• Consumer ABS deal flow strengthens as Vegas bash nears

    It was another busy week for the consumer ABS market, with 10 deals pricing and seven more in the pipeline expecting to be priced next week. The handful of transactions brought year to date volume to $33.98bn, not far from the $34.5bn priced this time last year.

    15 Feb 2019

  • UK blocks return as Mitsubishi and Segro sell shares

    Two substantial UK block trades hit screens on Thursday night and Friday morning, a welcome relief for ECM investors who have been starved of paper this quarter.

    15 Feb 2019

  • Potential RBS block trade could come early as next week

    The UK government could look to sell down more of its stake in Royal Bank of Scotland next week, according to a UK bank analyst.

    15 Feb 2019

  • CORPORATE BOND PRICED DEALS TABLE 2019

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

    15 Feb 2019

  • Research round-up: slowing supply should support spreads

    New issue premiums have stabilised at reasonable levels, oversubscription ratios have steadied and secondary flows are more mixed. While a small widening cannot be ruled out, the more constrained supply outlook will keep spreads in check.

    15 Feb 2019

  • SG and ING pile into yen amid bumper demand from investors

    Société Générale is enjoying a record year in the Japanese debt markets, after selling its debut deal in Euroyen format late on Friday. The transaction received strong demand from investors, even though it was marketed at the same time as another total loss-absorbing (TLAC) eligible transaction from ING Groep.

    15 Feb 2019

  • Banking package stands on cusp of final approval

    The European Union is just centimetres away from signing off on a long-awaited revamp of its prudential capital rules for banks, after EU ambassadors gave the green light on Friday to texts agreed by the Council and Parliament at the end of 2018.

    15 Feb 2019

  • FCA Bank benefits from slower start to 2019

    Italian auto finance bank FCA Bank found the feelgood factor in full effect on Friday as market participants suggested it priced a new three year deal more than 40bp tighter than if it had sold the same deal at the start of the year.

    15 Feb 2019

  • Lloyds chooses Chalmers as CFO

    Lloyds Banking Group has appointed William Chalmers, a Morgan Stanley FIG banker, as its next chief financial officer.

    15 Feb 2019

  • ASF sees plenty of traffic for new 12 year

    French toll road operator Autoroutes du Sud de la France found plenty of investors willing to buy the issuer’s first corporate bond sale of 2019. The demand allowed the company to tighten the spread it was offering by 22bp through the marketing process and price the deal in line with its existing curve.

    15 Feb 2019

  • Citi China names markets, securities services heads

    Citi China has made two internal promotions in its markets and securities services business division, according to a Friday press release.

    15 Feb 2019

  • Cinda AMC goes conservative on bond size

    China Cinda Asset Management Co raised $1bn from a foray into the bond market, going for the lower-end of its size target despite what bankers on the deal called an ‘overwhelming’ response from investors.

    15 Feb 2019

  • Jiangxi LGFV debuts in dollar bonds

    Jiangxi Railway Investment Group Corp, a Chinese local government financing vehicle, has made its debut in the dollar bond market, raising $300m.

    15 Feb 2019

  • Cifi locks up ultra-tight price for $300m deal

    Cifi Holdings (Group) Co returned to the bond market with a $300m transaction. The four year bond’s tight price stood in stark contrast to the two year notes Cifi paid up to sell in December.

    15 Feb 2019

  • PH Resorts launches $199m follow-on

    Philippine-based PH Resorts Group (PHR) has opened bookbuilding for a potential Ps10.4bn ($198.8m) follow-on offering of common shares.

    15 Feb 2019

  • China policy round-up: Trade talks deadline could be delayed, NDRC looks at bond defaults, Tianjin receives funding from BOC

    In this round up, US president Donald Trump hinted at a potential delay of the March 1 deadline for a trade deal with China, the National Development and Reform Commission required its local units to zoom in on the potential for bond defaults and Bank of China (BOC) said it will lend Rmb300b to the Tianjin government.

    15 Feb 2019

  • China market round-up: FX reserves exceed expectations, MSCI adds Chinese securities, StanChart collaborates with Linklogis

    In this round-up, foreign currency reserves beat market expectations in January, MSCI added 12 securities to its China Index and Standard Chartered signed an MoU with a Chinese supply chain financing provider.

    15 Feb 2019

  • Adira Dinamika launches $250m into general

    Adira Dinamika Multi Finance has launched a $250m three year term loan into general syndication. The deal was helmed by five lenders.

    15 Feb 2019

  • Aftermarket leaves BTG price discovery looking solid

    BTG Pactual’s new tier two bonds, the only new issue from Latin America this week, traded pretty much in line with reoffer in the days following pricing, suggesting leads had done a reasonable job of price discovery.

    14 Feb 2019

  • Quiet Lat Am could be missing best conditions

    Brazilian lender BTG Pactual was the sole Latin American borrower to venture into dollar markets this week as some syndicate bankers began to worry that the region’s issuers are missing the best of conditions.

    14 Feb 2019

  • Codelco’s bond tender falls below target

    Chilean copper miner Codelco looks unlikely to be able to repurchase the $1.907bn of bonds that it was hoping to cancel via a tender offer after investors holding just over half of that amount agreed to sell their paper after the early-bird period expired.

    14 Feb 2019

  • Controversial FHFA nominee calls for GSE recap and end to duopoly

    Mark Calabria, economist and adviser to the vice-president, sat before the Senate Banking Committee on Thursday in an official confirmation hearing to become director of the Federal Housing Finance Agency (FHFA), the chief regulator of the US housing finance system.

    14 Feb 2019

  • BBVA EUR750m 2.572% Feb 29 T2

    14 Feb 2019

  • Société Générale EUR1.75bn 1.25% Feb 24 non-preferred senior

    14 Feb 2019

  • UniCredit EUR750m 4.875% Feb 29 tier two

    14 Feb 2019

  • The Pained Trader: scenes of the week

    The Pained Trader takes another fall.

    14 Feb 2019

  • Zurich Insurance EUR500m 2.75% Feb 49 tier two

    14 Feb 2019

  • Levfin and a bad block weigh on Credit Suisse

    Credit Suisse’s fourth quarter results showed damage from the high yield and leveraged finance market’s tantrum in the last quarter of 2018. The bank was also hit by a Canada Goose block trade gone wrong.

    14 Feb 2019

  • FMO plans inaugural social and Sofr after green debut

    The Netherlands Development Finance Company (FMO) is looking to sell its first social bond this year following its inaugural green trade this week. The agency is also keeping a close watch on the Sofr market.

    14 Feb 2019

  • Turkey USD2bn 5.8% Feb 22 sukuk

    14 Feb 2019

  • Latvia EUR700m 1.875% Feb 49

    14 Feb 2019

  • Snow problem as SSAs break dollar records

    One of the biggest snowstorms to hit Ottawa in years could not stop Export Development Canada printing its largest ever deal this week, alongside a record three year book for the European Investment Bank (EIB) and a very healthy Bank of England (BoE) dollar deal.

    14 Feb 2019

  • Uzbekistan USD500m 4.75% Feb 24, $500m 5.375% Feb 29

    14 Feb 2019

  • Byte Me: Jamie Dimon’s big mouth speaks truth

    Jamie Dimon, long known to be among the mouthiest of the titans of investment banking and the loudest bitcoin sceptic of all, now presides over the first ever cryptocurrency from a major bank.

    14 Feb 2019

  • SSAs reap rewards from ‘treating sterling as core’

    The UK’s future may be impossible to fathom as the beyond-satirical story of Brexit drags on, but public sector borrowers printing in the country’s currency can be certain that this will be a year of tumbling records, with volumes soaring and average sizes rocketing. While strong technical factors are behind much of the demand, some SSA bankers say that a willingness by issuers to treat execution in the currency like that in euros and dollars has bolstered sterling’s standing.

    14 Feb 2019

  • AT1s: extend but don't pretend

    Additional tier ones couldn’t have reacted any more calmly to the first ever extension of a deal this week, but the market is still a long way from overcoming its ultimate test.

    14 Feb 2019

  • UK Lords hear out CCP cost risks of Brexit

    EU27 end-users of derivatives could face large post-Brexit cost increases that will ultimately be passed onto consumers, UK parliamentarians heard on Wednesday.

    14 Feb 2019

  • EFSF and AFD price in strong euro mart as pipeline builds

    The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.

    14 Feb 2019

  • People moves in brief

    Santander hires European ABS trading head – Créd Ag shuffles CIB – Liquidnet appoints president

    14 Feb 2019

  • Fonplata chooses Swissies for its international debut

    The international capital market welcomed a new supranational borrower on Monday when Bolivia-based Fonplata issued a debut Sfr150m five year bond via Credit Suisse and UBS.

    14 Feb 2019

  • AT1 market looks on the bright side of Santander extension

    The bigger surprise in the financial institutions debt market this week was not that Banco Santander decided to extend the life of an additional tier one bond, but rather that the subordinated debt market took the decision in its stride.

    14 Feb 2019

  • Aramco mandate rumours surface, but deal still distant

    Saudi Aramco is rumoured to have mandated banks for a bond planned later this year, but bankers and investors believe there is still a long road before a deal emerges.

    14 Feb 2019

  • Shift to 144A could result in less liquid consumer ABS market

    Consumer ABS issuance has been shifting gradually from publicly registered offerings to 114A private placements since 2014, according to Wells Fargo research published this week. The change in distribution could mean less demand for ABS from investors that need larger, liquid public deals.

    14 Feb 2019

  • Balearic Islands sells largest ever bond in market comeback

    Investors backed the return of the Balearic Islands to the bond markets on Tuesday with the Spanish region selling its biggest ever single tranche bond. It was able to attract huge demand despite the threat of a snap general election in Spain — a prospect that looked increasingly likely as the week neared its end.

    14 Feb 2019

  • Credit Bank of Moscow joins Russia resurgence in euros

    Credit Bank of Moscow printed a €500m five year bond on Tuesday, taking advantage of positive sentiment towards Russian bonds that existed early in the week before new talk of fresh US sanctions on Russia later dented enthusiasm for the country’s credit.

    14 Feb 2019

  • Loans in Brief: 15/02/2019

    14 Feb 2019

  • Investors swoon after dollar market love-in

    The US corporate new issuance calendar took a breather on Thursday after clocking up its busiest week of the year with $30bn of supply in just three days. Borrowers remained on the sidelines as investors digested the supply onslaught that brought bulging order books and tight pricing.

    14 Feb 2019

  • UBS pivots from FIG to GIG

    UBS is re-balancing its corporate finance business to end its reliance on its Financial Institutions Group with impressive results, writes David Rothnie.

    14 Feb 2019

  • Greene King barrel tapped for £250m

    Greene King is planning to tap its Greene King Finance ‘pub securitization’ by issuing £250m of fixed rate notes following a three day roadshow that kicked off on Wednesday.

    14 Feb 2019

  • Mitsubishi launches trade to sell out of Standard Life Aberdeen

    Mitsubishi UFJ Trust has launched a £371m block trade to sell its remaining stake in UK financial services firm Standard Life Aberdeen, with the deal covered in under half an hour.

    14 Feb 2019

  • Nordic telecoms companies reap the benefits of no-grow strategies

    14 Feb 2019

  • Uzbekistan makes first leap into capital markets

    Uzbekistan opened a new chapter in emerging market bonds on Wednesday, printing a $1bn dual tranche deal. Market participants are expecting a swathe of other issuers from the country to follow the sovereign into the capital markets, although soggy trading on Thursday has stiffened investor resolve to hold firmer on pricing on subsequent Uzbek deals, writes Francesca Young.

