• Enel increases hybrid after successful exchange offer

    Enel has completed its exchange offer of new hybrid bonds for old. The process began with a new issue of €300m of 61 year non-call six hybrids, which were priced last week to yield 3.625%.

    24 May 2019

  • International Personal Finance issues rare UK retail bond

    International Personal Finance, the consumer finance company active in eastern Europe and Mexico, is issuing a rare UK retail-targeted bond, in a market that has almost dried up.

    24 May 2019

  • Tritax EuroBox wraps up €135m fundraising for property investments

    Tritax Eurobox, the UK real estate investment trust focused on continental European logistical properties, has completed its latest €135m growth capital raise, despite a tough equity market backdrop.

    24 May 2019

  • Comment: Markets must prepare again for a No Deal Brexit

    Theresa May’s statement today that she will step down as leader of the Conservative Party on June 7 has increased the likelihood that the UK will leave the European Union without a deal, meaning capital markets need to prepare for the worst again.

    24 May 2019

  • Funding scorecard: Nordic agencies

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

    24 May 2019

  • İşbank secures $1.03bn refi

    Türkiye İş Bankası has closed its first semi-annual refi for this year, as the refinancing season for Turkish banks comes to an end.

    24 May 2019

  • First Bawag block since IPO flies after careful wallcross

    A €335m sale of shares in Austrian bank Bawag was sold on Thursday night, the first equity capital markets transaction in the bank’s stock since its 2017 IPO.

    24 May 2019

  • MTN head joins exodus to Paris

    The head of the MTN desk at a major US bank is relocating from London to Paris.

    24 May 2019

  • M&M Finance seeks debut $175m facility

    India’s Mahindra & Mahindra Financial Services has launched its first offshore loan through three banks.

    24 May 2019

  • Reliance Nippon Life OFS on track for Rp7bn

    Reliance Capital is eyeing at least Rp7bn ($100m) from a sell-down of a chunk of Reliance Nippon Life Asset Management stock.

    24 May 2019

  • Tata Motors Finance eyes debut $60m borrowing

    Tata Motors Finance, a subsidiary of India’s Tata Motors, is tapping the offshore market for the first time as it looks to close on a $60m facility.

    24 May 2019

  • Huarong leans on 30 bank syndicate for $1.9bn deal

    Huarong Asset Management Co hired 30 banks to lead its triple tranche transaction on Thursday, relying on some orders from the leads to secure $1.9bn.

    24 May 2019

  • China policy and market round-up: US to expand blacklist, PBoC struggles to calm FX, two banks eye wealth management

    In this round up, the US government is considering blacklisting five other telecom companies, the People’s Bank of China (PBoC) intervened three times in the renminbi FX market and two of the four mega banks are ready to launch their own wealth management subsidiaries

    24 May 2019

  • Frontage lands HK IPO at the top of its price range

    China's Frontage Holding Corp has raised HK$1.6bn ($204.6m) with an IPO on the Hong Kong Stock Exchange, after pricing the deal at the top of its guidance range.

    24 May 2019

  • India sends RFP for RailTel divestment

    India’s Department of Investment and Public Asset Management (Dipam) is seeking banks to lead the IPO of broadband group RailTel Corp of India, according to a filing on its website.

    24 May 2019

  • MUFG names Goto new regional Asia exec

    MUFG has appointed Noriaki Goto as the new regional executive for Asia, effective immediately, alongside two other senior positions in the financial conglomerate.

    24 May 2019

  • Deutsche Bahn and Partners Group fire up Swiss francs

    The Swiss franc market for corporate borrowers sprang back to life this week, with more than Sfr1bn priced within a single session on Wednesday. Even against the backdrop of demonstrable pent-up demand for corporate exposure among investors, Zurich-based bankers said they were pleasantly surprised by how effortlessly the market absorbed this week’s new supply.

    24 May 2019

  • Ultrapar to boost Brazil supply after Suzano tap

    Holding company Ultrapar, one of the five largest conglomerates in Brazil, will meet bond investors after the long weekend in the US as it looks to test Lat Am high yield appetite.

    23 May 2019

  • Colombian Gran Tierra offers pick-up on new eight year

    Gran Tierra Energy, the Canada-listed oil and gas company that mostly operates in Colombia, ventured into bond markets for the second time this week to sell $300m of debt at a pick-up to its existing notes.

    23 May 2019

  • Guatemala demonstrates supportive technicals on tough Lat Am day

    Guatemala battled difficult market conditions on Thursday to issue its first 30 year bond since 2004 as part of a dual-tranche issue as investors continue to seek long-dated paper.

    23 May 2019

  • Green innovation: Dutch classify buyers, Germans mull strippable labels

    The green bond market is going through one of its most intense periods, with a wide variety of high profile issuers joining the market. But there are also hints of novelty in the market. The Netherlands and KfW have used systems for classifying green investors, while Germany is considering a radical idea: whether Bunds could be issued with detachable green certificates. Jon Hay reports.

    23 May 2019

  • SEC charges commercial real estate developer with Ponzi fraud

    The Securities and Exchange Commission (SEC) said on Thursday that it was charging Robert C. Morgan, a commercial real estate developer who carried out substantial business with the government sponsored agencies' CMBS platforms, with Ponzi scheme-like fraud. The regulator has demanded an asset freeze and other civil penalties.

    23 May 2019

  • FCA fraud findings: a reminder of the danger of crypto

    The UK Financial Conduct Authority’s announcement this week that UK retail investors have lost £27m to FX and crypto scams will have won little more than passing attention from heavyweight capital markets players.

    23 May 2019

  • Deutsche prepared to make ‘tough cutbacks’ in CIB

    Deutsche Bank CEO Christian Sewing has pointed the way to further cuts in the corporate and investment bank, speaking at the firm’s annual general meeting on Thursday.

    23 May 2019

  • Taking no prisoners? Citi starts sale of Tesco mortgages

    Tesco Bank is said to have mandated Citi to run a sale process for its £3.7bn book of UK mortgages, after it decided to pull out of the market, blaming cut-throat competition. But the move has drawn attention to a proposed UK law to help ‘mortgage prisoners’, which could stop UK mortgages trading at all, writes Owen Sanderson.

    23 May 2019

  • Dutch green bond sets new landmarks

    The Netherlands this week set a number of precedents in the sovereign green bond market with its highly anticipated debut deal in the format.

    23 May 2019

  • ABP leads the way in switching FRNs to Sonia

    The UK corporate bond market is getting its first taste of a trend that could dominate liability management in the coming years. Associated British Ports this week asked holders of its £65m 2022 floating rate note to consent to switching the bonds’ reference rate from Libor to Sonia. Alex Radford and Ross Lancaster report.

    23 May 2019

  • World Bank USD4bn 2.125% Jul 22

    23 May 2019

  • Netherlands €5.985bn 0.50% Jan 40 green bond

    23 May 2019

  • NWB EUR1bn 0.125% May 27 affordable housing bond

    23 May 2019

  • Kommuninvest USD1bn 2.250% Jan 21

    23 May 2019

  • Tight Televisa could pave way for more Mexicans

    Latin America bond bankers hope that more Mexican companies will look to sell new debt after Televisa clinched a tight price for its 30 year bond this week to wake up the country’s dormant primary market.

    23 May 2019

  • NRW.Bank USD750m 2.25% May 23

    23 May 2019

  • SGP EUR1bn 1.70% May 50 green bond

    23 May 2019

  • Ten EU countries inch towards Robin Hood tax

    Some EU member states are nearing a compromise on a common financial transactions tax, something that has been discussed for almost a decade in the bloc, but has failed to materialise up to now.

    23 May 2019

  • Investment grade loans in brief: May 24, 2019

    Investment grade loans in brief Pentair bumps up revolver with add-on deal Majestic Wine confirms potential store sale Borsig goes local for refi loan

    23 May 2019

  • Schuldschein loans in brief: May 24, 2019

    Broadview holding company brings rare Dutch Schuldschein — Prinzhorn keeps pre-summer Schuldschein rush going — Sick launches Schuldschein at tight margins — Salzgitter ramps up Schuldschein size

    23 May 2019

  • FIG market sees no appetite for risk

    Bank capital deals were firmly off the agenda this week as the FIG bond market followed equities into risk-off mode. Auto financing firm LeasePlan did find demand for an additional tier one deal and Credit Agricole printed an Australian dollar tier two, but otherwise a tense macro backdrop led issuers to stick to senior debt.

    23 May 2019

  • People news in brief

    JP Morgan picks levfin top brass — Ex-Barclays boss turns up at Wells Fargo — Fixed income portfolio manager leaves Mirova.

    23 May 2019

  • Goldman inks SOFR debut in busy US FIG week

    Goldman Sachs led a stampede by US banks to the dollar market this week with its debut bond offering using an alternative to Libor.

    23 May 2019

  • Securitization market fully switches to Sonia standard

    The trickle of Sonia issuance in securitization markets has become a full stream less than two months after Nationwide Building Society's debut in the format, with the benchmark now the new standard for sterling markets. The development comes not a moment too soon, as UK banks try to structure their funding around repayment of central bank schemes.

    23 May 2019

  • Sunrun readies third residential solar ABS

    Residential solar developer Sunrun in marketing a $204m single tranche residential rooftop solar ABS, its third to date.

    23 May 2019

  • Telenor and Symrise brave ‘tricky’ market as sentiment weakens

    A weakened corporate bond market on Thursday did not dissuade Telenor, the Norwegian telecoms company, from issuing a €2.5bn triple tranche deal. Competing for investors' attention was unrated Symrise, the German flavours and fragrances group, which managed to slash its pricing by 25bp-30bp without losing investors.

    23 May 2019

  • Razor thin SSA spreads to Treasuries tipped to last

    Spreads over Treasuries on supranational and agency trades shrank to record low levels this week, with the World Bank raising debt just a hair’s width wide of US government debt. Market watchers reckon the good times for issuers are here to stay for the foreseeable future.

    23 May 2019

  • Utilities spark pre-holiday dollar rush

    Utility issuers led the way in the dollar corporate bond market this week, before the trade dispute between the US and China slammed the brakes on supply ahead of the Memorial Day holiday weekend.

    23 May 2019

  • Novolipetsk Steel $500m 4.7% May 2026

    23 May 2019

  • Standard Bank $400m 5.95% May 2029

    23 May 2019

  • Fed chair plays down fear of corp debt bust despite near-record high

    Business debt has reached near record levels that should give businesses and investors reason to “pause and reflect”, warned Jerome Powell, chair of the US Federal Reserve, this week.

    23 May 2019

  • SMFG EUR500m 0.465% May 24 green

    23 May 2019

  • Regulators lock sights on asset management

    Asset managers’ steady growth over the last 10 years is attracting the attention of regulators, who reckon they are of increasingly systemic importance to the financial system. But investment firms have pushed back, arguing that their activity is already well regulated and does not present the same risks as banks.

    23 May 2019

  • Casino and Rallye request suspension after controversial divi

    French supermarket chain Casino and its holding company Rallye requested a suspension of trading across shares and bonds on Thursday, pending a release from the company. The move follows the group’s decision to pay a €52m dividend on Wednesday, despite the deteriorating liquidity position at the group.

    23 May 2019

  • Commerzbank EUR1bn 0.625% Aug 24

    23 May 2019

  • NatWest Markets EUR1bn 1% May 24

    23 May 2019

  • Nordea EUR750m 0.375% May 26 green

    23 May 2019

  • ICE charts tick history with data product

    Global exchange and clearing house operator Intercontinental Exchange has launched a new cloud-based tick-history platform.

    23 May 2019

  • Allegro Z2bn deal closes as 'lessons learned' in local market

    Poland e-commerce platform Allegro has completed its Z2bn dividend recap refinancing, receiving healthy oversubscription with the participation of local lenders. But some in the market said that co-operation between international and local lenders in Poland has not been all sunshine and rainbows.

    23 May 2019

  • SGP places ‘missing piece of jigsaw’ with 30 year benchmark

    Société du Grand Paris (SGP) issued a 30 year bond on Thursday which extends its benchmark curve from 2034 to 2050.

    23 May 2019

  • SSAs pounce on Norway govvie redemption to raise MTN cash

    The recent redemption of a Norwegian government bond has led to an increase in Nordic currency issuance this week, according to one MTN banker. The European Investment Bank and KfW tapped these released funds to raise a combined Nkr1.5bn ($171.2m).

    23 May 2019

  • Final World Bank bond outing due in June

    The World Bank is due to return to the bond markets for around $5bn by the end of June, as the issuer seeks to complete its funding programme by the end of its fiscal year.

    23 May 2019

  • Serco rises as market backs US naval services M&A

    Shares in Serco, the UK outsourcing company, rose more than 8% on Thursday morning after the company announced a £130m growth capital raise to finance the takeover of Alion’s naval design and systems engineering business, a leading supplier of services to the US armed forces.

    23 May 2019

  • HSBC leads banks in selling packaged trade finance

    HSBC has started a programme to sell some of its trade finance exposures in packaged, investor-friendly format, threatening a lucrative niche until now occupied by firms such as Greensill Capital. The bank, the largest trade finance lender in the world, has worked with AllianzGI to sell the short dated bond-like assets.

    23 May 2019

  • LeasePlan brings 'unique' AT1

    Vehicle leasing firm LeasePlan Corporation issued its debut additional tier one capital on Thursday, a rare move for a firm outside the conventional banking sector. Pricing of the €500m perpetual non-call five year was not tightened from initial price thoughts.

    23 May 2019

  • Salzgitter ramps up Schuldschein size

    Germany’s Salzgitter has closed a €350m-equivalent dollar and euro Schuldschein, with the steel products and tube maker blowing past its initial €200m launch amount.

    23 May 2019

  • Triton ships bigger, cheaper loan

    Triton International, a global shipping container firm based in Bermuda, has amended and extended a $1.25bn revolving credit facility, cutting its debt cost in the process.

    23 May 2019

  • BoQ offers yield ahead of TLTRO squeeze

    Bank of Queensland was able on Thursday to shave off the new issue premium for its new covered bond. It offered a juicy spread at a time when supply of high coupon deals in the asset class is threatened by the European Central Bank’s liquidity operations.

    23 May 2019

  • Faites vos jeux! Macron renews privatisation drive

    France is ready to relaunch its stalled privatisation programme with the IPO of Française des Jeux (FDJ), the national lottery operator and sports betting company. Sam Kerr reports.

    23 May 2019

  • Lenders not fit for fintech, LMA survey finds

    Bankers have come under increasing pressure to integrate financial technology into their syndicated lending businesses. But they are ill equipped to deal with the work of integrating new systems, according to a survey conducted by the Loan Market Association (LMA).

    23 May 2019

  • Standard Bank draws book over $2bn for T2

    Standard Bank printed a $400m 10 year non-call five tier two bond on Wednesday from a book of more than $2bn in a deal that even rival syndicate bankers called a roaring success.

    23 May 2019

  • Tesco: checking out

    The UK’s approach to regulating banks points in opposite directions, as Tesco Bank’s decision to exit the mortgage market shows. But this will not matter to the customers it is supposed to benefit.

    23 May 2019

  • NN, Oberbank, Capital One head to senior

    NN Bank entered the market on Thursday to seek €500m of senior funding, while Oberbank and Capital One are the latest names to announce plans to raise funding in the format in euros.

    23 May 2019

  • Chinese firms delay loans, wait for trade war to settle

    The offshore loan market has been quiet this year as Chinese companies have either cut or postponed their fundraising plans. Having stocked up well with debt at the end of last year, and with the onshore market offering new opportunities, many borrowers are simply happy to sit by and wait as the US-China trade war rages on.

    23 May 2019

  • NLMK prints with tightest ever spread to sovereign

    Novolipetsk Steel (NLMK) placed a $500m seven year bond on Wednesday inside its own curve and at its tightest ever spread to the Russian sovereign, according to a lead manager on the deal.

    23 May 2019

  • Chinese ratings struggle with dodgy accounting

    China has made great strides in developing its bond market. But bankers and credit analysts admit there are still major problems with the accuracy of financial accounting. Rebecca Feng reports.

    23 May 2019

  • European banks hop into Kangaroos

    Barclays plans to follow Crédit Agricole and Handelsbanken into the Kangaroo bond market. The UK lender mandated leads for a deal on Wednesday after the other two banks brought deals on Tuesday.

    23 May 2019

  • Mulsanne tests IPO pricing flexibility amid US-China turmoil

    Mulsanne Group Holding broke new ground this week by pricing its IPO below the initial marketed range, debuting a mechanism introduced to the Hong Kong stock market just last year. The move could become more common in the city if US-China trade tensions continue to ramp up market volatility, according to equity capital markets bankers. Jonathan Breen reports.

    23 May 2019

  • Mabpharm opens $195m HK IPO, Hansoh kicks off PDIE

    Biopharmaceuticals company Mabpharm launched bookbuilding for its up to HK$1.53bn ($195m) flotation, while Hansoh Pharmaceutical Group set pre-marketing in motion for its Hong Kong listing.

    23 May 2019

  • Ivory Coast to close loan at €300m-€400m

    Ivory Coast will finalise a seven year loan imminently, according to bankers. The deal reflects healthy appetite for sovereign borrowing in the region.

    23 May 2019

  • NatWest Markets SSA DCM head set for Brexit relocation

    The head of sovereign, supranational and agency (SSA) debt capital markets at NatWest Markets will move to the bank’s Paris office over the summer as part of preparations for the UK’s withdrawal from the European Union, GlobalCapital understands.

    23 May 2019

  • TDB Mongolia pulls deal after extended book build

    The Trade and Development Bank of Mongolia (TDBM) postponed its proposed dollar bond on Thursday, after opening the order book for the three year notes on Tuesday.

    23 May 2019

  • GlobalCapital Bond Awards 2019 : the winners

    GlobalCapital revealed the winners of its 2019 Bond Awards at its annual Bond Awards Dinner at the Jumeirah Carlton Tower in London on May 22. The complete results are below. GlobalCapital congratulates all the winners and nominees.

    23 May 2019

  • BNP Paribas gives top M&A job to Villard

    BNP Paribas has appointed Bruno Villard as head of M&A for Europe, the Middle East and Africa.

    23 May 2019

  • ADBC issues, lists dim sum on five locations

    Agricultural Development Bank of China (ADBC), one of the three policy banks in China, sold a Rmb3bn ($434m) dim sum bond with a Rmb200m retail portion on Thursday. The issuer added another Rmb1bn offering during bookbuilding thanks to ultra high demand.

    23 May 2019

  • Lau at SMBC succeeds Lipton as APLMA chairman

    The Asia Pacific Loan Market Association named a new chairman at the annual general meeting in Hong Kong on Wednesday.

    23 May 2019

  • Third time’s a charm for Kaisa

    High yield property company Kaisa Group Holdings sold its third dollar bond of the year on Wednesday, riding on the high of its recent rating from Moody’s to raise $400m.

    23 May 2019

  • Investors eat up LGFV bonds as YSCO lands $600m

    Yiwu State-owned Capital Operation Co, a Chinese local government financing vehicle (LGFV), nabbed $600m on Wednesday in a deal that was led by 14 banks.

    23 May 2019

  • In an unfamiliar setting, a familiar problem for banks

    It was the best of times, it was the worst of times. It was the age of financial technology, it was the age of carrying your money around in a duffel bag. It was the epoch of cashless payment systems and disruption, it was the epoch of an old man riding an elephant over a mountain to the nearest bank branch.

