analysts at Bank of America Merrill Lynch argued on Monday that a tide of pressures — a flattening yield curve, trade wars and ballooning corporate bond issuance — will soon turn against the CMBS market. But some players in the sector claim the macro narrative is well overplayed.

    14 Aug 2018

  • Are shifting consumer habits squeezing structured finance?

    As Americans across generations, and specifically younger cohorts, delay major life events such as marriage, rent their homes over owning them, shun office life and generally upend the behaviors that defined past generations, the engines that drive US structured finance have slowed. GlobalCapital investigates.

    14 Aug 2018

  • Green CP: a step in the right direction

    Rabobank has launched a green CP and certificate of deposit programme, opening up the world of short-term debt to SRI investors for the first time.

    14 Aug 2018

  • BNG increases funding target

    Bank Nederlandse Gemeenten has increased its total funding requirement for the year as it prepares for the second half of 2018.

    14 Aug 2018

  • Erdogan’s Turkey a warning for Brexit Britain

    Markets don’t like governments engaging in unnecessary economic self-harm, and after numerous warnings and cautions on its unsustainable economic policies, investors are now abandoning Turkey —Brexit Britain should beware.

    14 Aug 2018

  • World Bank grabs $1bn with SOFR debut amid fair value debate

    World Bank took $1bn for its first trade linked to the Secured Overnight Financing Rate (SOFR) on Tuesday as bankers debated the best way to find fair value for the new product.

    14 Aug 2018

  • World Bank readies its first blockchain bond

    World Bank is preparing to launch a bond on the blockchain — the first ever publicly issued deal to be created, allocated and settled entirely using blockchain technology.

    14 Aug 2018

  • Spinetti departs HSBC after over a decade

    Gianluca Spinetti, an associate director working in FIG and corporate DCM origination, has left HSBC.

    14 Aug 2018

  • HSBC loses head of EMEA sustainable bonds

    HSBC’s head of sustainable bonds, EMEA debt capital markets, has left the bank.

    14 Aug 2018

  • Harmonisation ‘will lift Austrian covered bonds’

    Austria’s Ministry of Finance will finally set out draft proposals to harmonise the country’s three covered bond legal frameworks early in 2019 after years of deliberations. And, with the introduction of new measures that bring the unified law into line with best practice, rating upgrades are likely.

    14 Aug 2018

  • Details emerge on $300m Petrofac loan financing

    The UK’s Petrofac has turned to bilateral financing to reduce its reliance on its existing revolving credit facility, with three banks providing the oil and gas services company with separate credit lines.

    14 Aug 2018

  • Vivat RT1 rips 60bp tighter on Anbang sale reports

    Restricted tier one bonds sold by Vivat, the Dutch insurance company, were zipping tighter in the secondary market on Tuesday, following reports that its Chinese owner Anbang Insurance Group was looking to open a sales process for the firm.

    14 Aug 2018

  • Turkey exposes European stocks but contagion unlikely

    The market chaos caused by investor panic over Turkey hit the shares of European companies this week, but the risk of a systemic crisis is low, said analysts.

    14 Aug 2018

  • Ålandsbanken plans debut senior bond sale ahead of MREL

    Ålandsbanken, a small bank headquartered in the Åland Islands, an autonomous region in Finland, is seeking to launch its first public sale of a senior bond as part of a drive towards meeting its minimum requirement for own funds and eligible liabilities (MREL).

    14 Aug 2018

  • Turkey makes ‘dead man bounce’ but investors still asking for more

    The Turkish lira rebounded strongly on Tuesday morning in London while sovereign CDS rallied 40bp — but investors are still calling for more action and concerns remain high that without a big rate rise from the Turkish Central Bank, the selling will shortly resume.

    14 Aug 2018

  • Rabobank turns money markets green

    Rabobank announced on Monday that it has launched the first ever SRI debt instrument for the short-term market — and was immediately able to print €1.2bn of paper 2bp inside its curve.

    14 Aug 2018

  • Payment receivables ABS give Turkish banks lifeline

    Diversified payment receivables securitizations, a deal structure used extensively by Turkey’s big banks, could be a vital route to help these institutions access more hard currency term funding as the crisis in the country deepens. But these deals have increasingly relied on development institutions in recent years, rather than private demand.

    14 Aug 2018

  • FIG DCM head trades Citi for Santander

    Citi’s head EMEA FIG DCM is leaving the bank and taking up a senior FIG role at Banco Santander.

    14 Aug 2018

  • Middle East loans market tees up busy year end

    The Middle East loans market will end the year on a high, with a swathe of borrowers looking to raise funds following the Eid celebrations, according to multiple bankers in the region.

    14 Aug 2018

  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress Europe's supranationals and agencies at the mid-point of the third quarter.

    14 Aug 2018

  • FIA calls for public scrutiny of 'de minimis' calculation

    The Futures Industry Association (FIA) has called for greater transparency in efforts by US regulators to determine the method for calculating the notional threshold at which dealers have to be registered as swap dealers.

    14 Aug 2018

  • Credit Suisse DCM MD quits for Deloitte

    A Credit Suisse DCM managing director has quit the bank to join Deloitte.

    14 Aug 2018

  • Beijing Construction closes bond with strong anchor demand

    Beijing Construction Engineering Group (BCEG) raised $600m from a quick transaction on Monday, following the approach of other recent Chinese issuers by relying on anchor orders to close the deal.

    14 Aug 2018

  • Louis Dreyfus Asia closes $600m revolver

    Singaporean commodity company Louis Dreyfus Asia has boosted its three year revolver to $600m after attracting 20 participants during syndication.

    14 Aug 2018

  • Private debt investors too focused on mid-market lending, claims WTW

    Even as the market expands, many private debt investors are failing to capitalise on the breadth of the asset class, concludes a report by actuarial firm Willis Towers Watson (WTW).

    14 Aug 2018

  • Astaldi’s Turkish lira anxieties put HY mart on geopolitics alert

    Italian construction group Astaldi’s bonds have taken a beating on concerns that its exposure to Turkish risk could derail plans for injection of needed capital. For some high yield investors, it also is a reminder of market vulnerabilities ahead.

    14 Aug 2018

  • Digital China launches $100m into general

    Chinese information technology company Digital China Group is tapping the offshore loan market for a $100m deal.

    14 Aug 2018

  • MUFG Bank hires Harlalka as India markets head

    MUFG Bank has named ex-Royal Bank of Scotland executive Gyan Harlalka as head of global markets for India.

    14 Aug 2018

  • Veolia keeps it short in Panda comeback

    After a two year absence in the Panda bond market, Veolia Environnement made its return last week to raise Rmb1bn ($145.6m). Instead of placing another three year bond, the French corporate issuer cut the tenor to just one year — a move that paid off for the borrower, said bankers.

    14 Aug 2018

  • CreditAccess Grameen prices $162m India IPO

    CreditAccess Grameen has raised Rp11.3bn ($161.7m) after pricing its flotation in India at the best terms for the issuer, a banker on the deal said.

    14 Aug 2018

  • India’s Mrs. Bectors Food eyes $114m listing

    Mrs. Bectors Food Specialities is planning to float for as much as Rp8bn ($114.4m), having filed a draft prospectus with the Indian regulator.

    14 Aug 2018

  • Morgan Stanley promotes SEA bankers

    Morgan Stanley has made two senior appointments in its southeast Asia investment banking team, according to a memo seen by GlobalCapital Asia.

    14 Aug 2018

  • EM fallout shouldn’t scare Lat Am issuers

    Another month, another set of headlines to scare even the most resolute of EM investors. Yet it is nearly time for Latin American primary markets to make a comeback, and issuers shouldn't let their plans get derailed.

    14 Aug 2018

  • Hyundai Oilbank gets the nod for $1.8bn IPO

    South Korea’s securities regulator waved through Hyundai Oilbank’s billion-dollar IPO plans at a preliminary screening on Monday.

    14 Aug 2018

  • China’s Nio greases wheels for $1.8bn US listing

    Nio, a Chinese electric car company, has started sounding out investors for its IPO on the New York Stock Exchange with an indicative size of $1.8bn.

    14 Aug 2018

  • Ex-BNP banker to lead Korea DCM at Nomura

    Nomura has hired Jin-goo Kim as head of debt capital markets for Korea.

    14 Aug 2018

  • Diamond Resorts set to issue timeshare ABS

    Diamond Resorts is issuing a $300m securitization backed by timeshare loans.

    13 Aug 2018

  • Freddie Mac seasoned CRT, Starwood flagship RMBS deals price

    A number of non-agency RMBS deals were priced at the end of last week, including private label deals from Starwood and Redwood and a seasoned credit risk transfer (CRT) deal from Freddie Mac.

    13 Aug 2018

  • BAML securitization outlook turns bearish

    Bank of America Merrill Lynch analysts turned bearish on securitization markets this week, saying that the growing US-China trade war and a flatter US Treasury curve were strong reasons to start taking risk off the table.

    13 Aug 2018

  • US levfin volumes jump after strong earnings season

    Both the US high yield and leveraged loan markets absorbed a flurry of deals at the end of last week after second quarter results painted a strong picture for corporate earnings.

    13 Aug 2018

  • World Bank joins Fannie Mae on the SOFR

    World Bank is following Fannie Mae’s trailblazing issue of Secured Overnight Financing Rate (SOFR) floating rate notes after mandating banks on Monday for what will be the second ever trade to reference the rate.

    13 Aug 2018

  • Peripheral markets take beating as Italy, Turkey volatility boils

    Government bond markets in the eurozone periphery took another beating on Monday amid political tensions in Italy and Turkey, with spreads over Germany at their widest level in months.

    13 Aug 2018

  • Brexit woes slow sterling HY issuance, but appetite from buyers remains

    Sterling high yield issuers have printed less than half the volume of bonds they sold during the same period last year, which many attribute to the uncertainties surrounding the UK’s exit from the European Union. But appetite for sterling risk appears resilient for now.

    13 Aug 2018

  • BondMarker: World Bank’s euro return scored

    World Bank scored an average of 7.27 with its first euro benchmark in almost two years, with voters particularly praising the deal in the structure/maturity category.

