• Wells analysts see shades of 2013 'taper tantrum' in autumn volatility

    Looking at the broad-based market volatility battering financial markets this fall, analysts at Wells Fargo are eyeing similar conditions between ‘Red October’ and the 2013 taper tantrum, with one notable exception — the absence of a major investor to help reduce volatility and absorb new supply.

    12 Nov 2018

  • Securitization hedge fund LibreMax buys CLO manager

    LibreMax, the securitization focused hedge fund started by famed crisis-era ABS trader Greg Lippmann, is betting on the continued bull run of the CLO market with the acquisition of Trimaran Advisors.

    12 Nov 2018

  • Weil banking head joins White & Case in London

    Weil, Gotshal & Manges’ acquisition finance-focused head of banking is joining White & Case in London as the US firm looks to expand its leveraged finance offering.

    12 Nov 2018

  • EU member states push back on ESA review

    EU governments have pushed back on a proposal that seeks to transform the work of the bloc's supervisory agencies, opting to roll back the centralisation of regulatory power into the hands of independent executive boards.

    12 Nov 2018

  • HVB and PBB to hit euro and dollar Pfandbriefe

    UniCredit’s German subsidiary, HVB, has announced plans to issue a seven year euro benchmark Pfandbrief, its first covered bond in over a year. At the same time Deutsche Pfandbriefbank (PBB) plans to issue a dollar benchmark three year Pfandbrief.

    12 Nov 2018

  • Northview UK RMBS joins November deal flow

    New issue euro ABS announcements have slowed to a trickle in November. Deals still making their way through the pipeline include two CMBS deals – Arrow 2018 and Oranje ELOC 32 – a UK credit card ABS, a Spanish SME CLO and a student loan ABS deal. On Monday, Northview Group added to those deals with a £327m non-conforming RMBS transaction.

    12 Nov 2018

  • Kazatomprom to price at $11.60, for a $3bn valuation

    The $450m IPO of Kazatomprom, the Kazakh state-owned producer of natural uranium, is due to be priced at $11.60, the bottom of the initial range, valuing the business at $3bn.

    12 Nov 2018

  • Covered spreads to stabilise from Q2 2019

    A comparison of the redemption schedule for core European covered bonds versus redemptions from the European Central Bank’s asset purchase programme suggests that spreads in the asset class will start to stabilise in May 2019, after suffering a period of widening.

    12 Nov 2018

  • TRG fixes terms for £315m rights offer

    The Restaurant Group, the London-listed owner of Frankie & Benny’s, is pressing ahead with the £315m rights issue it announced last month to finance its acquisition of Wagamama, the Japanese restaurant chain, despite concern from some investors over the rationale for the takeover.

    12 Nov 2018

  • SIX calls for registration before launch of Deal Pool

    The Swiss Exchange (SIX) is calling on Swiss franc bond investors to register on Deal Pool, a new digital platform due to launch in the next few weeks.

    12 Nov 2018

  • Appetite for floating rate feeds new levfin deals

    Leveraged borrowers Adb Safegate and Groupe Ecore had active euro roadshows for floating rate debt on Monday, with both borrowers tapping demand for floating rate debt.

    12 Nov 2018

  • CMC Ravenna bonds drop after default notice

    High yield investors’ attention was diverted to the secondary market on Friday as one issuer that has been tipped to undergo financial stress, Italian construction firm Cooperativa Muratori e Cementisti Ravenna, officially announced it will default on the November 15 coupon payment of its 2023 bonds.

    12 Nov 2018

  • Flemish Community scoops up SRI demand, BNG lines up

    The Flemish Community of Belgium was twice covered for its debut sustainability bond on Monday, following the completion of a pan-European roadshow last week. Meanwhile, Bank Nederlandse Gemeenten has added to the SRI pipeline after mandating banks for its second sustainability trade of the year.

    12 Nov 2018

  • VW ends the year with a bang

    After Volkswagen printed the biggest trade in its history the previous week, the company’s International Finance arm sold a six tranche dual-currency deal on Monday. In total, the company raised more than €14bn equivalent in a week.

    12 Nov 2018

  • First blockchain syndicated loan draws mixed reaction

    Spain’s Red Electrica Corporation has signed the first ever syndicated loan on the blockchain, though some loans officials away from the deal question how useful the technology will be in its goal of reducing transaction times.

    12 Nov 2018

  • Sphere holders agitate against HSH Nordbank

    Holders of HSH Nordbank’s tier one securities have reacted angrily to the German bank’s announcement that it expects to write the instruments down further. Bondholders are also meeting later this month to vote on taking legal action against the bank.

    12 Nov 2018

  • BondMarker: KfW tops week of strong trades

    KfW’s €5bn November 2023 was the standout performer in a week of trades — from Erste Abwicklungsanstalt, Oesterreichische Kontrollbank and Swedish Export Credit Corp — that BondMarker voters rated highly.

    12 Nov 2018

  • Seychelles blue bond fashioned as ‘template’ for future issues

    The Seychelles’ $15m blue bond, issued last month to finance sustainability improvements to its maritime economy, was designed to satisfy all the needs of socially responsible investors and could therefore be used as a template, according to bankers at Standard Chartered who worked on the deal.

    12 Nov 2018

  • Middle Eastern issuers hit screens for dollars

    Emirates NBD is set to return to the dollar market, picking banks for a five year benchmark. The trade will be joined in the market by a dollar bond from UAE-based private healthcare provider.

    12 Nov 2018

  • Russian Copper Co to close second $250m refi this year

    Bankers have confirmed that Russian Copper Company (RCC) is set to close its second five year $250m pre-export credit facility before the end of the year.

    12 Nov 2018

  • SRB mulls Brexit transition periods for English law bonds

    The Single Resolution Board has said that it could introduce ‘bank-specific transition periods’ for bonds that have been issued under English law and would otherwise cease to count towards the minimum requirement for own funds and eligible liabilities (MREL) after Brexit.

    12 Nov 2018

  • Founder Securities HK juggles bookrunners in new deal

    The Hong Kong arm of China’s Founder Securities priced a small two year bond on Friday, in a deal that saw the syndicate group rejigged significantly since the mandate announcement in mid-October.

    12 Nov 2018

  • CStone Pharma, Shenwan Hongyuan seek HK listings

    China's CStone Pharmaceuticals is planning to float in Hong Kong, submitting a draft prospectus through sponsors Goldman Sachs and Morgan Stanley.

    12 Nov 2018

  • Singapore's Interplex culls dollar foray

    Singapore’s Interplex Holdings pulled its planned debut dollar bond sale on Friday.

    12 Nov 2018

  • Mogu lines up $200m NYSE listing

    Online fashion platform Mogu is planning to float on the New York Stock Exchange for up to $200m, according to a filing with the US regulator.

    12 Nov 2018

  • Vale eyes further deleveraging with cash tender

    Brazilian mining giant Vale has launched its third public tender offer for outstanding international bonds, seeking to continue to cut its debt by buying back $1bn of notes.

    12 Nov 2018

  • Bermuda seeks benchmark to fund buyback

    The government of Bermuda could issue a new dollar benchmark this week, as it seeks to finance the buy-back of up to $424m of existing bonds.

    12 Nov 2018

  • Tongcheng preps shrunken $300m IPO, Babytree in tow

    Online travel service provider Tongcheng-Elong Holdings is set to launch a truncated Hong Kong IPO on Tuesday after key comparable Ctrip’s stock price collapsed amid volatility last week, according to a source close to the deal.

    12 Nov 2018

  • The week in renminbi: Amex gets green light onshore, traders can use existing accounts for London Connect, SGX sees surging A50 futures trading

    In this round up, American Express (Amex) becomes the first global credit card firm to receive an onshore RMB settlement licence, Chinese traders using the new London-Shanghai Stock Connect are not required to open new accounts, and the Singapore Exchange (SGX) sees a 91% annual growth in its China stock index futures.

    12 Nov 2018

  • HCMC Power lights up first Vietnamese dong financing

    Ho Chi Minh City Power has sealed Vietnam’s first syndicated financing in the onshore dong market, with a bevy of Taiwanese and South Korean lenders piling in.

    12 Nov 2018

  • Blocks momentum continues with Christian Hansen, Discovery trades

    The EMEA equity blocks market enjoyed a second night of momentum of Thursday after the results of the US midterm elections kicked off trading this week, with two large transactions being priced.

    09 Nov 2018

  • NLB IPO prices at bottom of the range

    The Republic of Slovenia has priced the flotation of Nova Ljubljanska Banka at a final offer price which values the bank at €1bn, fulfilling a commitment to privatise the bank before the end of the year.

    09 Nov 2018

  • YBS matches Coventry as Sonia hopes stay strong

    Yorkshire Building Society (YBS) broadened its investor base on Friday with its first sterling covered bond in six years. The deal was set to price in line with a similar five year Sonia-linked bond issued this week by Coventry Building Society but with less demand. Even so, supply hopes remain alive.

    09 Nov 2018

  • Nigeria rumoured to be eyeing dollar market

    Nigeria is rumoured to be planning the sale of a dollar bond, returning to the market for the first time since February.

    09 Nov 2018

  • DBS to hit dollar covered bonds after three year hiatus

    DBS Bank is planning a roadshow ahead of its first dollar covered bond in over three years, and the first from a Singaporean bank since February 2017. The expected deal follows two large Canadian benchmarks and shows that dollar covered bond funding is becoming more compelling than euros.

    09 Nov 2018

  • Baidu returns to SEC format for $1bn

    Chinese technology giant Baidu grabbed $1bn from a bond on Thursday, while a local government financing vehicle (LGFV) in Hunan raised $300m from a deal that was less than twice covered at its peak.