    23 May 2019

  • Meten looks stateside for ADS offering

    English-language training provider Meten International Education Group filed an application with the US Securities and Exchange Commission on Wednesday for its proposed offering of American Depository Shares (ADS).

    23 May 2019

  • Chinese financials raise $1.15bn of senior debt

    Chinese issuers were out in force again in the bond markets on Wednesday, with financial companies ICBC International Holdings and Avic International Leasing Co raising $1.15bn between them.

    23 May 2019

  • Europe’s Home Credit eyes $1bn Hong Kong listing

    Consumer lending giant Home Credit is planning an IPO in Hong Kong that could raise about $1bn, according to a source familiar with the matter.

    23 May 2019

  • SG moves London banker to head Asia syndicate team

    Société Générale has moved one of its London bankers to Hong Kong to take over as head of the Asia Pacific debt capital markets syndicate team.

    23 May 2019

  • People news in brief: May 23, 2019

    SG moves London banker to run Asia syndicate team — Citi loses head of India DCM — ANZ loans banker to relocate to Singapore — MSCI names Korea client head.

    23 May 2019

  • Ultrapar to bring LM deal to ambivalent market

    Holding company Ultrapar, one of the five largest conglomerates in Brazil, planned to sell a new bond to finance existing debt on Wednesday into a market showing no consistent sense of direction.

    23 May 2019

  • NoChu reports growing CLO portfolio, weak financials

    Japan's Norinchukin Bank revealed in its full year 2018 earnings presentation Wednesday that it had grown its CLO holdings by 8.8% during the first quarter of 2019, although a look at its books reveals a bank that is aggressively pursuing yield beyond its borders.

    22 May 2019

  • Market anxiety around subprime auto sector growing

    Market participants believe the performance of subprime auto loans is likely to deteriorate in the near term, a new survey published this week found.

    22 May 2019

  • Debuts still scarce but Novem steps up

    Genuinely new corporate high yield issuers have been vanishingly rare in 2019, but German car interiors maker Novem is bucking the trend with the €375m first time dividend issue it has been marketing this week.

    22 May 2019

  • Planned sale of Tesco mortgage book kicks up fears of fresh ‘mortgage prisoners’

    Tesco Bank is looking to sell its £3.7bn mortgage book after announcing that it will cease new mortgage originations. The lender is exploring options to facilitate a complete transfer, but the news has drawn attention to a bill proposed in the UK parliament which would grant borrowers the ability to transfer mortgages between providers.

    22 May 2019

  • Gecina, Schneider, Total share euro buyers' bid for France

    Three new French corporate bond issues came in Europe on Wednesday, as issuers decided it was worth exploring the very receptive demand in euros and sterling.

    22 May 2019

  • Record rate cut signal buoys Kanga bankers

    Kanagaroo bond market participants welcomed the prospect of ever lower rates in Australian dollars as four SSA borrowers priced taps over Tuesday and Wednesday.

    22 May 2019

  • IG Group plans path for growth after trading revenue drop

    Online derivatives provider IG Group has outlined a new strategy to return the company to growth in the face of tougher regulation.

    22 May 2019

  • BrokerTec targets European repo with RFQ

    CME Group’s fixed income electronic trading platforms business is launching a dealer-to-client Request for Quote (RFQ) trading product for the European repo market.

    22 May 2019

  • JP Morgan names new EMEA levfin leaders

    JP Morgan has named a new leadership team for its EMEA leveraged finance operations, following the retirement of Kristian Orssten, a 25 year veteran of the firm.

    22 May 2019

  • French SSA duo ready green bonds

    Two French public sector borrowers are preparing to return to the green bond market, with the latter going on a roadshow to plug its first benchmark issue since 2017.

    22 May 2019

  • Associated British Ports first bond issuer to try switching existing bond to Sonia

    Associated British Ports is planning to become the first bond issuer to solicit the consent of bondholders to change the terms, so that the coupon switches from Libor to Sonia.

    22 May 2019

  • NRW.Bank bumps up size as dollars still in vogue

    NRW.Bank printed a $750m four year trade on Wednesday, with the borrower the latest to benefit from the cash piles that dollar investors are sitting on.

    22 May 2019

  • Jamaica’s solo cat bond to cover cyclones or earthquakes

    Jamaica has gone beyond an existing programme with other countries in its region in order to beef up its defences against natural disasters by deciding to work with the World Bank to prepare a catastrophe bond. The deal may also have ramifications for the sustainability of its debt.

    22 May 2019

  • German banks pilot SSD platform finledger

    A new digital blockchain platform for promissory loan notes has launched, with four German banks hoping their offering will be able to jostle for a place in an increasingly crowded digital market.

    22 May 2019

  • SMFG avoids premium as investors go for green

    Sumitomo Mitsui Financial Group issued a green senior bond on Wednesday and paid no new issue premium after it received demand of twice its final size of €500m.

    22 May 2019

  • Borsig goes local for refi loan

    Malaysia engineering multinational KNM’s German businesses have signed a credit facility of up to €200m, using the deal to refinance existing bank lines.

    22 May 2019

  • Prinzhorn keeps pre-summer Schuldschein rush going

    Austria’s Prinzhorn Holding has launched a €200m Schuldschein, with the packaging and recycling group bringing the one of the largest deals to hit screens in a spree of deals trying to beat the summer lull

    22 May 2019

  • Nationwide takes size with tightest UK covered bond spread

    Nationwide Building Society priced the tightest UK covered bond this year on Wednesday and still managed to issue in a good size. The deal was well timed to take advantage of recent spread tightening with little hint of investor hesitation, even though Brexit concerns are set to mount.

    22 May 2019

  • Investors nervously await Nord Stream 2 sanctions detail

    US Energy Secretary Rick Perry said on Tuesday that a sanctions bill restricting companies involved in Russia's Nord Stream 2 project would come in the “not too distant future”. That left investors wondering how and if this will affect their portfolios as bond bankers dredged up memories of when Nord Stream 1 was on track to print its own international bond through BNP Paribas before capital markets sanctions were imposed on Russia in 2014.

    22 May 2019

  • Trainline files for London IPO, targets £1.5bn valuation

    Trainline, the UK transport booking website, is preparing to launch an IPO on the London Stock Exchange. The deal is expected to value the company at around £1.5bn, according to a source close to matter.

    22 May 2019

  • Berlin Hyp unearths good demand for 10 year Pfandbrief debut

    Berlin Hyp (BHH) was able to price its first 10 year Pfandbrief flat to fair value reflecting the paucity of supply in this part of the curve. But even though the bonds were well subscribed, a little investor sensitivity was evident.

    22 May 2019

  • NLMK leads say 30bp NIP on offer at initial talk

    Novolipetsk Steel (NLMK)’s $500m seven year bond drew a book in excess of $1.5bn on Wednesday morning allowing leads to tighten initial guidance, which they said offered a 30bp new issue concession.

    22 May 2019

  • 'Successful’ M&S cash call expected despite Brexit

    UK retailer Marks & Spencer has set the terms on its fully underwritten £601m rights issue with shareholders already understood to be supportive of the deal, despite the risk hanging over the UK.

    22 May 2019

  • Lloyds faces Santander moment as AT1 call looms

    Lloyds is yet to confirm whether it will redeem an outstanding additional tier one (AT1) deal, callable on June 27, just as banking authorities have increased the pressure on financial institutions to justify their decisions to call such debt.

    22 May 2019

  • BofA’s top-three goal relies on intensity

    Bank of America is covering more clients than ever in a quest to overhaul its rivals at the summit of the league table rankings, spelling further bad news for European banks, writes David Rothnie.

    22 May 2019

  • Suzano carves through volatility for fourth bond in nine months

    Brazil’s Suzano tapped international bond investors for the fourth time since September on Tuesday, capitalising on a dearth of recent supply from Latin America and favourable sentiment towards the pulp and paper sector.

    22 May 2019

  • Televisa pushes pricing tight on bond return

    Mexican media company Televisa returned to dollar bond markets after a three and a half year hiatus on Tuesday and was able to increase the size of a planned trade despite offering minimal concession.

    22 May 2019

  • Green tranches outdo conventionals in corporate bonds

    The corporate bond market took on a distinct green tinge this week - something that is becoming more and more common. Green bonds are reaching an ever wider spread of issuers - though not yet oil group Total, out on Wednesday with a euro and sterling three-trancher, nor defence group Thales, which issued on Tuesday.

    22 May 2019

  • Indiabulls hooks $350m maiden bond

    Indiabulls Housing Finance raised $350m in its debut dollar transaction on Tuesday.

    22 May 2019

  • Ukraine government ructions pose bond refi puzzle

    Ukraine’s president Volodymyr Zelensky caused upheaval as soon as he took office on Monday, calling for a snap election which may delay the country’s IMF funding, raising a question over the country's ability to refinance upcoming bond maturities.

    22 May 2019

  • Mulsanne IPO falls victim to US-China tensions

    Chinese clothing company Mulsanne Group Holding has priced its Hong Kong IPO below the indicative range, citing volatile markets fueled by the US-China trade war.

    22 May 2019

  • Blackstone Vivaldi CMBS prices wide of guidance

    Blackstone’s €222.23m Deutsche-led Vivaldi CMBS was priced on Tuesday evening, with senior notes sold at 190bp over three month Euribor, wide of the 100bp mark the issuer was aiming for at price guidance.

    22 May 2019

  • Updated: Green market blossoms as Hong Kong raises $1bn

    Hong Kong scored with a $1bn debut green bond this week, after investors poured more than $4bn into the transaction’s final order book. The deal was a strategic attempt by the government to encourage the development of green financing in the city, but the impact remains to be seen. Morgan Davis reports.

    22 May 2019

  • Minuscule Treasury spreads here to stay for SSAs, say investors

    Dollar issuers in the primary public sector bond market are paying some of their tightest ever spreads over US Treasuries, and investors say this is unlikely to change anytime soon as a “wall” of money floods into the market.

    22 May 2019

  • Goldwind seeks $475m green loan for Argentina projects

    Xinjiang Goldwind Science and Technology is tapping the offshore loan market for a $475m green loan to support its windfarm projects in Argentina.

    22 May 2019

  • TDB Mongolia drags bookbuilding into second day

    Bookbuilding for the Trade and Development Bank of Mongolia’s (TDBM) three year notes was carried over into a second day on Wednesday, giving investors more time to stew over the risks facing the embattled bank.

    22 May 2019

  • Deutsche’s Nordic ICG head moves to Goldman

    Thomas Kønig has resigned from his job as head of the Nordic institutional clients group at Deutsche Bank, and will be moving to Goldman Sachs Asset Management.

    22 May 2019

  • China looks long with perp options

    Three Chinese borrowers sold perpetual notes on Tuesday, raising a combined $900m from the rare structure.

    22 May 2019

  • Wells appoints Langley as CIB head

    Wells Fargo has appointed John Langley as head of the corporate and investment bank for Europe, Middle East and Africa. Langley was previously head of global financing and risk solutions at Barclays.

    22 May 2019

  • Last week's covered bonds can now be voted on

    Please take a couple of minutes to cast your confidential vote for euro covered bond benchmarks issued last week, such as Swedbank, BPCE, Abanca and ING DiBA.

    22 May 2019

  • ANZ loans banker to relocate to Singapore

    Nelly Harapoff, a director in ANZ’s loan syndication team in Sydney, will be relocating to Singapore.

    22 May 2019

  • Dollar Libor fallbacks for securitization coming next week

    The Alternative Reference Rates Committee (ARRC) is set to release fallback language next week that would prescribe how Libor-linked securitizations would adopt an alternative benchmark in the absence of the traditional inter-bank rate.

    21 May 2019

  • DFG poaches Crescent Capital exec

    As it continues to boost its platform, CLO manager DFG Investment Advisers announced on Tuesday that it has hired John Hwang as a director in its leveraged credit team.

    21 May 2019

  • Green Gilts would be a political act

    Investors are calling on the UK to issue green bonds. Should it? There is little doubt markets would like them — but the important question is, would the public?

    21 May 2019

  • Dine Brands cooks up whole biz refi ABS

    Dine Brands, parent company of Applebee’s and IHOP, is coming back to market with a $1.72bn whole business deal that will pay off outstanding ABS notes.

    21 May 2019

  • Portugal set for Panda debut

    Portugal mandated Bank of China and HSBC on Tuesday to place its first renminbi bonds on the China interbank bond market, as it looks to become the first eurozone sovereign to issue Panda bonds.

    21 May 2019

  • Thales, Becton Dickinson enjoy strong bid for short tenors

    Thales, the French defence company, slipped a €500m no-grow three year issue into the bond market on Tuesday, alongside Vodafone's much bigger deal, and after another three-trancher from Becton Dickinson on Monday. All three deals' short dated tranches were priced tightly.

    21 May 2019

  • Netherlands sails through debut green bond

    The Netherlands got a huge reception for its highly anticipated inaugural green bond on Tuesday, with a final book of over €20bn that allowed the sovereign to issue at the upper end of its target.

    21 May 2019

  • ISDA rolls CDM out for UK regtech pilot

    The International Swaps and Derivatives Association is using its ISDA Common Domain Model (ISDA CDM 2.0) in a pilot involving the UK Financial Conduct Authority, the Bank of England and various financial institutions.

    21 May 2019

  • NWB launches new social framework

    Nederlandse Waterschapsbank has inaugurated its updated social housing bond framework with a €1bn SRI issue. The new framework includes an environmental aspect alongside pre-existing social elements.

    21 May 2019

  • EM borrowers should nurture loans, not abandon them

    Loan bankers are coming to the painful realisation that emerging markets borrowers will be increasingly drawn to the bond market this year. Conditions there are becoming ever more attractive, perpetuating a decline in global loan volumes. But those companies abandoning loans for bonds should bear in mind the advantages of the loans market, not least its resilience.

    21 May 2019

  • Investors get picky with European CMBS feast

    There have been over five CMBS announcements in the past week, making the second quarter of 2019 one of the busiest times in European CMBS since the crisis. But despite the surge of activity, some on the buyside say they are approaching the market with caution.

    21 May 2019

  • Vodafone delivers on green promise

    Vodafone, the UK-based telecoms company, became on Tuesday the latest issuer to enter the green bond market for the first time, delivering on expectations raised when it published its Green Bond Framework last August. The €750m green note was the shortest of three tranches in a €2.5bn deal that drew €8bn of demand.

    21 May 2019

  • NRW.Bank mandates as basis swap sweetens

    NRW.Bank has joined the list of dollar issuers this week, as the beneficial euro/dollar swap spread for euro funders and tight spread over Treasuries for dollar names proves an attractive lure.

    21 May 2019

  • LBBW prices green Reg S Pfandbrief in line with 144A deals

    LBBW attracted good demand for a $750m three year Reg S Pfandbrief on Tuesday, enabling the issue to be priced in line with where 144A deals had been indicated in the secondary market. A day later Deutsche Pfandbriefbank issued another three year.

    21 May 2019

  • Norske Skog tests turnaround belief with divi mandate

    Norkse Skog, the Norwegian paper manufacturer subject to one of the bloodiest restructurings in European high yield this decade, is ready to test the market again, just over a year after Christopher Gate’s Oceanwood Capital Management took over the troubled company.

    21 May 2019

  • Schaeffler holdco refinances in monster €2bn posh PIK toggle

    Schaeffler’s holding company priced on Wednesday a huge four tranche PIK toggle bond, part of a comprehensive refinancing that will cut its debt load by €500m and push out its maturities.

    21 May 2019

  • Broadview holding company brings rare Dutch Schuldschein

    Broadview Industries, a Dutch investment holding company, has launched a €200m multi-maturity dollar and euro Schuldschein. It offers a chunkier pick-up for investors than some of the domestic German deals on offer.

    21 May 2019

  • AIB pays little for third euro holdco

    Allied Irish Banks was able to pay a minimum new issue premium for its third home-currency senior bond issued from the holding company, as it builds up its debt for minimum requirements for own funds and eligible liabilities (MREL). HSBC was also issuing from its holding company on Tuesday, but in sterling.

    21 May 2019

  • BofA’s Coben on leave as bank investigates social media leak

    One of Europe’s most senior equity capital markets bankers, Craig Coben, is on leave from Bank of America, pending an internal investigation into the accidental disclosure of inside information on social media.

    21 May 2019

  • Watches of Switzerland IPO off to a good start

    Watches of Switzerland, the UK's largest retailer of luxury watches, set the terms for its flotation on the London Stock Exchange after what were productive price discussions with investors, according to a source close to the deal.

    21 May 2019

  • Majestic Wine confirms potential store sale

    Majestic Wine, the UK retailer, wants to sell its shops, and is in talks with several interested parties, it said on Tuesday.

    21 May 2019

  • Plain sailing for Commerz, Nordea, while BNPP tightens too far for some

    Commerzbank did not appear hindered by uncertainty around its future in its senior preferred issue on Tuesday, while Nordea picked up green demand for its own offering. Meanwhile, BNP Paribas drove in pricing on its senior non-preferred deal, and ended up turning off some investors altogether.

    21 May 2019

  • Optimal Cédulas reform is possible, but tricky

    Spain has a limited amount of time to bring its Cédulas framework into line with the EU's Covered Bond Directive. A legal update is probably going to be less disruptive than a completely new law — but neither option is perfect.

    21 May 2019

  • NLMK to keep planned benchmark small

    NLMK, the Russian steel producer, is likely to keep its approaching benchmark small and tightly priced, according to an investor who met with the borrower on Monday.

    21 May 2019

  • Kuwait International Bank lines up debut AT1 sukuk

    Kuwait International Bank hit screens on Tuesday morning announcing a roadshow for its first ever bond — an unrated additional tier one sukuk with a five year call date.

    21 May 2019

  • Latvia taps 2049s for €300m flat to curve

    Latvia re-opened its 2049 line on Monday, bringing the total to €1bn with a tap that came almost flat to its curve and completed its funding programme for the year.

    21 May 2019

  • UniCredit's head of CEE loans retires

    UniCredit's London-based head of corporate loan syndication for central and eastern Europe, Russia and the CIS has retired.

    21 May 2019

  • Indonesia’s AFI seeks $50m offshore borrowing

    Andalan Finance Indonesia, an auto finance company, is in the offshore loan market seeking a $50m deal.

    21 May 2019

  • Asia’s bond transparency: a laudable step

    The decision by bond syndicates in Asia to reveal their orders for new deals will be a clear step forward for the market — but only if the practice becomes widespread.

    21 May 2019

  • Trade war trajectory should spur Chinese firms into action

    Financial markets have grown increasingly uncertain since the US government threatened earlier this month to impose a fourth round of tariffs on China. Chinese companies are beginning to lose sway with their investors: they need to get on with their fundraising plans before the trade war heats up any further.

    21 May 2019

  • China launches cross-market bond ETFs

    The People’s Bank of China (PBoC) launched a pilot programme on Monday to set up ETFs that can include bonds in the interbank market as well as bonds traded on stock exchanges, as part of an effort to connect the two markets.

    21 May 2019

  • Haitong UniTrust opens books for long-awaited IPO

    Haitong UniTrust International Leasing Corp has finally begun bookbuilding for an IPO, more than two years after it first announced plans to list on the Hong Kong Stock Exchange.