    13 Aug 2018

  • Judge swats down Clifden’s ‘unprincipled asset grab’

    Clifden IOM engaged in an “unprincipled asset grab” when it hurriedly arranged the appointment of a deal administrator for the Fairhold transaction, a High Court judge said on Friday. The real estate investment firm was defending an injunction sought by Fairhold, a pre-crisis distressed CMBS, and note trustee Global Loan Agency Services Ltd (GLAS) to prevent Clifden’s appointment of administrators.

    13 Aug 2018

  • Fitch upgrade bodes well for Greek covered bonds

    After Fitch upgraded Greece’s country ceiling into investment grade territory last Friday, the covered bond ratings of National Bank of Greece and Alpha Bank should also improve with spreads on Alpha's recent five year having the best potential to tighten.

    13 Aug 2018

  • Analysts probe IFRS 9 impact amid Turkey crisis

    The currency crisis in Turkey has prompted analysts to hone in on the balance sheets of European banks, as they look for the first signs of an increase in income volatility following the introduction of the new IFRS 9 accounting standard.

    13 Aug 2018

  • Petrofac reduces revolver requirements with new loans

    The UK’s Petrofac has signed $300m of new bank facilities, as the emerging markets focused oil and gas services company looks to cut back on the use of its existing revolving credit facility.

    13 Aug 2018

  • Aryzta cooks up €800m capital raise after Ebitda slide

    Shares in Aryzta, the bakery listed in Ireland and Switzerland, fell as much as 10% on Monday morning after the company said it plans to raise €800m via a rights issue to shore up its balance sheet after a series of profit warnings this year.

    13 Aug 2018

  • Turkey five year CDS jumps as Erdogan defiant

    The cost of insuring Turkish government debt has shot up as Turkey’s president Recep Tayyip Erdogan has refused to give way in a dispute with the United States.

    13 Aug 2018

  • Markets lose faith in Turkey amid crisis

    Equity and debt markets are preparing for a full blown crisis in Turkey and even though its currency pulled back from its early-week lows, investors are worrying about debt defaults.

    13 Aug 2018

  • Albanesi a good buy despite graft scandal, say analysts

    Developing markets investment bank Exotix believes that Argentine power company Albanesi’s 9.625% 2023s are “money good”, despite a rapid fall in bond prices after the company’s CEO was arrested.

    13 Aug 2018

  • Top government advisor predicts financial market 'attack' on Italy

    Giancarlo Giorgetti, undersecretary to the Italian prime minister, has said that he expects the country to suffer an “attack” in the financial markets by the end of the month.

    13 Aug 2018

  • SEGRO collars €300m long-dated private placement

    UK real estate investment trust Segro has sold €300m 10 and 15 year US private placement (PP) notes, to a group of institutional investors.

    13 Aug 2018

  • Telecom Egypt hits screens with $500m loan syndication

    Telecom Egypt has launched a $500m five year loan into syndication, with next week’s Eid al-Adha celebrations expected to stretch out the process until around the end of September.

    13 Aug 2018

  • Much ADO about nothing… so far

    Berlin property company ADO Properties had planned to issue its second corporate bond in recent weeks, following a successful investor update. However, a high profile bribery case in Israel has put the deal on hold for now.

    13 Aug 2018

  • MMI launches $205m refi into general

    Singaporean hard-drive manufacturer MMI International is seeking a $205m loan, mainly to refinance an old borrowing sealed in 2015.

    13 Aug 2018

  • Clifden’s behaviour ‘unprincipled asset grab', judge concludes

    Instead of acting as the saviour of noteholders, Clifden was simply to trying to profit from the hurriedly arranged pre-pack administration of Fairhold, a pre-crisis CMBS now in distress, according to a judge in the UK High Court on Friday. It was an ‘unprincipled asset grab’, the judge told the court on the concluding day of the hearing.

    13 Aug 2018

  • CIMC plans Hong Kong flotation for vehicle unit

    China International Marine Containers plans to spin-off its vehicle manufacturing arm through a listing on the Main Board of the Hong Kong Stock Exchange.

    13 Aug 2018

  • Beijing Properties seals $250m with China bank bid

    Beijing Properties sold a two year bond last week after getting demand from some of the Chinese banks who joined the deal. That allowed the leads to launch the bond with little worry it would drag on over the weekend.

    13 Aug 2018

  • India's Sansera Engineering pre-markets $216m IPO

    Auto components maker Sansera Engineering has begun pre-deal investor education for an IPO that could raise up to Rp15bn ($215.9m), according to a source close to the deal.

    13 Aug 2018

  • Philippines’ UnionBank preps $188m rights issue

    Union Bank of the Philippines (UnionBank) has won stock exchange approval for a rights issue of up to Ps10bn ($187.6m).

    13 Aug 2018

  • Weidai files IPO amid P2P crackdown

    Chinese peer-to-peer lender Weidai is seeking an IPO on the New York Stock Exchange, even as the troubled sector continues to reel from tightening regulations.

    13 Aug 2018

  • The week in renminbi: PBoC won’t fight trade war with currency moves, CBIRC ramps up support for the real economy, ex-central bank head calls for ‘low key’ RMBi

    The People’s Bank of China says it will not weaken the RMB amid rising trade tensions with the US, the banking and insurance regulator wants more lending to small businesses, and the former boss of the Chinese central bank argues that RMB internationalization should keep a low profile.

    13 Aug 2018

  • GlobalCapital SRI Awards 2018: the nominations

    The nominations for GlobalCapital's Sustainable and Responsible Capital Markets Awards 2018 have been revealed, as a result of our worldwide market poll, conducted in July.

    11 Aug 2018

  • Applebee’s, IHOP parent cooking up ABS refi

    ABS is back on the menu for Dine Brands Global, as the Applebee’s and IHOP parent whips up a nearly $1.58bn corporate securitization.

    10 Aug 2018

  • Greek banks to lose ECB support after bailout exit

    The European Central Bank will drop its waiver for Greek bonds to be used as collateral, following the sovereign’s exit from its third bailout programme on August 20.

    10 Aug 2018

  • Covered Bond Awards 2018: poll is now closed

    The survey for this year's covered bond awards has now closed. The results will be published online in tandem with the awards dinner on the evening of Thursday September 13.

    10 Aug 2018

  • Impact of OBG legal amendment may be limited

    The Bank of Italy’s (BoI) proposal to loosen Obbligazioni Bancarie Garantite (OBG) issuance restrictions should be credit positive for the country’s small banks said Fitch in a report on Friday. Despite that, an improvement in distributed supply may prove limited.

    10 Aug 2018

  • Sports Direct swoops in for House of Fraser, but tough game ahead

    Sports Direct announced it has bought House of Fraser on Friday, but the retailer had already entered into administration just hours earlier, meaning investors will be unable to trigger what would have been a lucrative change of control covenant in the firm’s bonds.

    10 Aug 2018

  • Glenveagh Properties finalises €213m placing

    Glenveagh Properties, the Irish housing developer owned by Oaktree Capital, has concluded the final leg of its €213m placing, conditional placing and open offer, which it originally announced in July to finance the acquisition of more land in Ireland.

    10 Aug 2018

  • World Bank winds up for blockchain bond

    The World Bank is set to become the first supranational to issue a bond that will be "created, allocated, transferred and managed through its life cycle using distributed ledger technology", according to a press release.

    10 Aug 2018

  • PG&E uses cat bond as California wrestles with fire liability

    Pacific Gas and Electric Co, the Californian utility firm, is using a catastrophe bond to adapt to what it calls the "new normal" of increased wildfire risk. After its equipment was blamed for many of the state’s fires over the past year, PG&E is at the heart of a debate over who should shoulder the costs of rising natural catastrophe damage.

    10 Aug 2018

  • BAML hires Renard in ECM revamp

    Bank of America Merrill Lynch has made sweeping changes to its European equity capital markets franchise and has hired Credit Suisse’s Jerome Renard for a new position of head of EU ECM.

    10 Aug 2018

  • Green bond head changes at Rabobank

    Rabobank's head of sustainable markets has left the bank, to take up a job in Brazil. He will be replaced by a colleague who has worked in sustainability for many years.

    10 Aug 2018

  • RCom offers bondholders shoddy deal

    Reliance Communications’ 2020 bond, which the company defaulted on last year, suffered a tumultuous week, hitting a new low after the telecoms company offered to buy back the $300m senior notes at a steep discount.

    10 Aug 2018

  • China people & markets round-up: Surprise uptick in FX reserves, record month for SGX’s RMB futures, China sells more to Belt and Road

    China’s foreign exchange reserves grow in July, renminbi derivatives in Singapore hit a new high as trade war escalates, official data shows a pick-up in exports from China to Belt and Road countries.

    10 Aug 2018

  • China policy round-up: Regulator vows more goodies for QFII, RQFII, Beijing hits back over trade, PBoC rep lashes out again at the finance ministry

    The securities watchdog promises more relaxations for inbound investors, officials levy new tariffs on US goods as state media takes aim at critics at home, and a senior central bank official criticises the Ministry of Finance for not doing its job.

    10 Aug 2018

  • Pan Jit International seeks $190m borrowing

    Taiwanese semiconductor producer Pan Jit International and its subsidiary Pan Jit Asia International are seeking a $190m-equivalent borrowing in two currencies.

    10 Aug 2018

  • China’s Ever Sunshine Lifestyle eyes HK listing

    Ever Sunshine Lifestyle Services Group is planning a Hong Kong IPO, according to a draft prospectus it filed in the city on Thursday.

    10 Aug 2018

  • Vietnam plans $209m Vinalines stake sale

    The Vietnam government is set to reduce its stake in Vietnam National Shipping Lines (Vinalines) through an IPO of at least D4.9tr ($208.9m).

    10 Aug 2018

  • Dodla Dairy to milk investors with India IPO

    Dodla Dairy submitted a listing application to the Indian regulator on Thursday, eyeing the sale of both new and existing shares.

    10 Aug 2018

  • Brazilian duo wrap up liability management deals

    Andrade Gutierrez, the Brazilian construction firm, wrapped up its debt restructuring this week with a well-received bond exchange as Brazilian high yield names keep investors on their toes in the absence of new issuance.

    09 Aug 2018

  • Argentina adds concerns to risk-averse Lat Am

    Investor concerns over a growing corruption scandal in Argentina brought a new bout of volatility to Latin American bonds this week, with market participants on both the buy-side and sell-side appearing to have written off the prospect of new issuance in September.