    14 Feb 2019

  • Earnings drop points to more ECM capital raises

    Earnings growth in Europe appears to be slowing after a number of corporates missed estimates as they reported their latest numbers — increasing the chances that issuers will need to turn to equity markets to raise primary capital.

    14 Feb 2019

  • Juve banks on its history to rationalise its future

    Record breaking Italian football club Juventus made its debut in the corporate bond market on Wednesday. It used the Agnelli family’s involvement in the ownership and running of the club for nearly a century to market the bond, but Italian football clubs do not have a great financial track record, writes Nigel Owen.

    14 Feb 2019

  • Astaldi unveils Salini takeover and recap plan

    Troubled Italian construction company Astaldi announced on Thursday that it had an offer from rival firm Salini Impregilo to inject €225m of new capital, take over control of the firm, and convert unsecured creditors, including high yield bondholders, into shareholders of the group.

    14 Feb 2019

  • ECM market open for M&A financing

    Investors have given a rapturous reception for companies raising equity capital to undertake mergers and acquisitions, given the quiet elsewhere in ECM.

    14 Feb 2019

  • Deutsche Börse derivs up amid profit drop

    Deutsche Börse has reported a sharp fall in fourth-quarter profits despite a strongly positive contribution from financial derivatives amid increased market volatility.

    14 Feb 2019

  • Commerz readies for Brexit by moving jobs and clearing activity

    Commerzbank has faced some resistance from staff over moves from the UK to continental Europe in preparation for Brexit, although the bank says those who have moved have no regrets. Meanwhile, margin pressure has been weighing on the bank’s corporate clients division, but there were positive signs in its financial institutions business last quarter.

    14 Feb 2019

  • KfW tightens price on Canadian dollar return

    KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province.

    14 Feb 2019

  • Scope berates ECB for covered bond OC signalling

    The European Central Bank’s liquidity stress test requires banks to report the maximum volume of covered bonds they could issue. This sends the wrong message to issuers who will think it is alright to max out on covered bond issuance, even though it reduces the overcollateralisation (OC) that is there to protect investors.

    14 Feb 2019

  • Uzbekistan: a brief reminder of better times

    In the emerging markets over the past year the art of bond investing has often felt like perfecting the skill of mitigating disaster — of knowing when to catch a falling knife or jump on a rebound before everyone else does.

    14 Feb 2019

  • No reason to wait on market conditions, says Deutsche treasurer

    Deutsche Bank has pulled about $5.25bn equivalent of non-preferred senior funding out of the market in the past two weeks, stomaching higher funding costs than some of its peers. The bank’s treasurer told GlobalCapital this week that it was prudent to step into the market now, with the issuer having cut through half of its target for loss-absorbing debt issuance in 2019.

    14 Feb 2019

  • Soc Gen unveils Valentine's Day hire to spice up relationships with large French corps

    Société Générale has chosen Olivier Biraud to work with a portfolio of large French companies as a relationship manager.

    14 Feb 2019

  • Cap markets revenue falls by a third at Créd Ag

    Crédit Agricole provided no let-up in the disappointing performances of fixed income, currencies and commodities (FICC) desks in French banks’ fourth quarter results. By one measure it was the lender's worst quarterly result there in more than six years.

    14 Feb 2019

  • Future signs as UK loans weather Brexit storm

    UK media company Future has signed a £90m revolver and an infrastructure project is attracting continental demand, as European banks still show strong interest into sterling-denominated transactions despite the uncertainty around Brexit headed into Thursday’s parliamentary debate.

    14 Feb 2019

  • Vakifbank sells second covered bond of 2019

    Vakifbank has found competitive funding with a privately placed covered bond, its second of the year, sold via sole lead manager Credit Suisse, even though the publicly syndicated Turkish covered bond market has been closed for some time.

    14 Feb 2019

  • Welsh housing association debuts in PPs

    Grŵp Cynefin, a housing association that manages properties in north Wales, has issued an inaugural sterling debt private placement.

    14 Feb 2019

  • Uzbekistan bonds struggle after ‘super tight’ pricing

    Uzbekistan printed its $1bn dual tranche five and 10 year bond on Wednesday to great investor excitement, but the bubble was punctured on Thursday when both traded down in the secondary market. That was despite orders as big as $300m from one international EM account, according to Uzbekistan’s deputy prime minister and finance minister, Jamshid Kuchkarov.

    14 Feb 2019

  • Turkey returns to sukuk, sets up corporate comeback

    The Turkish sovereign’s third bond of the year, a sukuk, was priced with no new issue premium on Wednesday, paving the way for Türk Telekom to come to market.

    14 Feb 2019

  • Svenska reboots AT1 market after landmark extension decision

    Svenska Handelsbanken found strong demand at tight levels for a new additional tier one this week, helping to put to bed any concerns that the market might be languishing after the first ever ‘non-call’ in asset class.

    14 Feb 2019

  • Elisa builds Nordic telecom trend

    On Thursday, the European corporate bond market saw its second Nordic telecoms new issue of the week. Finnish company Elisa used the same no-grow strategy as its Swedish peer Telia used on Tuesday, but for a smaller deal.

    14 Feb 2019

  • BBVA obliterates T2 premium as demand swirls around southern Europe

    BBVA did not have to offer any premium to investors to bring in a new tier two bond on Thursday, according to lead managers, as asset managers show renewed thirst for debt from southern European financial institutions.

    14 Feb 2019

  • CStone opens hot with 2019’s first HK biotech IPO

    CStone Pharmaceuticals has launched Hong Kong’s first biotechnology IPO of the year — and bankers are watching it closely. The up to HK$2.38bn ($304m) deal has received a strong early response, a good sign for the growing pipeline of biotech issuers hoping to put a difficult 2018 behind them. Jonathan Breen reports.

    14 Feb 2019

  • Barclays hires CLO strategist to London team

    Barclays has hired Geoffrey Horton as a CLO and loan strategist in London.

    14 Feb 2019

  • Dexin China eyes $220m Hong Kong listing

    Chinese property developer Dexin China has launched bookbuilding for an IPO that could raise up to HK$1.73bn ($220.3m).

    14 Feb 2019

  • PV Gas preps loan amid buoyant bid for SE Asia

    PetroVietnam Gas Joint Stock Corp has picked Mizuho as sole mandated lead arranger and bookrunner for a $200m borrowing. It is the latest sign of a boom in southeast Asia’s offshore loan market that is leaving bankers divided on pricing, tenors and covenant packages.

    14 Feb 2019

  • Chinese developers push out maturity in strong market

    After a quiet start to February, property developers from China are making the most out of a liquid bond market, pricing dollar bonds way inside of initial guidance and still watching their bonds trade well in the aftermarket. The rush shows no signs of slowing down. Addison Gong reports.

    14 Feb 2019

  • HKAA ends long hiatus with dollar bond return

    Hong Kong’s Airport Authority (HKAA) raised $500m from a dollar bond sale on Wednesday, ending a hiatus of nearly 16 years from the market.

    14 Feb 2019

  • Indonesia returns to green notes with sukuk

    The Republic of Indonesia was back in the dollar market this week with its regular sukuk issuance. But with a trade that mirrored its 2018 Islamic financing transaction, the sovereign added a green tranche, allowing it to tap a niche set of investors in an effort to raise $2bn. Morgan Davis reports.

    14 Feb 2019

  • Driving miss crazy: Uber and a bank gig

    It can be rough living in one of the world’s most expensive cities. Tai Tai and I are fortunate enough to afford a lovely home with plenty of room for my Scotch collection, but I know most people in Hong Kong aren’t so lucky.

    14 Feb 2019

  • Chow Tai Fook, Vingroup expand senior group

    China’s Chow Tai Fook and Vietnam’s Vingroup have returned to the offshore loan market, with both borrowers inviting banks to join senior syndication.

    14 Feb 2019

  • People news in brief: February 14, 2019

    Debt syndicates Ang, Sloane join ANZ — Citi names leadership for new BCMA unit — Gori to run JP Morgan Apac banking — StanChart hires from HSBC for Singapore global banking

    14 Feb 2019

  • Right Lane pays up for dual currency loan return

    Right Lane, a wholly-owned subsidiary of Chinese conglomerate Legend Holdings, has paid a higher margin than previously for a $300m-equivalent dual currency borrowing. It is the latest in a series of Chinese and Hong Kong companies that have hiked margins on their return to the loan market this year.

    14 Feb 2019

  • RHB squeezes investors with tightly priced bond

    Malaysia’s RHB Bank ended its dollar bond market hiatus on Tuesday, offering a $300m bond that got big demand despite its ultra-tight pricing.

    14 Feb 2019

  • Xiaomi the money: MSCI approves dual-class stocks

    MSCI is to add nine stocks with dual-class voting structures to its global benchmark, it said this week. Chinese technology companies Meituan-Dianping and Xiaomi Corp are among the new names included.

    14 Feb 2019

  • Vingroup returns for $300m through Deutsche Bank

    Vingroup Joint Stock Company has made a quick return to the offshore loan market, attempting its third borrowing in 12 months.

    14 Feb 2019

  • Dexin China eyes $220m from HK listing

    Chinese property developer Dexin China kicked off bookbuilding on Thursday for an IPO that could raise up to HK$1.73bn ($220.3m).

    14 Feb 2019

  • Ecuador could rally further after IMF announcement

    The International Monetary Fund and Ecuador confirmed this week that they were discussing a potential financial arrangement, and the positive reaction in the sovereign’s curve could have further to run.

    14 Feb 2019

  • Bank of England USD2bn 2.5% Feb 22

    14 Feb 2019

  • Balearic Islands EUR400m 1.549% Nov 28

    14 Feb 2019

  • FMO USD500m 2.75% Feb 24 green bond

    14 Feb 2019

  • AFD EUR700m 0.375% Apr 24 tap

    14 Feb 2019

  • EFSF EUR3bn 0% Apr 24, EFSF EUR1.5bn 1.7% Feb 43 tap

    14 Feb 2019

  • EDC USD2bn 2.625% Feb 24

    14 Feb 2019

  • EIB USD3bn 2.625% May 22

    14 Feb 2019

  • KfW GBP750m 0.875% Mar 22 tap

    14 Feb 2019

  • Goldman goes overweight on triple-A CLOs

    Goldman Sachs economist Marty Young recommended in a note on Tuesday that investors go overweight on triple-A CLO debt as spreads have not fully retraced versus comparable investment grade credit products.

    13 Feb 2019

  • Wells Fargo AM appoints global ESG head

    Wells Fargo Asset Management has picked Hannah Skeates to lead its global environmental, social and governance strategy.

    13 Feb 2019

  • EDC brings largest ever deal alongside EIB’s ‘spectacular’ dollar benchmark

    A pair of triple-A SSA borrowers built heavily oversubscribed books — and one printed its largest ever deal — on Wednesday in a dollar market that is still attracting heavy demand and performing in secondary despite already tight levels.

    13 Feb 2019

  • KfW and Québec to hit Canadian market

    KfW and Québec will bring Canadian dollar bonds to the market on Thursday, with the former looking to issue in the currency for the first time since 2015.

    13 Feb 2019

  • Maijoor warns of Brexit challenges, need for new tools

    The European Securities and Markets Authority (ESMA) has warned of the regulatory challenges posed by a no-deal Brexit amid continued uncertainty surrounding London’s status as a post-Brexit clearing hub for euro derivatives.