    09 Nov 2018

  • China policy round-up: all eyes are on China’s private sector, CSRC improves stock suspension rules, State Council promises better business environment

    State officials provide strong verbal commitment to private sector development, the China Securities Regulatory Commission promises more stringent stock trading suspension rules, and China’s State Council says it will enhance the domestic business environment for domestic and foreign companies.

    09 Nov 2018

  • CDB Aviation joins Chinese leasing peers for bond

    China Development Bank Financial Leasing Co (CDB Leasing) raised $400m through its aviation leasing arm on Thursday, paying around 10bp of new issue premium for a three year floating rate note.

    09 Nov 2018

  • China market round-up: foreign reserves drop, October exports climb, Singapore Exchange plans to help Chinese enterprises

    In this round-up, China’s foreign reserves in October decrease $34bn due to the stronger dollar, monthly exports climbed more than expected, Singapore Exchange signed cooperation agreements to develop more opportunities for Chinese enterprises in Singapore.

    09 Nov 2018

  • CSRC greenlights Tianqi Lithium's Hong Kong IPO

    The China Securities Regulatory Commission has given Tianqi Lithium the go ahead to list on the Hong Kong Stock Exchange.

    09 Nov 2018

  • China’s Burger King owner shelves US listing

    TFI Tab Food Investments, the owner of the Burger King chain in Turkey and China, has formally withdrawn its $220m IPO in the US after delaying it in February.

    09 Nov 2018

  • Singapore’s Clifford Capital reels in $300m

    Clifford Capital has netted $300m from its third debt outing of the year. Despite the Singapore firm’s frequency in 2018, it still managed to attract investors due to its rarity factor.

    09 Nov 2018

  • Promerica nips through as uneasy Lat Am ticks over

    Three Latin American bond issuers made it through new issue markets this week, but bond bankers were hardly confident about the prospects for the rest of the year, as investors remain uneasy about adding risk.

    08 Nov 2018

  • Sunrun preps solar ABS offering as pace of issuance picks up

    Residential solar installer Sunrun is preparing to launch an asset-backed securitization in the next few weeks after a spurt of offerings from competitors.

    08 Nov 2018

  • Peru wraps LM but no sign of new deal

    Despite volatile market conditions, which usually make local currency issuance a tough sell, some bond investors say they have their eyes peeled for a Peruvian government nuevo sol trade after the sovereign completed a buy-back of dollar debt on Tuesday.

    08 Nov 2018

  • Bankers see Mexico possibilities as Mexcat recovers

    Lat Am bond bankers did not seem overly worried about their Mexican deal pipeline despite bond markets being shocked by the cancellation of Mexico City’s new airport last week.

    08 Nov 2018

  • Suzano trades up after strong demand for tap

    Pulp and paper producer Suzano Papel e Celulose raised $500m of 30 year debt on Tuesday, two months after first mooting the idea, putting it closer to completing the financing of its takeover of fellow Brazilian company Fibria.

    08 Nov 2018

  • Evolution or revolution: technology and the primary bond market

    The International Capital Market Association’s 12th annual Primary Market Forum spent much of the session focused on fintech, as new issuance platforms and technologies converge on a market which has so far seen little of the electronification that has gripped secondary markets.

    08 Nov 2018

  • UniCredit plans to split its funding strategy

    UniCredit said in its third quarter results on Thursday that it would move to a model in which all of its legal entities were self-funding, gradually minimising its intra-group exposure.

    08 Nov 2018

  • People Moves in Brief

    Barclays places DCM head at risk, hires from Citi — Enria lines up ECB supervision top job

    08 Nov 2018

  • Italy’s leaders are winning the battle Syriza lost

    J Paul Getty once said that if you owe the bank $100, that’s your problem. But if you owe the bank $100m, that’s the bank’s problem. Italy’s battle with Europe and the response from the European Central Bank (ECB) suggest the same is true of eurozone membership.

    08 Nov 2018

  • Tie banker bonuses to ESG, says Euro Parliament in radical push for green finance

    The chances of a profound transformation of financial markets to equip them to fight climate change rose this week, when the European Parliament adopted a bold set of policies that would require investors, banks and companies to take into account their impacts on the environment and society. Bonuses would be linked to sustainability targets.

    08 Nov 2018

  • EDC GBP500m FRN Nov 21

    08 Nov 2018

  • Rentenbank USD1.25bn 3.125% Nov 23

    08 Nov 2018

  • ING goes large on its green return, eyeing dollar development

    ING held nothing back with the sale of its first green bond at holding company level this week, raising nearly $3bn equivalent across tranches in both euros and dollars.

    08 Nov 2018

  • Financial services on alert as EU digital tax threatens overreach

    The financial world is looking at proposed European taxes on the digital sector with growing alarm, as a lack of clarity in the planned levy threatens to capture financial services providers, writes Ross Lancaster.

    08 Nov 2018

  • NWB EUR600m 1.5% Jun 39 affordable housing bond

    08 Nov 2018

  • UniCredit pushes back TLAC funding plan

    UniCredit has moved its target date for issuing instruments to meet its total loss absorbing capacity (TLAC) requirement from the end of this year to the end of March next year. Meanwhile, chief executive Jean Pierre Mustier is set to invest in the bank’s equity and additional tier one (AT1) notes.

    08 Nov 2018

  • Eurofima USD500m FRN Nov 21

    08 Nov 2018

  • EFSF EUR4bn 0.2% Jan 24

    08 Nov 2018

  • SRI pipe builds as NWB increases deal

    Nederlandse Waterschapsbank (NWB) will look to fill the €1bn-€1.5bn it has left to raise this year with its annual water bond benchmark and potentially a short end benchmark. That is in keeping with the wider SSA market, where bankers expect socially responsible investment (SRI) issuance to form the bulk of this year’s final trades.

    08 Nov 2018

  • CSAM boosts latest CLO as market hits $112bn

    Credit Suisse Asset Management increased the size of its latest CLO by over $200m on Thursday, with ICG also pricing a new deal this week to bring year to date volumes in the US to $112bn.

    08 Nov 2018

  • EDC boosts sterling’s record year as floaters outdo fixed rate

    Export Development Canada (EDC) added to a record breaking year for non-UK SSA sterling issuance as it printed a £500m floating rate note (FRN) this week. Despite the very strong year for the currency, some trades have struggled in recent weeks — but FRNs such as EDC’s appear to be the exception. Some in the market put that down to concerns over Brexit negotiations.

    08 Nov 2018

  • Europe’s ‘market trap’ biggest threat to leveraged covenants

    A combination of high demand, asymmetric advice and aggressive borrowers is crushing protection terms for leveraged loan investors in Europe, according to fund managers, analysts and lawyers. But the level of demand means that more cov-lite deals emerged this week.

    08 Nov 2018

  • Confusing data picture in the euro HY market

    In the high yield bond market, borrowers have returned after a couple of weeks with almost no issuance because of mounting worries over covenant quality. But investors are giving these deals such differing receptions that this week’s picture is hard to read, said market participants.

    08 Nov 2018

  • Supra taps find heavy flow in MTNs

    Supranationals found heavy demand from investors for privately placed taps of outstanding dollar and euro notes over the past week, with Asian Development Bank printing particularly heavy volumes.

    08 Nov 2018

  • The Pained Trader: time present and time past

    For F Scott Fitzgerald, the challenge of holding “two opposed ideas in mind at the same time and still retain the ability to function” was the sign of a first-rate intellect. Does that mean if I can’t decide whether to buy or sell a stock, and I never trade anyway, I am a stockbroker of the highest echelon and rare intelligence?

    08 Nov 2018

  • Renten grabs dollar fives in US election week as basis moves in favour

    After a year during which euro issuance from SSAs has far outstripped that in dollars, thanks to the vagaries of the euro/dollar basis swap, a German agency was able to nip in to a funding week shortened by US elections and central bank meetings to score a strong result with its sole dollar benchmark of the year.

    08 Nov 2018

  • Mid-terms mean more misery for Moscow marts

    Russian capital markets have had a rough time this year, but the prospect of relief from sanctions diminished this week after the Democrats regained control of the US House of Representatives.

    08 Nov 2018

  • Volkswagen leads borrowing blitz in US after mid-terms

    Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.

    08 Nov 2018

  • Daimler and Temenos return to Swiss francs

    Daimler International Finance returned to the Swiss franc bond market on Wednesday, selling Sfr400m worth of four and seven year bonds.

    08 Nov 2018

  • Bafin threatens centuries of stability with SSD reclassification

    Bafin, the German financial regulator, is seriously considering reclassifying Schuldscheine from loans to securities as the market pushes towards digitisation, according to a senior German debt banker. Such a move would have far-reaching consequences on demand for the product, which has allowed the market to blossom over the past two years, writes Silas Brown.

    08 Nov 2018

  • EFSF rounds out year with solid trade but euro mart ‘tired’

    The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”.

    08 Nov 2018

  • Euro investors sticking by EM as rates rise

    Two emerging market (EM) sovereigns hit the euro market this week: one debuting and the other returning after a year-long absence. Both deals met with warm receptions, giving some credibility to the notion that euro investors will be happy to stay in EM deals even as quantitative easing (QE) winds up and rates climb.

    08 Nov 2018

  • Fears bankers on block as lenders miss budgets

    Loans bankers are preparing to file figures that are up to 30% below budget this year, with some lenders saying the shortfall of deals is already having an impact on staffing at some banks. Michael Turner reports.

    08 Nov 2018

  • UK banks vote for dollars amid Brexit uncertainty

    Barclays and Santander UK exploited the relief rally in the immediate aftermath of the US midterm elections this week to take home a combined $4.5bn.