    09 Aug 2018

  • GSEs inch closer to single securitization platform

    Fannie Mae and Freddie Mac, the government-sponsored enterprises at the heart of US housing finance, are less than a year away from launching a common securitization platform that will rebalance the market to make a more level playing field for their respective securities.

    09 Aug 2018

  • Ain’t nothing but a number

    Yields on Turkey’s sovereign debt hit 20% this week, stoking fears of a debt crisis. But breaking the purported psychological importance of the 20% ceiling does not add much to the well-established litany of issues facing the country’s economy.

    09 Aug 2018

  • Italian budget ruckus threatens fragile banks

    The Italian banking sector could be hurtling towards another crisis this autumn, with the government’s budget negotiations expected to put pressure on the bond market, worsening funding conditions for banks, write Jasper Cox and Bill Thornhill.

    09 Aug 2018

  • California’s push could restart idling US municipal green bond issuance

    The drive launched by California treasurer John Chiang to promote a more vigorous municipal green bond market in the state comes as US local governments’ green bond issuance has dipped after early strong growth.

    09 Aug 2018

  • Tesla investors caught up in buy-out maelstrom

    Elon Musk’s sensational claim to have funding in place to take Tesla private stunned the US capital markets this week, but the lack of substantive detail to the plan has largely reversed an initial rally in the firm’s equity and debt instruments, as well as reportedly drawing the attention of the Securities Exchange Commission. Aidan Gregory and David Bell report.

    09 Aug 2018

  • UniCredit grilled over Yapi as Turkey crisis deepens

    UniCredit’s senior management team had to fend off a barrage of questions about the bank’s exposure to Turkish bank Yapi Kredi this week, as yields spiked on Turkish local currency debt and the lira slid further against the dollar. UniCredit’s equity stake is accounted at €2.5bn, but worth less than €1.2bn in today’s market.

    09 Aug 2018

  • Investor fears rise as US-Russia diplomatic tensions ratchet up

    A pair of US sanctions against Russia could have potentially disastrous consequences for local and international bond investors, especially if a planned ban against the purchase of new sovereign debt takes effect, writes Lewis McLellan.

    09 Aug 2018

  • Volkswagen Leasing €1bn 0.25% Feb 2021, €750m Feb 2023, €750m Aug 2025

    09 Aug 2018

  • BNP Paribas USD750m 7% PNC10 AT1

    09 Aug 2018

  • Barclays USD2bn 7.75% PNC5 AT1

    09 Aug 2018

  • No Brexit deal? No worries for bond deals… yet

    UK Prime Minister Theresa May may have rebuked her International trade secretary Liam Fox for his suggestion the chances of no-deal Brexit were now 60-40, but bookmakers Boyle Sports has exactly those odds for those who want to put any money on it. If that is the likely outcome now, what will it mean for the execution of bond deals?

    09 Aug 2018

  • Schuldschein shrugs off Nordic bank dressing down from ESMA

    The European Securities and Markets Authority recently fined a clutch of Nordic banks for breaking credit rating regulations. The decision could have implications for the Schuldschein market — where arranging banks issue similar ratings to investors.

    09 Aug 2018

  • TSI appoints new managing director

    True Sale International GmbH (TSI), founded in 2004 to expand the German securitization market, has appointed Jan-Peter Hülbert to steer the group forward with a focus on advancing STS regulation and third party certification, according to a press release on Thursday.

    09 Aug 2018

  • First mover advantage: euro market braced for stormy year-end

    Public sector borrowers are looking to complete their euro funding for the year as quickly as possible to avoid any backlash from potential market volatility.

    09 Aug 2018

  • Turkey drama shines light on robust CDS liquidity

    Emerging market sovereigns are regarded as stalwarts of the credit default swaps (CDS) market. Their liquidity is dependable, and participants can usually trade in large size with relatively low transaction costs and little price impact.

    09 Aug 2018

  • Barclays and BNPP pick summer window for AT1 splurge

    Barclays and BNP Paribas both waited until August to seal additional tier one trades that investors had been expecting for the best part of 2018, pulling off their deals ahead of what could be a busier and trickier finish to the year.

    09 Aug 2018

  • KKR challenges investors over covs on CCCs

    BMC Software was set to print $2bn of triple-C rated bonds this week, as it changes sponsor hands from Bain and Golden Gate to KKR. The new owner was also pushing for some of the loosest covenants in the market.

    09 Aug 2018

  • Global lenders stay loyal to Turkish banks as EM buyers flee

    Global banks are, for the moment at least, standing by their Turkish clients despite deepening financial problems in the country. The yield on Turkey’s 10 year sovereign bond hit almost 20% this week, driven to this vertiginous height by diplomatic tensions with the US and an economy riddled with problems. Silas Brown and Lewis McLellan report.

    09 Aug 2018

  • Clifden’s Fairhold CMBS move gets its day in court

    Clifden IOM’s claims to have appointed administrators to Fairhold Securitisation Limited, a CMBS issuer, were “fanciful” and “incredible” a court heard on Wednesday.

    09 Aug 2018

  • US corporate issuance fades after pacy start to week

    Each of the first three days of this week saw a jumbo bond deal in the US corporate bond market, but the volume of other deals dwindled as the week progressed, and Thursday struggled to achieve $1bn of issuance.

    09 Aug 2018

  • EIB: no funding cut with ECB oversight

    The European Investment Bank (EIB) has rebuffed claims it could be forced to reduce its funding levels if it moves under European Central Bank (ECB) supervision.

    09 Aug 2018

  • The Pained Trader: Big Brother

    The Pained Trader finds himself under observation.

    09 Aug 2018

  • Volkswagen triple dips amid hot summer demand across Europe

    Volkswagen (VW) took advantage of the positive tone in a quiet corporate bond market to build huge order books for both euro and sterling transactions on consecutive days. The strength of the bid from UK investors was behind the overall success of those transactions, while the borrower also found a pool of demand in Russian roubles.

    09 Aug 2018

  • Who said what now? Italy’s ministers take BTPs on ride

    Italy’s coalition government is taking investors on a wild ride, with different voices emanating from the populist grouping quickly shifting sentiment among the buy-side. But the juicy spreads the sovereign offers over its peers has helped provide some respite from the sell-offs, said analysts.

    09 Aug 2018

  • Elon Musk and the Trumpification of investor relations

    Elon Musk likes causing a stir on Twitter. Last year he announced his plans to avoid traffic in Los Angeles by digging large tunnels between his home and his office on the site. But the CEO might have dug an ever deeper hole for himself this week by tweeting that he was seeking to privatise Tesla at $420 a share with funding secured.

    09 Aug 2018

  • OBG supply possible after summer but issuers in no hurry

    Italian FIG supply is likely to remain limited over the rest of this year as Parliamentary budget negotiations and concerns over the presentation of Banca Carige’s capital conservation plan raise deal execution risk. However, one or two covered bond deals cannot be ruled out.

    09 Aug 2018

  • African dual listing plans set to give boost to London ECM

    Several large African companies are seriously exploring going public, with many likely to dual list domestically and in London, a boon for the city as Brexit clouds hover.

    09 Aug 2018

  • Volkswagen drives off with £500m on strong UK demand

    The second deal in two days from a Volkswagen entity was never expected to hit the heights of the triple-tranche euro deal the day before. However, Thursday’s sterling trade still received a very strong response from investors.

    09 Aug 2018

  • US fins plunge into market as Discover innovates

    US financial firms, including Prudential Financial and Wells Fargo, raised plenty of funds and capital in the first half of the week. One of them, Discover Bank, could encourage other banks to use a callable structure when issuing tier two.

    09 Aug 2018

  • Lloyds and BNPP jump on dollar gravy train

    European banks have taken full advantage of a window for issuance after second quarter results, with Lloyds Banking Group becoming the latest name to test the depth of the dollar market in the middle of summer.

    09 Aug 2018

  • ABN unveils cuts to CIB business to boost returns

    ABN Amro said on Wednesday that it would cut staff and risk-weighted assets from its corporate and investment banking business, aiming to push return on equity at the unit from 5.8% in the first half of this year to above the bank’s 10% target.

    09 Aug 2018

  • People Moves in Brief

    ABN cuts 250 in CIB, strips RWAs — Barclays hires Galligan from Goldman — NRW.Bank names new funding head

    09 Aug 2018

  • Gone with the wind: reflecting on my marriage

    I learned a lot of important lessons during my first marriage and subsequent conscious uncoupling. As the saying goes: “whoever said money can’t buy happiness never paid for a divorce”.

    09 Aug 2018

  • Default resources concentrated at two CCPs, say watchdogs

    Financial resources dedicated to protecting central counterparties from defaults are becoming increasingly concentrated at two CCPs, according to a report by global watchdogs released on Thursday.

    09 Aug 2018

  • HK biotech IPOs exhibit symptoms of overvaluation

    Hong Kong saw its second biotechnology listing this week, as BeiGene floated on the city’s stock exchange. But two days after listing it was under water and was followed by a double-digit dive by Ascletis Pharma, the sector’s debut issuer. The state of both stocks are a warning sign for future biotech issuers to rein in valuations, say ECM bankers. Jonathan Breen reports.

    09 Aug 2018

  • Deloitte: London could package new ILS products

    London's finance sector and new technology could expand insurance-linked securities (ILS) outside their traditional domain and package up different risks into tradeable products, according to a Deloitte consultant.

    09 Aug 2018

  • Sibur IPO talk premature, says CFO

    Russian petrochemicals company Sibur is not close to making a decision on whether to go public, despite media reports in the last fortnight to the contrary, its CFO told GlobalCapital.

    09 Aug 2018

  • Lenders fear rules may crush China RE loans

    Chinese property companies have seen their funding options restricted in a variety of markets, leaving the offshore loans markets the only avenue for them to raise new funds. But loans bankers, who have long operated in an uneasy grey area for such deals, are worried they will be next in the firing line. Pan Yue reports.

    09 Aug 2018

  • BIDV closes $150m refi

    Joint Stock Commercial Bank for Investment and Development of Vietnam has closed an offshore borrowing worth $150m. After the company deciding not to exercise a greenshoe option, lenders faced a large scale-back.