    13 Feb 2019

  • First test for levloans as Amer and Ahlsell enter euro market

    Banks met on Tuesday for the first sizeable new money European leveraged loan of 2019: a €1.7bn acquisition loan funding the purchase of Finnish sports equipment company Amer Sports. CVC’s take-private of Swedish installation products maker Ahlsell then hit the market on Wednesday.

    13 Feb 2019

  • Barry Callebaut plumps for safer Schuldschein, reaps big harvest

    Barry Callebaut has taken €600m across three tranches in one of the biggest international Schuldschein transactions in the last 12 months. The Belgian-French chocolate company now based in Switzerland had roadshowed for a public benchmark sustainable bond in November, but opted instead for its first Schuldschein deal, as the risks of execution in the public market were too great.

    13 Feb 2019

  • Sixt enters Schuldschein for second time in six months

    German car leasing company Sixt has launched a Schuldschein with an initial size of €200m, according to two Schuldschein market participants.

    13 Feb 2019

  • Santander hires new head of European ABS trading

    Colm Corcoran has been hired as head of European ABS trading at Santander Global Corporate Banking.

    13 Feb 2019

  • Auto loans surge but performance weakening

    Outstanding auto loans totalled $584bn in 2018, the highest in 19 years, according to the Federal Reserve, and though the share originated to subprime borrowers has fallen, rising delinquency rates are a cause for concern.

    13 Feb 2019

  • FMO plots social bond debut, ‘exploring Sofr’

    The Netherlands Development Finance Company (FMO) is looking to sell its first social bond this year following its inaugural Green trade this week. The agency is also keeping a close watch on the SOFR market.

    13 Feb 2019

  • The Navigator signs first sustainable CP programme

    Portuguese paper company The Navigator has become its country’s first company to set up a sustainable commercial paper programme. The €65m operation was announced by its agent bank and bookrunner BBVA.

    13 Feb 2019

  • Greencoat UK Wind closes books early

    Greencoat UK Wind, the UK infrastructure fund focused on wind farm development, has completed a £131m capital increase early after investor demand for the offer swelled.

    13 Feb 2019

  • Ramirent eyes growth with loan refi

    Finland’s Ramirent has signed a €185m syndicated loan, early refinancing and increasing the amount of an existing loan as the construction equipment rental company looks to grow after a year of asset sales.

    13 Feb 2019

  • AT1s to bounce back from first non-call as Svenska mandates

    Svenska Handelsbanken picked banks on Wednesday to arrange the sale of a new additional tier one in the dollar market, with the dust yet to settle around Banco Santander’s decision to extend the life of one of its instruments.

    13 Feb 2019

  • Covered bond spreads ‘tread water’ as coverage falls

    BPCE and Achmea Hypo managed good price and size outcomes for their covered bonds issued on Wednesday, but the fact they were less well subscribed than recent deals added to the impression that the recent good run has stalled, with spreads now ‘treading water,’ a lead manager conceded.

    13 Feb 2019

  • UniCredit crushes premium with T2 outing

    Italy’s UniCredit was able to raise €1bn of new tier two capital without having to pay a large premium on Wednesday, adding to recent evidence that the subordinated debt market is in rude health.

    13 Feb 2019

  • EBA warns against 'looking for loopholes' in STS

    Principal policy adviser for the European Banking Authority (EBA) Christian Moor cautioned securitization market participants against "looking for loopholes" in the ‘"simple, transparent and standardised" (STS) regulation and predicted a "negative impact for the whole sector" if opportunistic behaviour is seen.

    13 Feb 2019

  • ABN to unleash €1bn of AT1 through legal merger

    ABN Amro is set to boost its capital ratios through merging its operating and holding companies.

    13 Feb 2019

  • Turkey tightens as books for sukuk over $3.5bn

    The Republic of Turkey has tightened price guidance for its three year sukuk to 5.9% area, with books for the deal in excess of $3.5bn.

    13 Feb 2019

  • Créd Ag rearranges CIB ahead of results

    Crédit Agricole has appointed three senior members of its corporate and investment bank, including a new global head of global markets.

    13 Feb 2019

  • Uzbekistan guides for ‘most exciting EM bond since Saudi’

    The Republic of Uzbekistan has released initial price guidance for its dual tranche five and 10 year dollar bonds and a rush of investors showed how desperate they are for a piece of it.

    13 Feb 2019

  • Performance fees offset deriv loss for Natixis

    Two numbers stood out in Natixis’ fourth quarter results: the €259m loss from Asian equity derivatives, and the €249m of performance fees generated by its asset and wealth management business.

    13 Feb 2019

  • ECM issuers not ready to test market

    Potential sellers in the EMEA equity capital markets are still waiting for an improvement in market conditions before launching trades, with little activity outside of primary capital raises taking place across Europe.

    13 Feb 2019

  • Netherlands latches onto red hot sovereign demand

    The Netherlands became the latest sovereign from the eurozone to receive a record order book in 2019, as it sold a new 10 year benchmark bond through auction on Tuesday.

    13 Feb 2019

  • Triple-B corporate bond storm worries overblown, say investors

    One of the most covered aspects of the bond market by more mainstream media in recent months has been the value of triple-B rated corporate debt due to mature in coming years and what problems that might cause in the event of an economic downturn. However, this has prompted investors to start to quell any fears of these risks.

    13 Feb 2019

  • Santander becomes the first bank to extend an AT1

    Banco Santander broke new ground in the additional tier one market on Tuesday, when it said that it would not be calling its €1.5bn 6.25% bonds. Many investors were stunned and even angry about the bank’s actions, which could have major implications for the way in which call decisions are viewed across the sector.

    13 Feb 2019

  • Investors flock after Uzbekistan pathfinder

    Uzbekistan's bond market debut, which is expected to be priced as early as Wednesday, has captured the attention of emerging market investors.

    13 Feb 2019

  • Sunac sells $800m bond, Century Sunshine postpones

    Sunac China Holdings priced a large three year callable bond, taking advantage of the abundant liquidity in the market following Chinese New Year. But investors appeared to hold back when it came to less familiar names.

    13 Feb 2019

  • KDB’s tight bond pricing a ‘pleasant surprise’

    Korea Development Bank has raised $1bn from a dual-tranche bond that came inside its secondary curve, as investors flocked to high quality, investment grade rated credits.

    13 Feb 2019

  • If it ain’t broke: Indonesia repeats green, sukuk combo

    The Republic of Indonesia returned to the bond market in style this week, using a tried-and-tested formula by adding a green tranche to a $2bn sukuk.

    13 Feb 2019

  • Panda guidelines: bankers give cautious praise

    Chinese regulators published a draft of new rules for corporate Panda bond issuers at the start of February. Bankers say the rules have done little to address one of the biggest headaches for potential issuers, but they do represent a step forward.

    13 Feb 2019

  • PBoC goes tight on second CNH bill auction

    The People's Bank of China held the tender of its second offshore renminbi issuance in Hong Kong on February 13. Both the Rmb10bn three-month note and the Rmb10bn one-year note were priced significantly lower than the first auction in November.

    13 Feb 2019

  • China's Risun nears investor talks for $200m IPO

    Chinese chemicals company Risun Group is kicking off pre-IPO investor education next week. The company wants to raise up to $200m before its listing application expires in May, according to a source.

    13 Feb 2019

  • Stabilisation profits: sharing is caring

    Clawback columnist Philippe Espinasse turns his attention to one of the ECM world’s best-guarded secrets: the profits banks can make from stabilisation.

    13 Feb 2019

  • E&O eyes up to MR550m from rights

    Malaysian property developer Eastern & Oriental (E&O) is looking to raise as much as MR550m ($134.8m) from a rights issue and a private placement that will partially fund its latest project.

    13 Feb 2019

  • BTG tightens, increases size on T2 return

    Though a paucity of direct comparable bonds made it difficult to precisely judge the pricing on BTG Pactual’s tier two deal on Tuesday, DCM bankers said that the Brazilian lender had shown investors were willing to bet on high yield paper but keep discipline on price.

    13 Feb 2019

  • CLO lobby returns from Tokyo with hope for retention workaround

    Representatives from the Loan Syndication and Trading Association (LSTA) and the CLO manager community returned from Japan this week following meetings with the Japanese Financial Services Agency, where they made a case for exempting broadly syndicated loan (BSL) CLOs from proposed risk retention rules.

    12 Feb 2019

  • Swift aims to smooth KYC checks for corps

    Swift, the provider of messaging services for financial institutions, is opening its know-your-customer (KYC) registry to corporates, which it says will save time for both international companies and their banks.

    12 Feb 2019

  • Green knowledge is not an efficient market

    Biofuels have swollen thanks to policies to combat climate change — even though often, they do not help the problem and can make it worse. This is a shocking record, born of ignorance, both accidental and wilful.

    12 Feb 2019

  • Dollars back in force after Chinese New Year shutdown

    A strong start to the year for public sector dollar issuance is keeping up the pace so far this week, with last week’s slowdown during the Chinese New Year holidays only appearing to make investors hungrier. Both of Tuesday’s dollar deals were well oversubscribed — one spectacularly so — and there is a full card of issuers waiting to come on Wednesday.

    12 Feb 2019

  • EFSF rounds off first quarter funding with low NIP

    The European Financial Stability Facility completed its funding for the first quarter with a dual tranche offering on Tuesday, which was priced with minimal concession, according to the leads.

    12 Feb 2019

  • Liquidnet hires president from Fidelity

    Trading network Liquidnet has appointed Brian Conroy as president with a mandate to grow the business organically and through acquisitions.

    12 Feb 2019

  • Caffil gets superb reception for first social

    Caisse Française de Financement Local (Caffil) attracted orders worth €2.6bn from 110 investors for its debut €1bn social covered bond on Tuesday — the first from a French issuer. The deal, which was subscribed in half an hour, was priced flat to Caffil’s curve.

    12 Feb 2019

  • Armenia repo stream deepens after third structured EBRD deal

    Armenia is to increasingly tap the repo market for its funding needs following three landmark transactions between Armenian banking group Armswissbank and the European Bank for Reconstruction and Development (EBRD).

    12 Feb 2019

  • Germany holds power for ESG loans to soar

    German borrowers are finally warming to the idea of taking out loans linked to environmental, sustainable and governance (ESG) targets, and a confluence of complementary factors could serve to strap a rocket to deal volumes.

    12 Feb 2019

  • Norinchukin’s dominance is bad for the CLO market

    The CLO market in Europe is off to a solid start for the year, despite the complaints of managers and arrangers alike that conditions are tougher than they have been for years. But look closer, and it seems worryingly narrow, with one investor dominating the top of the capital structure. That might be helping deals get done, but it is far from healthy.

    12 Feb 2019

  • Balearic Islands brings biggest ever bond

    Investors backed the return of the Balearic Islands to the bond markets on Tuesday with the Spanish region selling its biggest ever single tranche bond. It was able to attract huge demand despite increasing tensions surrounding Catalonian independence, which could lead to early elections in Spain.

    12 Feb 2019

  • EU time-pressured to give supervisors more powers

    The European Council on Tuesday confirmed its position on the review of the European system of financial supervision. It maintained that supervisors should not be funded by private firms, but agreed to give the European Securities and Markets Authority (ESMA) more power. But there is now a rush to find an agreement with the European Parliament before its members go on leave for May’s elections.