    08 Nov 2018

  • UK insurers pick slots for market reopeners

    Aviva and Legal & General both made bond market returns this week, reopening euros and sterling respectively after a long period of low supply from financial names.

    08 Nov 2018

  • Loans in brief: 09/11/2018

    08 Nov 2018

  • Legal & General GBP400m 5.125% 30NC10 tier two

    08 Nov 2018

  • Aviva EUR750m 1.875% Nov 27

    08 Nov 2018

  • Turkey €1.5bn 5.25% Feb 26

    08 Nov 2018

  • US political gridlock frees up equity markets

    The eventful US mid-term elections have unlocked primary equity markets, with large block trades emerging after Tuesday’s vote. With the US political dynamic transformed, following the Democrats taking the House of Representatives, market practitioners are hoping the prospect of political gridlock in Washington will calm markets and make for better issuance conditions between now and the end of the year. Sam Kerr reports.

    08 Nov 2018

  • NIBC enters sterling for first time

    NIBC Bank issued its first ever bond transaction in sterling on Thursday after a dormant period for financial sector borrowers in the currency.

    08 Nov 2018

  • Kazakhstan €525m 1.55% Nov 23, €525m 2.375% Nov 28

    08 Nov 2018

  • ESMA reveals Brexit derivatives relief amid contract uncertainty

    The European Securities and Markets Authority (ESMA) has unveiled regulatory relief for EU counterparties that have non-cleared derivatives agreements with UK entities. The measures aim to help alleviate increased costs that may kick in due to a no-deal Brexit.

    08 Nov 2018

  • Berenberg cuts insurance, pharma, thematics in research cull

    Berenberg has made a swathe of redundancies in its equities division this week, especially in its London research staff, including the cutting of all or nearly all analysts covering several sectors.

    08 Nov 2018

  • Relocation, relocation, relocation: French trio prep Paris Brexodus

    BNP Paribas, Crédit Agricole and Société Générale are making plans for the eventuality of a hard Brexit, in some cases putting swathes of bankers at risk of redundancy. Some DCM and sales teams have been asked to move, though each bank is taking a different approach as to who will need to be relocated to comply with EU regulations.

    08 Nov 2018

  • Demand for Dilosk RMBS paves way for BTL deal

    In a week with just one new issue euro ABS announcement — a Spanish small and medium-enterprise (SME) CLO — investors piled into specialist lender Dilosk’s Irish retail mortgage backed security (RMBS). Pricing of the deal at the tight end of guidance will open the door for the lender to step into the buy-to-let RMBS market in 2019, executives say.

    08 Nov 2018

  • Land NRW tightens price on euro 10 year

    The State of North Rhine-Westphalia rounded out the week’s euro issuance with an oversubscribed 10 year euro deal that was priced 1bp inside guidance.

    08 Nov 2018

  • BMW Finance maintains speed for quarterly return

    BMW Finance found no reduction in the demand for its paper, despite its new issue on Thursday being its fourth dual-tranche deal of the year. The company has sold at least €1.75bn during each previous quarter of 2018, and it hit that mark again with its shortest combination of tenors.

    08 Nov 2018

  • No wrinkles for Allergan as it returns with euro treble

    American pharmaceutical company Allergan, best known for its cosmetic drug Botox, returned to Europe on Thursday for a new three tranche corporate bond deal. The €1.7bn transaction fell short of the company’s debut €2.7bn deal, but was a filip for a market that had been silent the previous day due to the US mid-term elections.

    08 Nov 2018

  • EDC plots Sonia-linked entry in 2019

    Export Development Canada plans to sell its first Sonia-linked bond in 2019, as it adapts to a future without Libor.

    08 Nov 2018

  • Investment platform AJ Bell to try London listing this year

    AJ Bell, the UK investment platform, has launched a well-flagged IPO on the London Stock Exchange (LSE).

    08 Nov 2018

  • Demand for ESNs likely, but supply in doubt

    A feasibility study on prospective issuance of European Secured Notes (ESN) — a dual recourse structure that works like a covered bond — suggests good potential for demand but limited scope for supply. Even so, setting up a legislative framework is probably a good idea as circumstances may change, the study has concluded.

    08 Nov 2018

  • Investors find comfort with InterContinental’s euro debut

    UK hotel group InterContinental’s debut euro deal was the smallest of three new corporate bond deals on Thursday after Wednesday saw no new issuance. While Allergan and BMW sold multi-tranche deals, IHG’s deal had been well flagged and still received due attention from investors.

    08 Nov 2018

  • Netcompany ABB trades up in aftermarket after increase

    Netcompany, the Danish IT service firm, increased the size of a block trade on Wednesday night and then saw the stock trade well in the aftermarket.

    08 Nov 2018

  • Snam spins revolver to green

    Utility company Snam has converted an existing €3.2bn revolving credit facility into a sustainable deal, joining the growing chorus of southern European firms switching their bank lines for environmental, social and governance-friendly financing alternatives.

    08 Nov 2018

  • Applegreen adds bank funding to Welcome Break buyout pile

    Ireland’s Applegreen has signed €300m of loans to finance its acquisition of more than half of motorway service operator Welcome Break, topping off a fund raising round that also saw a share placement.

    08 Nov 2018

  • Créd Ag shunts SSA DCM to Paris in hard Brexit prep

    Crédit Agricole has asked around 20 people from debt capital markets and sales to move from its London office to Paris in preparation for the possibility of a hard Brexit, according to sources familiar with the matter.

    08 Nov 2018

  • Brexit barriers could impact Sonia, says BoE group

    The sterling overnight index average (Sonia), the rate chosen to replace sterling Libor by regulators, may suffer from a “bifurcation of… sterling money markets” after Brexit, according to a Bank of England Sonia Oversight Committee.

    08 Nov 2018

  • Relief for Spanish banks after mortgage tax merry-go-round

    Spanish banks won out this week after a series of conflicting statements from the courts and the government finally led to clarity on who should be liable for paying stamp duty on mortgage loans.

    08 Nov 2018

  • ING sets record green bond size on holdco debut

    A strong order book allowed ING to raise €1.5bn on Thursday with the euro leg of its first ever green holdco bond — a size that was twice as large as any other financial institution has so far achieved with an unsecured green transaction in the currency.

    08 Nov 2018

  • Masmovil raises €360m to settle convert

    Masmovil Ibercom, a Spanish telecoms firm, raised €360m through a quickly executed primary share sale on Wednesday evening, allowing the firm to redeem an outstanding convertible bond.

    08 Nov 2018

  • Turkey shows euro market access with €1.5bn deal

    Turkey’s first euro benchmark in four years hit the market on Wednesday, raising €1.5bn with a February 2026 deal before being hit by a sell-off.

    08 Nov 2018

  • SEA loans a welcome change as bankers bemoan margins

    Small southeast Asian borrowers are coming to the market in force, signalling a shift from the conglomerates that traditionally tap the market. The supply is offering much-needed relief to lenders, who are seeing margins squeezed elsewhere. Pan Yue reports.

    08 Nov 2018

  • Goldman rejigs Asia capital markets teams

    Goldman Sachs has restructured its capital markets teams in Asia, naming new co-heads for the equity and credit units.

    08 Nov 2018

  • Revenge is a dish best served cold

    I’ll admit I often took pleasure in firing an underling back in my day, feeling a perverse sense of satisfaction in asserting my authority and punishing wrongdoers.

    08 Nov 2018

  • Aircastle flies in for new $250m three year revolver

    New York-listed aircraft leasing company Aircastle, owned by Japan's Marubeni Corp, has returned to the loan market for a $250m revolving credit facility.

    08 Nov 2018

  • Man Wah and Water Affairs woo banks for new loans

    Hong Kong-listed Man Wah Holdings and China Water Affairs Group are seeking offshore loans of $100m and $200m respectively.

    08 Nov 2018

  • People and markets news in brief: November 8, 2018

    UBS hires for China strategy – New tech board for Shanghai – HKEX eyes blockchain for Stock Connect – PBoC warns against Evergrande, Fosun, HNA

    08 Nov 2018

  • LG displays green label for dollar debut

    LG Display Co unveiled its debut dollar bond on Wednesday, taking home $300m from a green-labelled deal.

    08 Nov 2018

  • Indonesia’s Barito Pacific, BRI return for new loans

    Barito Pacific and Bank Rakyat Indonesia have returned to the international loan market for new fundraisings.

    08 Nov 2018

  • Korean regulator looks to jump-start IPO market with reforms

    South Korea’s financial regulator is planning a series of capital market reforms to loosen its grip on the IPO process, giving a much-needed boost to small and medium-sized companies looking to raise equity. Jonathan Breen reports.

    08 Nov 2018

  • Shenzhen International dreams bigger with second Panda

    Shenzhen International Holdings is set to issue its second Panda bond, seeking an ambitious Rmb4.7bn ($678m). Regular issuer GLP is also planning a comeback.

    08 Nov 2018

  • Not market-moving: Asia assesses US elections outcome

    Equity fundraising activity in Asia should not be dampened by any impact from the US mid-term elections, market observers said this week. However, issuers are set to stay on the sidelines while they await more clarity.

    08 Nov 2018

  • Inalum hits $4bn target with bonds, shelves loan

    State-owned mining company Indonesia Asahan Aluminium (Inalum) closed a $4bn bond this week, letting loans bankers off the hook from a planned bridge facility. Addison Gong reports.

    08 Nov 2018

  • Munich Re spies room for tier two

    Munich Re announced plans for its first trip to the bond markets in six years, with the insurer’s level of leverage deemed inefficient.