    09 Aug 2018

  • Philippines goes larger on Samurai return

    The Republic of the Philippines attracted more investor demand than expected on its return after eight years to the Japanese yen bond market. Its outstanding dollar bonds outperformed in secondary trading as the new deal was being marketed.

    09 Aug 2018

  • NRW.Bank appoints new funding head

    NRW.Bank has promoted Besnik Berisha to be its new head of funding, with a focus on long term debt.

    09 Aug 2018

  • Brazilian retailer wraps tender

    Brazilian shopping centre operator General Shopping e Outlets do Brasil will buy back $48.297m of its perpetual bonds in a move considered credit positive by Moody’s.

    09 Aug 2018

  • Tuspark leans on 14 bookrunners for $350m bond

    Tsinghua University Science Park, or Tuspark, raised $350m from its bond sale on Wednesday, notably helped by 14 bookrunners.

    09 Aug 2018

  • Autumn IPO pipeline takes shape in HK

    In a quiet week for Asia’s equity capital markets, three issuers filed preliminary documents ahead of their planned share debuts in Hong Kong due to take place in the autumn.

    09 Aug 2018

  • Shinhan prints rare AT1 from holdco to spark premium talk

    Shinhan Financial Group Co’s debut dollar Basel III additional tier one (AT1), priced on Tuesday, sparked a debate between Asian bankers, analysts and investors. The deal was rare, being issued through the bank’s holding company rather than using the opco structure which is much more common in Asia. That left many wondering what premium, if any, issuers must pay for holdco deals, writes Addison Gong.

    09 Aug 2018

  • CORPORATE BOND PRICED DEALS TABLE 2018

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

    09 Aug 2018

  • Quebec hires four for Panda sale

    The Canadian province of Quebec has mandated four banks, including two international firms, to underwrite its first bond in China, a finance official at the provincial government told GlobalRMB.

    09 Aug 2018

  • Connects offer HKEX a boost amid global volatility

    Hong Kong Exchanges and Clearing (HKEX) boasted record revenues in the first half of year, as MSCI inclusion helped push northbound equity investment to new heights.

    09 Aug 2018

  • Commercial PACE firms plot regular ABS outings

    Securitizations of commercial Property Assessed Clean Energy (PACE) financings are slowly becoming more common — and with two C-PACE deals notched to date, executives at issuing firms say they plan to be regular sellers.

    08 Aug 2018

  • WeWork’s footprint in US CMBS set to surpass $1bn

    Kroll Bond Rating Agency this week highlighted the growing exposure CMBS investors have to WeWork, the coworking space company the business model of which has been criticised by some investors for being front loaded with short-term risk.

    08 Aug 2018

  • Weakness in UK retail pressures euro CLOs

    Bank of America Merrill Lynch Analysts in a note this week pointed to weakening in UK retail businesses as a pressure point for European CLOs, citing recent poor performance across such sectors as clothing and restaurants.

    08 Aug 2018

  • Rates derivatives trading surges on Tradeweb

    Electronic trading platform Tradeweb has enjoyed a huge spike in interest rate derivatives trading this year, reporting a 118% year-to-date increase in average daily volume for the products compared to 2017.

    08 Aug 2018

  • Volkswagen finds hot demand for triple-trancher

    Volkswagen Leasing took advantage of the positive tone in the quiet corporate bond market to build a huge order book for its €2.5bn triple-tranche offering.

    08 Aug 2018

  • Kroenke readies bridge loan for Arsenal takeover

    US sports tycoon Stan Kroenke will use a bridge loan facility to buy metals magnate Alisher Usmanov’s 30% stake in Arsenal, to claim full ownership of the London football club.

    08 Aug 2018

  • Byte Me: Crypto flying right?

    Surprising exactly no one, big beast exchange ICE has joined its peers and entered the cryptocurrency market in earnest. More than eight months after competitors Cboe and CME launched cash-settled bitcoin futures contracts, this month ICE revealed Bakkt, a “global platform and ecosystem for digital assets”.

    08 Aug 2018

  • Rainbow Rare Earths completes capital increase to fund new African mining ventures

    Rainbow Rare Earths Ltd, the rare earth element mining company, has priced a £1.6m capital increase to finance a new mining development in Murambi, a remote town in Northern Rwanda.

    08 Aug 2018

  • Carige covered bonds may lose IG status, but buying opportunity seen

    Banca Carige’s covered bonds could soon be downgraded by Moody’s to sub-investment grade territory but, given the size and quality of the collateral pool, further downgrades could present a buying opportunity.

    08 Aug 2018

  • Barclays hires senior structurer from Goldman

    Barclays has hired Dean Galligan from Goldman Sachs as head of cross asset structuring solutions.

    08 Aug 2018

  • BNPP follows Barclays as AT1 supply heats up in summer

    The need to offer healthy new issue premiums is not holding back additional tier one bond issuers this summer. Barclays reopened the market for the product in dollars on Tuesday, to be quickly followed by BNP Paribas.

    08 Aug 2018

  • Turkish yields scale new heights as fears intensify

    Fallout from a diplomatic incident drove yields on Turkish sovereign paper to almost 20% this week. While yields have come off their highs, the picture remains bleak for the beleaguered nation.

    08 Aug 2018

  • Wider spreads here to stay, say leverage finance investors

    Buyers of speculative grade debt in Europe have entered August with renewed confidence and the hope that spreads can hold their recent widening during the second half of the year.

    08 Aug 2018

  • FIG investors focus on Italian worries

    Buyers of bonds issued by banks and insurers are bracing for the prospect of arguments between the EU and the Italian government damaging the country's fragile financial institutions. Banca Carige faces particular scrutiny.

    08 Aug 2018

  • Big Spanish IPO to boost ‘exciting’ autumn season

    The bumper IPO of Cepsa is likely going to give investors something different to look at when the market reopens in September with investors already excited by a number of new listings.

    08 Aug 2018

  • Investors hold on to Italy’s yield roller-coaster

    Italy’s coalition government is taking investors on a wild ride, with different voices emanating from the populist grouping quickly shifting sentiment among the buy side. But the juicy spreads the sovereign offers over its peers has helped provide some respite from the sell-offs, said analysts.

    08 Aug 2018

  • Corporate bond investors ignoring the calendar

    August is traditionally a slow month in the corporate bond market as the common perception is that many market participants are away from their desks enjoying their summer holidays. But recent deals have shown that investors are around, and are willing and able to buy.

    08 Aug 2018

  • UBS poaches from BNPP for CEEMEA DCM

    UBS has nabbed a banker from BNP Paribas for its emerging markets DCM team.

    08 Aug 2018

  • Vedanta Resources seeks $1.1bn loan to back delisting

    Credit Suisse and Standard Chartered are providing a $1.1bn loan to back the delisting of Indian metal and mining company Vedanta Resources from the London Stock Exchange.

    08 Aug 2018

  • Shinhan AT1 pricing raises 'holdco premium' debate

    Shinhan Financial Group Co on Tuesday issued its debut dollar Basel III additional tier one deal at the holding company level, becoming one of the very few Asian issuers to have done so. But bankers, analysts and investors were split on whether and how much the holdco premium was because of a lack of precedents in Asia.

    08 Aug 2018

  • Colombia minfin takes office but bankers pessimistic on bond return

    Alberto Carrasquilla Barrera returned for his second stint as Colombian finance minister on Tuesday. While investors are happy with his return, and are keen to boost their exposure to the country’s bonds, debt issuance is likely to be limited.

    08 Aug 2018

  • América Móvil notifies investors of hybrid call

    Mexican telecommunications company América Móvil will redeem €900m of its euro hybrid bonds when they become callable on September 6, it has told investors.

    08 Aug 2018

  • Intiland fails to build bond in dollar market

    High yield property company Intiland Development flopped in the offshore market on Tuesday, failing to price what would have been its debut dollar deal.

    08 Aug 2018

  • DBS scores syndicate hire from Chinese rival

    Debt syndicate banker Angie Li has joined DBS from Guotai Junan International after two years at the Chinese firm.

    08 Aug 2018

  • Updated: Geely-BNPP JV to debut in China securitization

    A Shanghai-based joint venture between carmaker Geely and BNP Paribas is to enter the Chinese auto loans securitization market for the first time next week. The company will test demand with a Rmb1.94bn ($284m) deal, selling just one tranche to investors in the interbank bond market.

    08 Aug 2018

  • Maanshan Iron lays groundwork for $500m CB

    Maanshan Iron & Steel is seeking shareholder approval to raise up to $500m from a debut convertible bond — the first time in 25 years it is tapping equity investors for funds.

    08 Aug 2018

  • ASK Investment sets ball rolling for India IPO

    ASK Investment Managers has filed a draft prospectus with India’s securities regulator as it plans to go public through an IPO of new and existing stock.

    08 Aug 2018

  • Bear-ly moving: SSAs crawl towards Panda debuts

    Sri Lanka and Turkey are preparing to sell their first Panda bonds, enticed by falling funding costs in China's bond markets. But given they both have lower credit ratings than previous sovereign Panda issuers, they may face an uphill battle as regulators scrutinise their finances.

    08 Aug 2018

  • California rebuts Trump ‘lunacy’ with green bond pledge

    The Treasurer of California, John Chiang, rebuked President Trump for climate change denial on Tuesday as he committed the state to developing a "green bonds strategy" to develop the market and accelerate its growth.

    08 Aug 2018

  • Tesla high yield bond jumps on take-private speculation

    Tesla’s only high yield bond traded at its highest level since mid-March on Tuesday, after CEO Elon Musk said he was considering a take-private deal that led investors to consider the bond’s attractive change of control provision.

    07 Aug 2018

  • US high yield bounces back after slowest July since ’09

    After suffering the slowest month in a decade in July, the US high yield pipeline burst into life this week with two new deals on Tuesday and a further $5bn in the pipeline for the rest of the week.

    07 Aug 2018

  • Home retailer Conn's preps new ABS

    Home appliance retailer Conn’s is issuing an ABS backed by sales contracts and loans, its sixth such deal since 2015.

    07 Aug 2018

  • No creditor is better off without a good Popular precedent

    Market participants should not become complacent about the battles that are still taking place over the handling of the resolution of Banco Popular, because the outcome is likely to form the blueprint for what will happen when any large European bank fails in the future.