    21 May 2019

  • Huachen misses coupon as Wintime woes worsen

    Chinese issuer Huachen Energy has skipped a dollar bond coupon, as its troubled parent company Wintime Energy slips further into a liquidity crisis.

    21 May 2019

  • JPM fund nets $328m from Celltrion Healthcare block

    JP Morgan’s private equity arm has bagged W390.7bn ($327.5m) after selling a chunk of shares in South Korean firm Celltrion Healthcare, according to a source close to the deal.

    21 May 2019

  • Xinyi Energy prices HK IPO amid ‘very choppy markets’

    Xinyi Energy Holdings has come through tough market conditions to finalise its Hong Kong IPO, pricing the deal towards the bottom of the guidance range.

    21 May 2019

  • Korea’s SK Biopharma eyes 2019 listing

    South Korean company SK Biopharmaceuticals is planning to launch an IPO by the end of 2019 and could net proceeds of up to around W1tr ($838.5m), according to a source close to the deal.

    21 May 2019

  • Colombian Gran Tierra offers healthy concession

    Gran Tierra Energy, the Canada-listed oil and gas company that mostly operates in Colombia, ventured into bond markets for the second time on Monday to sell $300m of debt at a pick-up to its existing notes.

    21 May 2019

  • AT1 tax crackdown to spread to Denmark amid state aid fears

    Denmark is likely to become the next European member state to scrap its policy of allowing the interest payments on deeply subordinated capital instruments to be tax deductible. The move comes after the European Commission voiced its concern that the practice could constitute a breach of state aid rules.

    21 May 2019

  • GSEs must decide their own fates, FHFA chief says

    Federal Housing Finance Agency chief Mark Calabria said on Monday that he expects the government-sponsored enterprises to decide their own paths out of conservatorship in the coming years, rather than have the housing regulator lay out a controlled plan for their privatisation.

    20 May 2019

  • Online lenders tighten standards as recession fears grow

    Online lenders are shifting towards higher quality borrowers as fears of an imminent recession increase.

    20 May 2019

  • Iceland’s Marel offers play on global demand for meat

    Marel, the Icelandic meat processing machinery maker, has announced its intention to seek an additional listing on Euronext Amsterdam before the summer, as it aims to tap into growing global demand for meat products.

    20 May 2019

  • Clydesdale moves to STS and Sonia for new Lanark deal

    Clydesdale Bank has mandated BNP Paribas, Bank of America Merrill Lynch, Citi and Lloyds for it Lanark 2019-2 UK RMBS offering. The multi-currency deal will comply with the ‘simple, transparent and standardised’ (STS) regulation and include a Sonia-linked sterling tranche.

    20 May 2019

  • European pipeline bulges with trio of new deals

    The new issue pipeline in Europe is showing no sign of slowing down following what was one of the busiest weeks of the year so far, as issuers tee up three new deals, including the first public auto ABS to be issued by Mercedes-Benz in Italy.

    20 May 2019

  • World Bank goes for threes

    World Bank mandated banks on Monday for its first three year dollar benchmark since 2017.

    20 May 2019

  • LCH selects fellow LSE unit for approaching SFTR

    Repo trade clearing service LCH RepoClear has selected the London Stock Exchange’s UnaVista platform to help it meet new reporting obligations under the incoming Securities Financing Transaction Regulation (SFTR).

    20 May 2019

  • Andalusia prints first MTNs for six years

    The Spanish region of Andalusia has sold three long dated bonds in the last week, marking its return to the MTN market after a six year absence.

    20 May 2019

  • Syndicate teams ‘know less than 10 years ago’ says KfW treasurer

    The treasury head for one of Europe’s largest capital markets borrowers, Germany’s KfW, said last week that primary markets syndicates ‘know less about the markets than 10 years ago’, leading to bankers being more conservative about where to price bond issues than in the past.

    20 May 2019

  • Netherlands posts initial guidance for debut green bond

    The Dutch State Treasury Agency (DSTA) has released initial spread guidance for its inaugural green bond, which will be launched via Dutch Direct Auction (DDA) on Tuesday.

    20 May 2019

  • Tokyo and Kommuninvest latest tests of sizzling dollar primary

    Tokyo Metropolitan Government and Kommuninvest released initial price thoughts on dollar trades on Monday, as investor demand in the currency remains high despite a run of deals last week.

    20 May 2019

  • Oversubscribed Z2bn Allegro loan to close by mid-week

    Polish e-commerce platform Allegro is set to close a Z2bn (€470m) dividend recapitalisation deal this week after heavy oversubscription, according to bankers.

    20 May 2019

  • JP Morgan issues €400m Siemens synthetic

    JP Morgan has raised €400m by issuing a cash-settled bond, exchangeable into shares of Siemens, at an extremely aggressive price level. The purpose of the deal is not clear.

    20 May 2019

  • Tennet gets green bonds either side of curve

    Tennet, the Dutch electricity transmission company and frequent green bond issuer, returned to the public bond market on Monday, after nearly a year away. It offered benchmark 11 and 20 year euro tranches.

    20 May 2019

  • LBBW to issue first green dollar Pfandbrief as KHFC hits the road in euros

    Hot on the heels of its senior non-preferred last week, LBBW has mandated leads for a three year green Pfandbrief. The Korean Housing & Finance Corporation (KHFC) is also preparing issuance, after mandating leads for a roadshow with plans to issue a euro covered bond.

    20 May 2019

  • Second CMBS 2.0 default points to struggling UK retail sector

    A post-crisis CMBS loan tied to a UK retail property has defaulted, only the second CMBS 2.0 default seen to date, pointing to continued weakness in the retail sector.

    20 May 2019

  • Funding scorecard: European sovereigns

    This week's scorecard looks at the progress European sovereigns have made in their 2019 funding programmes.

    20 May 2019

  • BPCE and Swedbank covered bonds draw solid demand despite ‘heavy traffic’

    BPCE and Swedbank attracted good demand for their sizeable 12 and six year covered bonds on Monday. Although the bonds were priced tightly, initial order book momentum was slow. The Swedish issuer did particularly well in the context of money laundering charges.

    20 May 2019

  • Debt purchaser B2 extends maturities

    B2Holding, the Oslo-based debt purchasing and servicing firm, has printed a new €200m senior unsecured 2024 at 635bp over three month Euribor, using the cash to buy back older issues. It plans a new secured bond later this year to fund rapid expansion plans.

    20 May 2019

  • Pentair bumps up revolver with add on deal

    Transatlantic firm Pentair has signed a $100m revolving credit facility, with the water treatment firm adding the debt onto an existing loan.

    20 May 2019

  • Sick launches Schuldschein at tight margins

    Sick, the German industrial sensor maker, has launched a €100m three tranche Schuldschein. Some investors claim recent Schuldschein issues from German issuers are priced to appeal only to cash-rich domestic accounts.

    20 May 2019

  • Nomura’s insurance solutions head joins Invesco

    Richard Glenn has left his position as head of the insurance solutions group for Europe, the Middle East and Asia at Nomura, joining Invesco. Another head of that group departed the bank last year.

    20 May 2019

  • NatWest and Cred Ag push out safer products

    NatWest Markets and Crédit Agricole both came to the market on Monday with supply from the safest end of the capital stack. Both deals were heavily subscribed in the face of trade war tensions and uncertainty over Brexit.

    20 May 2019

  • Lead bank lauds Russian Rail’s green credentials after investor scepticism

    Russian Rail’s debut green Eurobond last week met with strong demand, but some investors had reservations about buying green bonds from a company owned by the Russian state and used to transport fossil fuels. Antonio Keglevich, UniCredit’s head of sustainability bond origination, responded to the criticism.

    20 May 2019

  • Latvia back for more at 30 years

    Latvia was in market on Monday for a tap of a 30 year bond, returning to the line it opened three months ago. The deal enjoyed strong demand, allowing leads to slice 6bp from the spread.

    20 May 2019

  • CDC goes on road for debut sustainability bond

    Caisse des Dépôts et Consignations (CDC) will introduce its new green, social and sustainability bond framework to investors ahead of a debut euro benchmark sustainability bond.

    20 May 2019

  • Pigasse made global banking head at Lazard

    Matthieu Pigasse has been appointed as global head of banking and deputy CEO of financial advisory at Lazard.

    20 May 2019

  • EDC GBP600m FRN May 24

    20 May 2019

  • Commission’s Berrigan pours cold water on EU safe asset, ESBies

    John Berrigan, deputy director general at the European Commission, has said that the creation of a European safe asset, and in particular European Safe Bonds, would be difficult to achieve.

    20 May 2019

  • Barclays and Deutsche begin Evonik buyout syndication

    Barclays and Deutsche Bank have started syndicating the debt backing Advent’s buyout of Evonik’s methacrylates business, a deal which almost escaped the market earlier this year when GSO offered to provide the whole package.

    20 May 2019

  • French, Germans and Dutch call for new CMU push

    In a common letter published on Friday May 17, the finance ministers of France, Germany and the Netherlands proposed setting up a high level working group to decide the next steps needed to strengthen capital markets in the EU.

    20 May 2019

  • Oceanwide rolls investors over ahead of bond maturity

    Oceanwide Holdings Co has priced a new $280m two year bond to replace in part an imminent maturity, paying one of the highest yields Asia has seen so far this year.

    20 May 2019

  • Morgan Stanley buys stake in Tikehau Capital

    Tikehau Capital, the French alternative investment manager, has raised €300m after a private capital raising led by Morgan Stanley.

    20 May 2019

  • Fixed income portfolio manager leaves Mirova

    A Paris-based senior credit portfolio manager has left Mirova after spending five years at the firm, GlobalCapital understands.

    20 May 2019

  • Insurance issuance picks up pace in Q2

    Insurance companies are finally picking up bond issuance after a first quarter that suffered the lowest issuance volumes since 2017. Finnish firm Sampo was the latest issuer this week.

    20 May 2019

  • Lesso prepares to go early for $800m refi

    China Lesso Group Holdings, a manufacturer of home building materials, is preparing to refinance two loans with 2020 maturities, inviting existing lenders to join the mandated lead arranger and bookrunner group.

    20 May 2019

  • Former CSRC chairman under investigation

    Liu Shiyu, former chairman of the China Securities and Regulatory Commission (CSRC), is under investigation after turning himself in to the nation’s corruption watchdog, according to a statement on Sunday.

    20 May 2019

  • Hansoh Pharma starts pre-marketing for $1bn listing

    Hansoh Pharmaceutical Group has won approval from the Hong Kong Stock Exchange for a new listing worth up to $1bn.

    20 May 2019

  • MSCI names new Korea client head

    MSCI has poached Tay Kim from Franklin Templeton Investment Trust Management to lead client coverage for the firm in South Korea.

    20 May 2019

  • Citi loses India DCM head

    Neville Fernandes has left his position as the head of debt capital markets for India at Citi.

    20 May 2019

  • Mabpharm kicks off $195m Hong Kong IPO

    Biopharmaceutical company Mabpharm has launched the deal roadshow for its IPO and is targeting proceeds of up to HK$1.53bn ($194.7m).

    20 May 2019

  • The week in renminbi: Wang Yi talks to US secretary of state, Huawei comforts employees, PBoC said to keep renminbi stable

    In this round up, China’s foreign minister talked to Mike Pompeo on Saturday, HiSilicon launched ‘extreme survival contingency plan’ and the Chinese central bank told reporters it would keep renminbi rate reasonable

    20 May 2019

  • US CLO portfolio quality in decline since winter selloff, says Wells

    A team of researchers at Wells Fargo led by David Preston said in a webcast on Friday that managed CLO portfolios saw a decline in quality as managers in aggregate failed to build par and bought lower credit quality loans.

    17 May 2019

  • Credit enhancement on the decline in marketplace loan ABS deals

    Credit enhancement levels have been shrinking meaningfully in ‘A’ rated notes of frequent marketplace loan ABS issuers since 2017, according to Fitch Ratings research published this week.

    17 May 2019

  • Credit Suisse adds to EMEA CLO team with new promotion

    Credit Suisse has promoted Sheenal Thaker to its EMEA CLO corporate asset finance team, based in London.

    17 May 2019

  • BAML makes switch to Sonia with new RMBS mandate

    Bank of America Merrill Lynch has been mandated for a new UK RMBS transaction for specialist lender Precise Mortgages, with all tranches on offer referencing the sterling overnight index average (Sonia).

    17 May 2019

  • Volvo returns to euro public bonds after four years

    Volvo, the Swedish lorry maker, took advantage on Friday of recent upgrades to both its ratings by issuing its first public euro bond since 2014. The decision seemed to pay off: the deal was six times covered, and priced close to or even through fair value.

    17 May 2019

  • EDC grabs £600m to extend Sonia curve

    Export Development Canada sold its second Sonia-linked floating rate note on Friday, which extends the issuer’s curve linked to the reference rate to 2024.

    17 May 2019

  • PKO Bank Hipoteczny SA gears up for green

    PKO Bank Hipoteczny has published its green covered bond framework which complies with the International Capital Market Association’s Green Bond Principles, the Climate Bonds Initiative’s standard for residential buildings and has a second party opinion from sustainability rating agency, Sustainalytics.

    17 May 2019

  • Metro Bank cheers Brexit-weary UK with £375m block

    Metro Bank completed its long awaited equity capital raise on Thursday night, providing a rare bit of good news to UK bankers and investors despondent over a tortuous Brexit process.

    17 May 2019

  • Slovenska Sporitelna to roadshow euro covered bond

    Slovenska Sporitelna is planning to market its first internationally syndicated Aaa-rated euro covered bond, which could be sold in benchmark size. The expected deal follows Slovak Vseobecna uverova banka’s (VUB) €500m five year which was one of the best performing trades this year.

    17 May 2019

  • Garanti refi book exceeds $1bn

    Garanti Bank has closed its loan refinancing at $783m-equivalent after receiving an orderbook of over $1bn. The borrower has welcomed 14 new lenders, as banks demonstrate their commitment to troubled Turkey.

    17 May 2019

  • Soc Gen appoints country head for Australia

    Société Générale has appointed Pascal Sefrin as its group country head for Australia.

    17 May 2019

  • Indonesia closes record-setting Samurai

    The Republic of Indonesia raised ¥177bn ($1.6bn) from a six tranche bond sale in Japanese yen on Thursday, making it the largest public Samurai bond deal from an Asian country.

    17 May 2019

  • Would-be Mongolian debut pulled after book closed

    Mongolian conglomerate Tavan Bogd Trade pulled its debut dollar bond transaction on Thursday after the order book was closed. The high yield borrower had offered investors 12% for the three year bullet, but ultimately decided to postpone the final sale.

    17 May 2019

  • China market and policy round-up: more tariffs on the way, China and Singapore renew currency swap, April economic data disappoints

    In this round up, trade tension carried on intensifying as both sides rolled out more punitive moves, the People’s Bank of China and the Monetary Authority of Singapore signed a three year currency swap agreement and April’s industrial production and retail sales growth declined.

    17 May 2019

  • Chinese SOE, FIs serve up IG bond feast

    The market welcomed a dose of investment grade rated corporate and financial supply on Thursday. State-owned enterprise (SOE) Shougang Group saw its bond rally in the aftermarket, while onshore brokerage Huatai Securities and China Ping An Insurance Overseas also managed to price deals tightly.

    17 May 2019

  • ANZ NZ forced to use standardised op risk model after ‘persistent’ control failures

    ANZ New Zealand has been informed by its regulator that it can no longer use its own internal models to calculate operational risk, leading to a 60% jump in its capital requirements in this field.

    17 May 2019

  • Xinyi Energy keeps power on for its $564m IPO

    Chinese solar farm group Xinyi Energy Holdings has faced minimal impact from the ongoing US-China trade war as it nears the end of bookbuilding for a HK$4.4bn ($564m) IPO on the Hong Kong Stock Exchange.

    17 May 2019

  • Luckin Coffee adds extra shot to US IPO

    Luckin Coffee has raised $561m from its Nasdaq listing after boosting the size of the original American Depository Shares (ADS) offer and closing the deal a day early, according to a banker on the mandate.

    17 May 2019

  • AAA Oils seeks A&E for part of $800m loan

    AAA Oils and Fats (AAAOF), a trading subsidiary of palm oil processor and distributor Apical Group, is seeking to amend and extend the revolving credit facility tranche of a $800m borrowing from 2017.

    17 May 2019

  • Volatility pushes Lat Am borrowers away from dollars

    DCM bankers said they were sitting on mandates for Latin American bond issuers as another week of volatility in global markets kept the region’s primary markets quiet.

    16 May 2019

  • Chile beats volatility to find peso demand

    Chile attracted more international investors than ever before into a local currency deal this week as it braved a volatile market to raise $1.5bn-equivalent of new money and a further $420m through an exchange of old bonds.

    16 May 2019

  • Eager investors shrug off macro fears, gulp Acea, FCA, Northern

    Thursday’s corporate bond new issue action in Europe confirmed the picture presented on Wednesday: that investors were determined not to let macroeconomic issues bother them, and were piling into new issues. The day was less blemished than the previous one had been by volatility, enabling issuers to get some very tight spreads.

    16 May 2019

  • Wednesday’s crowd win tight pricing

    A flurry of corporate bonds came to the European market on Wednesday, and all found strong receptions, as demand for investment grade credit remained unabated by the rumblings of US-China trade war and President Trump’s aggressive noises against Iran.

    16 May 2019

  • Most Innovative Securitization Bank of the Year — Guggenheim

    As the securitization market in the US has expanded and accelerated in the decade since the financial crisis, institutions have pushed the boundaries to include collateral and structures not seen in the pre-crisis era. For the first time in the history of these awards, GlobalCapital solicited pitches from banks that considered themselves to be innovators in their markets.

    16 May 2019

  • Most Innovative Securitization Deal of the Year – Goldman Sachs, Vanderbilt University Trademark Royalty Securitization

    GlobalCapital took pitches for several contenders for the most innovative securitization deal of the year. All of them were impressive — whether using securitization to finance improvements to public infrastructure, convert a fleet of passenger planes into cargo aircraft, or pooling renewable energy credits to promote the development of residential rooftop solar energy.

    16 May 2019

  • KKR pulls off euro debut at small NIP

    KKR, the US private equity firm, issued its first euro bond on a crowded day on Wednesday, competing with four other issuers, but that did not stop it achieving attractive execution.

    16 May 2019

  • Vesteda’s green debut comes 5bp under curve as UK funds lead €3bn orderbook

    Vesteda, the Dutch housing company, proved there was plenty of hunger for green bonds on Thursday, when its first issue of the kind, a €500m no-grow eight year, hoovered up orders to finish six times oversubscribed.

    16 May 2019

  • TDB USD500m 4.875% May 24

    16 May 2019

  • New generation of tech platforms land in bonds and loans

    Two issuance platforms are approaching readiness: one in bonds, one in loans. Both promise time and cost savings by replacing multiple systems with a single platform for issuers, dealers and investors, and automating documentation and payments.

    16 May 2019

  • Dollar market pauses, then decides not to fret about Trump

    The dollar corporate bond market showed its resilience this week as issuance rebounded, despite the US-China trade turmoil. “Trump, Trump, Trump,” was how one syndicate manager explained the reasons for the return of volatility as high grade credit markets see-sawed with the President’s mood swings.