    08 Nov 2018

  • Barclays taps Citi for head of UK corporate banking

    Barclays has hired Citi’s Tasnim Ghiawadwala as head of UK corporate banking.

    08 Nov 2018

  • Aussie rules out bail-in senior as part of TLAC regime

    The Australian Prudential Regulation Authority has taken a very different approach from the rest of the world with its total loss-absorbing capacity (TLAC) rules, proposing that banks meet these new capital requirements with tier two rather than any new form of bail-inable senior debt.

    08 Nov 2018

  • Barclays co-head of global DCM at risk

    Barclays’ co-head of global debt capital markets and risk solutions group has had his job put at risk by the bank.

    08 Nov 2018

  • HKEX eyes blockchain for Stock Connect boost

    Hong Kong Exchanges and Clearing (HKEX) has partnered with Digital Asset to develop a post-trade settlement and allocation system based on blockchain technology. It will cover northbound trading on Stock Connect.

    08 Nov 2018

  • Geely parent drives off with $250m

    Zhejiang Geely Holding Group Co raised $250m from an opportunistic deal on Wednesday, marking the first time the Geely parent company has sold a dollar bond.

    08 Nov 2018

  • PBoC pays up for first HK bill auction

    The People's Bank of China's Rmb20bn ($2.9bn) debut bill auction in Hong Kong showed investors are increasing their yield demands in the offshore renminbi market.

    08 Nov 2018

  • Tocumen prices as Lat Am cruises

    A semblance of stability in Latin American bond prices allowed Panama City’s airport, Aeropuerto Internacional de Tocumen, to become the second credit from the region in two days to tap dollar markets.

    08 Nov 2018

  • Mexcat bonds take off as Amlo soothes contractors

    Bonds issued to build Mexico City’s now cancelled new airport have risen from last week’s lows after as analysts declared the risk of default to be very low after the incoming president met with airport contractors on Monday.

    08 Nov 2018

  • FHFA issues 2019 agency lending guidance

    The Federal Housing Finance Authority (FHFA) published guidance on multifamily lending caps for Fannie Mae and Freddie Mac on Tuesday, limiting the total amount of loans that they can buy next year to $35bn each.

    07 Nov 2018

  • Apollo adds CMBS carveout to LifePoint high yield bonds

    The high yield bonds being issued to support Apollo’s acquisition of hospital group LifePoint Health include carve-outs that allow the private equity firm to pay itself dividends by securitizing LifePoint’s property and equipment without falling foul of additional debt and restricted payments covenants.

    07 Nov 2018

  • AXA charges into US commercial real estate debt

    AXA Investment Managers, a unit of the French insurer, has announced that it is acquiring a business line owned by Quadrant Real Estate Advisors and will assume management of $9.4bn of US commercial mortgage loans.

    07 Nov 2018

  • Kroll hired to rate first CLO transaction

    Kroll Bond Rating Agency has won a mandate for its first CLO rating, after hiring staffers from S&P Global and Goldman Sachs earlier this year to break into the booming corner of the securitization market.

    07 Nov 2018

  • Citi hands EMEA challenge to Drury and de Vecchi

    The US bank has appointed a strong line-up to run its EMEA banking operation as it looks to capitalise on its recent gains in market share, writes David Rothnie.

    07 Nov 2018

  • ECB nominates EBA chair to run banking supervision

    The European Central Bank’s governing council backed Andrea Enria, chair of the European Banking Authority, to become its head of banking supervision.

    07 Nov 2018

  • Dudgeon restores sterling market confidence

    TC Dudgeon Ofto — the owner of the transmission lines from the North Sea Dudgeon Offshore Wind Farm — restored investors’ confidence in the sterling corporate bond market on Tuesday. It was notable, as it was a fundamentally green issuer selling bonds without green bond labels.

    07 Nov 2018

  • MarkitSERV unveils cloud post trade platform

    MarkitSERV, the IHS Markit subsidiary, has created a new platform that will use a cloud to provide post-trade processing of OTC derivatives trades.

    07 Nov 2018

  • EMEA blocks market reopens with a bang after US mid-terms

    The market for equity block trades in Europe has reopened with style after a strong European market reaction to the results of the US mid-term elections.

    07 Nov 2018

  • DNB pre-funds with covered bonds in size

    DNB Boligkreditt took the opportunity on Wednesday to pre-fund as the start of next year is expected to be volatile. The DNB Bank subsiduary issued one of the largest five year covered bonds of 2018. Despite its large size, the deal was priced with a tight new issue concession.

    07 Nov 2018

  • NWB eyes water bond and short benchmark

    Nederlandse Waterschapsbank will look to fill the €1bn-€1.5bn it has left to raise this year with its annual water bond benchmark and potentially a short end benchmark. That is in keeping with the wider SSA market, where bankers expect SRI issuance to form the bulk of the last trades this year.

    07 Nov 2018

  • UK Reit pulls £175m IPO on weak demand

    Multifamily Housing Reit, the UK real estate investment trust focused on rented residential properties, has postponed its £175m IPO on the London Stock Exchange, due to a lack of demand.

    07 Nov 2018

  • BNPP taps 80-90 global markets staff for possible relocation

    BNP Paribas has told between 80 and 90 London-based people in its global markets division that they may need to relocate to the EU in the event of a hard Brexit.

    07 Nov 2018

  • Fairhold saga continues with new Court hearing to ‘restrain’ Clifden

    Attempts to divert the assets of distressed UK CMBS Fairhold to an affiliate of hedge fund Clifden IOM looked to be over in August when the issuer and note trustee Global Loan Agency Services (GLAS) convinced a judge that Clifden’s actions amounted to an ‘unprincipled asset grab’. But Clifden’s behaviour since that ruling has prompted yet another court hearing.

    07 Nov 2018

  • Eurotorg postpones amid difficult markets

    The market volatility of recent weeks has claimed another IPO victim, Belarusian retailer Eurotorg, which postponed its listing on Tuesday, the last day of bookbuilding.

    07 Nov 2018

  • Tritax EuroBox puts loan funding to use

    The newly formed Tritax EuroBox is buying a real estate asset in Germany, weeks after the European arm of the UK logistics company signed its debut revolving credit facility.

    07 Nov 2018

  • Apax switches out lenders

    A fund owned by Apax Partners has signed a €140m-equivalent revolving credit facility, with the private equity firm switching lenders for the deal.

    07 Nov 2018

  • Logicor breaks real estate records with €1.8bn debut deal

    On Tuesday, Logicor, the largest provider of logistics property in Europe, made its debut in the euro corporate bond market. The €1.8bn three tranche deal is believed to be the largest debut trade by a real estate company in euros.

    07 Nov 2018

  • L&G more than five times subscribed for new T2

    Legal & General managed to build a book about £2.25bn for a £400m tier two transaction in the sterling market on Wednesday, tightening pricing by more than 20bp.

    07 Nov 2018

  • ING plumps for two currencies with first green holdco

    ING is lining up its first ever sale of green bonds from its holding company, having made the unusual decision to sell a tranche of debt in dollars as well as euros.

    07 Nov 2018

  • RusHydro heads out for dim sum debut and rubles

    RusHydro will come to market for a dual tranche deal in rubles and offshore yuan, following a roadshow to promote the bonds.

    07 Nov 2018

  • Mubadala targets loan market for $1.75bn refi

    Abu Dhabi’s sovereign wealth fund, Mubadala, is targeting the loan market to refinance a $1.75bn facility, amid a busy end-of-year period for the holding company in terms of funding activity.

    07 Nov 2018

  • Huge relief for Spanish banks after court reverses mortgage tax ruling

    Spanish banks were among the best performers in the debt and equity markets on Wednesday, after the country’s Supreme Court surprised market participants by reversing a ruling that would have meant that lenders were liable to pay stamp duty on mortgage loans.

    07 Nov 2018

  • EM euro offerings excite investors

    A pair of rare euro bonds from sovereign emerging markets borrowers hit the market this week, much to the approval of investors who said the deals provided “good value”.

    07 Nov 2018

  • Shake out of the good, the bad and the mediocre expected among corporate investors

    Corporate bond investors have much to consider. The end of an unprecedented era of quantitative easing in Europe and unpredictable political machinations are adding to the complexities of portfolio management.

    07 Nov 2018

  • Turkey returns to euros, offering generous yield

    Turkey hit screens on Wednesday, announcing a February 2026 euro benchmark, following up on its success in dollars in October.

    07 Nov 2018

  • ISDA chief calls for Brexit clearing clarity

    The chief executive of derivatives industry body ISDA has called for more clarity from the European Union over plans to help mitigate the disruptive impact of a no-deal Brexit on derivatives markets.

    07 Nov 2018

  • US election result boosts hopes for primary ECM

    European markets rose on Wednesday morning, a day after the US mid-term elections in which the Democratic Party regained control of the US House of Representatives, curtailing the amount of power concentrated in the Republicans and with president Donald Trump. There are hopes it could lead to a final few deals before the year ends.

    07 Nov 2018

  • Bank of Nova Scotia serves up rare offering to Swiss market

    Bank of Nova Scotia (BNS) offered Swiss investors a rare chance to buy its debt with a seven year covered bond from a rare name on Tuesday.

    07 Nov 2018

  • US mid-terms spark debate over yields

    The prices of US Treasuries may not rise following Tuesday’s US mid-term elections, as some analysts have predicted, with infrastructure spending one policy where Democrats and Republicans can agree, investors said on Wednesday.

    07 Nov 2018

  • Chengdu LGFV, Jiayuan take advantage of China bid

    Chinese local government financing vehicle Chengdu Hi-Tech Investment Group Co and real state company Jiayuan International Group both relied on anchor interests for their dollar bonds on Tuesday.