    07 Aug 2018

  • BAML surprises summer market with sterling CMBS

    Primary euro ABS slowed to a trickle in August as investors take their summer holidays but Bank of America Merrill Lynch surprised the market on Tuesday with a CMBS exit for a sterling loan it originated in April.

    07 Aug 2018

  • Mutual Energy turns private with £200m PPs

    Mutual Energy, an energy infrastructure company headquartered in Belfast, has sold £200m ($256.98m) of private placement notes in its first private debt outing.

    07 Aug 2018

  • ECB oversight of the EIB makes little sense

    The European Investment Bank has reportedly agreed to discussions which could lead to it falling under the supervisory eye of the European Central Bank, following pressure from several European Union members. But this seems more like a political refusal to give something for nothing than a move likely to improve how the supranational operates.

    07 Aug 2018

  • UBS structure seeks to keep senior talent safe from boutique threat

    The bank’s creation of a new senior banker layer comes as big banks struggle with a talent brain drain, writes David Rothnie.

    07 Aug 2018

  • KBN sterling tap keeps SSA market open

    Kommunalbanken's sterling tap was the sole deal in the public sector market on Tuesday, following a similar transaction by Bank Nederlandse Gemeenten on Monday.

    07 Aug 2018

  • EIB 'could be forced to reduce funding levels' under ECB supervision

    The European Investment Bank may have to reduce its annual funding programme under potential leverage restrictions by the European Central Bank following Brexit, according to bankers.

    07 Aug 2018

  • Discover tries out European tier two format

    Discover Bank tested a rare format for a US subordinated deal this week, with a tier two bond that has a coupon that resets if not called. An analyst suggested other US banks could copy it.

    07 Aug 2018

  • Kiwi covereds to widen, but not due to affordability

    Despite a deterioration in the affordability of housing in New Zealand, loan-to-value ratios are low and homes are comparatively more affordable than they are in much of Europe. Even though credit risks remain contained, it seems likely that spreads in the New Zealand covered bond market are set to be repriced wider.

    07 Aug 2018

  • And the client lived appily ever after?

    HSBC’s new app for issuers, shortly to be rolled out across the bank’s primary markets divisions and downloaded by clients directly, is a welcome change for a market that’s seen limited technological progress. It’s a clear step forward, and likely to be copied widely. But this could be the very worst outcome for issuers.

    07 Aug 2018

  • Corporate leverage shrinking but mispriced, say HY investors

    Speculative grade debt buyers believe borrowers will keep deleveraging, according to an August credit investor survey by Bank of America Merrill Lynch. But fund managers also think the market is failing to price leverage correctly.

    07 Aug 2018

  • Barclays gets cracking on refi run for AT1s

    Barclays has opened books on a long-awaited additional tier one bond, with four of its outstanding deals set to hit their first call dates in the next year.

    07 Aug 2018

  • AlAhli gets approval for MSCI fund IPO

    The Saudi Capital Markets Authority has approved a resolution allowing NCB Capital to raise funds for a new Saudi ETF, linked to the MSCI index, via an IPO.

    07 Aug 2018

  • Bondholders offer Mozambique bond refi

    Mozambique’s bondholders have presented a restructuring proposal to the government, following their rejection of Mozambique’s proposed package in March.

    07 Aug 2018

  • Turkish soda firm lands large loan

    We Soda, a soda ash producer fully owned by Turkish industrial conglomerate Ciner Group, has signed three seven year term loans totalling $1.66bn-equivalent in the biggest Turkish corporate loan in half a decade.

    07 Aug 2018

  • Chilean corps remain resilient despite sovereign pressure

    Chile’s corporate issuers are well placed to stand firm as Latin America’s best-rated sovereign experiences a gradual decline in its stellar credit quality, said Moody’s on Monday.

    07 Aug 2018

  • BNPP takes from HSBC for Asia syndicate

    BNP Paribas has hired a new banker for its Asia syndicate team in Hong Kong.

    07 Aug 2018

  • TP ICAP pivots to Paris for post-Brexit hub, raises broker pay

    Interdealer broker TP ICAP revealed on Tuesday that it had chosen Paris as its post-Brexit hub in the European Union, as new CEO Nicolas Breteau called for the flexibility to pay company brokers the "market rate".

    07 Aug 2018

  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made in their funding programmes in the middle of the third quarter.

    07 Aug 2018

  • Fever-Tree founders sell £103m of stock at highest price yet

    Charles Rolls and Tim Warrillow, the co-founders of Fever-Tree Drinks, the London-based maker of premium tonic water and other mixers for spirits, sold £103m of shares in the company on Monday, monetising some of their gains since the IPO and strengthening the shareholder register.

    07 Aug 2018

  • Tencent-backed Weimob eyes Hong Kong IPO

    Chinese firm Weimob is seeking the greenlight to float in Hong Kong, having filed a draft prospectus with the city’s bourse on Monday.

    07 Aug 2018

  • Shyam Metalics paves way for $132m India IPO

    Shyam Metalics and Energy submitted an application to the Indian securities regulator for a Rp9.1bn ($132.2m) flotation on Monday.

    07 Aug 2018

  • SK Broadband makes quick connection to $300m bond

    South Korean internet provider SK Broadband Co. hit the dollar bond market on Monday, taking advantage of the stable backdrop for a $300m trade.

    07 Aug 2018

  • Hong Kong's new biotech listings deserve time to flourish

    Hong Kong has had its first taste of a pre-revenue biotechnology stock with the listing by Ascletis Pharma. Unfortunately, the company got caught up in a wave of volatility and the shares have not fared well. It was not a good start for biotech but the sector should not be judged by this one deal, as it was just the first from a bulging IPO pipeline.

    07 Aug 2018

  • New energy bonds hit after GCL-Poly sale falls through

    GCL New Energy’s $500m offshore bond plummeted by more than three points in secondary trading on Monday, after its parent company failed to dispose of an asset in Zhejiang. The price plunge also had a knock-on effect on other Chinese new energy bonds.

    07 Aug 2018

  • Haidilao builds steam for $1bn August IPO launch

    Haidilao International Holding plans to launch its $1bn IPO in Hong Kong by the end of the month, according to bankers working on the deal.

    07 Aug 2018

  • Junshi Biosciences seeks $500m Hong Kong IPO

    Shanghai Junshi Biosciences is eyeing a $500m IPO in Hong Kong, having filed a draft prospectus with the city’s stock exchange.

    07 Aug 2018

  • China Industrial launches $510m debut loan

    China Industrial Securities International Financial Group, a subsidiary of Industrial Securities, has launched a debut loan of up to HK$4bn ($510m).

    07 Aug 2018

  • Majority takes cash-bond option in Andrade restructuring

    Owners of Brazilian engineering and construction firm Andrade Gutierrez’s defaulted bonds have overwhelmingly approved an exchange that pushes out the maturity and increases interest payments, the company said on Monday.

    07 Aug 2018

  • Kushners’ troubled CMBS-financed tower finds hope in Brookfield

    CMBS bondholders and commercial real estate lenders are exhaling with relief following news that Brookfield Asset Management closed a lease on 666 Fifth Avenue, which is currently owned by Kushner Companies. Brookfield will pay upfront for the lease, helping Kushner Companies pay off more than $1bn in CMBS debt that helped finance the building’s acquisition in 2007.

    06 Aug 2018

  • Frontier hit with downgrade after earnings disappoint

    S&P Global Ratings downgraded telecoms company Frontier Communications to triple-C status on Friday, swelling the proportion of the low-rated bucket in CLOs holding the debt.

    06 Aug 2018

  • MPL ABS notches record breaking second quarter

    Marketplace loan ABS issuers enjoyed a blockbuster second quarter, with a dozen securitizations sold, marking it the busiest quarter to date for the asset class.

    06 Aug 2018

  • Italian NPL deals keep lights on in quiet primary ABS

    In a quiet spell for the European primary ABS market last week, three Italian NPL securitization transactions were announced, all with state guaranteed senior tranches.

    06 Aug 2018

  • Regulation head leaves ICE Futures Europe

    Dee Blake, the head of regulation at ICE Futures Europe, has left the company according to sources.

    06 Aug 2018

  • BNG adds to sterling tap flow, KBN out with guidance

    Bank Nederlandse Gemeenten kept the sterling tap running as the sole deal in the primary SSA market on Monday, with a Norwegian agency lining up to follow it on Tuesday.

    06 Aug 2018

  • ECM investors still cautious on 'unloved' Italy

    Italy’s new coalition government has not been kind to its equity capital markets, with IPOs especially hindered by uncertainty. Unless there is a dramatic change, ECM bankers do not expect much improvement in the autumn.

    06 Aug 2018

  • BondMarker: IFC takes second place for year so far, ESM scores high

    The International Finance Corp drew one of the highest BondMarker scores of the year so far with its return to five year dollars after two years away. The trade came in a week of few, but very well received, deals, with the European Stability Mechanism scoring its highest average score of 2018 so far.

    06 Aug 2018

  • KKR heads to high yield for final piece of BMC buyout financing

    The funding for KKR’s acquisition of BMC Software is set to add almost $2bn of high yield bonds in euros and dollars this week, the last portion of a cross-border, multi-billion debt deal that has enlivened the leveraged finance markets.

    06 Aug 2018

  • August corporate bond flow stuck in cement but optimistic

    The investment grade corporate bond market started August with a pair of transactions that supported the positive tone of the market. Primary market participants are still in positive mood, but are yet to see any further deals announced.

    06 Aug 2018

  • Initial margin phase-in is not gradual, says FCA report

    A research note by the Financial Conduct Authority (FCA) has concluded that the phase-in of initial margin requirements for non-cleared derivatives trades will largely fail to make the process “gradual” and easier to stomach for UK counterparties.

    06 Aug 2018

  • HSBC is dancing around disco issue, say investors

    On Monday, asset managers holding HSBC’s discount perpetual bonds (discos) again pressed the bank to clarify why it classified the securities as fully eligible regulatory capital. A recent Bank of England policy update has not persuaded HSBC to reverse its decision.

    06 Aug 2018

  • Greece 10 year ‘in August or September’

    Greece’s planned return to the 10 year part of its euro benchmark curve is likely to be in late August or early September, according to market sources.