    12 Feb 2019

  • Chinese banks will go where the West fears to tread

    Chinese state banks take a lot of criticism for the amount of lending they do in Africa. But what the detractors fail to acknowledge is the lack of competition from Western banks, especially from US houses. As borrowing needs across Africa grow, the question must be asked: if the Chinese banks don't lend to Africa, which ones in the West will?

    12 Feb 2019

  • Covered bond mandates pile up as new issuers dawn

    Volksbank Wien has mandated leads for a roadshow to market its debut covered bond and BPCE has mandated leads for the second French covered bond of the week. Meanwhile, Moody’s has assigned ratings to the covered bonds of Caja Rural de Granada, which has yet to issue its first deal.

    12 Feb 2019

  • Ramsay Générale de Santé announces rights offer

    Ramsay Générale de Santé, the French private hospitals operator, is preparing to raise €620m of equity capital to refinance bonds issued to acquire Capio in Sweden.

    12 Feb 2019

  • Telia takes corporate bond market longer

    On Tuesday, Swedish telecoms company Telia sold the longest maturity corporate bond deal of 2019 so far. Telia had not been to the market for nearly two years, but has a history of long-dated issuance.

    12 Feb 2019

  • Glatfelter switches dollar for euro debt

    The US’s Glatfelter has signed $648m-equivalent in revolving and term loans, with the specialty paper company planning to use the euro portion to buy back bonds.

    12 Feb 2019

  • ING targets seven year tenor on return to sterling

    ING made a comeback in the sterling market on Tuesday, targeting the seven year part of the curve with a senior deal from its holding company.

    12 Feb 2019

  • Debenhams strikes rescue refi deal

    UK department store chain Debenhams has agreed a refinancing with its existing lenders, giving it an extra 12 months and an extra £40m of headroom, along with certain covenant waivers — but the race is on for a full recapitalisation by the end of the second quarter.

    12 Feb 2019

  • Daiwa hires dollar SSA trading head

    Daiwa Capital Markets Europe has appointed a new head of dollar SSA trading.

    12 Feb 2019

  • Apollo sub Redding Ridge issues first euro CLO

    Apollo Global Management subsidiary Redding Ridge is in the market with its debut euro CLO arranged by BNP Paribas, out with price guidance for the deal on Tuesday.

    12 Feb 2019

  • Credit Bank of Moscow hedges bets with Reg S/144A euro bond

    Credit Bank of Moscow has tightened price guidance for its euro five year bond, with books in excess of €800m for the Reg S/144A note — an unusual format for a euro deal, but one designed to provide a fall back option of switching to dollars if pricing for the bank’s inaugural euro bond was deemed unfavourable after feedback.

    12 Feb 2019

  • Uzbekistan to offer dual tranche fives and 10s, 'very strong early interest'

    Uzbekistan has told investors that it is focused on a dual tranche five and 10 year transaction and that indications of interest received so far are in excess of $1.5bn.

    12 Feb 2019

  • SocGen draws big crowd for new TLAC offering

    Société Générale attracted close to €5.5bn orders for a tightly priced new non-preferred senior deal in euros on Tuesday, when it also began marketing two more tranches of loss-absorbing debt in the increasingly popular Euroyen format.

    12 Feb 2019

  • Emirates Development Bank to make capital markets debut

    Emirates Development Bank is lining up to make its debut in bond markets, eyeing a $750m benchmark in February.

    12 Feb 2019

  • Spanish RMBS braces for mortgage law impact

    The Spanish RMBS sector is bracing itself for the impact of legislators’ push to compensate borrowers for early foreclosure periods.

    12 Feb 2019

  • Latvia opens books on 30 year

    Latvia came to market on Tuesday morning for a 30 year euro benchmark, reawakening a dormant Central and Eastern European bond market.

    12 Feb 2019

  • BTG sets price talk for sub debt return

    Brazilian bank BTG Pactual will look to price a 10 year non-call five subordinated tier two note on Tuesday after wrapping up investor meetings in Asia on Monday.

    12 Feb 2019

  • Lat Am multilateral chooses Switzerland for debut deal

    Bolivia-headquartered multilateral lender Fonplata sold its first ever bond on Monday, raising Sfr150m ($150m) of five year money from Swiss investors.

    12 Feb 2019

  • Turkey makes sukuk return, another borrower waiting in wings

    Turkey has picked banks for its third benchmark of the year and its first since 2017 to be issued using sukuk documentation. Bankers say another Turkish borrower could mandate before the end of the week.

    12 Feb 2019

  • Investors back UK firm’s M&A play in equity raise

    GB Group, the UK-based data intelligence firm, won strong approval from investors for its strategic acquisition of IDology, a US company that provides ID verification and fraud detection services.

    12 Feb 2019

  • Clifden boss Rizwan Hussain declared insolvent

    Rizwan Hussain, the controversial figure who runs investment vehicle Clifden Isle of Man No 1, has been declared insolvent, according to UK court records, even while a separate investment vehicle he controls, Greencoat Investments Ltd, is in the market trying to take control of pre-crisis securitization from the Business Mortgage Finance series. The insolvency isn’t Hussain’s only trouble, GlobalCapital understands, with at least one investment bank having reported him to the regulator over a previous tender for UK RMBS notes.

    12 Feb 2019

  • Highgate joins ranks of private schools to enter US PP market

    Highgate School is marketing a US private placement (US PP), according to two US PP players. The market has become a home for private and public schools looking for long term financing.

    12 Feb 2019

  • Ex-HSBC banker aims to make lending purposeful again

    Dozens, the latest digital banking offering, aims to revolutionise retail banking in favour of the customer, by routing returns back to depositors and avoiding most unsecured consumer lending. Is this an unworkable goal, or is founder Aritra Chakravarty on to something?

    12 Feb 2019

  • China’s Zhenro, Aoyuan score with dollar bonds

    Chinese real estate companies Zhenro Properties and China Aoyuan Group reopened the Asian offshore bond market with a bang, as cash rich investors flocked to their transactions.

    12 Feb 2019

  • India offshore bonds: prepare for a tough year

    Indian debt issuers have started 2019 with a bang, rolling out more than $3bn of bonds in January. Will the country eclipse the dismal dollar bond volumes it managed last year? Don’t bet on it. As a divisive election looms, it is more likely that Indian issuance will disappoint for a second year running.

    12 Feb 2019

  • JP Morgan names new head of Apac banking

    Filippo Gori's rise up the ranks in JP Morgan's Asian team continued this week, when he was picked to succeed Nicolas Aguzin as head of Asia Pacific banking.

    12 Feb 2019

  • Mapletree Industrial taps 'herd', sells $148m of new units

    Singapore-listed Mapletree Industrial Trust (MIT) has bagged S$201m ($147.9m) after upsizing an overnight unit placement on the back of strong early demand.

    12 Feb 2019

  • Tian Lun Gas closes HK$2bn refi

    China Tian Lun Gas has closed an oversubscribed loan worth HK$2bn ($255m) after attracting 13 lenders in general syndication.

    12 Feb 2019

  • Chow Tai Fook invites MLABs for loan comeback

    Chow Tai Fook has made a quick comeback to the offshore loan market, eyeing a smaller deal after closing a $1.3bn fundraising last March.

    12 Feb 2019

  • IDA to add bills to funding mix, non-core currency benchmark or MTNs up next

    The International Development Association is preparing a short-term borrowing programme that the issuer told GlobalCapital will be similar in form to the commercial paper offerings of its peers the European Investment Bank and KfW. A second benchmark — likely to be in sterling or a niche currency — or a debut private medium-term note could follow, the borrower added.

    12 Feb 2019

  • India cuts stake in Axis Bank

    The Indian government is offloading 50.76m shares in Axis Bank through an offer-for-sale, trimming its stake in the private sector lender as the end of the financial year looms.

    12 Feb 2019

  • Fed flags student debt as barrier to homeownership

    Growing student loan debt has long been blamed for the lower rates of homeownership among younger Americans, and recent reports from the Federal Reserve back this up, showing that student loan debt has dented the housing market and eroded consumer financial health broadly.

    11 Feb 2019

  • US CMBS market grinds tighter after quiet January

    The US CMBS sector is off to a strong start in February following a slower than usual opening to the year, with issuers enjoying heavy oversubscription levels and tight spreads for deals in the market at the start of the week.

    11 Feb 2019

  • Nikko Asset Management adds to London high yield credit team

    Nikko Asset Management said it had hired Richard Kehoe as senior high yield analyst for its global fixed income team in London.

    11 Feb 2019

  • NoChu run ends as Spire prices Aurium V CLO

    Spire Partners launched syndication on Aurium CLO V through Bank of America Merrill Lynch this week, the first euro CLO this year to be priced without an anchor from Norinchukin Bank. The senior notes were printed at 114bp, 6bp wider than the Japanese buyer’s recent commitments.

    11 Feb 2019

  • Cork popped on Searcy’s acquisition loan

    Banks have started marketing the sterling loan to fund the acquisition of a stake in Westbury Street Holdings, the parent company of Searcy’s champagne bars and Benugo coffee bars, with a £363m seven year term loan and a £91m eight year second lien on offer.

    11 Feb 2019

  • MSCI warns against reliance on CDS for hedging needs

    MSCI advised clients to move away from credit default swaps (CDS) as a means of hedging credit risk, as research said it may no longer be the most effective method of making short-term hedging bets.

    11 Feb 2019

  • FMO and BoE to kick off dollar SSAs following Asian holidays

    The Netherlands Development Finance Company (FMO) and the Bank of England hit screens with dollar mandates on Monday to start what should be a busy week of supply in the currency for public sector borrowers, according to bankers.

    11 Feb 2019

  • EFSF opts for dual tranche

    The European Financial Stability Facility mandated banks on Monday for a long five year and a tap of its February 2043 bond.

    11 Feb 2019

  • KfW taps into sterling demand, FMS makes quick return

    KfW found plenty of appetite in the sterling market on Monday, allowing it to increase its target size during the book build for a tap, before printing an even larger size of £750m. FMS Wertmanagement will add to the sterling supply on Tuesday after picking banks for its second fixed rate benchmark in the currency this year.

    11 Feb 2019

  • BlueMountain CLO prices as ABS pipeline opens up

    A €360.25m CLO from BlueMountain Capital, BlueMountain Fuji Eur CLO IV, was priced on Monday with the senior notes coming in at 108bps over three month Euribor, continuing the run at that level for all new CLOs to be sold so far this year.

    11 Feb 2019

  • Balearic Islands back amid fresh Catalan independence debate

    The Balearic Islands appointed banks on Monday for its first bond since 2012, just as tensions over Catalan independence return to the forefront of Spanish politics.

    11 Feb 2019

  • Euronext raises offer in Oslo Børs bidding war

    Euronext has raised its offer to buy Norwegian exchange group Oslo Børs, firing the latest shot in a bidding war with rival Nasdaq.

    11 Feb 2019

  • Latvia coming for 30 year euros

    The Republic of Latvia hit screens on Monday to announce a 30 year euro benchmark — breathing life back into what has been a rather quiet Central and Eastern European bond market.

    11 Feb 2019

  • Altria starts financing for vape acquisitions in euros

    US tobacco group Altria on Monday ended a blackout-blighted slow start to February for the euro corporate bond market when it brought a new deal that included four benchmark tranches. This came the day before the company sold $11.5bn in its home market.

    11 Feb 2019

  • Tritax Big Box Reit raises £250m for acquisition

    Tritax Big Box Reit, the UK real estate investment trust focused on ‘Big Box’ warehouse assets, has completed its tenth capital increase since its IPO on the London Stock Exchange in December 2013.