    07 Nov 2018

  • SBI vies for shareholder nod on $2.8bn share sale

    State Bank of India has called on shareholders to wave through its plan for a Rp200bn ($2.75bn) equity fundraising, which would be the country's largest share sale.

    07 Nov 2018

  • UBS hires for China research, strategy

    Wendy Liu has joined UBS’s research arm as managing director and head of China strategy, according to a memo seen by GlobalCapital Asia.

    07 Nov 2018

  • Barito Pacific returns for $200m refi

    Indonesia’s Barito Pacific has returned to the loan market for an up to $200m refinancing, hiring two banks to run the deal.

    07 Nov 2018

  • Goldman names co-heads for ECM, CCM

    Goldman Sachs has restructured its capital markets teams in Asia, naming new co-heads for the equity and credit businesses.

    07 Nov 2018

  • Investors eye Peru sol return as sovereign wraps LM

    Despite volatile market conditions that usually make local currency issuance a tough sell, some bond investors say they have their eyes peeled for a Peruvian nuevo sol trade after the sovereign completed the buy-back of dollar debt on Tuesday.

    07 Nov 2018

  • Brazil rally brings Suzano back to market despite UST sell-off

    Pulp and paper producer Suzano Papel e Celulose raised $500m of 30 year debt on Tuesday two months after first mooting the idea, putting it closer to completing the financing of its takeover of fellow Brazilian company Fibria.

    07 Nov 2018

  • Wells Fargo erroneously foreclosed on 545 borrowers, quarterly filings reveal

    Tucked away in Wells Fargo’s third quarter filings with the Securities and Exchange Commision was news that the bank incorrectly denied 870 loan modifications and wrongly foreclosed on 545 agency borrowers between 2010 and 2015. The news is yet another blemish on Wells Fargo's customer service record.

    06 Nov 2018

  • Analysts predict US high yield rebound

    Some US high yield analysts have said markets “oversold” last week and are expecting spreads to rebound after they slipped to their widest level in a year.

    06 Nov 2018

  • NatWest Markets mandated on debut Spanish SME CLO

    The transaction, Alhambra SME Funding 2018-1, comprises sub-investment grade senior secured and unsecured loans to Spanish SMEs and mid-caps originated by Be-Spoke Capital (Ireland) Ltd.

    06 Nov 2018

  • EDC grabs £500m as others tipped to follow

    Export Development Bank brought another big deal to a super strong year for the sterling SSA market, as it took £500m with a floating rate note. More issuers might follow its lead over the coming weeks, said bankers.

    06 Nov 2018

  • EFSF canters to 2018 finish as euro market ‘tires’

    The European Financial Stability Facility wrapped up its funding year by raising €4bn on Tuesday, tightening its pricing from guidance in the process. But despite the deal’s success, there are signs that the strength of the euro market is starting to wane into year-end.

    06 Nov 2018

  • European Parliament pushes for tougher impact disclosures

    The European Parliament will push for stronger rules on sustainability for investment firms and banks, after its Economic and Monetary Affairs Committee voted on Monday evening to go beyond what the European Commission is recommending.

    06 Nov 2018

  • Renten and Eurofima win applause with snappy dollar visits

    Rentenbank and Eurofima showed that Tuesday’s midterm elections in the US might be hogging most television airwaves but they have been making little waves in the dollar SSA market.

    06 Nov 2018

  • The Swiss crypto treatment is generous

    Prudential regulators around the world have mostly confined themselves to pieties when it comes to cryptocurrencies, warning of the need to monitor markets, avoid stifling innovation, but making few concrete moves.

    06 Nov 2018

  • European ABS issuance pushes past 2017 tally

    UK and Dutch RMBS, auto ABS and CLOs raised more than €3.4bn last week, taking the year to date total of €82.6bn of European ABS past 2017’s full year tally, according to Morgan Stanley data. But predicting next year’s issuance levels will be a tricky task.

    06 Nov 2018

  • US PP market relishes its resilience, looks on to the March of Brexit

    The US private placement (US PP) market considers itself well placed for the volatility surrounding Britain’s expected departure of the European Union on March 29, and participants expect additional deal flow as a consequence.

    06 Nov 2018

  • Qiagen returns with $500m call-spread CB

    Qiagen, the Dutch biotechnology company, has returned to the equity-linked market to sell a six year senior unsecured convertible bond with a similar call spread structure to one it sold in September 2017.

    06 Nov 2018

  • Coventry issues first Sonia-linked financial five year

    Coventry Building Society became the first financial institution to issue a five year Sonia-linked covered deal on Tuesday, just beating Yorkshire Building Society (YBS) to the punch.

    06 Nov 2018

  • BondMarker: Alberta outdoes EIB in dollar fives battle

    The Province of Alberta pipped the European Investment Bank to the top score of the week in BondMarker, with both issuers printing five year dollar globals.

    06 Nov 2018

  • Talk of Brexit deal for City is wide of the mark

    There has been feverish talk over the past few days that the UK and European Union are close to agreeing a deal to determine the future of the continent’s financial services industry, but that talk is premature: real negotiations likely haven’t even started yet.

    06 Nov 2018

  • DZ Hyp issues first Pfandbrief under new brand name

    DZ Hyp this week issued its first Pfandbrief following the merger of DG Hyp and WL Bank. At €1bn, the deal was larger than most and, though it was priced much tighter than a range of non-German seven year deals, it did land at the widest level for a German bank of this rating in over two years.

    06 Nov 2018

  • Dalata finds room for more lenders

    Ireland’s Dalata Hotel Group has signed a €525m-equivalent loan facility, with new banks joining the acquisitive borrower’s lending group.

    06 Nov 2018

  • Kazakhstan slashes yield on euro debut

    Kazakhstan hit screens on Monday, selling its first euro denominated bonds. The sovereign issued a combined €1.05bn after slashing the yield from initial price thoughts.

    06 Nov 2018

  • FCA warns on equity release mortgage boom

    Chris Woolard, executive director of strategy and competition at the UK’s Financial Conduct Authority, has warned mortgage bankers about the explosive grow in the lifetime mortgage section of the market — a move driven partly by regulatory changes for the UK’s life insurers.

    06 Nov 2018

  • Liquidnet hires two to add EM capabitilities

    The trading platform provider Liquidnet announced today that it has added emerging market bonds to its institutional fixed income trading platform. To support the additional breadth of its offering, the company has hired two former bankers to its fixed income teams.

    06 Nov 2018

  • Equity markets quiet as US votes in mid-term elections

    Equity investors are keeping their powder dry as US voters go to the polls in congressional elections with little stock trading taking place globally.

    06 Nov 2018

  • IDG ‘extremely aggressive’ while Victoria steps back

    The euro high yield market was giving signs that investor discrimination is back this week, as borrowers IDG and Victoria respectively marketed and postponed new issue bond deals.

    06 Nov 2018

  • DTCC tests DLT credit derivatives warehouse

    The Depository Trust & Clearing Corporation (DTCC) on Tuesday said it had moved to the testing phase of a new credit derivatives “warehouse” that processes credit derivatives trades with distributed ledger technology (DLT).

    06 Nov 2018

  • Banco del Estado de Chile searches for Swiss francs

    The state bank of Chile is bookbuilding a return to the Swiss franc bond market.

    06 Nov 2018

  • Mozambique bonds soar on restructuring deal package

    The Republic of Mozambique said on Tuesday that it had reached an agreement in principle with bondholders on a restructuring of its $726.5m 10.5% 2023s, which defaulted two years ago.

    06 Nov 2018

  • Garanti launches $1.15bn refi as Turkish banks brave turmoil

    Garanti Bank has launched syndication to refinance a $1.15bn-equivalent loan, as bankers assess Turkish banks' funding activity during the country's recent period of economic upheaval.

    06 Nov 2018

  • Aviva bids to reopen euros with attractive starting premium

    Aviva, the UK insurance company, began marketing a new senior deal with generous initial price thoughts on Tuesday, after a very quiet period for euro FIG issuance.

    06 Nov 2018

  • Market awaits Spanish mortgage tax ruling

    The Spanish Supreme Court is expected reach a decision on Tuesday about whether banks should have been liable for certain mortgage taxes that have previously been paid by the borrower.

    06 Nov 2018

  • Not so grand: Evergrande’s bizarre bond return

    Evergrande’s $1.8bn bond at the end of October sent ripples through Asia’s bond market. It also set a dangerous precedent for a market that is already accused of letting standards slip.

    06 Nov 2018

  • 'No progress’ on EDIS after Eurogroup meeting

    ‘No progress’ was made towards implementing a European system of deposit insurance following a meeting of eurozone finance ministers this week, but member states remain on course to reach an agreement on the terms of a backstop for the Single Resolution Fund by the end of the year.

    06 Nov 2018

  • Marlow debuts in Asian loan market for £120m

    Marlow Foods, a UK-based company that was acquired by the Philippines’ Monde Nissin Corp in 2015, is tapping the Asian loan market for the first time for ‎£120m ($156m).

    06 Nov 2018

  • JPM taps Ping An-linked EB again for $85m

    JP Morgan sold its second tap of equity-linked notes using the Hong Kong-listed shares of Ping An Insurance Group Co of China as the underlying securities, this time raising $85m.

    06 Nov 2018

  • Penna Cement seeks nod for $213m Indian IPO

    India’s Penna Cement Industries is preparing a listing that could raise up to Rp15.5bn ($212.6m) and has filed a draft prospectus with the country’s securities regulator.

    06 Nov 2018

  • Engenium holds further calls as Lat Am stays quiet

    Leasing company Engenium Capital was holding follow-up calls with investors on Monday as it stays engaged with the market ahead of a proposed dollar debut, but bankers said timing was tricky for any Latin American names — let alone Mexican.