    06 Aug 2018

  • Covered bonds can green Italy’s economy

    Green Italian bond supply has good scope to grow, and banks are likely to play a central role in the rise, according to Standard and Poor’s. Given the old age of Italy’s building stock and the importance of financing for small and medium-sized enterprises (SMEs), green covered bonds and green European Secured Notes could play a vital part.

    06 Aug 2018

  • Victoria raises £60m to fund Saloni takeover

    Victoria, the UK flooring firm, has completed a £60.5m ($77.77m) sale of new shares to fund its takeover of Saloni, a Spanish producer of high-end tiles.

    06 Aug 2018

  • UniCredit seeks Cashes compensation from Caius

    UniCredit is seeking €90m from Caius Capital due to the hedge fund’s actions over the past few months in relation to the convertible and subordinated hybrid equity-linked securities (Cashes).

    06 Aug 2018

  • High yields draw investors’ return to emerging markets

    Investors are returning to emerging market assets, stemming the tide of outflows from a sector battered by an international trade dispute and strong dollar — but perhaps only briefly.

    06 Aug 2018

  • Turk Eximbank a bellwether for country risk as lenders stay true to Turkish banks

    Turkish banks are gearing up for a round of loan refinancing at a time when the country is a risky economic hunting ground. But bank lenders are confident the loan market will support Turkish banks, albeit at wider margins.

    06 Aug 2018

  • Investors won't be compensated for Popular, says SRB

    The Single Resolution Board said on Monday that it would not compensate creditors or shareholders who lost money as part of the resolution process for Banco Popular, after Deloitte found that these investors would have fared no better in an insolvency procedure.

    06 Aug 2018

  • Policy turn drives Ford’s ABS home

    The lending arm of Ford’s China operation took advantage of bullish sentiments in the onshore market on August 2, sealing a Rmb4.5bn ($662.3m) securitization. Bankers say Ford managed to price below Nissan, which offered a similar ABS recently, thanks to a major policy announcement that emerged last week.

    06 Aug 2018

  • NT$10bn needed to fund World Peace

    Taiwanese electronic components distributor World Peace Group is back in the market for a NT$10bn ($327m)-equivalent dual-currency loan. Meanwhile, a Foxconn subsidiary is seeking to refinance an old deal.

    06 Aug 2018

  • CS grabs Krim as Paris-based DCM head

    Credit Suisse has rehired a senior FIG banker from Morgan Stanley to become co-head of EMEA debt capital markets — a role which will be based in Paris, rather than London.

    06 Aug 2018

  • Asia primary bond market set for final flurry before summer respite

    Primary bond issuance in Asia-ex Japan has carried on well into the summer, albeit with little participation from high yield borrowers. But bond bankers expect a climax this week before the market quietens down until September.

    06 Aug 2018

  • Philippines SEC seeks comment on draft ICO regulations

    The Philippines securities regulator is looking for public feedback on a proposed set of rules governing initial coin offerings (ICOs), a cryptocurrency-linked fundraising method that is still largely unregulated.

    06 Aug 2018

  • Zhen Ding returns for $300m refi

    Zhen Ding Technology Holdings is back for a $300m loan to refinance an old borrowing sealed in 2016.

    06 Aug 2018

  • The week in renminbi: PBoC props up RMB with old rule, regulator greenlights new CGB futures, FSDC sets the tone before leadership summer meeting

    China’s central bank brings back reserve requirement for FX forwards to support the RMB, the securities watchdog welcomes the launch of two year government bond futures, and a top financial regulatory body says it wants more support for the real economy before China’s leaders meet in Beidaihe.

    06 Aug 2018

  • Updated: China Everbright Water plans dual-listing

    China Everbright Water has mooted a dual-listing of its shares on the Main Board of the Hong Kong Stock Exchange, in a deal bankers say could raise $200m.

    06 Aug 2018

  • New Apac markets boss begins at BNP Paribas

    Pascal Fischer has been started his new post of head of global markets in Asia-Pacific at BNP Paribas, based in Hong Kong.

    06 Aug 2018

  • Albanesi bonds find buyers after CEO shock

    Argentine electricity generation company Albanesi’s bonds found support in secondary markets at the end of the week after a 17 point drop following the arrest of its chief executive.

    06 Aug 2018

  • CME aligns FX options with OTC market

    CME Group has tweaked the expiry date of its listed FX options, in an effort to align the product more closely with its over the counter equivalents.

    03 Aug 2018

  • Eskom $1bn 6.35% Aug 28, $500m 8.45% Aug 28

    03 Aug 2018

  • RBS’ first dividend since the crisis opens path for more UK selldowns

    Shares in RBS rose 3.5% on Friday morning after the UK bank unveiled its first dividend since it was rescued during the financial crisis, paving the way for more share sales by the UK government once the lockup from the last trade comes off in September.

    03 Aug 2018

  • Swiss Re mulls spinoff of UK closed-book life division

    Swiss Re is considering a sale of its closed book life business ReAssure, possibly in 2019, in order to raise capital to buy more polices, a deal which could be worth over £875m.

    03 Aug 2018

  • Italy govvie yields touch highest level since early June

    BTPs sold off on Friday morning ahead of the Italian government’s crucial 2019 budget review, with yields reaching their highest level in two months.

    03 Aug 2018

  • Covered bond directive may strengthen Cédulas, giving cover for other reforms

    Transposing the European Commission’s covered bond directive into Spanish Cédulas law should result in multi-notch Cédulas upgrades, Fitch said. This could help allay concerns about other legal reforms that will lower collateral protection, and help boost confidence that the impending overhaul of the Spanish legal framework can be executed deftly.

    03 Aug 2018

  • Amex, Northern Trust and NY Life fund as FOMC stays put

    American Express set the pace in a front-loaded week for financial institution bond issuance in the US, as it took home $2.35bn ahead of the latest meeting of the Federal Open Market Committee.

    03 Aug 2018

  • Nafmii quizzes Portugal’s finances over Panda

    Portugal will need to disclose more information about its finances to proceed with its planned Panda bond issuance in China, according to a document published on the regulator’s website but later pulled.

    03 Aug 2018

  • Jackpot! Sands China adds $5.5bn to coffers from debut bond

    Macau gaming leader Sands China made waves in the debt market on Thursday with its mammoth $5.5bn triple-tranche bond debut.

    03 Aug 2018

  • China people & markets round-up: RMB futures fly high in July, Bond Connect volume down, draught for investment quotas

    Trading volume for RMB futures contracts are up in Hong Kong and Dubai, activity on Bond Connect slows down in July after a strong uptick in the previous month, and the FX watchdog shuts the door on new inbound and outbound investment quotas.

    03 Aug 2018

  • BOC Macau rakes in $300m from swift floater

    Bank of China's Macau branch has raised a modest amount from a swift floating rate transaction to give investors comfort about the bond’s secondary performance.

    03 Aug 2018

  • Wuhan Real Estate grabs $430m as LGFV recovery gathers pace

    Chinese local government financing vehicle (LGFV) Wuhan Real Estate Development & Investment Group found enough support to print a $430m bond on Thursday, only the second issuance from the sector in months.

    03 Aug 2018

  • China policy round-up: MofCom eases foreign investors rules on A-shares holdings, China scrutinises foreign service providers, London Connect is on schedule for a 2018 launch

    The Ministry of Commerce (MofCom) relaxes restrictions on foreign investors buying A-shares, the People's Bank of China requires more details on the business operations of foreign service provider in the Mainland, and Chinese premier Li Keqiang confirms London Connect will launch this year.

    03 Aug 2018

  • Safe scoops senior hire from CSRC

    China’s State Administration of Foreign Exchange (Safe) picked a former assistant chairman from the China Securities Regulatory Commission (CSRC) as its new deputy head, among other senior hires. The central bank, meanwhile, also added two new deputy governors to its line-up.

    03 Aug 2018

  • PFC plugs in for $300m comeback bond

    India’s Power Finance Corp raised $300m from a 10 year bullet bond on Thursday. While the issuer was able to pull off a tight price for its second issuance in less than a year, many investors were unconvinced about the credit's worth.

    03 Aug 2018

  • Four former Credit Suisse loans bankers join rival firms

    Four former Credit Suisse loans bankers who left the bank earlier this year have resurfaced in the market, according to sources.

    03 Aug 2018

  • Minsheng Leasing back for $300m loan

    Minsheng Financial Leasing, a subsidiary of China Minsheng Bank, has returned to the loan market for a $300m three year borrowing.

    03 Aug 2018

  • Natixis names senior leadership in Apac IBD

    Natixis has made three senior appointments in Hong Kong to support its growing investment banking activities in Asia Pacific.

    03 Aug 2018

  • Chinese leadership greenlights loosening stance

    China’s top policy bodies got behind a loosening of the policy stance to give China’s lagging economy a boost, as Trump’s trade war continues to push the renminbi lower and creating more uncertainty on China’s growth prospects.

    03 Aug 2018

  • Shangde Qizhi Education seeks greenlight for HK listing

    Shangde Qizhi Education Group has set the ball rolling for a Hong Kong IPO, having filed a draft prospectus with the city’s bourse on Thursday.

    03 Aug 2018

  • BeiGene prices second HK biotech IPO near top

    BeiGene priced its IPO in Hong Kong near the top end of guidance on Thursday, raising HK$7.1bn ($903m) from the city’s second biotechnology flotation.

    03 Aug 2018

  • Nervous Lat Am showing no primary life

    Lat Am bankers remain bearish on new issuance prospects for August despite quite busy secondary markets and as US investment-grade corporates and Asian credits flock to market.

    02 Aug 2018

  • Oi bonds drift as investors await index decision

    Having rocketed 13 points upon issuance last week, Brazilian telecom Oi’s new bonds dropped slightly in secondary in recent days as the buy-side waits to see whether they will be included in bond indices.

    02 Aug 2018

  • Andrade pushes out bond exchange deadline

    Brazilian engineering and construction firm Andrade Gutierrez has amended the terms of its bond exchange offer after discussions with the largest holders of its old notes.

    02 Aug 2018

  • REITs and brokers jump into equity markets despite symptoms of late cycle CRE

    Commercial brokerage firm Cushman & Wakefield closed an initial public offering on Thursday, becoming the latest real estate firm to go public this year as many mull how to make the best of a market that is still delivering substantial returns, but showing a few signs of wobbling.