    11 Feb 2019

  • ING and CBA covered bonds are ‘virtuous’

    ING Bank and Commonwealth Bank of Australia sold 10 year strong covered bond deals on Monday, creating a "virtuous circle" that should encourage more issuers to enter the market, according to one lead manager. But another cautioned that demand for long dated bonds was "frothy".

    11 Feb 2019

  • Railpool raises debt amid German awakening to green loans

    Germany’s Railpool has signed green financing totalling more than €800m, as loans bankers say sustainability-linked facilities are becoming more popular with German borrowers after largely being ignored until now.

    11 Feb 2019

  • EU working to Brexit deadline for CCP relocation

    The European Parliament and European Union member states are holding talks on a set of EMIR amendments that would, in advance of Brexit, firm up European powers to relocate clearing houses (CCPs) of systemic importance for the euro.

    11 Feb 2019

  • Peripheral banks bounce after positive SREP results

    Southern European banks were given a lift at the beginning of the week, when they emerged from the European Central Bank’s annual supervisory review and evaluation process (SREP) with their capital requirements broadly unchanged.

    11 Feb 2019

  • Zurich enjoys smooth ride into tight pricing for T2

    Investors showed strong support for a new subordinated bond from Zurich Insurance at the beginning of the week, though the firm ended up paying only a small premium for the new issue.

    11 Feb 2019

  • Disappointing earnings could lead to more ECM issuance

    Earnings growth in Europe appears to be slowing with a number of corporates missing estimates as they report their latest numbers — increasing the chance that issuers will need to turn to equity markets to raise primary capital.

    11 Feb 2019

  • von Danwitz lands new role at Deutsche

    Philipp von Danwitz, a 20 year veteran of Deutsche Bank, has moved to a new role sitting between wealth management and corporate finance, after being put at risk in 2018.

    11 Feb 2019

  • Bahrain Mumtalakat picks banks for rare benchmark

    Bahrain Mumtalakat Holding Company, the Bahraini sovereign wealth fund, has picked five banks to run a roadshow promoting a dollar sukuk benchmark.

    11 Feb 2019

  • Loan market gears up after slow start to year

    An influx of RFPs and mandates is keeping loan bankers busy as they try to overcome the global downturn of activity in 2018.

    11 Feb 2019

  • Cadent Gas opts for US PPs

    Cadent Gas has entered the US private placement (US PP) market via Bank of America Merrill Lynch and Lloyds, according to market participants.

    11 Feb 2019

  • ICG enters US PP market

    Intermediate Capital Group (ICG) has launched a $150m US private placement, according to two US PP participants.

    11 Feb 2019

  • The week in renminbi: Trade talks resume, China’s interbank system passes New Year test, foreign investment law set to pass

    In this round-up, China and the US will talk in Beijing at the end of the week, China’s interbank payment and settlement system survived the Lunar New Year red packet frenzy and a draft of the foreign investment law will be submitted in early March.

    11 Feb 2019

  • Mark Tucker to chair City lobbyists

    Mark Tucker, group chair of HSBC, will join TheCityUK later this year, replacing John McFarlane.

    11 Feb 2019

  • Sino Biopharma keeps flat margin for $700m refi

    Sino Biopharmaceutical has turned to banks for a $700m refinancing loan. It is offering the same price as it paid for the original deal, a club loan sealed in 2016.

    11 Feb 2019

  • ICBC Standard Bank hires market risk and analytics specialists in London

    ICBC Standard Bank has hired Daniel Britz and Brendan Melvin to join its risk management department.

    11 Feb 2019

  • Italy’s BPER plans AT1 after bank buyout

    BPER Banca will issue a new additional tier one (AT1) as part of the financing for its acquisition of Banco di Sardegna, a small lender based on the Italian island of Sardinia.

    11 Feb 2019

  • After holiday return, investors pile onto China property bonds

    Chinese property issuers led the reopening of Asia’s offshore bond market following a week-long holiday in the Mainland to celebrate the Lunar New Year. Investors responded to the new deals with enthusiasm.

    11 Feb 2019

  • Pinduoduo closes $1.38bn follow-on

    Pinduoduo, a Nasdaq-listed Chinese e-commerce company, has raised $1.38bn from a follow-on offering.

    11 Feb 2019

  • Citi hires for BCMA team in Australia

    Citi has named Keith Tuffley as managing director and vice chairman for Australia and New Zealand and a senior international advisor for its newly-formed banking, capital markets and advisory (BCMA) unit.

    11 Feb 2019

  • SMBC brings $125m loan from Bharat Oman Refineries

    India’s Bharat Oman Refineries, a joint venture between Bharat Petroleum Corp and Oman Oil Co, has returned to the offshore loan market with a $125m deal that breaks a four-year absence.

    11 Feb 2019

  • Banks and investors ignoring biofuel risks

    The harmful climatic effects of biofuels, which policymakers have long promoted as a solution to climate change, are increasingly being pointed out, although the financial industry remains largely unaware of them. A report by ShareAction has highlighted the risks investors and banks are running by financing the burning of wood as a fuel.

    08 Feb 2019

  • ECB developing blockchain platform to shift NPLs

    The European Central Bank (ECB) is looking to set up its own blockchain platform in collaboration with the Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria (Sarreb) in order to shift European non-performing loans (NPLs).

    08 Feb 2019

  • BAML steps up Brexit switch, crowns Zaimi

    Bank of America Merrill Lynch has ramped up its Brexit preparations by establishing a new EU broker dealer and appointing Sanaz Zaimi as its CEO.

    08 Feb 2019

  • TSB scores Sonia success second time round

    TSB successfully issued its inaugural Sonia linked deal which, in contrast to the bank’s previous attempt that was blighted by political uncertainty, it attracted a comfortably oversubscribed order book. The successful outcome suggests the bank can now look ahead to a more normal year according to TSB treasurer, Alison Straszewski.

    08 Feb 2019

  • Symrise provides much needed supply with €400m M&A financing

    Shares in Symrise, the German supplier of food flavouring and fragrances, rose as much as 2.1% on Friday morning after the company completed a €400m capital increase to finance its acquisition of International Dehydrated Foods in the US.

    08 Feb 2019

  • OP prices flat to DZ in covered bonds

    OP Mortgage Bank has issued the first Finnish covered bond of the year and did so at the same spread and in larger size than DZ Hyp managed little more than two weeks ago. With 10 year Bund yields heading towards zero, yield starved investors are chasing the market even tighter.

    08 Feb 2019

  • Blackstone Property fills in maturity curve

    Blackstone Property Partners Europe on Friday made its third visit to the corporate bond market in eight months and opted for a maturity between its two outstanding bonds. The property fund has now printed €1.75bn of bonds since it sold its Logicor logistics business to China Investment Corp in June 2017.

    08 Feb 2019

  • Scholz: no bad bank for Deutschmerz, NordLB rescue not state aid

    Olaf Scholz, finance minister and vice-chancellor for Germany, said that there was 'no debate' about the creation of a bad bank in a prospective merger between Deutsche Bank and Commerzbank. He also does not believe that the recapitalisation of NordLB by the association of German savings banks would contravene EU state aid rules.

    08 Feb 2019

  • Akbank launches refi as market splits over Turkey outlook

    Akbank is kicking off the first set of refinancings of the year for Turkish banks, launching its syndication with a smaller volume and tighter margins than last year’s deal. But lenders are divided on whether the deal represents an achievement for the Turkish bank, or betrays an outlook festooned with risk. Mariam Meskin reports.

    08 Feb 2019

  • Champagne Nova Scotia toasts TLAC debut

    Bank of Nova Scotia this week became the third Canadian bank to have hit the dollar market with a debut bail-in bond, as spreads continued to rally.

    08 Feb 2019

  • Funding scorecard: Nordic agencies

    This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes halfway through the first quarter.

    08 Feb 2019

  • Trade war woes plague Asian bond market

    Asia’s debt markets, which were shut for the Chinese New Year holiday this week, are back to a wait and see mode following delays in trade talks between the US and the Mainland.

    08 Feb 2019

  • Chalet Hotels' share price swings on debut

    Shares of Chalet Hotels, a high-end hotel group in India, initially soared 5% on their debut on the domestic stock exchange on Thursday, before paring some of the gains.

    08 Feb 2019

  • Pinduoduo seeks $1bn-plus from follow-on

    Just six months after listing on the Nasdaq, Chinese start-up Pinduoduo is back in the equity market to raise around $1bn from a follow-on offering.

    08 Feb 2019

  • Pfandbriefbank demonstrates strength of Swiss model

    Robert Horat, managing director of the Zurich-based Pfandbriefbank schweizerischer Hypothekarinstitute, says he is mystified as to why the pooling model underpinning Swiss Pfandbriefe has not been used as a blueprint for covered bond markets elsewhere in Europe.

    07 Feb 2019

  • American Express triples size of latest ABS offering

    American Express completed their first transaction of the year, bumping up the size of the deal significantly from $521.4m to $1.56bn, making it the credit card company's biggest deal since October 2017.

    07 Feb 2019

  • Raters, investors ‘should cooperate’ on ESG

    Rating agencies and investors are realising they have more in common than they thought when it comes to environmental, social and governance (ESG) factors. And they are more inclined now to work together than find fault.

    07 Feb 2019

  • Deutsche Bank EUR1.5bn 1.625% Feb 21/EUR750m 1.875% Feb 22/EUR750m 2.625% Feb 26/GBP500m Feb 24 non-preferred senior

    07 Feb 2019

  • Banco Santander USD1.5bn 7.5% PNC5 AT1

    07 Feb 2019

  • French duo to ramp up cuts as global markets ops crash

    BNP Paribas and Société Générale both announced new plans to slim down their investment banks this week. They posted sharp drops in revenue across global markets operations that were, on balance, a bit worse than those registered so far by the rest of the industry.

    07 Feb 2019

  • Italy EUR8bn 3.85% Sep 49

    07 Feb 2019

  • AT1s: new bottles, old wine

    Many of the assumptions that surrounded older iterations of perpetual bank capital instruments are still there in the new class of additional tier one securities.

    07 Feb 2019

  • Joint Laender EUR1bn 0.625% Feb 29

    07 Feb 2019

  • KfW takes super sterling to new level

    KfW set yet another landmark for a supranational and agency sterling market enjoying its best ever start to the year, as the German borrower drew a big book while placing the longest dated new issue of the year so far on Wednesday.

    07 Feb 2019

  • Big books for SSAs despite small NIPs

    The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.

    07 Feb 2019

  • CAF USD1.25bn 3.25% Feb 22

    07 Feb 2019

  • Finland EUR3bn 0.5% Sep 29

    07 Feb 2019

  • EIB EUR3bn 0.05% May 24

    07 Feb 2019

  • UK GBP2.5bn 0.125% Aug 41 linker tap

    07 Feb 2019

  • Madrid EUR1.25bn 1.571% Apr 29 sustainable bond

    07 Feb 2019

  • People moves in brief

    Soc Gen replaces global markets head – NAB’s CEO and chair leave in wake of banking report – Jefferies hires MD for UK

    07 Feb 2019

  • Synthetic securitizations must wait for STS blessing

    Significant risk transfer (SRT) issuers are concerned that they may have to wait until as late as 2021 for their deals to become eligible for the European ‘simple, transparent and standardised’ (STS) securitization designation, following comments at the Association for Financial Markets in Europe's Spanish Funding Conference in Madrid on Thursday.