    16 May 2019

  • Hamburg Commercial Bank EUR500m 0.572% May 22

    16 May 2019

  • Exchanges score win with CFTC speed bump ruling

    The US Commodity Futures Trading Commission has given a boost to derivatives exchanges that are introducing passive liquidity protection for some of their contracts.

    16 May 2019

  • NEPI EUR500m May 23 3.125%

    16 May 2019

  • Kenya USD900m 7% May 27, $1.2bn May 32 8% amortisers

    16 May 2019

  • Fidelity prefers Europe for bulk of M&A deal

    Fidelity National Information Services (FIS), the US financial software company, honoured Europe’s bond markets this week with the lion’s share of the debt financing for its takeover of Worldpay, the payments group that began as part of Royal Bank of Scotland, for an enterprise value of $43bn.

    16 May 2019

  • HSBC re-opens Yankee bank market

    HSBC led a surge in dollar bond supply as high-grade banks sprang back into issuance mode after a two-week layoff.

    16 May 2019

  • Crédit Mutuel Arkéa EUR500m 1.625% May 29 non-preferred

    16 May 2019

  • LBBW EUR750m 0.375% May 24 non-preferred green

    16 May 2019

  • Erste Group EUR500m 0.875% May 26

    16 May 2019

  • HSBC France EUR1bn 0.25% May 24

    16 May 2019

  • UK GBP4.75bn 1.625% Oct 54

    16 May 2019

  • EIB PLN1bn 2.875% Nov 29 Climate Awareness Bond

    16 May 2019

  • KfW EUR3bn 0.01% May 27 green bond

    16 May 2019

  • World Bank EUR1.5bn 0.25% May 29 sustainable bond

    16 May 2019

  • NIB USD1bn 2.25% May 24

    16 May 2019

  • People Moves in Brief - May 17, 2019

    BNP Paribas loses HY bond originator — BoA CLO chief departs for buy-side — BNP Paribas hires new chief US credit strategist — Private debt chief leaves Aviva

    16 May 2019

  • Gilts profit from safe haven flow with new £4.75bn deal

    Gilts are profiting from safe-haven flows, said Robert Stheeman, chief executive of the UK Debt Management Office (DMO), which, this week, sold its first syndicated note of the 2019/20 funding year — a 6.5 times subscribed issue.

    16 May 2019

  • Loans in brief: May 17, 2018

    Private debt loans in brief Mercon brews sustainability loan Transocean digs into more revolver liquidity Munich’s public service arm switches to sustainable loan

    16 May 2019

  • EU struggles to complete vital banking union pillar

    As the term of the EU Parliament and EU Commission draw close to an end, the institutions are busy congratulating themselves about the success of the capital markets union action plan that was launched in early 2015. Work in the field of banking and financial regulations over the last years nevertheless includes one big failure: failure to agree on the euro-area deposit guarantee scheme.

    16 May 2019

  • Gilt trip: investors badger UK DMO to bring green deal

    Large asset managers have urged the UK to start issuing green Gilts to support the country’s environmental initiatives and broaden the range of assets they can buy. Although the government's Green Task Force recommended the idea last year, there has been little progress since and the country’s Debt Management Office has shown little enthusiasm for the product, writes Burhan Khadbai.

    16 May 2019

  • Russian Rail pulls off country’s first green, though some baulk

    Russian Railways launched the first international green bond from its home country on Thursday, a €500m eight year bond. While many emerging market investors were keen to look at the paper, despite the US considering a new round of Russian sanctions, several green investors disliked the company’s ESG enough to not participate.

    16 May 2019

  • World Bank boss vows to expose hidden debt

    The new president of the World Bank used one of his first public speeches this week to call for comprehensive transparency over countries’ “hidden” debt burdens that make it harder to resolve a financial crisis.

    16 May 2019

  • Resurgent CMBS market no help for latest Blackstone deal

    The European CMBS market has defied its ineligibility for the European Securities and Markets Authority's (ESMA) new ‘simple, transparent and standardised’ (STS) securitization framework intended to boost confidence in the market. The asset class that appeared dead and buried after the financial crisis has outpaced other asset classes in recent times. But the resurgence did not stop one deal this week from suffering heavy investor scrutiny, writes Tom Brown.

    16 May 2019

  • KfW and World Bank shine with landmark SRI bonds

    KfW and the World Bank brought well received socially responsible bonds to the market this week that set new landmarks for the public sector borrowers.

    16 May 2019

  • Soc Gen revamps as Oudéa eyes revival

    Société Générale has raised the prospect of becoming the latest European bank to outsource parts of its equities business as it follows rivals with a cost-cutting drive, writes David Rothnie

    16 May 2019

  • EIB debuts climate bond in zloty

    The European Investment Bank (EIB) has moved its new Climate Awareness Bond (CAB) documentation beyond the eurozone with the sale of a Polish zloty bond to a single Japanese investor.

    16 May 2019

  • MAF CEO says green format helped pricing

    Majid Al Futtaim (MAF) brought the world’s first benchmark green corporate sukuk to market last week. Chief executive Alain Bejjani said the format had helped the leads price the deal tighter and that they would return to the green market.

    16 May 2019

  • Thomas Cook bonds collapse on new senior loan, huge writedown

    Thomas Cook bonds traded down more than 12 points on Thursday in heavy volume, as the UK holidays group announced a new first-ranking loan for the winter season, a big goodwill writedown that took its pre-tax loss to £1.4bn, and a big drawdown on its revolving credit facility.

    16 May 2019

  • Walmart mulls flotation of Asda after blocked Sainsbury’s merger

    US retail giant Walmart said this week that it was exploring the possibility of an IPO of Asda, the UK supermarket, after its proposed £7.3bn takeover by rival Sainsbury’s was blocked by UK competition authorities. If the IPO does go ahead, there is likely to be little market appetite for the first major UK supermarket flotation for more than two decades.

    16 May 2019

  • European IPO hopefuls pray for trade war lull in rush to list

    Europe's equity capital markets are heading for a crunch. Companies are set to launch a batch of IPOs so they price before investors disappear for the summer. But escalating trade tensions between China and the US threaten to rob them of their chance, writes Sam Kerr.

    16 May 2019

  • World Bank taps bumper Kangaroo

    Kangaroo investors filled their pouches to the brim with a bumper World Bank tap on Wednesday. The supranational reopened its February 2024 Kangaroo to print the largest Aussie dollar tap in the SSA market since 2016.

    16 May 2019

  • European regulators slam FX banks with €1.1bn fines

    The EU has fined five big banks about €1.1bn in total after it found that some of their currency traders were involved in a foreign exchange cartel.

    16 May 2019

  • JP Lease prices debut aviation deal

    JP Lease has completed a $553.65m aircraft lease securitization backed by a portfolio comprising newer, liquid aircraft with long remaining lease terms.

    16 May 2019

  • Sfil set to sell first euro benchmark of the year

    Société de Financement Local (SFIL) has picked banks to sell its first benchmark in euros this year.

    16 May 2019

  • JBIC and British Columbia quench dollar thirst

    Japan Bank of International Co-operation and the Municipal Finance Authority of British Columbia gave investors more ways to invest their stacks of dollars on Thursday, though syndicate bankers say the pent up demand for bonds in the currency is still far from satiated.

    16 May 2019

  • Dutch government registers green investors ahead of debut

    The Dutch government is preparing to issue its first green bond next week, and has introduced a new feature to the market: investors can register as accredited green bond investors to receive preferential allocations.

    16 May 2019

  • NIB boss tells industry ‘stop whining’ over MiFID at ICMA gathering

    Complaining about MiFID is par for the course at industry gatherings. But Henrik Normann, president and CEO of the Nordic Investment Bank, told attendees at the 2019 conference of the International Capital Markets Association that the regulatory regime was only there “because the industry has failed”.

    16 May 2019

  • Tech unicorns are losing their sparkle

    The post-IPO performance of Uber and Lyft shares shows a new level of investor scepticism towards tech ‘unicorns’. It’s about time.

    16 May 2019

  • Nestlé Skin Health LBO blockbuster steps closer as EQT wins race

    A consortium led by EQT Partners has won the auction of Nestlé Skin Health for Sfr10.2bn ($10.1bn), paving the way for what is likely to be the year’s largest leveraged buyout in Europe, and the third largest since the financial crisis, after AkzoNobel Specialty Chemicals and Refinitiv last year.

    16 May 2019

  • Munich’s public service arm switches to sustainable loan

    Germany’s Stadtwerke München has amended its €500m revolving credit facility to add a sustainability element, as the nascent loan structure starts making further inroads with the country's borrowers.

    16 May 2019

  • Eiffage doubles bank loan in sustainability refi

    France’s Eiffage has doubled the size of its revolving credit line to €2bn, with the civil engineering construction company becoming the latest name to add social and environmental language to its loan documentation.

    16 May 2019

  • Abanca takes size with juicy Cédulas spread

    Abanca Corporacion Bancaria did well to raise 10 year funding for its debut covered bond, which offered a generous spread, but even at just €750m the deal was still one of the least subscribed covered bonds of the year.

    16 May 2019

  • Well Dürr: another SSD launches before summer

    Germany’s Dürr Group has launched a €150m sustainability-linked Schuldschein, as borrowers continue to crowd the market, looking to complete deals ahead of the summer break.

    16 May 2019

  • Three more add to French Schuldschein frenzy

    A trio of French companies moved ahead with Schuldschein deals this week, and bankers expect the coming weeks to be packed with borrowers seeking to raise funds before the summer.

    16 May 2019

  • Italian IPO hopes hinge on government stability

    Italian companies planning to launch IPOs in the autumn are keeping a close eye on political developments in Italy. Their ability to sell shares relies as much on political stability as their own financials.

    16 May 2019

  • Ceske Drahy ends three year bond market absence

    Ceske Drahy, the Czech national railway company, hit screens on Thursday announcing a euro benchmark, returning to the bond market for the first time in three years.

    16 May 2019

  • ING DiBA shows thriving covered bond bid

    The frenetic pace of buying seen in covered bonds issued earlier this month may have ebbed as rates market volatility has increased, but Thursday’s dual tranche offering from ING DiBA showed that demand is still vigorous.

    16 May 2019

  • Philippines returns to Panda bonds, shrugs off trade war with bigger, tighter issue

    The Republic of the Philippines made a triumphant return to the Panda bond market this week, raising Rmb2.5bn ($363m) from a deal that was tighter and larger than its debut last year. Rebecca Feng reports.

    16 May 2019

  • Russian Railways green bond orders top €1.4bn

    Books for Russian Railways’ eight year euro green bond had breached the €1.4bn mark by lunchtime on Wednesday, allowing leads to tighten pricing. A banker away from the note said the levels offered looked fair.

    16 May 2019

  • Kenya tightens pricing on twin trancher

    Kenya hit screens on Wednesday with a dual tranche bond. Investors said initial price thoughts looked generous and so the leads were able to cut the yield by more than had been expected during execution.

    16 May 2019

  • Hamburg Commercial issues pref note in strong debut

    Hamburg Commercial Bank priced its inaugural public bond on Thursday, a preferred senior deal which seemed to be unaffected by the litigation threat the bank is facing as it attracted €1.2bn of demand.

    16 May 2019

  • Standing strong: HKEx avoids worst of US-China storm

    The latest chapter in the US-China trade war resulted in some serious market turmoil this month. But Hong Kong seems to have avoided the worst of the volatility: the city’s stock exchange approved four applications and each issuer has hit the road. Will investors bite? Gina Lee and Jonathan Breen report.

    16 May 2019

  • FMO prints rare Honduran lempira linker

    The Netherlands Development Finance Company (FMO) on Wednesday printed a rare Honduran lempira linked-note. Meanwhile, the International Finance Corporation (IFC) has made its Cambodian riel debut.

    16 May 2019

  • Asian issuers ramp up tender, exchange offers

    Bond exchanges and tender offers are rising in popularity among Asian issuers, as funding officials race to beat a mountain of maturities next year. Addison Gong reports.

    16 May 2019

  • JH Edu Tech seeks HK listing as AB InBev hits the road

    Chinese private education provider JH Educational Technology has set the ball rolling for its Hong Kong IPO, filing a prospectus with the city’s stock exchange, while brewing giant AB InBev has kicked off pre-marketing for a multi-billion-dollar float of its Asian assets.

    16 May 2019

  • Green bonds gather momentum in Swissies

    Zuercher Kantonalbank added momentum in the Swiss franc market for sustainable bond issuance at the end of last week, when it launched its second green bond. The proceeds of this Sfr200m ($198m) trade are for refinancing existing and future facilities under its Umweltdarlehen (environmental loans) programme, which dates back to 1992.

    16 May 2019

  • Frasers Centrepoint eyes S$437m from equity issue

    Frasers Centrepoint Asset Management, manager of Frasers Centrepoint Trust, is planning a sale of up to S$436.8m ($308m) in new trust units.

    16 May 2019

  • Nepi shakes off Viceroy report with bond

    Nepi Rockcastle, a Johannesburg- and Amsterdam-listed real estate fund, printed a €500m four year bond on Wednesday. In doing so, it seemed to shake off concerns about the company raised by research firm Viceroy in November, though investors still had questions during the marketing of the bond.

    16 May 2019

  • Pujiang builds book for $109m IPO

    Chinese construction materials provider Pujiang International Group has begun bookbuilding for its HK$852m ($109m) IPO.

    16 May 2019

  • Prasac, PLN prepare offshore loan comebacks

    Two southeast Asian companies, Prasac Microfinance Institution and Perusahaan Listrik Negara (PLN), are preparing new offshore borrowings.

    16 May 2019

  • UnionBank launches $150m loan after 23 year hiatus

    Union Bank of the Philippines has returned to the offshore loan market, having been absent for more than 20 years.

    16 May 2019

  • Oman to raise $2.85bn while 'still in the eye of the storm'

    Oman, one of the most fiscally challenged sovereigns in the Gulf, is set to raise a $2.85bn commodity linked pre-payment facility. Natixis and Société Générale are expected to lead the transaction, according to bankers.

    16 May 2019

  • BNPP loses HY bond origination banker

    A high yield bond origination banker has left BNP Paribas.

    16 May 2019

  • Berry moulds all-dollar bond for RPC buy

    Berry Global, the US plastic packaging maker, will raise bonds to finance its purchase of UK plastics maker RPC Group, it said on Wednesday. The debt raising will feature $3bn of senior secured notes in two tranches. This marks the end of leveraged finance bankers' hopes that the auction of RPC would deliver substantial new money supply to the European market.

    16 May 2019

  • DAE flies in with $300m revolver

    Dubai Aerospace Enterprise has made a quick offshore loan comeback, aiming to raise $300m.

    16 May 2019

  • Citi names new head down under

    Citi has appointed Marc Luet to be country officer for Australia and head of the bank's Australia and New Zealand cluster.

    16 May 2019

  • Chinese borrowers keep market momentum moving

    Chinese issuers kept up their bond issuances on Wednesday, despite having to contend with the backdrop of the US-China trade war. Three borrowers raised a combined $840m, proving that investors are still buying a range of credits.

    16 May 2019

  • Investors snap up Thai Exim for diversity bond play

    The Export-Import Bank of Thailand played to investors’ need for diversity on Wednesday, marketing a $300m-capped transaction at a very tight rate.

    16 May 2019

  • An odd perk in an old contract

    I overheard some young bankers in the Captain’s Bar the other day bragging about their expat packages and how many free first class flights they get here and there every year.

    16 May 2019

  • Chile taps three peso tranches

    Chile raised around $1.5bn-equivalent of new peso debt on Wednesday in its fourth Euroclearable local currency deal.

    16 May 2019

  • Prasac to return to offshore market for $130m

    Cambodia’s Prasac Microfinance Institution is in talks with two banks for its offshore loan comeback.

    16 May 2019

  • Debt issuance comes to the fore at Créd Ag

    Crédit Agricole highlighted euro DCM activity as a successful area in its first quarter results, with the league table showing it mixed with the big banks here.

    16 May 2019

  • CMBS thriving without STS

    European commercial mortgage-backed securities (CMBS) have enjoyed a revival of late, despite the battering they took during the crisis years. Although regulators excluded the asset class from the Simple, Transparent and Standardised (STS) framework, it has shown that a select band of specialist investors is enough to get by in post-crisis securitization markets.

    16 May 2019

  • BNP hires new chief US credit strategist

    BNP Paribas on Wednesday announced that it has hired a new US chief credit strategist.

    15 May 2019

  • Credit card delinquencies pile up for younger borrowers

    Credit card delinquency rates are increasing as user demographics shift to include a higher percentage of younger consumers, according to data from the Federal Reserve.

    15 May 2019

  • Rash of corporate bonds including Philips, Enel win tight pricing

    A flurry of corporate bonds came to the European market on Wednesday, and all found strong receptions, suggesting that demand for investment grade credit remains unabated by the rumblings of US-China trade war and President Trump's aggressive noises against Iran.

    15 May 2019

  • KfW grows greens with biggest ever sale

    Investors proved they were able to digest KfW's largest green bond yet on Tuesday. Deals in the billions of euros are set to become the norm for the Issuer as it looks to size its green trades closer to its conventional benchmarks.

    15 May 2019

  • CFTC's Berkovitz backs position limits

    US Commodity Futures Trading Commission (CFTC) commissioner Dan Berkovitz has thrown his weight behind new rules covering speculative position limits.

    15 May 2019

  • NIB prices flat, JBIC lines up for in-demand dollars

    Nordic Investment Bank funding officials considered printing its $1bn bond this week inside its curve before deciding against the ruse in order to support secondary trading, with Japan Bank of International Co-operation next in line to test the vast demand for five year dollar bonds.

    15 May 2019

  • Knot happening: Scout24 deal shelved

    A rallying equity market has tripped up the joint tender offer Blackstone and Hellman & Friedman made for German internet company Scout24, leaving leveraged finance bankers and investors mourning the loss of one of the few sizeable new money deals set to hit the market this year.

    15 May 2019

  • Price thoughts released for LeasePlan's Sonia-STS auto deal

    LeasePlan released initial price thoughts for its Bumper UK auto ABS on Tuesday with senior notes guided around low 70bp.

    15 May 2019

  • Transocean digs into more revolver liquidity

    Switzerland’s Transocean has amended its bank revolving credit facility to increase the size to $1.36bn, with the fallen angel offshore contract drilling services provider keeping an additional $140m in the wings on the undrawn facility.

    15 May 2019

  • Schuldschein trio meet investors on same day

    Schuldschein investors have a busy afternoon ahead of them, with three new issuers hosting conference calls and meetings on Wednesday.

    15 May 2019

  • Erste Group achieves impressive demand on non-pref debut

    Erste Group priced its inaugural non-preferred senior bond on Wednesday, meeting demand of more than more than four times the deal's €500m size.

    15 May 2019

  • LBBW makes an impact with second green senior deal

    LBBW's second green senior bond, issued on Wednesda,y was comfortably oversubscribed and had many more orders than its debut deal, even though the market backdrop was more volatile this time round. At the same time Westpac New Zealand mandated leads for a roadshow ahead of its own debut green senior bond.

    15 May 2019

  • Asset manager urges UK to sell green Gilts

    A director for responsible investment at a large asset manager has written to the CEO of the UK Debt Management Office pleading the case for the country to start issuing green bonds, as recommended by a government inquiry last year.