    02 Aug 2018

  • Eskom plugs South Africa back into bonds

    South Africa state-owned utility Eskom’s return to the international bond markets on Thursday was hailed as proof of the faith investors have in Cyril Ramaphosa, the country's president. And it could well mark the beginning of the country’s rehabilitation in the debt capital markets as Eskom is widely thought of as South Africa’s biggest and most public financial problem. Francesca Young reports.

    02 Aug 2018

  • Two cheers as reforms lift EU carbon price

    The reformed EU Emissions Trading System has produced a sharp rise in the carbon price since November — which ought to spur industry to cut CO2 emissions faster. Yet because of the complex way European energy policy works, the pace of reductions is likely to slow, according to Moody’s.

    02 Aug 2018

  • Debate over CLOs misses the mark

    Concerns voiced over the growth of collateralised loan obligations (CLOs) shows that many commentators on both sides of the debate are still too blinded by the hangover of the 2008 crisis to appreciate the nuances of the next one.

    02 Aug 2018

  • Barclays' markets biz thrives on equities

    Barclays ramped up its leverage and commitments to repo and prime finance, helping the firm’s markets business score a revenue bump of 11% and beat analyst expectations, largely thanks to surging numbers from the bank’s equities business.

    02 Aug 2018

  • LCH powers on in face of Brexit contingency plans

    Deutsche Bank's decision to clear around half of its euro swaps business in Europe might have caused a stir in the Square Mile this week but a closer look at the overall clearing numbers show that London continues to dominate the global swap clearing markets, writes Ross Lancaster.

    02 Aug 2018

  • US high grade market stumbles into August

    The US corporate bond market made a stuttering start to August as AEP Transmission pulled a deal, after monthly corporate dollar supply in July had slumped to its lowest level for a decade.

    02 Aug 2018

  • IFC finds private demand for first domestic tenge bond

    The International Finance Corporation this week sold its first Kazakh tenge bond in the country’s domestic market.

    02 Aug 2018

  • If it ain’t broke, don’t regulate it

    The European Securities and Markets Authority’s (ESMA) decision to fine five Nordic banks last week has raised two questions: just how consistently will rules be applied across Europe, and is it even appropriate that they are?

    02 Aug 2018

  • Saudi hastens Vision 2030 with debut loan from sovereign wealth fund

    Public Investment Fund, the sovereign wealth fund that invests for the government of Saudi Arabia, is seeking global bank lenders for a debut loan. Banks, short of new deals in the region and eager to get closer to a country growing more reliant on capital markets, have been quick to show their interest. Silas Brown reports.

    02 Aug 2018

  • People Moves in Brief

    RBS FIG banker joins L&G — BAML hires in equities, levfin — Barclays raids Jefferies for tech

    02 Aug 2018

  • Central banks avoid rocking boat as sterling nears record

    Three of the world’s biggest central banks facing important interest rate decisions this week managed to get through them, keeping conditions stable a month in advance of the traditional September funding rush for the public sector.

    02 Aug 2018

  • Bankers differ on fair value of World Bank euro return

    There were various approaches to assessing the fair value of World Bank’s €750m August 2034 trade this week, its first euro benchmark in almost two years.

    02 Aug 2018

  • Aviva investors contacted for compensation

    Aviva has opened a £14m ($18.25m) goodwill payment programme for investors who lost money by selling its preference shares after it said it could cancel the securities at par.

    02 Aug 2018

  • Strong credits clash with geopolitics for FIG investors

    Investors buying the bonds of banks must weigh up strong results and improved balance sheets with upcoming political flashpoints around the world. Meanwhile, supply has dried up along with the weather, but issuers could choose to beat the rush at the end of the month.

    02 Aug 2018

  • Still hope for Russia ECM as EN+ given brief reprieve

    Hopes rose this week of a revival for Russia’s equity capital markets when the US Treasury extended a key sanctions licence until October, allowing aluminium conglomerate EN+ to continue with a plan that would remove sanctions on the company.

    02 Aug 2018

  • UBI Banca pushes ahead with NPL disposal plans

    UBI Banca, the Italian bank with a €97bn loan book, announced on Wednesday the securitization of a €2.75bn non-performing loan (NPL) book, and plans to apply for a state guarantee on the senior tranche which will be retained.

    02 Aug 2018

  • ICE adds to alt-Libor suite, lining up SOFR futures

    The Intercontinental Exchange has announced an October launch for two futures contracts that will reference the secured overnight financing rate (SOFR) that US market participants have chosen to replace Libor.

    02 Aug 2018

  • IG bond market enjoys summer renaissance

    Europe’s investment grade corporate bond market is unusually vibrant for the time of year, with €6.5bn of issuance this week, including jumbo deals from Daimler and AT&T. Issuers chose to pounce upon market conditions more resplendent than earlier in the summer, rather than take the risk of waiting until September. Now more companies are expected to exploit this issuance window. Aidan Gregory reports.

    02 Aug 2018

  • World Bank EUR750m 1.2% Aug 34

    02 Aug 2018

  • Sterling steady after BoE rise as L-Bank helps push to record volume

    The Bank of England on Thursday raised its base rate by 25bp to 0.75%, a move that was widely expected and one that brought next to no market reaction — keeping conditions calm for what could be a record year for SSA sterling issuance. L-Bank added to that tally on the same day with a deal that came 25% above its initial size target.

    02 Aug 2018

  • NatWest Markets fights back in FIG

    NatWest Markets has come a long way since the dark days of its repeated restructurings. For a while, RBS was a punchline for gallows humour about the state of investment banking (not to mention the participation of the state in investment banking). Senior bankers jumped or were pushed, while the firm closed offices, sold off its US operations, trimmed its ambitions and seemed ready to settle down as a bit-part domestic player in the capital markets. But it is often darkest before the dawn.

    02 Aug 2018

  • ING Australia set to issue debut covered bond

    Fitch has assigned an AAA rating to the debut covered bond programme of ING Bank in Australia (INGBA).

    02 Aug 2018

  • Imerys Toiture opens second lien for demanding lev loan investors

    The financing for the €1bn acquisition of roofing business Imerys Toiture to Lone Star Funds was revised this week to include a subordinated debt tranche, as levfin investors still active in August pocket riskier but higher yielding paper.

    02 Aug 2018

  • EIOPA ponders harmonising guarantee schemes

    The European Insurance and Occupational Pensions Authority (EIOPA) floated the idea of a European network of guarantee schemes this week, in the latest indication it is seeking to eliminate disparities in how resolution and recovery of insurance firms works across the EU.

    02 Aug 2018

  • Views split on attractiveness as Eskom guides for dual trancher

    Eskom has released initial price guidance for its $1.5bn dual tranche bond but analysts and syndicate officials seem divided as to whether the premium offered over the sovereign is enough to make it a compelling purchase. But having set modest sizes for the notes, the large majority expect the trade to go well.

    02 Aug 2018

  • Fresh sanctions batter Turkey’s debt and equity markets

    The US has imposed sanctions on two senior officials in the Turkish government, prompting debt and equity markets to sell off and driving Turkish lira to over five to the dollar for the first time in history.

    02 Aug 2018

  • Countrywide turns to equity sale to offset debt woes

    UK estate agent Countrywide has turned to the equity capital markets to resolve its debt issues and has initiated a share sale to raise £129m as part of its “Absolute Growth Plan” to turn its fortunes around.

    02 Aug 2018

  • People and markets news in brief: August 2, 2018

    Veteran loans banker joins rival — HSBC names new India CEO — SBI Caps pulls out of debt syndication

    02 Aug 2018

  • A change of scenery, but little else

    Your humble columnist is hardly the typical follower of #metoo. I’m an aging colonial with a drinking habit, a Marco Polo Diamond card, and a storied career in the financial markets. But even I occasionally brace at the nonchalant dismissal of the opposite sex.

    02 Aug 2018

  • Indian firms eye chunky loans to reduce offshore funding costs

    Indian companies are seeking chunky loans this year, with Tata Steel and Reliance Industries looking for $3.1bn and $2.7bn respectively. Bankers, who say Indian borrowers are still able to enjoy attractive pricing, expect more companies to take the opportunity for a cheaper refinancing. Pan Yue reports.

    02 Aug 2018

  • HDFC Bank tastes success with $2.2bn equity raise

    India’s most valuable lender, HDFC Bank, showed why it deserves the title this week, as it bagged $2.2bn from a dual-tranche fundraising that combined soaring demand for its shares at home and abroad. John Loh and Jonathan Breen report.

    02 Aug 2018

  • Asian SRI moves beyond green as Lotte sells bond

    It’s not easy being green, but some bond issuers are finding it easier to be sustainable. Global issuers have embraced green bonds, using the funds raised to benefit environmentally-friendly projects. But as more issuers and investors look to align their finances with socially responsible investment options, some issuers are finding the green label to be limiting. Welcome the sustainability bond, writes Morgan Davis.

    02 Aug 2018

  • China Tower pulls off $6.9bn Hong Kong IPO

    Mainland telecommunications infrastructure giant China Tower raised HK$54.3bn ($6.9bn) this week after getting its mammoth float across the line at the bottom of guidance.

    02 Aug 2018

  • ‘Not a comeback’: LGFVs rally, but for how long?

    Chinese local government financing vehicle (LGFV) bonds are making a comeback in both the primary and secondary markets offshore, as the government suggests a shift in priorities from deleveraging to maintaining economic growth. But will the rally last — and for how long? Addison Gong reports.

    02 Aug 2018

  • HDFC AMC seals $408m IPO as CreditAccess sets terms

    HDFC Asset Management Co has raked in Rp28bn ($407.9m) from its IPO after a big show of demand from institutional and non-institutional investors.

    02 Aug 2018

  • GAM stops redemptions in absolute return fund

    GAM Investments said it had suspended all subscriptions and redemptions in its unconstrained/absolute return bond funds, following “a high level of redemption requests”.

    02 Aug 2018

  • FMO in Georgian lari first amid ‘de-dollarisation’ push

    FMO has printed an onshore Georgian lari bond for the first time, with proceeds helping a drive to de-dollarise Georgia’s economy.