    07 Feb 2019

  • US PP players weigh up sectoral difficulties after Interserve stumbles

    US private placement (US PP) investors are considering whether the UK's support services industry is worth the risk after Interserve was forced into a debt for equity swap, with the dust still to settle on Carilion’s liquidation. Silas Brown reports.

    07 Feb 2019

  • CAF shows SSA credentials with large print amid Venezuela turmoil

    Corporación Andina de Fomento (CAF) laminated its SSA membership card this week as it tightened pricing while equalling its largest ever dollar benchmark for size — despite political turmoil in one of its shareholders.

    07 Feb 2019

  • Italy 30 year flies, but bonds hit by growth cut

    Italy received record-breaking demand for a long end syndication this week, overtaking its previous record set only last month. But it wasn’t all positive for Italy, as its bonds took a hit after the European Commission cut the country’s growth forecast on Thursday.

    07 Feb 2019

  • Santander AT1 signals start of tough period for call decisions

    A last minute additional tier one deal from Banco Santander this week had investors crossing their fingers in the hope that they can survive 2019 without seeing a bond being extended past its first call date.

    07 Feb 2019

  • The Pained Trader: supermouse

    The Pained Trader meets his match.

    07 Feb 2019

  • JP Morgan looks to burnish jewel in the crown

    JP Morgan has overhauled its European management team as it places its oldest franchise at the heart of a push to boost its UK M&A business.

    07 Feb 2019

  • Spain’s regions set for capital markets comeback

    Several Spanish regions are expected to return to bond markets this year, having been locked out since the eurozone sovereign debt crisis. GlobalCapital understands that the Spanish government has approved a request for new debt to be issued by the Balearic Islands — a region that has not sold a bond since 2012. More approvals could follow in the next few weeks. Burhan Khadbai reports.

    07 Feb 2019

  • ECB's TLTRO generosity will prove misplaced

    The European Central Bank (ECB) is well aware of the fact that €400bn borrowed under TLTRO II will no longer be counted as stable funding from June, so a new financing package is certain to be announced in the next month or two. But issuers waiting for a handout are going to be disappointed by what follows and will be obliged to tap capital markets, just as conditions deteriorate.

    07 Feb 2019

  • UK CPI linker ‘bonkers’ before govt decision

    It does not make sense for the UK Debt Management Office (DMO) to change its index for inflation linked bonds before the government has decided on its preferred measure of inflation, said market participants, responding to a report from the country’s politicians.

    07 Feb 2019

  • EMs ‘losing appetite’ to mount challenge to Malpass role at World Bank

    No candidate from an emerging or developing country has come forward to challenge US politician David Malpass for the presidency of the World Bank Group.

    07 Feb 2019

  • Private finance for development ‘small and getting smaller’

    Governments of low income countries will need private capital to finance infrastructure projects if they are to meet the Sustainable Development Goals by 2030, according to a report from the International Monetary Fund. Phil Thornton reports

    07 Feb 2019

  • French Stella Group hits home stretch

    A loan for Stella, a French shutter and grill manufacturer, is set to be allocated on Friday, with the deal oversubscribed at original guidance on Thursday afternoon, wrapping up another project shelved in the face of last year’s deteriorating market.

    07 Feb 2019

  • Loans in brief: 08/02/18

    07 Feb 2019

  • Trapped Venezuela investors could enter ‘uncharted territory’

    US sanctions have brought secondary markets in Venezuelan sovereign bonds and those of state oil company PDVSA to a standstill, leaving investors unable to trade. As a result, the bonds may be withdrawn from the JP Morgan Emerging Markets Bond Index.

    07 Feb 2019

  • New knock for Adient bonds as covenants weakened, results disappoint

    High yield bonds for auto parts manufacturer Adient slipped more than three points on Thursday as the company tweaked its loan covenants and produced disappointing numbers. The firm’s new management is taking aggressive action to turn the group around and says it needs the financial headroom to do so.

    07 Feb 2019

  • Gazprom USD1.25bn 5.15% Feb 26

    07 Feb 2019

  • Uzbekistan drops DB, embarks on roadshow

    The roadshow for Uzbekistan’s debut dollar denominated 144A/Reg S benchmark started this week, but with only two of the three international banks originally picked for the mandate still present on it.

    07 Feb 2019

  • Drouet leaves global markets position at Soc Gen

    Société Générale announced Jean-François Grégoire’s new job as head of the global markets business unit on Thursday, replacing Frank Drouet. The bank is seeking to slim down the operations of the division.

    07 Feb 2019

  • NAB’s CEO and chair to leave after damning report

    The CEO and the chair of National Australia Bank will step down in the wake of a critical report into misconduct in the banking sector.

    07 Feb 2019

  • BNPP books big derivatives loss after US vol shock

    BNP Paribas (BNPP) this week reported major losses from derivatives trades after being hit by the sharp rise in capital markets volatility towards the end of 2018.

    07 Feb 2019

  • Barren blocks market frustrates ECM bankers

    European equity markets may have rallied since the start of the year but that is not translating into more equity block trades in the region. Low risk appetite among investors and reluctance among sellers to launch trades at wider discounts are to blame, writes Aidan Gregory.

    07 Feb 2019

  • Russia aims to strengthen domestic capital markets

    Russian president Vladimir Putin’s suggestion that he will extend the country’s capital amnesty by a year is good news for the country’s capital markets and a step forward in making the country less dependent on international, and primarily western, investors.

    07 Feb 2019

  • ESG shaping investor bond decisions

    Green bond issuance has been in hot demand so far this year, with investors allocating ever greater sums to sustainable and ethical mandates. However, it is not just the green labels on deals that are affecting investment decisions.

    07 Feb 2019

  • PE firms dump UK mortgage risk as Brexit nears

    Major private equity firms, including Blackstone, CarVal, Cerberus and TPG, are selling control rights to the giant UK mortgage portfolios they bought three or four years ago, rather than waiting to call and refinance the deals. Is the rush to the exits a sign of Brexit trouble to come, or a way to make space for a bigger prize in the shape of the final mortgage sales from UK government crisis-era rescues? Owen Sanderson investigates.

    07 Feb 2019

  • Iberdrola €800m Perp NC Feb 2025

    07 Feb 2019

  • Altria poised to spark up dollar corporate bond market

    The dollar issuance calendar continued to smoulder with a handful of borrowers enjoying bulging order books and pricing leverage as investors continued to return in force to high-grade credit. With corporate earnings still acting as a handbrake and the Chinese New Year further dampening activity, supply was steady rather than spectacular.

    07 Feb 2019

  • Good Q4 for UniCredit as its CIB goes for a Burton

    UniCredit has hired Richard Burton to lead its corporate and investment banking operations, alongside a host of other changes to its senior staff, as it looks towards a future strategy. On Thursday it revealed results welcomed by analysts.

    07 Feb 2019

  • Berlinovo refis property portfolio

    Germany’s Berlinovo Immobilien has signed €1.15bn of loans to refinance a large chunk of its bank debt, with the the state-owned real estate firm locking in long term financing.

    07 Feb 2019

  • Fintech M&A forecast for another big year

    Global fintech M&A is forecast to have another stellar year after providing multi-billion dollar lending opportunities in the last 12 months, with the UK expected to continue leading the way despite Brexit uncertainty.

    07 Feb 2019

  • France adds to GrOAT, 30 year could follow

    France increased the size of its Green OAT for the first time in 2019 on Thursday. The sovereign could follow up with a 30 year syndication as early as next week, said market participants.

    07 Feb 2019

  • Sparebank 1 SMN sets green framework

    Sparebank 1 SMN is ready to become the first Norwegian issuer of senior unsecured debt that complies with the green bond principles. Other banks, after issuing green unsecured deals are expected to issue green covered bonds.

    07 Feb 2019

  • EFSF to go for ‘fives or 10s’

    The European Financial Stability Facility will likely issue a euro benchmark in the five or 10 year parts of the curve next week, according to SSA bankers.

    07 Feb 2019

  • Imperial Brands finds investors still enjoy tobacco

    On Thursday, Imperial Brands bucked the recent trend of ethical and sustainable corporate bond issuance, but found plenty of demand for its latest deal. The UK tobacco group had not accessed the bond market for more than two years.

    07 Feb 2019

  • Jefferies picks investment banker for UK

    Jefferies said on Thursday that it has appointed Tony White, one of a number of recent hires for its UK investment banking team.

    07 Feb 2019

  • Mashreqbank mandates banks to roadshow dollar deal

    Mashreqbank, the largest privately owned bank in the United Arab Emirates, is embarking on a roadshow to market a dollar benchmark five year fixed rate Reg S senior unsecured bond.

    07 Feb 2019

  • Bankia comes tight for rare T2, not yet set on non-pref

    Spain’s Bankia found a tight pricing level this week for the first benchmark tier two transaction of 2019. The bank is maintaining a higher than average stock of debt in the asset class, having not yet decided to issue non-preferred senior bonds.

    07 Feb 2019

  • Gazprom sells first dollars since sanctions, inside curve

    Gazprom, the Russian state oil and gas company, printed its $1.25bn 5.15% 2026s on Wednesday, with a book that peaked at over $5bn and with pricing estimated at 5bp-10bp inside its own curve, according to lead managers. The bond was the first from Russia in dollars since the US sanctions imposed on the country last April.

    07 Feb 2019

  • Brazil optimism hamstrings Gol tender

    Brazilian airline Gol found it difficult to prise its bonds out of investors’ hands with a tender offer in January, receiving only 14% take-up. CFO Richard Lark said it indicated investors’ positive sentiment towards Brazilian credit in general and Gol in particular.

    07 Feb 2019

  • BBVA picks new global CIB head

    BBVA has announced the new leader of its global corporate and investment banking operations.

    07 Feb 2019

  • GlobalCapital Syndicated Loan and Leveraged Finance Awards 2018: the winners

    GlobalCapital revealed the winners of its 2018 Loan Awards at its annual Syndicated Loans and Leveraged Finance Awards Dinner at the Jumeirah Carlton Tower in London on February 6. The complete results are below. GlobalCapital congratulates all the winners and nominees.

    06 Feb 2019

  • Investors take $6.9bn of new ABS deals in stride

    Nine consumer ABS deals totalling $6.9bn were priced through midweek — auto deals dominated the deal flow, with three prime auto loans, two subprime loans and one rental loan deal being priced.

    06 Feb 2019

  • US government chides Pimco as UMBS debate reaches fever pitch

    Announced back in 2011 and with a looming deadline in June, the debut of the uniform mortgage backed security (UMBS) has often been described as the most substantial reform to the US housing market in decades. But it has not been without its fair share of critics, including some money managers who still see virtues in two separately priced markets.

    06 Feb 2019

  • Bloomberg’s Sonia modelling could be slowing ABS switch

    The UK RMBS market’s switch to Sonia-based funding from sterling Libor is being slowed by data company Bloomberg’s modelling facilities, according to several market sources.

    06 Feb 2019

  • Rothschild sees gap for investor advisory service

    Rothschild has launched a new practice to offer firms advice on engaging with shareholders this week, in response to what is sees as increasing demand. It has picked two head co-heads of shareholder engagement to work in the area.

    06 Feb 2019

  • Dia’s top shareholder offers new equity, but risks remain for bondholders

    LetterOne, the largest shareholder in troubled Spanish retailer Dia (Distribuidora Internacional de Alimentación), has unveiled a tender for the group’s shares, along with a plan to inject €500m of equity, as an alternative to the existing management plan for the group. The share price bounced on the news, but bondholders need more clarity about LetterOne’s intentions — and about what will happen to the firm’s €1.3bn of trade payables.