    15 May 2019

  • Russian Railways fixes maturity for green bond debut

    Russian Railways has told investors that it is focusing on an eight year tenor for its euro green bond, with pricing for the benchmark expected "as early as tomorrow." The deal will be the first international green bond from the country.

    15 May 2019

  • Morgan Stanley brings UK warehouse CMBS

    Morgan Stanley is bringing a £235.1m CMBS to market, securitizing a single loan financing the acquisition of a portfolio of UK warehouse properties by Blackstone.

    15 May 2019

  • Orpea, GN Store get top terms on new CBs

    GN Store Nord, the Danish maker of hearing aids and audio devices, and Orpea, the French care homes operator, both achieved stellar terms on their new convertible bonds (CBs) on Tuesday, highlighting how the scarcity of new paper in the European market has pushed price dynamics in issuers’ favour.

    15 May 2019

  • Pemberton moves into Scandinavia

    Asset manager Pemberton has opened an office in Denmark to expand its European business.

    15 May 2019

  • FIG investors show greater caution as trade war rages

    Investors in bank bonds were taking profits this week and heading for cover, hoping for better markets before they participate in new deals following the escalation of trade antagonism between the US and China.

    15 May 2019

  • Investors weigh up risk of Turkey missile controversy

    Investors appear to be split over whether or not Turkey will follow through with its proposed purchase of a Russian S-400 missile system, in the face of likely sanctions from the US if it does.

    15 May 2019

  • Next batch of EMEA IPOs to launch next week despite volatility

    Europe’s next crop of IPOs are being prepared for lift-off next week despite heightened bearishness over US-China trade disagreements. Underwriters and issuers are keen to close deals before investors shut up shop for the summer.

    15 May 2019

  • Kenya leaves 'juice on the table' with new twin trancher

    The Republic of Kenya has released initial price guidance for its latest bond issue, which two emerging markets bond investors deemed generous.

    15 May 2019

  • ECB tightens covered bond repo requirements

    The European Central Bank (ECB) is making it more difficult for banks to enter into covered bond repurchase agreement (repo) trades with it. That, along with a recent widening in the spread between senior unsecured bonds pay over banks' secured debt, such as covered bonds, could boost the supply of the latter to public markets.

    15 May 2019

  • Gilt safe haven status at risk if cross-party Brexit talks fail, says portfolio manager

    UK government bonds could lose some of their stature as a risk-free investment and start to be treated more like credit products in the event that no breakthrough is made in Brexit negotiations, according to one portfolio manager.

    15 May 2019

  • Investment grade back on track but levfin feels bumps from Trump

    The looming US-China trade war is stalking European corporate credit markets, though it has not yet made a full-on assault on confidence. Investment grade bond players blamed a quiet start to the week on it, and it seems now to be finally being noticed in high yield land, where opportunistic issues have dried up.

    15 May 2019

  • PLN returns to offshore market for $1bn loan

    Indonesian power company Perusahaan Listrik Negara has returned to the offshore market seeking a $1bn borrowing.

    15 May 2019

  • German fund preps London IPO of triple green play

    Aquila Capital, the Hamburg-based alternative asset manager, is hoping to float a renewable energy fund in London which is unusual in giving exposure to wind, solar and hydroelectric power.

    15 May 2019

  • JH Educational Technology seeks Hong Kong listing

    Chinese private education provider JH Educational Technology has filed an application to list on the Hong Kong Stock Exchange.

    15 May 2019

  • Mexim heads offshore for $300m Islamic loan

    Export-Import Bank of Malaysia is tapping the offshore loan market for a $300m Islamic borrowing.

    15 May 2019

  • Trade war worries can’t keep SDIC at bay

    China’s State Development and Investment Corp (SDIC) launched a $1bn transaction on Tuesday, split between a green bond and a conventional bond. Investors shook off trade war worries to swarm both portions of the deal with orders.

    15 May 2019

  • Frontage launches $205m Hong Kong spin-off

    Chinese drug services provider Frontage Holdings Corp has kicked off bookbuilding for its IPO, vying for proceeds of up to HK$1.60bn ($204.6m).

    15 May 2019

  • Mulsanne starts fitting investors for $150m IPO

    Menswear clothing company Mulsanne Group Holding has kickstarted bookbuilding for its listing on the Hong Kong Stock Exchange.

    15 May 2019

  • Avianca enters triple-C turbulence after refi take-off delay

    Colombian airline Avianca is taking longer than expected to refinance a $550m senior unsecured bond coming due in less than a year, triggering ratings agency S&P into cutting the borrower's credit rating, driving up the yield on the note.

    15 May 2019

  • CNH prices equipment deal as trade war deepens

    CNH Industrial priced an equipment ABS transaction Wednesday, as securitization analysts and investors eye heightened tensions in the US-China trade war with possible knock-on effects for the esoteric ABS subsector.

    14 May 2019

  • BAML CLO chief departs for buyside

    Wynne Comer has left Bank of America Merrill Lynch after 12 years and will be taking on a role at AGL Credit Management, the new private credit firm opened in March by CIFC-founder Peter Gleysteen.

    14 May 2019

  • Lenders meet to fund Euroports buyout

    Lenders were meeting on Tuesday ahead of a loan to fund the purchase of Euroports, which operates shipping terminals in Antwerp, Ghent, and Rostock, by a consortium including two Belgian sovereign wealth funds.

    14 May 2019

  • Specialist lender mandates Citi, Macquarie for debut RMBS

    Specialist lender Domivest is bringing a Dutch RMBS via Citibank and Macquarie Bank backed by performing buy-to-let (BTL) mortgages.

    14 May 2019

  • Natixis affiliate Ostrum extends CLO operations into US

    Paris-based Ostrum Asset Management is expanding into US markets as its institutional investors look to diversify into US alternative asset strategies, it said on Tuesday.

    14 May 2019

  • Metro debacle shows the strength of UK banking

    Metro Bank shareholders are nursing losses of around 70% since the start of the year. But if this is the worst of UK banking’s problems right now, the sector is in pretty good shape as it faces Brexit and digital disruption.

    14 May 2019

  • Trade war and Fidelity nudge out corporate issuance

    Trade war concerns and US title insurer Fidelity National Information Service’s eight tranche €6.44bn equivalent deal crowded out issuers from the corporate euro investment grade market on Tuesday, bankers and investors said. But several are hopeful that deal flow could pick up later in the week.

    14 May 2019

  • UK DMO hauls in £4.75bn

    The UK Debt Management Office (DMO) started its 2019/20 funding year with a bang on Tuesday, selling a six and a half times subscribed issue.

    14 May 2019

  • Investors must prep for prolonged US-China hostility

    Equity investors who base their trading on the daily news flow emanating from the US and China, are going to have to accept the possibility that the relationship between the two countries will sour.

    14 May 2019

  • World Bank prices through euro curve with 10 year return

    The World Bank sold its first 10 year euro benchmark since 2009 on Tuesday, with the supranational going slightly through its own curve on its return, according to onlooking SSA bankers.

    14 May 2019

  • HelloFresh trades up after sale removes Rocket overhang

    Shares in HelloFresh, the Frankfurt-listed online meal kit delivery company, rose by 2.6% on Tuesday after Rocket Internet sold all its remaining shares in the company in response to a number of reverse inquiries from institutional investors.

    14 May 2019

  • EuroCCP hires former LCH head

    Netherlands-headquartered clearinghouse EuroCCP has appointed ex-LCH man David Hatton as its chief technology officer.

    14 May 2019

  • NIB shows five year dollars still a slam dunk

    The Nordic Investment Bank’s $1bn no-grow five year passed easily through the market on Tuesday. Syndicate bankers away from the trade said the market is so receptive that any top tier dollar trade at that maturity is going to succeed.

    14 May 2019

  • CME brings home the bacon with new index

    CME Group is aiming to tap into growing demand for pork bellies by publishing a new index to reflect pricing for the fresh animal parts used to make bacon.

    14 May 2019

  • Bank of New Zealand sets sights on euros

    Bank of New Zealand (BNZ) has mandated leads for a roadshow ahead of a possible euro senior unsecured or covered bond benchmark.

    14 May 2019

  • SEQI increases revolver, eyes equity sale

    UK fund Sequoia Economic Infrastructure Fund (SEQI) has bumped up its revolving credit facility to £200m, with the infrastructure debt financier considering an equity issue as it builds up a war chest for planned investments.

    14 May 2019

  • Mercon brews sustainability loan

    Dutch firm Mercon Coffee Group has signed a $450m sustainability-linked revolving credit facility. The lead bank claimed the deal was the first of a kind.

    14 May 2019

  • Vilmorin & Cie plants new SSD in crowded market

    France’s Vilmorin & Cie has launched a €150m multi-tenor Schuldschein, as French corporate appetite for the traditionally German private debt market shows little sign of abating.

    14 May 2019

  • KfW readies its biggest ever green bond

    KfW picked banks on Tuesday to lead its largest ever green bond. The deal will come from its recently updated green framework, which includes funding for energy efficiency projects, in addition to the renewable energy sector in Germany.

    14 May 2019

  • Commerz: Mittelstand clients didn’t want Deutsche merger

    Commerzbank’s small and medium sized German corporate clients did not want to be serviced by the firm if it were merged with Deutsche Bank, according to Michael Reuther, head of the corporate clients unit at the former. His unit is now hoping to take more revenue from its existing clients, after growth in several of them in the first quarter.

    14 May 2019

  • Investors frantically pile into covered bonds

    Covered bonds issued on Tuesday by UniCredit Bank AG and Hypo Vorarlberg Bank (HVB) found good demand, mainly from bank investors. Despite their meagre and diminishing returns, the bonds offered a better spread compared to other regulated assets.

    14 May 2019

  • Vonovia raises €744m in block despite red day for markets

    Vonovia, the German residential property company, returned to the market on Monday to sell €744m of new shares on an evening where markets had largely sold off because of fears about growing tensions between the US and China.

    14 May 2019

  • Barclays chief to head City’s new green body

    Rhian-Mari Thomas has left her role as global head of green banking at Barclays to become the first chief executive officer of the Green Finance Institute. It is thought two bankers have been lined up to manage the ESG banking and capital markets division at Barclays.

    14 May 2019

  • Erdoğan’s power to fix Turkey sell-offs will wane

    Investors are clear that president Recep Tayyip Erdoğan is once again to blame for another tumultuous week in Turkish assets. The country’s fate in the capital markets is in his hands. Investors have been quick to forgive in the past but their patience is not infinite.

    14 May 2019

  • FIS makes big appearance in euro and sterling markets

    Fidelity National Information Services (FIS) went to market today to issue a six-tranche euro and a two tranche sterling deal. It intends to raise debt to finance the acquisition of Worldpay as announced last month.

    14 May 2019

  • Alpha Bank issues first Romanian covered bond

    Alpha Bank’s subsidiary in Romania has issued its inaugural covered bond (CB) — the first from the country. The ground-breaking deal represents an important milestone in the development of the Romanian capital market and helps diversify the bank’s funding.

    14 May 2019

  • NLMK roadshows as Russian window stays open

    Novolipetsk Steel (NLMK), a Russian steelmaker, is embarking on a roadshow to market a dollar benchmark bond with a five to seven year maturity as issuers and investors brush off the risks of further US sanctions on the country.

    14 May 2019

  • Loans, bonds and the line between them

    Thanks to a lawsuit in the US, the question of whether leveraged loans are securities or not appears to be on the table. The challenge points to a gap in the regulation of modern capital markets that needs filling in.

    14 May 2019

  • Chinese property firms must act quickly for offshore refis

    A handful of Chinese property companies have returned to the offshore loan market for new borrowings in the past few weeks, after having difficulties with fundraising in second half of 2018. With no guarantee that conditions will get any more favourable, the rest of the sector should act quickly to refinance their deals in the market.

    14 May 2019

  • Finablr reduces price to cover IPO

    Banks working on the IPO of Finablr, the financial holding company that owns Travelex, had to reduce the price of the IPO and extended the books to 3pm on Tuesday, in order to price the transaction.

    14 May 2019

  • ESR Cayman gets going on $1.5bn IPO

    Logistics real estate platform ESR Cayman has been given the green light for a listing on the Hong Kong Stock Exchange.

    14 May 2019

  • KoRail travels to Switzerland for bond deal

    Korea Railroad Corp turned west on Monday, marketing a six year bond to Swiss investors.

    14 May 2019

  • Xinyi Energy charges up $564m Hong Kong IPO

    Xinyi Energy Holding, a Chinese solar power producer, has hit the road to begin drumming up interest in its up to HK$4.4bn ($564m) IPO, according to a term sheet seen by GlobalCapital Asia.

    14 May 2019

  • Indonesian bonds caught in US-China crossfire

    Long-dated dollar bonds issued by Indonesian companies have been taking a beating in the secondary market, with the country's high yield sector also expected to suffer from the negative impact of an ongoing trade war between two of the world's biggest economies.

    14 May 2019

  • Twenty-six China A-shares pass MSCI index review

    Index provider MSCI has confirmed, following this month's semi-annual review, that it will raise the inclusion factor of Chinese A-shares from 5% to 10%, effectively increasing the weight of A-shares in its MSCI Emerging Market Index from 0.72% to 1.46%.

    14 May 2019

  • Pemex provides relief, not solution on tough day

    Mexican state-owned oil company Petróleos Mexicanos (Pemex) was the highlight of a difficult start to the week for Latin American bonds. But though news of a new $8bn loan allowed it to outperform the market, analysts warned its troubles were far from over.

    14 May 2019

  • European banks eye Maple market as next MREL frontier

    European financial institutions have made very limited use of Canadian dollars in recent years, but the region’s issuers could soon start to embrace the Maple market as they look to diversify their funding bases for the minimum requirement for own funds and eligible liabilities (MREL).

    14 May 2019

  • Goshawk preps inaugural aircraft ABS

    Goshawk Management is gearing up for a $529m aviation transaction, mostly consisting of young, narrow-bodied aircraft.

    13 May 2019

  • Verisure prints drive-by tap

    Hellman & Friedman portfolio company Verisure announced a tap of its €300m 2023s on Monday morning, adding an extra €200m to the issue to pay back its revolver.

    13 May 2019

  • Citibank scoops bumper A$1.25bn Kangaroo

    It was a g’day for Citibank on Friday, as the issuer returned to the Australian dollar market to print its largest ever Kangaroo, according to Dealogic. In recent weeks, the Aussie market has presented a good alternative for FIG issuers looking to sell senior unsecured debt.

    13 May 2019

  • Shawbrook brings debut UK RMBS as Sonia issuance grows

    UK challenger bank Shawbrook is issuing a prime UK buy-to-let RMBS comprised of first-lien mortgages via sole arranger Lloyds. The deal is the first securitization to come from Shawbrook and will be the second non-retained deal linked to the sterling overnight index average benchmark (Sonia).

    13 May 2019

  • Private debt chief leaves Aviva

    Aviva Investors’ head of private corporate debt has left the firm.

    13 May 2019

  • ‘Fleabag’ production company preps refi

    All3Media, a subsidiary of Liberty Global and Discovery, which makes TV shows including ‘Fleabag’, ‘Call the Midwife’ and ‘Peep Show’, is in the market with a term loan B to refinance debt.

    13 May 2019

  • Kames hires head of high yield

    Kames Capital has appointed Thomas Hanson as head of high yield fixed income and Eleanor Price as a high yield analyst.

    13 May 2019

  • Baxter picks euros again after long bond gap

    Baxter International, the US medical equipment company, chose the euro market on Friday for its first bond issue of any kind for two years. The €1.5bn deal followed another euro issue in 2017. Not since 2016 has Baxter issued in dollars.

    13 May 2019

  • NIB and FMO ride surging dollar wave

    Dollars burst into life on Monday with Nordic Investment Bank (NIB) and FMO opening books, as bankers away from the deals point to the ‘EIB effect’ in making the market too hot to resist.

    13 May 2019

  • Pepper brings second RMBS of the year with €100m green tranche

    Non-bank lender Pepper Group is bringing a A$750m RMBS via arranger Commonwealth Bank of Australia with euro and dollar tranches included. Pepper Residential Securities Trust No. 24 is backed by non-conforming mortgages concentrated in Western Australia.

    13 May 2019

  • Paris preps curve extension

    City of Paris mandated banks on Monday for a new 20 year bond that will extend its curve to 2039.

    13 May 2019

  • Constantia Industries looks to 10 year for Schuldschein

    Austria’s Constantia Industries has launched a €75m multi-tenor Schuldschein. The industrial and commercial materials company will potentially stretch the maturity out to as long as 10 years.

    13 May 2019

  • Best route for City’s comeback debated

    Private debt and loans bankers are trying to work out possible approaches to the City of London Corporation’s plans to return to capital markets for the first time in a generation when it looks to raise around £1.75bn ($2.24bn) over the next three years, writes Mike Turner.

    13 May 2019

  • Opportunistic long end covereds wait for HVB's 15 year test

    UniCredit Bank AG (HVB) and Hypo Vorarlberg Bank AG are expected to open books on Tuesday for Pfandbriefe in the 15 and eight year tenors. The longer deal follows a series of other long-end trades and may be followed by more, as borrowers take advantage of remarkably strong market conditions to do their most difficult deals.

    13 May 2019

  • Lagardère targets mid June close for Schuldschein

    France’s Lagardère is set to price and allocate its €150m Schuldschein in one month, as borrowers look to get deals done before the bulk of European investors head off on summer holidays.

    13 May 2019

  • Metro to launch £350m capital raise within weeks

    Metro Bank, the embattled UK challenger bank, is expected to launch its planned £350m equity capital raise in the coming days after the bank was forced to quash rumours of financial instability on social media over the weekend. It may also sell or securitize some loans.

    13 May 2019

  • Euronext out on top in Oslo Børs acquisition battle

    Euronext has received approval from Norway’s authorities for its takeover of exchange group Oslo Børs, ending months of uncertainty and a full-blown takeover battle with rival Nasdaq.

    13 May 2019

  • NAB hunts for cheap dual-tranche deal in euros

    National Australia Bank went to investors on Monday with a dual-tranche deal, looking to make use of favourable conditions in the euro market. It was the first Australian name to issue euro-denominated notes since Westpac in November 2018.

    13 May 2019

  • Middle East FIG MTNs flow

    MTNs from Middle Eastern banks have flowed freely over the last week, with borrowers printing a range of currencies to take advantage of basis swap opportunities, amid little competition from European financials, say bankers.

    13 May 2019

  • Ireland ‘committed to diversifying issuance’, looking to add benchmark linker

    Ireland is focused on broadening its approach to bond issuance, and will look to sell its first benchmark inflation-linked trade "in the coming years', following its successful second privately-placed linker in March.

    13 May 2019

  • EM loan mart anticipates extended decline, bonds to reap benefits

    Emerging market loan volumes continue to suffer with year-to-date volumes down 60% from the same period in 2018. Global economic slowdown and the fear of trade wars, combined with the increasing appeal of the bond market, are dampening the prospects of recovery in the syndicated loan market in 2019.

    13 May 2019

  • KfW to ramp up green bond supply

    KfW aims to boost its issuance of green bonds after updating its programme to include funding for energy efficiency projects, in addition to the renewable energy sector in Germany.