    02 Aug 2018

  • Chinese consortium buys Irish broker Goodbody, targets international expansion

    A group of Chinese investors lead by Zhongze Group has struck a deal to acquire Irish stockbroking group Goodbody, in the first step towards international expansion.

    02 Aug 2018

  • HDFC launches $750m deal into general

    Housing Development Finance Corporation has launched a $750m loan into general syndication, after attracting one extra bank at the senior level.

    02 Aug 2018

  • IPOs — swipe left

    As Asian exchanges increasingly embrace the US model for new listings — the introduction of variable voting rights being a case in point — disintermediated IPOs may perhaps soon be the next fad, writes Clawback.

    02 Aug 2018

  • 'Desperate' Lat Am bankers holding little hope for primary market

    Debt capital markets bankers covering Latin America say that it hard to convince the region’s issuers to return to bond markets even as investor sentiment seems to be stabilising.

    02 Aug 2018

  • Turmoil at FHFA may expedite housing reform, experts say

    The Federal Housing Finance Authority (FHFA), which regulates and oversees Fannie Mae and Freddie Mac, has seen better summers.

    01 Aug 2018

  • July unusually quiet for US corporate borrowers

    Across the credit spectrum, US corporate borrower inactivity made for a July that was exceptionally quiet, compared to typical summer volumes.

    01 Aug 2018

  • CommonBond plans to keep issuing, stay prime

    Education-focused marketplace lender CommonBond has priced its second student loan securitization of the year, and is looking to the future — and this is not likely to involve reaching down the credit spectrum to attract new borrowers, according to CEO David Klein.

    01 Aug 2018

  • House of Fraser sticks to CVA after saviour backer quits

    The woes surrounding House of Fraser, the distressed UK department store chain, mounted this week, when C.banner International, a Chinese retailer, withdrew from talks to buy a majority stake. But the business said it will complete its company voluntary arrangement (CVA) and find new investors.

    01 Aug 2018

  • National Grid raises €500m at minuscule new issue premium

    National Grid, the UK-based electricity and gas transmission group, has become the third issuer this week to print a benchmark corporate bond in euros, taking total volume to €4.25bn in just two days, at a time of year that many in the past have regarded as the start of the summer slowdown.

    01 Aug 2018

  • Heidelberg bags €750m at 47bp over mid-swaps

    Investors gave a warm reception to a new €750m four year senior unsecured bond issued by German building materials company HeidelbergCement on Wednesday, covering the deal more than three times.

    01 Aug 2018

  • World Bank jumps on euro bandwagon as basis swap offers arb

    World Bank returned to the euro benchmark market for the first time since October 2016 on Wednesday, amid an attractive euro/dollar basis swap for dollar funders.

    01 Aug 2018

  • AutoHellas issues first Greek non-bank auto lease ABS

    A €101m securitisation of auto leases to small and medium-sized enterprises this week marked a step in efforts to promote SME lending in Europe with the backing of European institutions such as the European Investment Bank (EIB) and the European Investment Fund (EIF).

    01 Aug 2018

  • HSBC plans ‘DCM data lake’ on the back of roadshow app

    HSBC is preparing to open up its 'MyDeal' app to clients, following a successful trial on more than 30 deals in the first seven months of the year, it said on Monday. The app brings together roadshow logistics, deal feedback, client orders and deal pricing — and will eventually feed a "data lake" in the bank’s DCM business.

    01 Aug 2018

  • Europe’s ‘unprecedented’ M&A boom set to break all records

    A storming first half for deal making in Europe is set to run into the rest of the year as banks report full pipelines and high levels of corporate confidence. But not all firms are benefiting, writes David Rothnie.

    01 Aug 2018

  • Shanghai Clearing House wins no-action relief again

    The US Commodity Futures and Trading Commission (CFTC) has granted a no-action letter to the Shanghai Clearing House once again, extending relief on its failure to register as a derivatives clearing organisation for another three years.

    01 Aug 2018

  • European leveraged finance markets already hot for August

    Europe’s leveraged finance markets are having a hard time slowing down for the traditional summer break. Investors are willing to keep deploying cash and issuers are responding, with several deals scheduled to be priced in the next two weeks.

    01 Aug 2018

  • Ecuador bond rally could tempt it to break self-imposed abstention

    A rapid improvement in Ecuador’s bond yields could tempt it into a new issue, said Nomura on Tuesday, despite the government’s stated desire to stay out of bond markets this year.

    01 Aug 2018

  • DZ merger creates biggest Pfandbrief issuer

    The merger between DG Hyp and WL Bank has become legally effective and the rebranded entity, DZ Hyp, is now the largest German Pfandbrief issuer.

    01 Aug 2018

  • Aharoni joins for TMT as Barclays keeps up banking hires

    Daniel Aharoni has started at Barclays as a managing director in its telecoms, media and technology team for Europe and the Middle East (EME).

    01 Aug 2018

  • Saudi wealth fund PIF excites loan bankers with big debut

    Public Investment Fund, the sovereign wealth fund that invests for the government of Saudi Arabia, is seeking global bank lenders for a debut loan.

    01 Aug 2018

  • Eskom sets timing for $1.5bn bond, confirms two tranches

    Eskom, the South African state-run power company, has said it could print its dollar bond as early as tomorrow and has confirmed that it will sell both standalone and government-guaranteed tranches. Investors have a wide range of views on fair value.

    01 Aug 2018

  • Former RBS FIG banker joins L&G principal finance arm

    Doug Munro, formerly head of UK and Ireland financial institutions debt capital markets at Royal Bank of Scotland and NatWest Markets, has joined Legal & General Capital, the principal investing arm of the UK insurance investor.

    01 Aug 2018

  • Ring-fencing makes it a ‘good time’ to issue SSA paper, says investor

    The incoming UK ring-fencing regulation is helping public sector borrowers issue bonds due to UK bank orders splitting in two, according to an investor.

    01 Aug 2018

  • Long-only investors boost block trades this week

    Two block trades this week bucked a market trend with strong long-only interest supporting both trades, surprising bankers on the transactions.

    01 Aug 2018

  • Aviva investors contacted for compensation

    Aviva has opened a goodwill payment programme for investors who lost money by selling its preference shares after it said it could cancel the securities at par. This follows anger among many holders of the asset class over that announcement.

    01 Aug 2018

  • Moody’s gets upbeat on green covered bonds

    The green covered bond market looks set for growth, possibly even outpacing the broader green bond market, said Moody’s in a report this week.

    01 Aug 2018

  • EM investors turn attention to September ahead of dry August

    EM bond markets around the world have been forced by difficult conditions to shut down early for summer. The only trade due this week, from South Africa's Eskom, will have to attract investors that are ready to hunker down and wait for September.

    01 Aug 2018

  • Levfin set for lively August, IG keeps the pressure on

    Europe’s leveraged finance markets are having a hard time slowing down for their traditional summer break. Investors are willing to keep deploying cash and issuers are responding, with several deals scheduled to be priced in the next two weeks.

    01 Aug 2018

  • SBI Caps withdraws from debt syndication, resolution

    India's SBI Capital Markets will no longer provide debt syndication or resolution services for private sector companies.

    01 Aug 2018

  • Lloyds shifts FIG banker to syndicate

    A financial institutions debt capital markets banker at Lloyds Bank is moving over to the syndicate desk.

    01 Aug 2018

  • KWG goes for price over size with $350m outing

    KWG Group Holdings raised $350m from a three non call two year bond on Tuesday, but an aggressive tightening of 32.5bp resulted in the order book dropping by half from its peak.

    01 Aug 2018

  • Crédit Agricole hires Thimont for SSA syndicate

    George Thimont will rejoin Crédit Agricole at the end of September, having previously worked at the French’s bank SSA DCM team from 2013 to 2014, GlobalCapital understands.

    01 Aug 2018

  • Wilmar wraps up bigger $1.8bn loan

    Singapore’s Wilmar International has bumped up the size of its dual-tranche borrowing to $1.8bn after attracting 24 participants during syndication.

    01 Aug 2018

  • HDFC Bank nets $2.2bn from dual-tranche share sale

    India’s HDFC Bank has raised $2.22bn through a qualified institutional placement and a concurrent sale of American Depository Shares (ADS).

    01 Aug 2018

  • CreditAccess Grameen sets terms for $165m IPO

    CreditAccess Grameen is poised to raise Rp11bn ($165m) from its IPO in India, which will kick off next Wednesday.

    01 Aug 2018

  • CFOs change in UK infrastructure as Tideway hires from Crossrail

    Mark Corben, who has been chief financial officer at Tideway, the private company building the super-sewer under the Thames in London and the UK's biggest green bond issuer, is leaving.

    01 Aug 2018

  • Holy cow: European accounts throw weight behind Mengniu Dairy

    China Mengniu Dairy Co found exceptional support from European investors for its $500m refinancing exercise on Tuesday.

    01 Aug 2018

  • Kookmin guarantee appeals to Lotte's bond investors

    Lotte Property and Development Co debuted in the sustainable bond market on Tuesday with a floating rate three year note. While the sustainability label drew some attention to the $200m transaction, it was the issuer’s Kookmin Bank guarantee that swayed investors.

    01 Aug 2018

  • In China, there is a lesson in stocks for bond index providers

    Bond index providers are racing to include Chinese bonds in their benchmarks. But before taking the leap, they should study a recent decision on A-share inclusion — and the sceptical response it got from investors.

    01 Aug 2018

  • MUFG hires new Asia, Oceania exec

    MUFG Bank has named Manoj Bhatia as head of global subsidiary banking for Asia and Oceania, effective August 1.

    01 Aug 2018

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 241,652.19 924 8.19%
2 JPMorgan 223,721.63 996 7.58%
3 Bank of America Merrill Lynch 216,064.78 722 7.32%
4 Barclays 184,894.55 671 6.27%
5 Goldman Sachs 158,954.58 518 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,522.19 61 6.56%
2 BNP Paribas 32,284.10 130 6.51%
3 UniCredit 26,992.47 123 5.44%
4 SG Corporate & Investment Banking 26,569.73 97 5.36%
5 Credit Agricole CIB 23,807.36 111 4.80%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 10,167.68 46 8.81%
2 JPMorgan 9,894.90 42 8.58%
3 Citi 8,202.25 45 7.11%
4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%