    06 Feb 2019

  • ESMA lays out data plan for no-deal Brexit

    The European Securities and Markets Authority (ESMA) will temporarily suspend the publication of MiFID II transparency calculations in the event of a no-deal Brexit.

    06 Feb 2019

  • Italy wins record book (again) for 30 year

    Italy passed a test at the long end of the curve with a final order book of over €41bn for a 30 year syndication on Wednesday — far surpassing its previous record book that was set only last month.

    06 Feb 2019

  • KfW pushes out sterling tenors as record volume keeps pace

    KfW set yet another landmark for a supranational and agency sterling market enjoying its best ever start to the year, as the German borrower drew a big book while placing the longest dated new issue of the year so far on Wednesday.

    06 Feb 2019

  • EU lawmakers agree on EMIR fine-tuning

    European lawmakers have agreed on European Commission proposals to reform the European Market Infrastructure Regulation (EMIR), aiming to reduce costs for derivatives market participants and exempting small counterparties from clearing obligations.

    06 Feb 2019

  • First Derivatives signs £130m loan at tighter margin

    First Derivatives, a UK technology company, has signed £130m of bank facilities, earmarking some of the funds to refinance an acquisition agreed last summer.

    06 Feb 2019

  • Here Tech signs loan as Feb starts more brightly than Jan

    Here Technologies, the Dutch provider of mapping and location services, has signed a €500m credit facility. Some European loans bankers insist they are swamped with deals, even though they have just finished the quietest January for years.

    06 Feb 2019

  • Spanish regions set for bond market return

    GlobalCapital understands that the Spanish government has approved requests from the Balearic Islands and Castile and Leon to issue new debt. More approvals could follow “in the next few weeks” for the Basque Country and Galicia, according to a DCM banker based in Madrid.

    06 Feb 2019

  • Venezuela’s lifelines dropping one by one

    Investors are waiting feverishly for regime change in Venezuela. With US sanctions having stopped trading in the sovereign bonds and those of state oil company PDVSA, investors are unable to alter their exposure to the country.

    06 Feb 2019

  • Gazprom guides with 15bp NIP, Credit Bank of Moscow to follow

    Gazprom, the Russian state oil and gas company, has released price guidance for its seven year dollar benchmark bond, offering a 15bp new issue concession, according to investors. Credit Bank of Moscow is also queued for a return to the international bond markets next week in euros. Russian issuers are re-emerging after some of the US sanctions were lifted last month, improving sentiment.

    06 Feb 2019

  • UK plc suffers but Brexit outcome could give boost

    Capital market sentiment in the UK has weakened as the country awaits the detail of its scheduled departure from the EU, if a couple of indicators published this week are anything to go by. However, even a bad Brexit could be welcomed by corporate financiers.

    06 Feb 2019

  • Sparebanken Vest issues largest covered

    Sparebanken Vest Boligkreditt opened books on the first covered bond of the week on Wednesday and managed to issue its largest ever deal with no new issue concession.

    06 Feb 2019

  • ESG shaping investors’ corporate bond decisions

    Green bond issuance has been in hot demand so far this year with investors allocating ever greater sums to sustainable and ethical mandates. However, it is not just the green labels on deals that are affecting their decisions.

    06 Feb 2019

  • CAF ‘playing it safe’ amid Venezuela turmoil, say investors

    Corporación Andina de Fomento (CAF) may be playing it safe with its first dollar benchmark of the year, according to investors, amid uncertainty over the political future of Venezuela — one of its shareholders and the country in which it is headquartered.

    06 Feb 2019

  • Investor IPO sentiment to face March test

    The quiet IPO market of the first two months of 2019 could turn out to be the calm before a storm, with sell side institutions eager to begin printing deals.

    06 Feb 2019

  • Santander stuns market with AT1 announcement

    Banco Santander opened books on a new additional tier one deal in dollars on Wednesday, surprising market participants who thought the Spanish bank would not refinance an older series of euro notes before their call date on March 12.

    06 Feb 2019

  • Tight covered bond concessions are unsustainable

    Covered bond new issue concessions and spreads have tightened considerably since the start of the year, but it is unsustainable, according to one major investor.

    06 Feb 2019

  • Vote on covered bonds issued last week

    Which covered bond issued last week did you rate most highly? Please cast your confidential vote for any, or all of January's euro benchmarks, including 14 deals that were issued last week and have just been added to the survey.

    06 Feb 2019

  • Navient, Sofi line up in busy start for consumer ABS

    Supply in the consumer ABS sector remains robust going into February as Navient and SoFi prepare offerings.

    05 Feb 2019

  • Dollars set to deliver for Lanark despite STS absence

    The inclusion of a dollar tranche and the relatively small size on offer should lead to a strong result for Lanark 2019-1, the first public consumer new issue in European securitization this year, despite originator Clydesdale Bank opting not to use the new ‘simple, transparent and standardised’ regulation, as outlined by European Banking Authority (EBA). The spread level, roughly twice that of the last Lanark issue, should also help it fly.

    05 Feb 2019

  • French SSAs should frontload ahead of May-hem

    With SSA primary market conditions red hot, it would be wise for French public sector borrowers to crack on with their funding ahead of a double whammy of risk events in May.

    05 Feb 2019

  • CFTC extends SEF comment period

    The Commodity Futures Trading Commission (CFTC) has extended the deadline for comments on the proposed rule to amend the regulations on swap execution facilities (SEF) and the trade execution requirement.

    05 Feb 2019

  • Roll-up fears unfounded as IVC hits tight end of guidance

    Concerns about a rapid debt-fuelled acquisition spree by UK and European veterinary group IVC left some investors reluctant to subscribe for its loans, particularly after a profit warning from another group in the sector. But fears proved unfounded as the deal was allocated at the tight end of guidance by Thursday.

    05 Feb 2019

  • Former Newton fund manager fined for IPO price collusion

    The UK Financial Conduct Authority has fined a former fund manager for attempting to influence pricing during an IPO and share placing in 2015.

    05 Feb 2019

  • Norinchukin deadlines said to push CLO mezz wider

    Japanese anchor investor Norinchukin is directing issuers to print new issue euro CLOs within a week, according to market sources, leading to pressure on syndicate desks to place the mezzanine, weaker spreads — and tougher times for equity investors.

    05 Feb 2019

  • Italy goes long with 30 year

    Italy will test peripheral sovereign appetite in the long end after hitting screens on Tuesday for a 30 year syndication.

    05 Feb 2019

  • Canadian TLAC issuance to ‘increase imminently’, says CreditSights

    Analysts at the research house CreditSights expect that Canadian banks could soon start issuing more senior bonds for their total loss-absorbing capacity requirements (TLAC), having held back from the market after taking care of their funding needs with older forms of senior debt.

    05 Feb 2019

  • Finland, EIB and Madrid get record books despite low NIPs

    All three public sector borrowers in the euro market on Tuesday received record order books, despite the spreads tightening by up to 5bp during pricing — which left little to no concessions for investors.

    05 Feb 2019

  • CAF to wake dollar market

    Corporación Andina de Fomento (CAF) will break the silence of the public sector dollar market this week, after circulating initial price thoughts on Tuesday for its first benchmark of the year in the currency.

    05 Feb 2019

  • Strong sterling market shows no sign of stopping, Brexit or not

    Theresa May may not have brought any further clarity to the UK’s Brexit agreement, but that is not causing any issues for investors and issuers in the sterling corporate bond market. On Tuesday, two more deals were priced: one from a UK issuer, one from a European.

    05 Feb 2019

  • UK DMO adds £2.5bn to 2041 linker, KfW mandates for 2025s

    The UK Debt Management Office showed no effects from the ‘noisy UK environment’ to comfortably conclude its 2018/19 syndicated programme on Tuesday. KfW will add to the sterling SSA supply this week after picking banks for its third benchmark in the currency this year.

    05 Feb 2019

  • Covered bond supply hopes dim as market conditions improve

    A sustained improvement in market conditions suggests issuers now have access to a broad mix of funding instruments and, in the wake of January’s extraordinarily heavy covered bond supply, issuance is likely to moderate.

    05 Feb 2019

  • Former head of Lloyds loan markets moves on

    Lloyds Bank's former head of loan markets, who subsequently became its global head of industrials and manufacturing, has left the bank.

    05 Feb 2019

  • Green loans: a tricky rise to the top?

    As climate change climbs the agenda, banks are finding themselves under increasing pressure to bolster their commitments to social responsibility. That is helping green loans take off in the Middle East and Africa — slowly. Some bankers are confident that banks will see the importance of sustainable financing, but others are unconvinced, pointing to a range of obstacles.

    05 Feb 2019

  • EU institutions close in on PEPP compromise

    The European Parliament and the EU member states are planning to approve a provisional agreement on the Pan-European Personal Pension Product (PEPP) in February — one of the flagship pieces of the Capital Markets Union (CMU) initiative.

    05 Feb 2019

  • Tip Trailer's revolver nears €1bn as it funds growth

    Tip Trailer, the Dutch trailer services company, has refinanced its revolving credit facility, ramping the size up to €967m as it gathers funding for a range of growth plans.

    05 Feb 2019

  • Sanoma uses term loan to buy Iddink

    Sanoma, the Finnish learning and media company, has signed €550m of bank funding, some of it earmarked to fund its acquisition of Iddink, the Dutch educational platform and service provider.

    05 Feb 2019

  • Austria’s Egger pitches for ever tighter Schuldschein pricing

    Egger, the Austrian wood-based panel maker, has entered the Schuldschein market for a third time, shaving its pricing margins once again.

    05 Feb 2019

  • Deutsche floats ‘big numbers’ in four-part MREL offering

    Deutsche Bank offered large new issue premiums in an effort to lure investors towards four tranches of non-preferred senior debt in euros and sterling on Tuesday. The decision to include a two year offering caught some market participants by surprise.

    05 Feb 2019

  • Iberdrola success with green hybrid could provoke rethink

    Demand for corporate bonds is strong but it is at its strongest for green and hybrid debt, especially for deals that combine both qualities. On Tuesday, Spanish utility Iberdrola found similar demand for green hybrids to that which Engie and EDP had benefited from in January, and market participants are starting to revise their issuance forecasts for the asset class.

    05 Feb 2019

  • Further 'consolidation of Erdogan power' as Isbank to become Treasury property

    Turkish President Tayyip Erdogan said on Tuesday that Isbank will become the property of the country's finance ministry, in what a US-based investor said he saw as a 'further consolidation of Erdogan power'.

    05 Feb 2019

  • Latam Airlines scoops $600m at sevens

    Latam Airlines returned to the bond market for the first time in almost two years, printing $600m of seven year paper.

    05 Feb 2019

  • RenCap head of Russia IB returns after stint at Magnit

    Renaissance Capital has hired Petr Molchanov as head of investment banking for Russia and CIS. Molchanov held the role before, but left last year to take up the job of chief investment officer at Magnit, a Russian retailer.

    05 Feb 2019

  • No-deal deal agreed for UK clearing houses

    The European Securities and Markets Authority (ESMA) has this week agreed to co-operate with the Bank of England (BoE) to ease disruption for UK clearing houses in the event of a no-deal Brexit.