    13 May 2019

  • Barclays hires Ken Brown for ECM team

    Ken Brown, until last year head of global finance for EMEA at Nomura, has joined Barclays as chairman of its equity capital markets business in Europe and the Middle East.

    13 May 2019

  • Finablr banks make final push to get deal covered

    There has been no covered message sent on the IPO of Finablr, the financial holding company which owns Travelex, though the deal is set to close today, Monday May 13. The banks are still working hard to close the book on schedule.

    13 May 2019

  • IFC prints inaugural Cambodian riel-linked note

    The International Finance Corporation printed the first offshore Cambodian riel-linked note last week. The bond’s proceeds will go towards the creation of a local capital market in Cambodia and the expansion of local currency lending in the country.

    13 May 2019

  • Gran Tierra pipes up with roadshow announcement

    Gran Tierra Energy, the Canada-listed oil and gas company that mostly operates in Colombia, held investor meetings and calls on Friday as it plots its second-ever international bond deal.

    10 May 2019

  • New York judge halts OCC’s fintech charter program

    A New York federal court decision issued last Thursday has put the brakes on the fintech charter program in development by the Office of the Comptroller of the Currency (OCC). The proposal was meant to allow marketplace lenders to operate under a uniform, nation-wide regulation, and without paying the cost of deposit services.

    10 May 2019

  • Barings BDC announces $550m lending partnership with US pension fund

    Barings BDC announced on Thursday that it is forming a joint venture with the State of South Carolina Retirement System (SCRS) that will invest in private debt, syndicated senior secured loans, structured products and real estate debt.

    10 May 2019

  • High times in high yield

    A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.

    10 May 2019

  • Funding scorecard: supranationals

    This week's funding scorecard looks at the progress supranationals have made in their 2019 funding programmes.

    10 May 2019

  • BOQ and BNZ consider covered bond sales

    Bank of Queensland has mandated leads for a roadshow for a potential second euro conditional pass through (CPT) covered bond, and Bank of New Zealand has mandated leads for a roadshow with plans to issue a covered bond or a senior unsecured deal.

    10 May 2019

  • World Bank GBP1.25bn FRN May 24

    10 May 2019

  • Largest Saudi IPO in years prices in Riyadh

    Arabian Centres Company (ACC), the owner and operator of Saudi retail malls, has priced its IPO at the bottom of its original range, winning local support for one of the largest deals from the Kingdom in years.

    10 May 2019

  • Investors put in €1.5bn orders for HSBC’s preferred senior

    HSBC reopened the financial institutions bond market on Friday with the sale of a senior preferred note that pulled in demand of €1.5bn two hours after the trade started.

    10 May 2019

  • Philippines adds euros to coffers after hiatus

    The Republic of the Philippines returned to the euro bond market on Thursday, after a more than 10 year hiatus.

    10 May 2019

  • Chinese HY duo snaps up taps despite volatile market

    Shandong-based coal miner Yankuang Group Co was able to price a $500m tap almost 30bp inside where the existing notes were trading on Thursday, while E-House (China) Enterprise Holdings, a real estate services firm, also added $100m to an outstanding bond.

    10 May 2019

  • China market and policy round up: trade tension reaches new height, FX reserves dip, record high QFII quotas granted in April

    In this round up, China-US trade tension peaked with US president Donald Trump’s market-moving tweet, Chinese FX reserves dipped in April and the amount of Qualified Foreign Institutional Investors (QFII) quotas approved in April surpassed that of all of last year.

    10 May 2019

  • AB InBev starts brewing $5bn APAC IPO

    Belgian brewer Anheuser Busch InBev has taken the first step toward floating its Asia Pacific operations on the Hong Kong Stock Exchange.

    10 May 2019

  • PDVSA set to make payment on secured bond

    Venezuelan government-owned oil giant Petróleos de Venezuela (PDVSA) is likely to make a $71m interest payment on its 2020 notes, the only external bond on which the country has not yet defaulted.

    09 May 2019

  • Chile plots pesos as Lat Am bankers hold pipeline hopes

    Latin American bond bankers believe primary market activity will pick up next week after a volatile week led some banks to postpone previously scheduled mandate announcements.

    09 May 2019

  • EM buyers drive Paraguayan zero coupon trade

    Paraguay tapped bond investors on Thursday to finance its portion of the transcontinental road, raising $732.3m of amortising notes with an average life of 8.9 years and using a zero coupon structure to reflect project payment flows.

    09 May 2019

  • AIIB USD2.5bn 2.25% May 24

    09 May 2019

  • Strength of CEE’s local banks to offset GDP slowdown

    Growth is expected to slow across central and eastern Europe this year, but the region has a trick up its sleeve: a well developed local banking system that in the 30 years since the fall of the Iron Curtain has evolved into a self-sufficient source of financing for the region.

    09 May 2019

  • KKR, Philips and Vesteda hope euro funds hold their nerve

    The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, was tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test came on Thursday, as five companies finished roadshows and issued. So far the signs are very encouraging - good news for the clutch of companies still on the road.

    09 May 2019

  • CLO market persists through macro headwinds

    Reluctance from smaller Japanese buyers and the end of a rally in loan prices are likely to dampen CLO volumes through the remainder of 2019, market sources say, although the market thus far shows no signs of abating.

    09 May 2019

  • Bristol-Myers wins bragging rights over IBM

    The US corporate bond market caught fire this week, as two huge M&A financings - $19bn for Bristol-Myers Squibb and $20bn for IBM - were priced on successive days, and met contrasting fortunes.

    09 May 2019

  • Ørsted pleases green and CPI investors with £900m bond hit

    Ørsted, the Danish energy company formerly known as Dong, which is transitioning from oil and gas to renewable energy, launched a highly successful bond issue on Thursday that was the biggest ever sterling green bond, at £900m, and included the biggest fully syndicated note linked to the consumer price index (CPI).

    09 May 2019

  • VIX short takes strain as trade war tension sends vol surging

    A record short volatility position that was building in VIX futures has come under pressure this week as the index burst out of a prolonged slumber. But there may still be a payoff for those who hold their nerve and play the short right.

    09 May 2019

  • ESM EUR1.5bn 0% Jan 22 tap, EUR1bn 0.5% Mar 29 tap

    09 May 2019

  • Ireland EUR4bn 1.50% May 50

    09 May 2019

  • EIB USD3bn 2.250% Jun 24

    09 May 2019

  • Ørsted wows green and inflation investors with windfarm bond

    Ørsted, the Danish energy company formerly known as Dong, which is transitioning from oil and gas to renewable energy, launched a highly successful bond issue on Thursday that was the biggest ever sterling green bond, at £900m, and included the biggest fully syndicated note linked to the consumer price index (CPI).

    09 May 2019

  • Soc Gen mandates for client selectivity

    Société Générale will take an increasingly selective approach to which of its clients are allowed the full range of its product suite, as it targets big savings in its global banking and investor solutions (GBIS) division.

    09 May 2019

  • AIIB positioned as a ‘premium supranational’

    The Asian Infrastructure Investment Bank placed itself among the very top supranational names in the capital markets this week when its highly anticipated debut bond was priced in line with the likes of the World Bank and European Investment Bank. AIIB aims to become a regular issuer of debt, issuing across various currencies and structures to build a diversified funding programme.

    09 May 2019

  • Majid Al Futtaim USD600m 4.638% May 2029 sukuk

    09 May 2019

  • Low yields no deterrent for Swiss franc investors

    Vaduz-based Liechtensteinische Landesbank (LLB) kicked off Swiss franc bond issuance after an investor lunch in Zurich on Monday with its debut Sfr150m seven year senior preferred.

    09 May 2019

  • Predicting Trump and Xi a mug’s game

    The US was set to raise tariffs on $200bn of Chinese goods, as GlobalCapital went to press, after talks between the two economic powers appeared to break down. Few people predicted it, most having prematurely stopped worrying about the US-China trade war and its impact on markets.

    09 May 2019

  • World Bank builds out Sonia curve

    The World Bank printed its second Sonia linked note on Wednesday as part of efforts to build its Sonia curve. The supranational has now sold over £2.5bn of Sonia paper across two benchmark bonds since September 2018.

    09 May 2019

  • EM threats lose power as bonds battle on

    It should not have been a good week for CEEMEA bonds. Fears of an escalating trade war between the US and China, a re-run of mayoral elections in Istanbul that many are calling the end of democracy in Turkey, South Africa national elections and the spectre of US sanctions on Russia would normally have killed the primary market. But issuers kept on printing and bonds rallied, writes Francesca Young, with next week's pipeline filling up.

    09 May 2019

  • Barclays and Lloyds find Sonia success

    Barclays and Lloyds Banking Group kept the sterling covered bond market busy this week with Sonia-linked trades that drew strong demand and were priced with no new issue premium.

    09 May 2019

  • Learning Curve: An index — the cure for Sonia calculation headaches

    As UK loan, bond and derivative market participants work to the deadline of December 31, 2021 to stop using Libor, one of the biggest hurdles is how to calculate the new reference rate: Sonia.

    09 May 2019

  • Spectre of trade war re-emerges to haunt markets

    Global equity markets suffered their worst days of the year this week after an apparent breakdown in trade talks between the US and China, causing investors to sell and volatility to spike and possibly wrecking equity issuance plans, write Sam Kerr and Ross Lancaster.

    09 May 2019

  • Corporate bond investors ignore trade fears to gobble deal binge

    European corporate bond investors showed they were hungry for paper on Thursday, despite the gloom infecting equity markets this week about the prospect of a restart to the China-US trade war. A flurry of issuers came to the market, hot from roadshows, and got plenty of over-subscription while slashing their spreads by 20bp to 30bp.

    09 May 2019

  • TP ICAP launches euro rates and inflation data sets

    TP ICAP's data division has launched two new data sets for participants in the euro interest rate options and global inflation markets.

    09 May 2019

  • Traiana provides clearing link-up to Eurex

    Infrastructure service provider Traiana has begun to provide direct central clearing connectivity to the Eurex exchange for OTC interest rate swaps.

    09 May 2019

  • Investors to snub Hamburg Commercial Bank debut

    Hamburg Commercial Bank is looking to land a debut senior bond in the euro market in May, hoping to open a new chapter in the history of the restructured HSH Nordbank. But the institution may find it difficult to move on, with a group of influential investors angry over previous management decisions threatening to derail the deal.

    09 May 2019

  • The 2019 GlobalCapital US Securitization Awards: The Winners

    GlobalCapital held its sixth annual US Securitization Awards at New York's Metropolitan Club on Wednesday, May 8.

    09 May 2019

  • Ireland wins record demand for 30 year syndication

    Ireland set a new order book record when it issued a curve-extending long 30 year bond on Thursday.

    09 May 2019

  • BlackRock backs out of Carige recap, raising bailout fears

    US fund manager BlackRock has pulled the plug on a rescue deal for ailing Italian bank Carige, setting the stage for a difficult political argument over whether to approve yet another costly government bailout.

    09 May 2019

  • People moves in brief — May 9, 2019

    Schlesinger leaves Santander – New responsibilities for Ross – Soc Gen shuffles markets top brass

    09 May 2019

  • AIIB debut priced ‘in line’ with top supras

    The Asian Infrastructure Investment Bank (AIIB) positioned itself among the very highest credits on Thursday with its capital markets debut, selling a five year global dollar benchmark bond that bankers said was priced similarly to top rated supranational debt from issuers like the World Bank and the European Investment Bank.

    09 May 2019

  • UniCredit to change structure to reduce funding cost

    UniCredit provided details of its intention to strengthen its balance sheet further on Thursday, as it produced a well-received set of earnings results.

    09 May 2019

  • Istanbul election rerun ‘prolongs recession and erodes credibility’

    The Turkish lira this week tumbled to levels it had not seen since last October’s economic crisis after Turkey’s electoral commission (YSK) annulled the results of Istanbul’s municipal elections that had been won by the opposition. Investors said they are concerned that economic reforms will be put on hold and are worried that higher interest rates will prolong the country’s recession.

    09 May 2019

  • Ramaphosa set for re-election, banks hope to get back to deals

    Opinion polls indicate that South Africa’s incumbent African National Congress party and president, Cyril Ramaphosa, will win the country’s hotly contested general election, held on Wednesday, with a reduced majority. Bankers expect financing business to return to normal soon, after pausing in the run-up to the election.

    09 May 2019

  • Sampo to hunt for non-call tier two in euros

    Sampo Group started to meet investors on Thursday, aiming to print a tier two note. ASR Nederland was the last insurer to raise tier two capital, in a deal that was more than 10 times oversubscribed.

    09 May 2019

  • HSBC out with Irish CMBS deal

    HSBC is out with an Irish commercial mortgage securitization, Pembroke Property Finance, backed by loans sold by Finance Ireland Credit Solutions.

    09 May 2019

  • Fallen angel K+S refis loan early for €960m as it foresees halving debt

    K+S, the potash and salt producer, has refinanced its revolving credit facility a year early, to lock in favourable borrowing terms at it seeks to move back to positive free cashflow for the first time for more than five years.

    09 May 2019

  • New look RBNZ committee cuts rates to record low

    The Reserve Bank of New Zealand cut rates for the first time since 2016 to a record low of 1.5% on Wednesday. The RBNZ Monetary Policy Committee decision was the first under its new set-up, which included three external members on the committee.

    09 May 2019

  • Genco is latest shipping firm to increase loan as environmental upgrades loom

    The US’s Genco Shipping & Trading has increased the size of its bank loan, as the global shipping industry prepares to finance sweeping mandatory changes to become more environmentally friendly.

    09 May 2019

  • Lagardère gets ahead of Schuldschein stampede

    France’s Lagardère has launched a Schuldschein deal, with the media company likely the only new name on screens before an expected deluge of trades from next week onwards.

    09 May 2019

  • Sun rises over Italian STS securitization market

    Agos Ducato has mandated arrangers Credit Agricole and Banca Arkos for an Italian consumer ABS from its Sunrise shelf, Sunrise 2019–1, a €1.1bn transaction set to be the first Italian deal to comply with the ‘simple, transparent and standardised’ (STS) framework.

    09 May 2019

  • Lloyds takes sterling covered funding in size

    Lloyds Bank found good demand for its third visit to the sterling covered bond market in the last eight months and the largest Sonia linked bond of that type issued this year. Attractive relative value and a prospective supply slowdown propelled demand, enabling the deal to be priced flat to fair value.

    09 May 2019

  • Sovcomflot bags second loan for LNG ships

    Sovcomflot, the Russian shipping company, has signed a 10 year loan facility with three international lenders. Russian syndicated loan volumes remain low, but Sovcomflot is widely regarded by bankers as one of the stronger and more established Russian borrowers.

    09 May 2019

  • Gold Fields prints as SA goes to the polls

    Gold Fields, a South Africa-headquartered mining company, sold its $1bn dual tranche bond on Wednesday at a spread that looked historically tight to comparable issuer, AngloGold. It attracted $3bn of orders despite national elections on the same day.

    09 May 2019

  • Chinese property companies prepare to tap offshore loans, but deal sizes aggressive

    A number of Chinese real estate companies have returned to the offshore loan market after struggling to raise money in the second half of 2018. Although some bankers said they are more willing to lend than they were last year, they are also complaining about the size of some deals. Pan Yue reports.

    09 May 2019

  • LeasePlan brings UK auto STS deal, while Moody’s flags risk for auto ABS

    LeasePlan UK has mandated LeasePlan Corporation as arranger and HSBC and Santander as joint lead managers for Bumper UK 2019-1, a UK auto ABS which will comply with the ‘simple, transparent and standardised’ (STS) framework.

    09 May 2019

  • African pair line up dollar deals

    Two African borrowers are set to hit the road for dollar bonds, extending a run of deals from the continent after a slow start to the year.

    09 May 2019

  • Luckin enjoys extra strong backing for Trump-resistant IPO

    US president Donald Trump caused turmoil in global financial markets this week, after threatening to ramp up tariffs on Chinese goods. But although Trump stirred up trouble, Chinese start-up Luckin Coffee was not put off from brewing a US IPO. With heavy-hitting institutional investors already piling in to the offering, the company looks on track to raise more than half a billion dollars. Jonathan Breen reports.

    09 May 2019

  • Mustier tight-lipped about UniCredit M&A plans after €1bn Fineco share sale

    UniCredit’s chief executive, Jean Pierre Mustier, moved fast this week to sell €1bn of stock in FinecoBank, the Italian bank’s online brokerage, after a decision to deconsolidate the unit. Many in the market see UniCredit's accelerating asset sales as an effort to boost its capital position before exploring M&A opportunities in 2020. Aidan Gregory reports.

    09 May 2019

  • MGM China turns to bond for attractive funding

    Casino operator MGM China Holdings priced a larger-than-expected $1.5bn 144A/Reg S deal this week, and both tranches rallied in the secondary market despite a broader risk-off sentiment.

    09 May 2019

  • Headhunter's Nasdaq float breaks Russian IPO duck

    Headhunter Group, the Russian recruitment software firm, priced a $220m IPO on Wednesday in the first new listing from a Russian issuer since November 2017.

    09 May 2019

  • Chinese regulator outlines new NPL rules

    The China Banking and Insurance Regulatory Commission is planning to impose tighter rules on the recognition of non-performing loans (NPLs), forcing banks to provide more transparent data about the health of their assets.

    09 May 2019

  • Hong Kong grows green market with dollar bond

    The Hong Kong government is meeting with international investors this week in an effort to court attention for its debut green bond. The transaction has been expected for more than a year, with Hong Kong and green enthusiasts hoping that a sovereign deal can launch the city as a hub for sustainable financing. Morgan Davis reports.

    09 May 2019

  • EM bond strategy is fight not flight

    A decade ago any threat of volatility anywhere within the CEEMEA bond markets would shut them down. Not anymore. Nowadays scares barely even shut those parts of the market that they most affect, as this week’s bumper bond crop shows.

    09 May 2019

  • Making memes: How one banker spends his time

    When I was a young debt banker, I hated Jimmy Carter. I was a cigar-chomping, ambitious yuppie with a Patek and a Rolodex that could choke an elephant, while he was a peanut-farming pinko with a charisma deficit.

    09 May 2019

  • Activists hold key to Europe’s M&A fortunes

    Banks face big decisions over client selection and positioning as Europe’s M&A boom falters, writes David Rothnie

    09 May 2019

  • Eagle Hospitality drags out Singapore IPO

    Eagle Hospitality Trust extended bookbuilding for its Singapore IPO twice because of market jitters following US president Donald Trump’s tweet this week about Chinese trade tariffs, according to a source close to the deal.

    09 May 2019

  • CCB Leasing opts for price over size in 10 year tranche

    CCB Financial Leasing Corp sold a $700m dual-tranche transaction on Wednesday, without paying a new issue premium on either tranche, and pushing the pricing on the $200m 10 year some 10bp inside its curve.

    09 May 2019

  • GSX Techedu files lesson plan for $250m IPO

    Chinese online tutorial platform GSX Techedu is seeking approval for an American Depository Shares (ADS) listing on Nasdaq, as fellow Chinese company DouYu waits for more stable market conditions before commencing pre-marketing for its own $500m ADS offering.