    06 Nov 2018

  • Dongfeng-Nissan kicks off its fourth ABS this year

    Regular issuer Dongfeng-Nissan Auto Finance will open books for a Rmb4.43bn ($639.6m) auto loan securitization on Thursday.

    06 Nov 2018

  • Chinese duo reopens market despite Asian holidays

    A local government financing vehicle (LGFV) and a single-B rated property developer decided to take risk off the table on Tuesday, ahead of the US mid-term election and when markets such as Singapore are closed for a public holiday.

    06 Nov 2018

  • Inalum mandates seven for acquisition bridge loan

    Indonesia Asahan Aluminium (Inalum) has mandated seven banks for a chunky $2.85bn bridge loan to support its acquisition of Freeport Indonesia, a mining company.

    06 Nov 2018

  • China plots creation of Shanghai tech board

    China is looking to open a new board in Shanghai for listing technology companies, mirroring earlier efforts to create Chinese Depositary Receipts.

    06 Nov 2018

  • Lucky 13: BRI hires for $700m borrowing

    Bank Rakyat Indonesia has mandated 13 banks for a $700m multi-tranche borrowing, breaking a three-year absence from the loan syndications market.

    06 Nov 2018

  • Hannon Armstrong readies $440m solar lease ABS

    Real estate investment trust Hannon Armstrong has announced SunStrong 2018-1, an ABS transaction backed by a pool of residential rooftop solar leases the company acquired from a solar developer.

    05 Nov 2018

  • New bank liquidity proposals could slash bank MBS holdings

    The Federal Reserve unveiled changes to US bank regulatory standards last week that would reduce or eliminate liquidity coverage ratios at mid-size financial firms. Many in the agency MBS market expect the move to weigh on demand for tier one Ginnie Mae bonds.

    05 Nov 2018

  • SEF reform arrives, getting rough ride from Berkovitz

    The US Commodity Futures Trading Commission has finally put forward its much anticipated proposed rules to amend regulation of swap execution facilities.

    05 Nov 2018

  • Ellington expands European reach with long-short UCITS fund

    Alternative investment management firm Ellington, founded in 1994 and based in Connecticut, has teamed up with London-based Trium Capital to launch a long/short credit UCITS fund later this quarter.

    05 Nov 2018

  • GlobalCapital European Securitization Awards: Call for Nominations

    GlobalCapital is pleased to announce the call for nominations for its European Securitization Awards.

    05 Nov 2018

  • Renten and Eurofima out in dollars

    A pair of public sector borrowers are looking to eke out the last bit of cash from the dollar market before it shuts down for the US mid-term elections on Tuesday night.

    05 Nov 2018

  • EFSF looks to emulate KfW in euro fives

    The European Financial Stability Facility has opted to tackle a part of the euro curve where KfW found substantial demand last week, with a trade that SSA bankers said should provide a steer on the health of the euro market. There was one positive sign for the sector on Monday, as a Dutch agency increased the size of an SRI bond from its initial target.

    05 Nov 2018

  • Verisure dividend refi wakes tighter euro HY

    After a week without any high yield issuance, Verisure launched €1.1bn of dividend recapitalisation and refinancing bond deals this week. The market was already growing busier under tighter secondary spreads and a new refinancing deal from Intertrust.

    05 Nov 2018

  • Adform plans Dkr750m flotation on Nasdaq Copenhagen

    Adform, the Danish advertising technology company, will brave difficult markets to list on Nasdaq Copenhagen this November.

    05 Nov 2018

  • Digital Realty goes global for loan financing

    Digital Realty, the US data centre company, has signed a global syndicated loan package totalling $3.3bn across a range of currencies, weeks after the firm ventured into the sterling bond market.

    05 Nov 2018

  • Expectations grow for third round of TLTROs

    There is increasing confidence among market participants that the European Central Bank will renew its policy of providing banks with cheap financing, given the arrival of tougher issuance conditions and more stringent liquidity requirements.

    05 Nov 2018

  • Yorkshire, Coventry, Lloyds and DZ Hyp embark on series of covered bond firsts

    Yorkshire Building Society (YBS) and Coventry Building Society have mandated leads for the first five year Sonia-linked covered bonds, Lloyds is out with the first Reg S dollar covered bond from a UK issuer in years, and DZ Hyp has mandated leads for the first deal under its new brand name. Elsewhere, Bank of Nova Scotia has opened order books for a three year sterling tap.

    05 Nov 2018

  • Investors can’t beat the real thing on a Monday

    Coca-Cola European Partners opened the European corporate bond market on Monday with its third visit to the market since the company was created in 2016. The €400m nine year bond was three times subscribed.

    05 Nov 2018

  • Kazakhstan doubles up in euro market debut

    Kazakhstan entered the euro market for the first time on Monday, hitting screens with a dual tranche bond.

    05 Nov 2018

  • Big week ahead for EM IPOs

    Two listings from Slovenia and Belarus are due to close this week and the sellers are hopeful of getting the deals across the line, despite market challenges.

    05 Nov 2018

  • GlobalCapital Loan Awards poll 2018 goes live

    GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2018 is now open. We would be delighted if you would take this opportunity to pick the deals and firms that have made the most difference to making loan markets a success in 2018.

    05 Nov 2018

  • Kerala government preps debut Masala bond

    The government of Kerala is poised to sell its debut offshore rupee bond after a non-deal roadshow this month, in what could be the first Masala issuance since April.

    05 Nov 2018

  • iDreamSky gauges appetite for HK listing

    iDreamSky Technology Holdings, a Chinese mobile games publisher, started investor education on Monday for its flotation in Hong Kong.

    05 Nov 2018

  • HK$7.8bn needed for I Squared Capital

    Hong Kong private equity firm I Squared Capital is tapping the loan market for a total of HK$7.8bn ($998m).

    05 Nov 2018

  • PBoC warns against Evergrande, Fosun, HNA

    The People’s Bank of China has warned that companies such as China Evergrande Group, Fosun International and HNA Group can pose major risks to the country’s financial sector. But even before being singled out by the central bank, these companies have struggled in the offshore capital markets.

    05 Nov 2018

  • Risun eyes HK listing, Xinyi Solar preps spin-off

    China Risun Group, a coke and chemicals producer, is planning to float on the Hong Kong Stock Exchange.

    05 Nov 2018

  • R&F Properties eyes $1.4bn share sale

    Guangzhou R&F Properties is paving the way for its largest equity fundraising, seeking shareholder approval for a HK$10.7bn ($1.4bn) H-share placement.

    05 Nov 2018

  • Costa Rica slumps as fiscal worries hit economy

    Costa Rica’s bond prices are dropping as international bond investors take a pessimistic stance over the likely outcome of a constitutional court verdict on proposed fiscal reforms.

    05 Nov 2018

  • Malaysia eyes $959m in world’s first airport Reit

    The Malaysian government is hoping to raise MR4bn ($959m) by selling a 30% stake in a planned airport real estate investment trust.

    05 Nov 2018

  • The week in renminbi: Market rebounds after Xi and Trump’s call, Xi promises further reforms at Shanghai import expo, Dubai International Financial Centre signs MoU with China Banking Association

    FX and equity markets jump as a possible US-China trade deal is back in sight, Chinese president Xi Jinping promises more developments on free-trade zones and a registration-based stock system, and the Dubai International Financial Centre takes action to expand Chinese institutions’ access to the Middle East Africa and South Asia (MEASA).

    05 Nov 2018

  • Director departs Barclays New York private placement desk

    Christoper Jordan has left his position as director of US private placements at Barclays in New York.

    02 Nov 2018

  • NordLB, Barclays suffer in EBA stress test

    German and UK banks showed some of the lowest common equity tier one (CET1) ratios out of the 48 banks participating in the European Banking Authority’s stress test, in the adverse scenario tested. More than half the banks would also face distribution restrictions over the three years.

    02 Nov 2018

  • IPOs outperform benchmarks during volatile autumn

    A volatile October battered global equity markets and EMEA IPOs suffered a brutal sell-off in line with global movements. But the IPO market still outperformed global equity indices, showing that new listings still offer relative value in difficult markets.

    02 Nov 2018

  • Merian Chrysalis fund floats despite vol spike

    Merian Chrysalis Investment Co, a new closed-end investment fund focused on private companies, has raised £100m against a difficult market backdrop, after concluding its fixed price IPO on the London Stock Exchange.

    02 Nov 2018

  • Mixed hopes for November covered bond supply

    Covered bond spreads are likely to be wider in January when supply typically peaks, making a good argument for pre-funding this November and giving optimism to some bankers. However, while there are a few projects slated for next week, other bankers do not believe an avalanche of deals is likely.

    02 Nov 2018

  • Turkey bonds jump as US sanctions drama ends

    The US Treasury has lifted sanctions on two Turkish officials following the release of pastor Andrew Brunson — a US citizen Turkey had detained for two years on suspicion of espionage and links to terrorism.

    02 Nov 2018

  • UBS pivots to Pro-Bond for TLAC paper

    UBS tapped the Tokyo Pro-Bond market this week to raise ¥150bn ($1.33bn) of funding for its total loss absorbing capacity, at a time of little volume in the FIG euro market.

    02 Nov 2018

  • Banque de France to meet LMA over lev loan frenzy

    France’s central bank representatives will attend a consultation meeting with the Loan Market Association to discuss recent warnings over the lack of financial covenants in new issue leveraged loans.

    02 Nov 2018

  • Tian Lun Gas fires up HK$1.2bn refi

    China Tian Lun Gas Holding is seeking a Hong Kong dollar denominated loan to refinance a $240m dollar facility sealed in 2015.