    05 Feb 2019

  • Paraguay shaves new issue premium on long-end no-grow

    Paraguay came to market on Monday for a 30 year bond on Monday, picking three banks to run the books for its longest bond ever.

    05 Feb 2019

  • Brexit to hobble UK ECM this year

    The UK’s equity capital markets are facing a difficult year, as companies hold off from share sales due to the uncertainty surrounding the UK’s impending departure from the European Union. The German-speaking region is therefore likely to be the dominant fee pool in Europe this year, while emerging markets will become a still more important source of IPOs on the London Stock Exchange. But Brexit angst is chilling markets even beyond the UK.

    05 Feb 2019

  • France should come ‘sooner rather than later’ for 30 year

    France should take advantage of strong market conditions to issue its planned 30 year syndication before any potential volatility arises, according to analysts.

    05 Feb 2019

  • Morgan Lewis adds to structured finance practice

    Law firm Morgan, Lewis & Bockius announced on Friday that it had added Paul St. Lawrence, an attorney with expertise in collateralized loan obligations, as a partner in its Washington, DC practice.

    04 Feb 2019

  • Vauxhall taps private market for sterling ABS

    Opel Vauxhall raised £526.35m of three year funding through a privately placed UK auto ABS on Friday, as nervousness about Brexit and UK consumer credit took public market execution off the table.

    04 Feb 2019

  • Greencoat UK Wind seeks £131m of capital to buy Scottish farms

    Greencoat UK Wind, the UK infrastructure fund focused on wind farm development, has begun the deal roadshow for its latest £131m capital increase.

    04 Feb 2019

  • Finland and Madrid to join 10 year party

    Finland and Madrid hit screens on Monday to capitalise on the red hot appetite for euro sovereign supply in the 10 year part of the curve.

    04 Feb 2019

  • EIB chooses fives for euro return

    The European Investment Bank on Monday selected the five year part of the curve for its second euro benchmark of the year. The issuer will be hoping to replicate the recent success of public sector agencies in that tenor, including KfW, which achieved a record breaking book for its five year last week.

    04 Feb 2019

  • Bond king retires after a pauper’s year

    Portfolio manager Bill Gross, regarded as a legend of the fixed income investment world, announced his retirement on Monday, after a torrid year for the global unconstrained bond fund he managed at Janus Henderson Investors.

    04 Feb 2019

  • Goldman launches PhysIOL acquisition debt

    Goldman Sachs has launched syndication of the acquisition financing supporting TPG and Beaver-Visitec International’s purchase of PhysIOL Group, with a €450m seven year senior secured first lien on offer.

    04 Feb 2019

  • ICG hires new CFO from Blackstone

    ICG said on Friday that it had hired Blackstone’s Vijay Bharadia as chief financial and operating officer and as a director, subject to regulatory approval.

    04 Feb 2019

  • Nasdaq signs up to offer Saudi equity products

    Nasdaq Dubai has entered into a licensing agreement to offer derivatives based on the FTSE Russell Saudi Arabia equity indices.

    04 Feb 2019

  • Scope for further covered bond tightening questioned

    SEB issued a seven year covered bond last week 9bp tighter than where DNB Boligkreditt was able to print at the start of this year, showing just how far spreads have rallied. Even though the market is still well supported, investors could soon become reluctant to chase the market even tighter.

    04 Feb 2019

  • Greencore brings corporate ESG revolvers to Ireland

    Ireland’s Greencore has signed what it says is the country’s first corporate sustainable revolving credit facility, as other companies that have shifted their bank funding to green start to see tangible financial benefits.

    04 Feb 2019

  • Loomis gets €150m revolver to destination

    Sweden’s Loomis has signed a €150m five year deal, as the cash handling firm looked to switch the headline currency on its syndicated revolving bank facility.

    04 Feb 2019

  • EMEA blocks stay above water as Deutsche Wohnen bounces

    Deutsche Wohnen, the German property company, is trading up over 3% from the offer price of an accelerated share sale by Vonovia on Thursday night, with the whole EMEA blocks market up for the year so far.

    04 Feb 2019

  • Western new year rally pushes into Chinese new year as demand holds

    When the Western world returned to its desk after being glad to be rid of 2018, corporate bond issuers approached the market cautiously and bankers ensured that deals were sensitively executed. Those approaches brought successful deals and the market has not looked back since. As the Chinese calendar gets set to turn to the year 4717, the market is hoping that this run can be extended.

    04 Feb 2019

  • RenCap picks up new VP in Egypt

    Renaissiance Capital has hired a new vice president of financial services research at its branch in Cairo.

    04 Feb 2019

  • Uzbekistan hits road for debut

    Uzbekistan landed on screens on Monday morning, announcing a roadshow to promote its debut in the Eurobond market.

    04 Feb 2019

  • Rabo lawyer swaps bond docs for decks

    Karel Naphausen, formerly head of the capital markets and treasury team in Rabobank’s legal department, is leaving the sector in order to focus on being a DJ and producing house music.

    04 Feb 2019

  • NordLB falls well below its minimum capital requirements

    NordLB said at the weekend that it had welcomed an offer of an equity injection from the German association of savings banks (DSGV) and the State of Lower Saxony, as it looks to restore its capital position to above its minimum requirements.

    04 Feb 2019

  • EGA refis amid 'friendly' conditions

    Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside of the oil and gas sectors, has kicked off the year with a $6.5bn term loan facility, as market conditions remain “borrower friendly”.

    04 Feb 2019

  • EIB: ‘terrible’ Brexit will not harm bank’s bonds or capital

    The head of the European Investment Bank lambasted the prospect of Brexit as “terrible” but insisted that the departure of the UK would not impact the bank’s bonds or affect its capital position.

    04 Feb 2019

  • Goldman defers former execs’ pay over 1MDB

    Goldman Sachs has held off from rewarding some retired executives compensation until “more information is available” on the 1Malaysia Development Berhad scandal.

    04 Feb 2019

  • Gol bondholders reluctant to tender 2022s

    Brazilian airline Gol Linhas Aéreas Inteligentes received just $13.46m of tenders for its outstanding 2022s after having launched a buy-back for all $91.533m.

    03 Feb 2019

  • US extends Venezuela trading ban to sovereign bonds

    Investor hopes that the US Office of Foreign Assets Control (OFAC) would retract a ban on US persons buying PDVSA debt were dashed on Friday, when the department made the situation worse for bondholders by adding Venezuelan sovereign bonds to the trading ban.

    03 Feb 2019

  • Low supply drives first 2019 conduit CMBS tighter

    Issuers priced the first two conduit CMBS offerings of the year on Friday afternoon, placing the benchmark triple-A notes at considerably tighter levels compared to the last deal of 2018.

    01 Feb 2019

  • Senate Banking Committee chair releases radical GSE reform blueprint

    Senate Banking Committee Chairman Mike Crapo (R-Idaho) released an outline for housing finance reform legislation on Friday that would see an expanded role for Ginnie Mae and entirely spin off Fannie Mae and Freddie Mac’s multifamily businesses.

    01 Feb 2019

  • Carlyle, GSO price back to back euro CLOs

    The Carlyle Group and GSO Debt Funds Management both priced new European CLOs on Friday, selling the senior bonds at 108bps over Euribor, a strong sign for the euro CLO space as it clears the January hurdle.

    01 Feb 2019

  • Vallourec bonds slide as refi concerns rise

    High yield bonds issued by French pipeline tubing firm Vallourec slid last Friday on concerns that it would struggle to access competitive refinancing terms this year. The company’s shares were down 5.41%, with its bonds down between 1.6 and 3.7 points, according to MarketAxess data.

    01 Feb 2019

  • FIC revenues hamper Deutsche in Q4

    Deutsche Bank’s weak set of results on Friday were driven by losses in its corporate and investment bank, notably in fixed income and currencies trading, but bank chiefs suggested the CIB performance was set to improve. The bank, subject to rumours about a merger with Commerzbank, also made sure to state that it had more than enough capacity to pay additional tier one coupons.

    01 Feb 2019

  • Volkswagen proves sterling is still in a good place

    After National Grid’s 16 year sterling corporate bond deal was more than six times oversubscribed on Tuesday and BMW found huge demand for a €3bn euro deal on Thursday, Volkswagen Financial Services tested the sterling market on Friday and found demand just as strong.

    01 Feb 2019

  • France plans to increase GrOAT

    France will increase the size of its June 2039 Green OAT next Thursday through auction, according to the Agence France Trésor.

    01 Feb 2019

  • Funding scorecard: European sovereigns

    Find out how far European sovereigns have progressed in their 2019 plans as the January rush ends.

    01 Feb 2019

  • Barclays picks another ex-Deutsche FX banker

    Barclays has made two hires in its FX trading and distribution team. This included appointing another FX specialist who used to work for Deutsche Bank.

    01 Feb 2019

  • Santander UK issues solid Sonia five year

    Santander UK paid a modest new issue premium for its second Sonia-linked covered bond and the second five year Sonia linked of 2019.

    01 Feb 2019

  • Towngas steams ahead with $300m hybrid

    Hong Kong’s Towngas has priced a rare dollar perpetual bond, taking $300m from a deal that saw investors pump in more than $4bn in orders.

    01 Feb 2019

  • Chengdu LGFV snaps up $250m from debut

    Chengdu Economic and Technological Development Zone State-Owned Assets Investment, a Chinese local government financing vehicle (LGFV), raised a larger-than-expected $250m from its inaugural appearance in the offshore market that was over two months in the making.

    01 Feb 2019

  • China market round-up: Green light for RMB bond index inclusion, the PBoC plans Rmb20bn bills sale in Hong Kong, China sees falling industrial profits

    In this round-up, Bloomberg Barclays confirmed the upcoming inclusion of Chinese bonds in its indices, the People’s Bank of China will auction CNH bills in mid-February, and industrial profits in China confirmed poor ending for the economy in 2018.

    01 Feb 2019

  • China policy round-up: China plans merger of investment programmes, US charges Huawei, JPM to offer Hong Kong funds onshore

    In this round-up, the China Securities Regulatory Commission (CSRC) issued plans to merge two long-standing access schemes for foreign investors, the United States Justice Department unveiled charges against Huawei just as trade talks were set to begin, and JP Morgan (JPM) received approval to offer Hong Kong funds in China.

    01 Feb 2019

  • BFI Finance makes comeback for $55m loan

    BFI Finance Indonesia has returned to the loan market for a $55m three year facility.

    01 Feb 2019

  • Green bond players size up chances of 2019 growth

    Green bond watchers are putting out their forecasts for issuance this year, hoping for a return to growth after a disappointing 2018. The year has started decently, with at least $6bn issued so far, including this week’s debut issue from Telefónica, hailed as the first from the telecoms sector.

    01 Feb 2019

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 58,137.72 186 8.23%
2 JPMorgan 57,032.77 202 8.08%
3 Barclays 49,551.65 159 7.02%
4 Bank of America Merrill Lynch 42,095.04 147 5.96%
5 Deutsche Bank 38,217.89 137 5.41%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 6,045.16 4 18.58%
2 BNP Paribas 1,742.18 7 5.36%
3 Credit Agricole CIB 1,539.94 8 4.73%
4 MUFG 1,257.24 4 3.87%
5 SG Corporate & Investment Banking 1,165.08 6 3.58%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UBS 998.25 3 13.49%
2 Citi 693.55 2 9.37%
3 Morgan Stanley 572.72 3 7.74%
4 Bank of America Merrill Lynch 509.34 3 6.88%
5 Jefferies LLC 409.89 4 5.54%