    09 May 2019

  • Paraguayan infra deal set for Thursday pricing

    A securitization that repackages Paraguayan government infrastructure financing is expected to be priced on Thursday after the bookrunner set initial price thoughts the day before.

    09 May 2019

  • Chile set to tap trio of peso bonds

    Latin America’s best rated sovereign, Chile, will begin investor meetings on Thursday as it plots its third Euroclearable local currency deal.

    09 May 2019

  • Lesson one for GSX Techedu $250m IPO

    Chinese online tutorial platform GSX Techedu is seeking approval for an American Depository Shares (ADS) listing on Nasdaq.

    09 May 2019

  • EIB planning to launch new development bank

    The European Investment Bank is preparing to launch a new entity — potentially called the European Bank for Sustainable Development — that will focus on sustainable projects outside the EU, GlobalCapital understands.

    09 May 2019

  • Xinyi Energy replugs IPO

    Xinyi Energy Holdings, an owner and operator of Chinese solar farms, has received a boost on its second attempt at listing on the Hong Kong Stock Exchange.

    09 May 2019

  • Natixis loses Asian sustainability director

    Chaoni Huang has left her job leading Natixis’ sustainability efforts in Asia Pacific.

    09 May 2019

  • French bid to widen EU green Taxonomy received well

    The attempt by France to broaden the European Union’s proposed Taxonomy of Sustainable Economic Activities away from the “green niche” has made a good start. Financial officials from all the EU governments discussed the idea on Tuesday, with many member states being “very supportive”, according to sources close to the situation.

    09 May 2019

  • Bosnia and Herzegovina rails against delays to EU accession

    Senior Bosnia and Herzegovina officials vented frustration at the stalled process of EU accession talks yesterday (Wednesday), warning that Europe’s foot-dragging was stymying growth and investment and threatened to undermine belief in the process.

    08 May 2019

  • Russia to EBRD: talk or we walk

    Five years after the EBRD decided to stop funding new projects in Russia, the country has started to hint it might walk away from the multinational bank and find other funding sources unless it opens negotiations

    08 May 2019

  • EBRD’s Africa push met with scorn in Sarajevo

    Plans by the EBRD to enter sub-Saharan Africa have been criticised by delegates at the annual meeting for taking on more responsibilities at a time when they have not completed their tasks in their original areas of operation

    08 May 2019

  • Europe risks driving Ukraine to Russia through neglect

    Ukraine’s president-elect Volodymyr Zelensky appears to have planted his flag firmly in favour of European integration but there are warnings that Russia will step into the gap if the bloc does not reciprocate

    08 May 2019

  • CEE ‘behind the curve’ on green bonds

    Climate change may be climbing to the top of the EU and EBRD’s agenda, but the outlook remains clouded in CEE, where green bond issuances remain intermittent. However, countries in emerging Europe are being encouraged to respond to their obligations by using green financial instruments

    08 May 2019

  • EIB planning to launch new development bank

    GlobalMarketscan reveal that the European Investment Bank is preparing to launch a new entity — potentially called the European Bank for Sustainable Development — that will focus on sustainable projects outside the EU.

    08 May 2019

  • Baltic countries target single index classification

    The EBRD is working with Latvia, Estonia and Lithuania to have the Baltic region classified as a frontier market initially and is working on a pan-area covered bond framework

    08 May 2019

  • Phalanx of companies ready to issue in softer market

    The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, will be tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test could come on Thursday, since a handful of issuers finished roadshows on Wednesday.

    08 May 2019

  • Co-op bond works well as high yield, green angle incidental

    The Co-operative Group, the UK food retailer and provider of funeral, legal and insurance services, launched its first sustainable bond on Wednesday and achieved impressive demand. But that had little to do with its ethical characteristics.

    08 May 2019

  • Credit card lending standards tightened in the first quarter

    Banks have tightened their credit card lending standards throughout the first quarter, according to a Federal Reserve report published this week, while consumer demand for credit cards has weakened overall in the past three months.

    08 May 2019

  • Yapi Kredi loan flies as banks stick with troubled Turkey

    Yapı Kredi Bank signed its spring loan refinancing on Thursday, having wrapped up the deal at $1.03bn. Bank of America Merrill Lynch and UniCredit are coordinators of the deal, which has 49 banks participating. The political uncertainty triggered by the decision to re-run the municipal elections in Istanbul has not dented international lenders’ appetite for financing Turkey’s banks.

    08 May 2019

  • France and Germany push to revive EU Financial Transaction Tax

    France and Germany have proposed to extend France’s model for a financial transactions tax (FTT) to all EU countries willing to participate, allocating the revenues to the EU’s budget, according to a Franco-German document seen by GlobalCapital.

    08 May 2019

  • European Commission ‘should create fintech union’

    The European Commission should work on setting protocols and standards to allow European-wide co-operation on fintech, according to Vilius Sapoka, Lithuania’s finance minister.

    08 May 2019

  • Foreign lenders committed to Turkish banks despite Istanbul re-run

    The political uncertainty triggered by the decision to re-run the municipal elections in Istanbul has not dented international lenders’ appetite for financing Turkey’s banks, market participants tell GlobalMarkets

    08 May 2019

  • PrivatBank ‘confident’ of resisting nationalisation unwind

    A Ukrainian bank believes it can overturn a court ruling against its nationalisation that was seen as good news for the oligarch who used to own it and who is a supporter of the incoming president.

    08 May 2019

  • Lithuania ‘distinguished’ from other Baltics on money laundering

    Lithuania’s finance minister tells GlobalMarkets why he is confident that his country has a lower exposure to money laundering risk than its Baltic neighbours because of its relatively low level of non-resident deposits.

    08 May 2019

  • EIB makes ‘amazing’ five year dollar outing

    The European Investment Bank enjoyed stellar demand for a $3bn five year deal on Wednesday, with lack of competing supply encouraging investors to turn out in droves, despite the skinny premium on offer.

    08 May 2019

  • NRW.Bank to sell first benchmark under new insolvency ruling

    NRW.Bank mandated banks on Wednesday for a 10 year euro bond, in what is the agency’s first benchmark since rules were changed to allow the bank to be dissolved by law only.

    08 May 2019

  • Santander’s head of continental European PP origination departs

    Santander’s head of continental European private placement origination has left the bank after nearly 13 years with the firm, but only the last five months in that role.

    08 May 2019

  • BAML out with new Italian CMBS

    Bank of America Merrill Lynch is bringing a €300m Italian CMBS, with TPG Sixth Street Partners as sponsor. The deal comprises four loans backed by 648 mixed-use assets located throughout Italy originated by Zodiac Holdings and Nucleus Investments.

    08 May 2019

  • West lagging in race to finance Uzbek reforms

    As Uzbekistan takes its first steps towards opening up to international investors, Europe and US are trailing behind their Russian and Chinese counterparts.

    08 May 2019

  • Kazakhstan privatisation on track with KMG listing in 2020

    Emerging markets investors are looking ahead to a series of privatisations in Kazakhstan following the economic reforms unveiled by outgoing president Nursultan Nazarbayev that should be implemented by his successor

    08 May 2019

  • HKEX derivatives volumes fall, extended trading hours signalled

    Hong Kong Exchanges and Clearing (HKEX) has reported a fall in derivatives volumes for the first quarter of the year.

    08 May 2019

  • New era begins for SSA market as AIIB fires up debut deal

    The Asian Infrastructure Investment Bank (AIIB) has begun a price discovery process for its eagerly awaited inaugural bond, which is expected to be issued on Thursday.

    08 May 2019

  • UniCredit acts fast to sell FinecoBank block

    UniCredit surprised investors with its speed when it sold a €1bn block in FinecoBank on Tuesday — the same day it announced that it would seek to reduce its stake in the online brokerage.

    08 May 2019

  • Schuldschein market takes breather after Easter gorging

    Borrowers are lying low in the Schuldschein market this week after executing a flurry of deals during the run-up to the Easter break. But bankers expect the hiatus to be short-lived.

    08 May 2019

  • Uzbek banks open doors to foreign money

    After being off limits to foreign investors for many years, Uzbekistan has raced to catch up for lost time by seeking investments by European banks and international financial institutions

    08 May 2019

  • The heart of the New Silk Road

    After decades of self-imposed isolation, Uzbekistan is embarking on a range of projects with the help of Chinese assistance — and finance — to slowly start to stitch a recently remote country back into the global economy

    08 May 2019

  • Uzbekistan: coming in from the cold

    After years of isolation, Uzbekistan has started to forcefully address its economic challenges and exploit its inherent advantages in a way that offers the potential to make this resource-rich market a stronger player in the global economy

    08 May 2019

  • Investors attracted by lure of Uzbek capital markets

    Four decades after declaring independence, a successful Eurobond issue and major reforms show Uzbekistan is finally growing up and engaging with the world on its own terms

    08 May 2019

  • Uzbekistan is reforming and opening up to the world

    Since late 2016, Uzbekistan has embarked on large-scale institutional, economic and social reforms under President Mirziyoyev’s administration.

    08 May 2019

  • Co-op finds good demand despite long absence

    Co-operative Group returned to the sterling market on Wednesday with its first senior deal since 2011 and was set to price an increased transaction at the tight end of guidance.

    08 May 2019

  • Russian Railways to join EM green bond train

    Russian Railways is embarking on a roadshow to market its first green bond, which DCM bankers say is the first international green bond from the country. It it entering the market despite a round of US sanctions seeming to be on the way.

    08 May 2019

  • Loan revival proves a damp squib

    The recovery in syndicated lending in EMEA has not been sharp enough to quell senior bankers’ concerns about targets for this year, even though some big deals are floating around the market.

    08 May 2019

  • Ross takes on SSA duties at Deutsche

    Deutsche Bank has appointed Frazer Ross as its head of European flow syndicate, adding responsibility for the SSA syndicate business to his existing oversight of the corporate, financials, emerging markets and EMTNs syndicate.

    08 May 2019

  • FIG market near the top, analysts fear

    FIG bond issuers this year have been enjoying favourable conditions and heavy demand, but there is growing scepticism that it will continue. Some analysts believe spreads and new issue premiums cannot shrink much further.

    08 May 2019

  • High yield issuers not bothered by chill in the air

    Softness in risk asset markets has not choked off the flow of new high yield issues in Europe, though there are no investment grade new issues on Wednesday, a French holiday. Virgin Media is holding investor calls today for a new $825m and £300m senior secured issue, rated Ba3/BB-/BB+.

    08 May 2019

  • MAF prints green sukuk with zero NIP

    Majid Al Futtaim (MAF), a shopping mall developer based in the Middle East, sold a 10 year green sukuk on Tuesday flat to its outstanding curve.

    08 May 2019

  • Greece a no-show as market mood darkens

    The souring of trade talks between the US and China has sounded a bum note this week to what Greece had hoped would be a harmonious market in looking to price its benchmark bond. Bankers now believe the sovereign should wait for a better opportunity.

    08 May 2019

  • Barclays issues Sonia-linked first

    Barclays Bank kept the primary covered bond market alive on Wednesday, launching its first deal of the year and its first Sonia-linked transaction — though at £500m it was the bank’s smallest covered bond yet.

    08 May 2019

  • Valuation dislocation continues to hamper ECM

    Primary equity market bankers are still struggling to bridge the gap between the expectations of buyers and sellers, hindering new deal supply.

    08 May 2019

  • Investors irritated as Erdogan tanks Turkey again

    Investors are aghast that Turkey’s national election board has cancelled the results of the Istanbul mayoral race, which the country's president Recep Tayyip Erdogan’s ruling party lost in March, and ordered a rerun. The country’s currency and CDS took a hit on Tuesday and is still reeling.

    08 May 2019

  • Barclays’ head of private loan sales Broughton to join ANZ Bank

    Emma Broughton, who quit Barclays last month, will join ANZ Bank in June.

    08 May 2019

  • Siemens preps power and gas spinoff in 2020

    Shares in Siemens rose by 4.3% on Wednesday morning after the German engineering conglomerate released its second-quarter earnings and announced it plans to spin off its gas and power business.

    08 May 2019

  • Piramal and CPPIB to launch India’s debut green InvIT

    India’s Piramal Enterprises and the Canada Pension Plan Investment Board (CPPIB) are planning to co-sponsor an India-based infrastructure investment trust (InvIT).

    08 May 2019

  • Updated: PBoC again opts for curious timing with third bills issuance

    The People’s Bank of China (PBoC) sold a three month Rmb10bn ($1.48bn) tranche and a one year Rmb10bn tranche in Hong Kong on May 15, Hong Kong Monetary Authority (HKMA) said on Wednesday. The central bank has again chosen an interesting time for the announcement and the tender.

    08 May 2019

  • Woori turns Formosa green

    Woori Bank turned to Taiwan this week for its latest dollar transaction, raising $450m from the first sustainability-labelled Formosa deal.

    08 May 2019

  • CAR drives away with $200m of new money amid market jitters

    Chinese car rental company CAR has wrapped up a liability management exercise, pushing its maturity curve out to 2022 despite fears in the credit market about the US-China trade war.

    08 May 2019

  • Zhongding cuts price for €200m refi

    China’s industrial and automotive parts manufacturer Zhongding Group has cut the price for its €200m loan refinancing.

    08 May 2019

  • Sinopharm Leasing joins Bocom, CCB in offshore loans

    Sinopharm Holding (China) Finance Leasing is tapping the offshore loan market for a $200m borrowing.

    08 May 2019

  • DouYu's $500m IPO still buffering after Trump's tariff threat

    Chinese e-sport streaming platform DouYu is waiting for more stable market conditions before commencing pre-marketing for its $500m IPO of American Depository Shares (ADS).

    08 May 2019

  • Paraguayan rides solo in Lat Am pipe amid volatility

    Just one Latin American issuer has announced bond issuance plans as another day of market volatility had bankers pondering whether the favourable conditions that have prevailed almost uninterrupted since mid-January might be in danger.

    08 May 2019

  • Freddie Mac opens UMBS exchange

    Freddie Mac on Tuesday opened an exchange that will allow investors to trade eligible Freddie Mac securities for TBA-eligible Uniform Mortgage Backed Securities Mirror Certificates, which will be fungible with the new GSE security that will see Fannie Mae and Freddie Mac’s markets merge into one.

    07 May 2019

  • US CLO rally imminent, Wall Street analysts predict

    After the biggest month for new issue CLO supply since the market was created in the 1990s, Wall Street researchers have predicted that new issue spreads will grind tighter in the near-term, as secondaries come in and CLO formation is challenged by low loan supply.

    07 May 2019

  • Russia losing ground in Central Asia as key rival pumps in cash

    Russia is at risk of being permanently marginalised in markets in Central Asia that until recently it viewed as part of its sphere of influence.

    07 May 2019

  • Consumer spreads have room to tighten through June

    Consumer-related ABS issuance started off the week strong and steady with four deals from Navient, DriveTime, World Omni and SeaCube either priced or in the pipeline amid spreads on a downward trajectory.

    07 May 2019

  • Investors hesitant on Zelensky ahead of Eurobond issue

    Investors are looking for clearer signals of the policies that former comic Volodymyr Zelensky will enact after winning power as Ukraine’s new president a month ago ahead of an expected return to the Eurobond market

    07 May 2019

  • Istanbul election re-run ‘prolongs recession and erodes Turkey’s credibility

    Investors have told GlobalMarkets that the decision to re-run the municipal elections in Istanbul will deliver fresh economic uncertainty in Turkey as further delays to much-needed reforms will add to drops in the currency and bonds

    07 May 2019

  • Co-op’s triply rare green bond for Fairtrade goods

    The Co-operative Group, the UK food retailer, undertaker, insurer and legal services provider, has announced a £250m sustainable bond issue which will be unusual in three ways. Green and sustainable bonds are rare in the UK and rare in the high yield market, while the use of proceeds Co-op is planning is close to unique.

    07 May 2019

  • Balkans to Brussels: invest more or give way to China

    The finance minister of Bosnia and Herzegovina has used an interview with GlobalMarkets to send a strong warning to the European Union to increase investment in the Balkan region or risk falling behind China

    07 May 2019

  • Basel rules ‘curbing infra investment in emerging markets’

    Hopes of attracting private finance to fill the funding gap for much-needed infrastructure projects in developing and emerging countries are being threatened by new rules aimed at making banks safer.

    07 May 2019

  • Local banking strength in CEE to offset growth slowdown

    The success of the commercial banking system in central and eastern Europe in taking over from development banks in providing finance will support the region ahead of a forecast slowdown in economic growth

    07 May 2019

  • Carrefour takes lion's share, SBB gets by

    After a couple of slow weeks for corporate bond issuance in Europe, the pace quickened somewhat on Tuesday, with two €500m no-grow issues. One was from a familiar name - Carrefour, the French supermarket chain - the other from a new one, Samhällsbyggnadsbolaget i Norden, a Swedish residential property company founded only in 2016.

    07 May 2019

  • Bank of England worries about UK-EU relationship post-Brexit

    Sir Jon Cunliffe, deputy governor for financial stability at the Bank of England, this week outlined the risks the UK will face once it breaks from the European Union. Foremost is the uncertainty of the relationship after the divorce.

    07 May 2019

  • High yield marches on through softer market with United, Cirsa

    Three new high yield issues were launched into marketing in Europe on Tuesday, including a pay-if-you-can bond, even though the market was a bit weaker after President Donald Trump’s sabre-rattling about raising trade tariffs on China.

    07 May 2019

  • UniCredit starts FinecoBank separation with €1bn share sale

    The formal separation of FinecoBank, the Italian online brokerage, from UniCredit has begun with Italy’s biggest bank selling almost half stake to institutional investors via an equity block trade – a strategy UniCredit has used numerous times in the past to shed non-core assets under its CEO Jean-Pierre Mustier.

    07 May 2019

  • Erdoğan’s erratic actions leave investors on edge

    Turkey’s national election board has cancelled the results of the Istanbul mayoral race that president Recep Tayyip Erdoğan’s ruling party lost in March and ordered a rerun. This is widely thought of internationally as a blow to democracy, and in Istanbul citizens have taken to the streets in protest. But Erdoğan’s behaviour has been so unpredictable in the past year that there is hope the rerun in June will be free and fair enough for investors to breathe easy. It seems a bet made more in hope than expectation.

    07 May 2019

  • Market eyes EBRD role in cat bonds for western Balkans

    Catastrophe bonds could be a useful tool for countries in the western Balkans to insure against the impact of weather related disasters — especially if bodies such as the EBRD and UN play a role

    07 May 2019

  • Romania, France support bolder versions of EU’s sustainable economy taxonomy

    Romania and France are pushing for a bolder taxonomy within the EU's Sustainable Finance Action plan as EU finance officials meet in Brussels today. The latest draft, put forward by Romania, sees the taxonomy covering all economic activities, grading them from green to brown.

    07 May 2019

  • Equity investors see golden opportunities in Uzbekistan

    A decision by Uzbekistan to open its capital markets to outside investors is set to see a roll out of privatisations of non-core businesses such as banks and mining companies

    07 May 2019

  • Economists warn CEE against adopting modern monetary theory

    Modern monetary theory has become a rallying cry for the left in the United States where its advocates say it can unlock state spending without sparking inflation. But economists in the CEE warn it would have dire impacts in the EBRD region

    07 May 2019

  • EBRD urged to intervene over ‘damaging’ North Macedonia hydro project

    Hydropower power projects have proved to be very controversial across the West Balkans and one project in North Macedonia has put the EBRD into conflict with environmental campaigners

    07 May 2019

  • Trade war can still wreck equities in 2019

    Equity investors are too complacent about the prospects of the wheels coming off of trade talks between China and the US. Such optimism could wreck equity capital markets for the year if negotiations sour,

    07 May 2019

  • Can Orbanism echo its success in Hungary in the wider region?