    02 Nov 2018

  • Shanghai Pharma seeks $655m for Cardinal Health acquisition refi

    Shanghai Pharmaceutical Holding is raising a $655m dual-tranche facility to refinance a bridge loan that was used to support the acquisition of Cardinal Health (L).

    02 Nov 2018

  • Man Wah woos banks to $100m maiden loan

    Hong Kong furniture manufacturer and retailer Man Wah Holdings has launched its debut $100m loan into general syndication.

    02 Nov 2018

  • China Water Affairs cuts margin on quick loan comeback

    Hong Kong-listed China Water Affairs Group is paying 10bp less for a new $200m borrowing versus a similar transaction sealed earlier this year.

    02 Nov 2018

  • China market round-up: MSCI holds consultation on quadrupling A-shares index weight, China and the Philippines will launch currency trading platform, China PMIs fall

    In this round-up, MSCI proposes plans to increase four-fold the weighting of A-shares in its emerging markets (EM) index, China and the Philippines are launching a peso and renminbi trading platform next month, and weaker external demand drags down China's PMIs.

    02 Nov 2018

  • China policy round-up: China offers verbal support to private enterprises, Australia strikes official BRI agreement, Xi and Trump talk trade

    In this round-up, Chinese president Xi Jinping promises more support for the private sector, Australia’s state of Victoria becomes the first in the country to support the Belt and Road Initiative (BRI), and Xi and US president Donald Trump discuss trade on a phone call ahead of their meeting at the G20 later this month.

    02 Nov 2018

  • PBoC bill plan signals tighter control of CNH market

    The People’s Bank of China will issue bills worth Rmb20bn ($2.87bn) in Hong Kong next week, in what analysts see as a signal of closer oversight of offshore renminbi (CNH) liquidity.

    02 Nov 2018

  • US charges former Goldman 1MDB bankers

    Two former Goldman Sachs bankers have been charged by the US Department of Justice in the first criminal probe against individuals in its investigation of disgraced sovereign wealth fund 1Malaysia Development Berhad (1MDB).

    02 Nov 2018

  • Government nets Rp53bn from Coal India sell-down

    The Indian government sold a 3.18% stake in Coal India on Thursday, adding Rp52.7bn ($722.9m) to its coffers.

    02 Nov 2018

  • Cromwell EReit eyes €224m rights issue

    Cromwell European Real Estate Investment Trust (CEReit) is looking to raise €224.1m through a rights issue to fund acquisitions of commercial properties and offices.

    02 Nov 2018

  • Shangri-La finds golden opportunity in Lion City

    A flexible approach allowed Shangri-La Hotel to tap into the Singapore dollar bond market on Thursday for S$825m, a rare outing that helped it stave off pressing loan liabilities.

    02 Nov 2018

  • ‘Local champion’ Changchun LGFV rakes in $400m

    Changchun Urban Development & Investment Holdings (Group) Co leveraged on its positioning as a key infrastructure investment and construction company for the local Chinese government to woo investors to its $400m bond return on Thursday.

    02 Nov 2018

  • Amlo stuns bond markets with Mexico airport cancellation

    Mexico this week sent global markets a stark reminder that its politicians were not afraid to follow through on radical policies as the incoming president cancelled the capital city’s new $13bn airport. The move caught fund managers across the world off guard, despite the fact it had been a much-advertised campaign promise, writes Oliver West.

    01 Nov 2018

  • Brazil bond buyers book Bolsonaro boon

    A rally in Brazilian dollar bonds slowed but did not reverse this week after right-wing Jair Bolsonaro eased to victory in last Sunday’s presidential election.

    01 Nov 2018

  • Enap drifts in secondary in soft week for Lat Am

    Chilean state-owned oil company Enap (Empresa Nacional de Petróleo) showed Lat Am credits can still raise bond funding on Tuesday, though its latest deal is unlikely to have borrowers racing to markets.

    01 Nov 2018

  • Minerva announces tender as JBS concludes

    Brazilian meatpacker Minerva will make a second attempt this year to buy back its outstanding perpetual bonds after announcing a tender offer on Thursday.

    01 Nov 2018

  • Credit Suisse claims to beat the Street in capital markets

    Credit Suisse made a bold claim in its third quarter numbers — to topping the table for improvement in advisory and capital markets since it started its restructuring in 2015. But despite the investment banking momentum, the bank’s shares slid on Thursday as it reported a loss in its global markets business.

    01 Nov 2018

  • High hopes that Dutch state green bond will encourage others, define best practice

    Green bond bankers believe the Dutch government’s decision to issue its first green bond next year will encourage other borrowers in the country to follow suit — even though many of the large bond issuers have already done so. They are speculating about whether the government might break its long habit and syndicate the bond — and also hope it will use the opportunity to set a template of best practice, writes Jon Hay.

    01 Nov 2018

  • OeKB USD1bn 3.125% Nov 23

    01 Nov 2018

  • EAA USD1bn 3.125% Nov 21

    01 Nov 2018

  • KfW EUR5bn 0.125% Nov 23

    01 Nov 2018

  • BNG USD500m 3.125% Nov 21 sustainability bond

    01 Nov 2018

  • Finnvera EUR500m 0.75% Aug 28

    01 Nov 2018

  • SEK USD1bn 3.125% Nov 21

    01 Nov 2018

  • KfW sparkles in euros but ‘jury out’ on whether others can

    A megayacht of a trade from KfW this week suggested that potential headwinds — including the end of quantitative easing, Italy’s reckoning with the European Commission and Angela Merkel’s plan to step away from politics — are failing to sink sentiment in the euro market. But some SSA bankers warned that the trade was more just proof that KfW can float in these conditions — and that an upcoming deal for the European Financial Stability Facility (EFSF) will be a better buoy for the sector’s currents.

    01 Nov 2018

  • Hamburg EUR1.25bn 1.45% Nov 38

    01 Nov 2018

  • Dollar market cools but issuers happy

    A quartet of public sector borrowers brought small dollar deals this week that were fine but unspectacular, which SSA bankers said was down to a confluence of factors. There are hopes that with the market likely quiet next week for the US mid-term elections and Federal Open Market Committee meeting, conditions could return to their best for the albeit limited funding windows left in 2018.

    01 Nov 2018

  • German banking: throwing stones in a Glashaus

    Too little capital, too much sketchy stuff on the balance sheet, too poor a set of earnings figures; maybe Germany should look closer to home before criticising other countries’ banking systems.

    01 Nov 2018

  • QNB to visit euro loan market in new test of Qatar appetite

    Qatar may still be under a blockade set by its Gulf neighbours, but bankers are optimistic about its borrowers' prospects in the loan market just as Qatar National Bank (QNB) returns for its second deal this year, writes Mariam Meskin.

    01 Nov 2018

  • Byte Me: bitcoin turns 10

    Bitcoin has its birthday on Halloween. Make of that what you will. The shadowy phantom (or cabal of phantoms) known as Satoshi Nakamoto published the bitcoin whitepaper 10 years ago.

    01 Nov 2018

  • BP leads November fireworks

    The high-grade dollar bond market got off to a flying start in November as oil giant BP, GM Financial, equipment finance company GATX, natural gas utility ONE Gas, and commercial real estate company Newmark Group all jumped at the chance of financing ahead of what promises to be a congested period. The release of US non-farm payrolls, US mid-term elections, and the Fed’s next meeting are all happening in the next seven days.

    01 Nov 2018

  • Investors splash the cash on Amex

    Investors poured cash into American Express as a stronger market tone underlined their willingness to put money to work on quality names despite an uncertain backdrop.

    01 Nov 2018

  • Inspired brings new cov-lite loan deal

    The euro leveraged loan market appears keen to counter recent criticisms against lack of financial maintenance covenants with yet more cov-lite issuance, including a buyout deal from private schools operator Inspired.

    01 Nov 2018

  • The Pained Trader: exit strategy

    If it hadn't been for the Pained Trader, it might have gone quite well

    01 Nov 2018

  • People Moves in Brief

    World Bank picks new treasurer — BNPP hires US green bond pioneer — KfW funding official moves to Airbus

    01 Nov 2018

  • UK insurers face capital haircut on some RT1s

    UK insurers face being taxed if their restricted tier one (RT1) bonds are written down, according to a measure set out in this week's budget. The Prudential Regulation Authority responded by proposing that firms deduct the tax charge from their own funds, effectively reducing the capital benefit of issuing.

    01 Nov 2018

  • OP offers green mandate after awful month for FIG

    OP Corporate Bank cautiously announced potential plans to issue a debut green bond this week, after a month of dire issuance volumes. But some large banks have signalled in results they may still sell bonds before the year is out.

    01 Nov 2018

  • Yapı Kredi latest Turkish bank to refinance

    Yapı Kredi is the latest top tier Turkish bank to refinance hard-currency debt, with a $1.1bn equivalent loan. It is the largest Turkish bank refinancing of the season, indicating that there is resilience in the market, and Garanti Bank is set to follow.

    01 Nov 2018

  • Three deals pulled in volatile US high yield market

    Three US high yield bonds have been pulled in the last week after spreads widened from their tightest level since the financial crisis to their widest level in a year over the course of October.

    01 Nov 2018

  • Investors back Aryzta’s €790m rights issue after fractious general meeting

    Aryzta, the Irish/Swiss bakery, won shareholder approval for its €790m rights issue on Thursday – but only just, as its investors questioned the plan to raise capital.

    01 Nov 2018

  • Sudden stop for conduits could drain €130bn from Europe’s banks

    Obscure disclosure rules for European securitizations could bring asset-backed commercial paper conduits to a sudden stop on January 1, forcing the banks that sponsor them to step in with liquidity support of up to €130bn.

    01 Nov 2018

  • Nogaholding USD500m 7.625% Nov 24, USD500m 8.375% Nov 28

    01 Nov 2018

  • EU states clash over new ESMA committee

    Representatives from European Union member states are debating the make-up of a proposed body to supervise clearing houses (CCPs), according to leaked documents seen by GlobalCapital.

    01 Nov 2018

  • Mubadala USD800m 4.5% Nov 28

    01 Nov 2018

  • IsDB EUR650m 0.554% Nov 23

    01 Nov 2018

  • Tough corp week signals tricky year end

    After a month of consistent spread widening in European corporate bonds, bankers are hoping for tighter pricing in November, but some investors say the new levels better reflect the value on offer in the market.

    01 Nov 2018

  • TP ICAP partners up for credit data offering

    TP ICAP’s data and analytics division has entered into a partnership with Credit Benchmark, a data analytics firm focusing on credit.

    01 Nov 2018

  • Fundamentals won’t help catch falling markets

    Global equity markets' red October caught many by surprise. It was an unusual coincidence of mostly positive earnings reports and the worst month of stock performance for some time. Anyone looking to bring a deal to the market should pay more attention to the direction of travel than scavenging for positives with which to paint a rosy picture.

    01 Nov 2018

  • SSAs outline MTN strategies

    Public sector borrowers are taking different approaches to the MTN market as they look to see out the rest of the funding year.

    01 Nov 2018

  • Morgan Stanley preps Dutch conduit CMBS

    Morgan Stanley announced a Dutch conduit CMBS, Oranje (ELoC 32), on Thursday.

    01 Nov 2018

  • MUFG names EMEA healthcare head

    MUFG has named Zahra Sadry as head of EMEA healthcare coverage, moving her over from the group’s strategic finance team, where she was the MD responsible for Germany, Austria and Switzerland.

    01 Nov 2018

  • Market holds breath for EBA stress test

    The European Banking Authority (EBA) will release results of its 2019 stress test on Friday. Investors will be looking out for the results of NordLB and the Italian banks in particular.

    01 Nov 2018

  • Primepulse pulls IPO amid ‘brutal’ market vol

    Primepulse, the German investment fund focused on the technology sector, has postponed its IPO on the Frankfurt Stock Exchange as a result of poor market conditions.

    01 Nov 2018

  • LaSalle acquires bridge lender Latitude

    LaSalle Investment Management announced on Thursday that it had entered into an agreement to make a majority acquisition of Latitude Management Real Estate Investors, which it valued to be worth $1.2bn.

    01 Nov 2018

  • Mubadala takes no new money for $800m refi

    Mubadala Development Company printed its $800m 10 year bond on Wednesday, refinancing its tendered 2021s and 2022s and taking a minimal amount of new money in the process. But the new issue premium paid is under debate.

    01 Nov 2018

  • Pollen Street sells Funding Circle ABS exposure

    P2P Global, a listed investment fund managed by Pollen Street Capital, which buys marketplace loans across Europe and the US, has sold 95% of its exposure to the most recent securitization of Funding Circle loans, which it sponsored in May.

    01 Nov 2018

  • Ahlstrom-Munksjö locks in Expera funding

    Finland’s Ahlstrom-Munksjö has signed $1.09bn-equivalent in acquisition and backstop facilities, as the fibre materials company prepares to buy US paper producer Expera Specialty Solutions.

    01 Nov 2018

  • Green loans to grow exponentially now roots taken hold

    Green loans have been tipped to soar in popularity in a similar way their bond market counterparts did, with lenders hoping to get traction among borrowers unable to access public market investors.

    01 Nov 2018

  • Nogaholding shows off Bahrain’s access to bonds with $1bn print

    Nogaholding sold its $1bn dual tranche bond on Wednesday from a book of around $2.5bn, demonstrating Bahrain borrowers’ access to the bond markets after the country’s bailout from its Gulf Co-operation Council neighbours in October.

    01 Nov 2018

  • BioPharma Credit grows capital raising to $305m

    BioPharma Credit, the UK closed-end investment fund that provides debt funding to the life sciences industry, has priced its latest capital raise, growing the deal to $305m.

    01 Nov 2018

  • Covered bonds offer SMBC a ‘new level of stability’

    Stability of foreign currency funding is a priority for Sumitomo Mitsui Banking Corporation and covered bonds provide a new level of balance in this regard, according to the bank’s head of treasury. Since other borrowers in Japan are sure to be thinking along the same lines, the market for Japan's covered bond is likely to have tremendous scope for growth.

    01 Nov 2018

  • IsDB sizes euro debut to demand

    Islamic Development Bank launched its first euro benchmark on Wednesday, raising €650m with a five year bond.

    01 Nov 2018

  • Indian Oil starts prospecting for $400m five year loan

    Indian Oil Corp (IOC) has sent out a request for proposals for an up to $400m borrowing.

    01 Nov 2018

  • S&P closes in on China as ratings race quickens

    S&P Global Ratings is expecting to get regulatory approval to set up in China as early as November as the race to disrupt the onshore ratings market heats up, writes Paolo Danese.

    01 Nov 2018

  • She says, he says: a tale of interruption

    Is banking due its own #MeToo moment? So far, there have been few whistle blowers in this testosterone filled industry, perhaps suggesting either that banks are much less sexist than some might fear, or that there are still a lot of stories yet to surface.

    01 Nov 2018

  • ChemChina’s Bluestar lures investors with juicy premium

    China National Bluestar (Group) Co paid a handsome new issue premium for a $300m senior perpetual bond amid weak sentiment for the structure, as its deal caused a widening in the broader Chinese senior perp market.

    01 Nov 2018

  • Mirae brings Korean brokerages into offshore bonds

    Mirae Asset Daewoo Co became the first securities firm from South Korea to tap the international bond market this week, when it issued $300m on Wednesday.

    01 Nov 2018

  • Evergrande baffles market with chaotic return to bonds

    China Evergrande Group’s $1.8bn return to the bond market this week split opinion. The ultra-high yield deal, which sent the company’s secondary bonds spiralling, was largely sold to Evergrande’s chairman — a move that attracted a mix of outrage and admiration. Morgan Davis reports.

    01 Nov 2018

  • BNP Paribas makes changes to DCM, China businesses

    BNP Paribas has seen two senior changes in its Asia business recently, according to multiple sources close to the situation.

    01 Nov 2018

  • REC turns to US for $700m in first 144A trade

    India’s Rural Electrification Corp pushed into the US market on Wednesday with its first 144A deal, to diversify its investor base. The power financing company decided to keep the $700m deal to one tranche and opted to leave some premium for investors.

    01 Nov 2018

  • IFC-backed Polycab preps Indian IPO

    Wire and cable manufacturer Polycab India is planning an IPO of new and existing stock, as backer International Finance Corp looks to cash in part of its stake.

    01 Nov 2018

  • Guodong, Bestway debut in offshore market

    Two Chinese companies, Guodong Network Communications and Bestway Global Holding, have ventured out for their maiden loans, seeking €150m ($170m) and $150m respectively.

    01 Nov 2018

  • Tata Motors’ JLR drives back for $1bn six year loan

    Jaguar Land Rover, owned by India’s Tata Motors, has returned for a $1bn loan, just months after closing a smaller £640m ($839m) dual-tranche facility.

    01 Nov 2018

  • Pertamina shakes off cancelled tender, sells new bond

    Indonesia’s Pertamina made a quick comeback to the debt market on Wednesday, selling a 30 year bond just days after terminating a tender offer.

    01 Nov 2018

  • Innovent rally spurs HK biotech IPO hopes

    A stunning rally in Innovent Biologics caught the market’s attention this week, after the shares surged as much as 46% following their debut in Hong Kong on Wednesday. But whether it marks a turning point for the city’s biotechnology listings — which have performed dismally in the secondary market so far — is less clear, writes John Loh.

    01 Nov 2018

  • ABC HK keeps FRNs alive with $800m issuance

    Agricultural Bank of China's Hong Kong branch became one of only two issuers to print floating rate notes (FRNs) in October, raising $800m on Wednesday.

    01 Nov 2018

  • Loans banker Bhattacharjee returns to BNP

    Sujata Bhattacharjee has returned to BNP Paribas’ loans team after a short stint at Indian investment firm 1Crowd.

    01 Nov 2018

  • BAML names new healthcare head for Asia IB

    Bank of America Merrill Lynch has promoted Jessica Li to head of healthcare investment banking for Asia.

    01 Nov 2018

  • Fitch, S&P differ as Mexico bonds continue slide

    Fitch took swift action on Wednesday Mexico’s rating after incoming president Andrés Manuel López Obrador (Amlo) cancelled the capital city’s proposed new airport, placing it on negative outlook.

    01 Nov 2018

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 324,607.67 1260 8.10%
2 JPMorgan 317,157.29 1380 7.92%
3 Bank of America Merrill Lynch 292,436.96 1003 7.30%
4 Barclays 245,367.72 916 6.12%
5 Goldman Sachs 216,514.13 726 5.40%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 45,589.37 178 7.11%
2 JPMorgan 43,572.44 88 6.79%
3 Credit Agricole CIB 33,071.14 158 5.15%
4 UniCredit 32,917.16 149 5.13%
5 SG Corporate & Investment Banking 32,145.89 124 5.01%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,559.65 59 8.93%
2 Goldman Sachs 13,209.37 65 8.70%
3 Citi 9,711.73 55 6.40%
4 Morgan Stanley 8,471.86 53 5.58%
5 UBS 8,136.41 33 5.36%