    Hungary has again demonstrated a willingness to tread its own path. Moves such as bank nationalisation, building barriers and increased protectionism have incurred the wrath of Brussels but have been copied by other EU member states

    07 May 2019

  • China’s focus means Bosnian economy no longer feeling left behind

    The governor of the central bank of Bosnia and Herzegovina hopes global investors will understand the opportunities and will seek to exploit them but so far, the main source of that attention has come from China

    07 May 2019

  • Joining the EU remains a dream for Bosnia

    Joining the European Union would put Bosnia and Herzegovina squarely on the investment map. But for now it seems that the hosts of this year’s EBRD annual meetings are not ready to make the step up yet

    07 May 2019

  • Banking on Bosnia’s financial strength

    The strength of Bosnia and Herzegovina’s banking sector is one of the tiny country’s overlooked successes, posting despite double digit growth in income and in return on equity

    07 May 2019

  • Capital market reform — Hungary’s quiet revolution

    Interventions by the Budapest Stock Exchange and Hungary’s financial regulators have enabled the country’s capital markets to play a lead role in attracting homegrown innovators and foreign investors

    07 May 2019

  • Hungary’s banks thrive in era of nationalization

    Since Viktor Orban came to power in Hungary, more than half of the share of the banking sector is controlled by the government. But the sector is healthier, more profitable and showing an appetite to expand into the wider region

    07 May 2019

  • Ireland picks banks to extend its curve to 31 years

    Ireland appointed banks on Tuesday for its second syndicated bond of the year, which will extend its euro benchmark curve to 2050 (31 years).

    07 May 2019

  • Securing the economic potential of Bosnia and Herzegovina

    Bosnia and Herzegovina (BiH) is a middle-income country with a huge potential for growth, but unfortunately, it is the news and discussions about the politics that most of the time dominate the economic reform debate.

    07 May 2019

  • EIB returns to dollars after Golden Week, offering NIP

    The European Investment Bank is out with initial price thoughts on a $3bn 2024 bond, offering investors a premium to its bigger five year deal in January.

    07 May 2019

  • Glenmede hires Susquehanna head

    Glenmede Investment Management (GIM) has appointed Stacey Gilbert as portfolio manager in its derivatives team.

    07 May 2019

  • UK DMO picks tenor for first syndication of year

    The UK Debt Management Office has chosen the tenor for the first syndication of its 2019/20 financial year, which is expected to come in the week commencing May 13.

    07 May 2019

  • Hanover mandates for ultra-long Schuldschein

    The City of Hanover is returning to the Schuldschein market with a dual tranche, long dated deal, around a year after it became the first city to issue a green Schuldschein.

    07 May 2019

  • ESM prices tight to complete Q2 funding

    The European Stability Mechanism offered very little new issue premium on a pair of taps to wipe out its €2.5bn funding needs for the second quarter in one go.

    07 May 2019

  • Investing in Bosnia opens up access to wider markets

    Welcome to Sarajevo, the capital of Bosnia and Herzegovina. I want to use this opportunity to point out immediately that Bosnia and Herzegovina represents much more than “post-war”, “complex structure”, “standstill in the process of government setup” and “programme with the IFI institutions”, which are the images which are sometimes used in the foreign media. Please allow me to explain why I have a different point of view which allows me to look at my country through the lens of accelerated and better progress in the future.

    07 May 2019

  • NewDay includes Sonia clause in card ABS

    NewDay, the UK storecard lender, has announced a securitization in either or both of dollars and sterling, in which the interest rate might be linked to Sonia, the Sterling Overnight Index Average. The announcement came as the secondary ABS market tightened markedly.

    07 May 2019

  • BAML and Citi set to win as Oxy’s upped cash offer wins over Anadarko

    Occidental Petroleum has successfully wooed Anadarko, the Texas-based shale oil and gas company, with a new offer to buy it, including a larger portion of cash. Anadarko has ditched the deal it already had in place to sell itself to rival bidder Chevron.

    07 May 2019

  • Moldova dares to hope

    Moldova starts from a low base in terms of economic growth, but bold financial legislation and efforts to attract investors are beginning to pay dividends

    07 May 2019

  • CDC plans sustainable bond debut

    Caisse des Dépôts et Consignations (CDC) is planning to print its sustainable bond debut later this year, with a second benchmark of 2019 likely to follow shortly.

    07 May 2019

  • Abanca mandates leads for debut covered bond

    Abanca Corporación Bancaria will add its name to the growing list of debut covered bond issuers after mandating leads on Tuesday for a roadshow.

    07 May 2019

  • The ECBC’s 29th plenary session: using covered bonds to benefit the real economy

    The first ever European Covered Bond Council plenary meeting in central and eastern Europe was dominated by discussions of the product’s geographical expansion, the implications of the new Covered Bond Directive and the role that covered bonds can play in the development of green and sustainable finance.

    07 May 2019

  • Building a Pan-Baltic covered bond market

    In a roundtable discussion organised and chaired by GlobalCapital at the ECBC’s 29th plenary meeting in Riga, covered bond market participants heard from the people responsible for the Pan-Baltic Covered Bond Framework and were able to understand both how this market is being built and what the prospects for issuance are

    07 May 2019

  • Flat NIPs for triumphant trio as investors rush for paper

    Santander UK, Sparebank 1 Boligkreditt (Spabol) and Erste Group were able to price flat or through their covered bond curves on Tuesday after stoking up hefty demand for their new issues.

    07 May 2019

  • IPO pitching becomes more competitive as supply wanes

    Equity capital markets bankers are pitching aggressively for any new business they can get, often disregarding issuer region or the size of the deal, to make up for the dearth of supply so far in 2019.

    07 May 2019

  • Czech Railways roadshows euros

    Czech Railways (České dráhy), the 100% state-owned Czech national railway operator, is embarking on a European roadshow for a seven year bond.

    07 May 2019

  • MAF draws $3bn book for green sukuk

    Majid Al Futtaim, a shopping mall developer based in the Middle East, has set the spread for its green sukuk, with the deal attracting about $3bn of orders for $600m of paper.

    07 May 2019

  • Montepio Geral prepping new NPL securitization

    Caixa Económica Montepio Geral is to bring Ares Lusitani, the second issuance of Portuguese non-performing loans (NPLs), with JP Morgan arranging the €70m deal backed by residential and commercial properties located in Portugal.

    07 May 2019

  • Trading in German bank senior preferred CDS to begin

    German bank senior preferred credit default swaps (CDS) will begin trading from May 13, after changes in German national law in 2018 that created a way for banks to issue senior preferred debt.

    07 May 2019

  • AB InBev confirms jumbo IPO of Asian subsidiary

    AB InBev, the Belgian brewer of Stella and Budweiser, confirmed on Tuesday that it is “actively exploring” the sale of a minority stake in its Asian unit on the Hong Kong Stock Exchange.

    07 May 2019

  • It’s time for Asian issuers to remember euro bonds

    With South Korea and the Philippines heading to euros for new bond transactions, more issuers from Asia should take courage and consider funding in the needlessly neglected currency.

    07 May 2019

  • Shimao returns for second offshore loan in a year

    China’s Shimao Property Holdings has returned to the offshore loan market for a new borrowing, with a size of between $700m and $1bn.

    07 May 2019

  • Developer Eagle Hills Diyar signs loan for Bahraini project

    Eagle Hills Diyar, a real estate developer headquartered in Abu Dhabi, has signed a 10 year $374m-equivalent loan, in dollars and Bahraini dinars, with a selection of Middle Eastern banks. The proceeds will be used to fund three buildings in its waterfront development in Bahrain.

    07 May 2019

  • Biotech firm Evotec enters Schuldschein market

    Evotec, the biotech and healthcare company headquartered in Hamburg, has launched a Schuldschein with a €100m starting target.

    07 May 2019

  • Fourth time’s a charm for Haitong UniTrust spin-off

    Haitong UniTrust has launched pre-deal investor education for its Hong Kong IPO, as the Chinese financier looks to make it fourth time lucky for its deal.

    07 May 2019

  • EUROPEAN CORPORATE BOND PIPELINE

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

    07 May 2019

  • Fineco AT1 forthcoming as bank grows apart from UniCredit

    FinecoBank may look to boost its leverage ratio with a €200m issuance of additional tier one securities in the coming months, as part of plans for the entity to operate independently from the UniCredit group.

    07 May 2019

  • Luckin Coffee covers books for $510m US IPO

    Luckin Coffee has covered books after the first day on the road for its up to $510m Nasdaq IPO. And to add to the proceeds, the firm is concurrently selling ordinary shares to merchant firm Louis Dreyfus Co.

    07 May 2019

  • Hong Kong mandates for long-awaited green bond

    The Hong Kong government is readying its highly anticipated debut green bond, kicking off investor meetings this week.

    07 May 2019

  • Lat Am stays quiet but Trump tweets put bankers on edge

    There was little action in Latin American bonds on Monday as the UK took a bank holiday, but broader volatility in global markets sent most spreads in the region slightly wider and was enough to make some DCM bankers nervous.

    07 May 2019

  • Standard Life raises $202.5m with HDFC Life sell-down

    Standard Life has raised $202.5m after completing a sale of 36m shares in Indian insurer HDFC Life Insurance.

    07 May 2019

  • France, Romania support bolder versions of green Taxonomy

    Financial officials of all the EU governments are meeting in Brussels on Tuesday to discuss whether to broaden the Taxonomy at the heart of the union’s Sustainable Finance Action Plan (SFAP). Some states, led by France, want it to be not just a label for the “green niche” but a guide to wider efforts towards a healthier economy.

    07 May 2019

  • Goldman to offer equity using new lending fund

    Goldman Sachs is planning to directly offer equity using a new middle-market business development corporation (BDC) that opened at the end of 2018, as interest in direct lending continues to tick up and the economic cycle stretches toward its conclusion.

    06 May 2019

  • Jump in subprime auto loan growth threatens ABS

    Subprime auto ABS issuance grew 3% in 2018 and continues to rise, according to S&P Global Ratings, which is flagging a surge in loan origination and heightened competition among lenders as a potential factor driving losses on the bonds for the remainder of 2019.

    06 May 2019

  • SocGen swaps out US global markets chief

    Société Générale announced on Monday that Sylvain Cartier, the bank’s New York-based head of global markets for Americas, would be leaving for Paris to join the bank’s fixed income division following the departure of its former chief, Bruno Benoit.

    06 May 2019

  • PBoC lowers rate for SMEs after trade hiccup

    The People’s Bank of China (PBoC) will lower the reserve requirement ratio for small and medium sized firms, it said on Monday morning. The central bank announced the move amid worsening trade negotiations with the US.

    06 May 2019

  • The week in renminbi: Trump tweets tariffs threat, Bond Connect hits record high traffic, state council sets rule for government investments

    In this round-up, US president Donald Trump threatened more tariffs days before the eleventh round of trade talks, Bond Connect gained 134 new foreign institutional investors in April thanks to Chinese bond inclusion, and China’s State Council standardised government investment.

    06 May 2019

  • Pakistan bonds boosted amid hopes of IMF support

    The Islamic Republic of Pakistan’s sovereign bonds were among the best performers in high yield Asian debt in dollars last week, as the country neared an agreement with the International Monetary Fund (IMF) for a bailout.

    06 May 2019

  • Eagle Hospitality sweetens Singapore IPO

    Eagle Hospitality Trust has cut the floor of the initial price guidance for its Singapore IPO, hiking up the yield for investors while delaying the end of its roadshow, according to a source close to the deal.

    06 May 2019

  • Tencent's long end rallies on China IG demand

    Tencent Holdings has seen an impressive rally in the secondary market for its recently issued dollar bonds, a reflection of strong investor appetite for investment grade supply amid underwhelming issuance volumes in 2019.

    06 May 2019

  • Greenland pays up for loan return

    China’s real estate company Greenland Holdings has returned to the offshore loan market after a two year absence, offering a juicier price this time.

    06 May 2019

  • Investors flock to $285m Leong Hup IPO

    Malaysian poultry producer Leong Hup International has closed its books for a long-anticipated MR1.18bn ($285m) IPO, which was more than ten times subscribed.

    06 May 2019

  • Ginnie Mae seeks industry guidance on aggressive loan churning

    Ginnie Mae announced on Friday that it was considering making changes to its loan eligibility rulebook, as the government agency looks for new solutions to crack down on a continued pattern of aggressive refinancing in certain corners of the US mortgage market.

    03 May 2019

  • Altice pays up but gets huge triple-C refinancing done

    Altice, the international telecoms group led by Patrick Drahi, has set final terms for its jumbo high yield bond issue for its holding company, worth €2.8bn. It paid up compared with its curve to issue, but managed to place the second largest triple-C tranche ever issued in euros, a source said.

    03 May 2019

  • SG to downsize FICC and cut costs, though financing beats

    Société Générale’s financing and advisory operations again produced strong revenues in the first quarter, according to results announced on Friday. Revenue in global markets and investor services fell, however, and here the bank is slashing risk-weighted assets, to refocus its business.

    03 May 2019

  • It's IPO time for Watches of Switzerland

    Watches of Switzerland Group, the largest retailer of luxury watches in the UK, is exploring an IPO on the London Stock Exchange to cut its debt and allow its private equity owner Apollo Global Management to sell down some of its shares in the company.

    03 May 2019

  • Covered bond supply eyed for short week ahead

    Covered bond supply is possible next week with core issuance in the ultra-long end and UK supply in the intermediate to long-end looking promising — despite holidays in the UK and France.

    03 May 2019

  • Transaction banking buoys HSBC’s IB

    HSBC’s global banking and markets division registered a small rise in income in its first quarter results announced on Friday. Transaction banking lines helped outweigh revenue declines in trading and the global banking business.

    03 May 2019

  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.

    03 May 2019

  • General Atlantic and Index sell part of Adyen stake

    General Atlantic and Index Ventures, two pre-IPO shareholders in Dutch payments firm Adyen, hit the market on Thursday night to sell a €750m block of shares in the company.

    03 May 2019

  • UK DMO appoints banks for ultra-long Gilt syndication

    The UK Debt Management Office has mandated four banks for the first Gilt syndication of its 2019/2020 financial year.

    03 May 2019

  • NWB USD500m FRN Nov 20

    03 May 2019

  • Medco readies acquisition with $650m bond

    Indonesia’s Medco Energi Internasional wrapped up a $650m bond outing on Thursday, closing off an acquisition financing exercise linked to a bridge loan from earlier in the year.

    03 May 2019

  • So-Young pockets $179m from US IPO, Yunji trims deal

    The shares of Chinese plastic surgery social network So-Young International surged on their first day trading on the Nasdaq, after the firm priced its hot IPO at the top of guidance.

    03 May 2019

  • Suning makes quick loan comeback for $300m

    China’s Suning Financial Services, a subsidiary of home appliance company Suning Holding Group, is tapping the offshore loan market with a $300m borrowing.

    03 May 2019

  • China policy and market round-up: trade talks continue, PMI falls, CBIRC promises more

    In this round-up, the trade negotiation between China and the US finished its tenth round, China PMI fell in April after previously rebounding and the chairman of the banking and insurance regulator promised more reform.

    03 May 2019

  • Investors breathe life into HDFC block sale

    Indian life insurer HDFC Life Insurance (HDFC Life) has launched its second sell-down within two months.

    03 May 2019

  • Malaysia’s Serba Dinamik serves up rare bond

    Energy services group Serba Dinamik Holdings raised $300m from a three year wakala sukuk on Thursday, before watching the bond quickly trade up in the secondary market.

    03 May 2019

  • Zai Lab nets $200m from ADS offering

    China’s Zai Lab has priced a follow-on sale of 7.8m American Depository Share (ADS), its second since its listing on the Nasdaq.

    03 May 2019

  • Markets cheer as UK raises hopes of net zero carbon

    The UK’s so far quixotic response to climate change stands a good chance of becoming more serious and organised, after the government welcomed a bold policy report calling for net zero carbon emissions by 2050.

    02 May 2019

  • Recession, what recession?

    Dismal European growth has weighed on rates, forcing buyers down the curve in search of yield and spread. A sharp turnaround feels distant, but a stabilisation has already materialised and investors that piled into long-dated bonds may come to regret it.

    02 May 2019

  • Telcos tool up for cap structure combat as 5G costs loom

    The high costs of bidding for the next generation of mobile technology is pushing telecoms firms, many of which operate with leveraged capital structures, to sharpen their balance sheets through asset sales and paying down debt. Mobile moguls like Patrice Drahi, Xavier Niel and John Malone are all taking steps to optimise their empires. Owen Sanderson reports.

    02 May 2019

  • Banco de Sabadell EUR1bn 1.75% May 24 non-preferred

    02 May 2019

  • Rabobank EUR1bn 1.125% May 31 non-preferred

    02 May 2019

  • LBBW EUR500m 2.2% May 29 tier two

    02 May 2019

  • The Fed will copy Europe on climate policy, despite Trump

    While other central banks have started to grapple with climate change, the Federal Reserve has been conspicuous by its absence. But as green shoots begin to emerge in the US, the Fed will not be able to ignore the topic for much longer.

    02 May 2019

  • Byte Me: BitFinex and Tether in hot water

    Bitfinex, the often and rightly criticised cryptocurrency exchange, is in a standoff with the New York Attorney General’s office (NYAG), which has accused it of a $850m fraud.

    02 May 2019

  • Record short position builds on VIX as hunt for yield revs up

    A record short position has built up in VIX futures from investors looking for yield in the expectation of the US Federal Reserve softening its monetary policy.

    02 May 2019

  • People moves in brief

    Credit Suisse hires special situations chief — BNP Paribas’s sustainable bond head retires — NatWest hires banker to build in Germany.

    02 May 2019

  • Dollar spreads widen as Fed sticks, M&A binge appears

    US bond bankers are looking forward to a bumper May, with a slew of big ticket M&A financings set to hit the dollar market within days. Bristol-Myers Squibb announced a roadshow on Thursday for a deal that is expected to be around $21bn, to help fund its acquisition of Celgene.

    02 May 2019

  • Bramson suffers heavy defeat in board bid

    The vast majority of Barclays’ shareholders declined to support activist investor Edward Bramson’s bid to put himself on the board of the bank at its annual general meeting on Thursday.

    02 May 2019

  • JP Morgan picks up the slack in dollars

    JP Morgan injected some life into the FIG dollar bond market with a $2.5bn trade this week, after US banks and financial names delivered another moribund month of supply.

    02 May 2019

  • BNPP shares Europe’s FICC uplift

    BNP Paribas recorded a sharp rise in revenue in its fixed income, currencies and commodities trading (FICC) operations during the first quarter, it said on Thursday. Other European investment banks have registered relatively good scores on this front so far this reporting season, with the exception of Deutsche Bank.

    02 May 2019

  • Pfandbriefzentrale keeps momentum despite quiet market

    In a week shortened by a public holiday, the only borrower to put its head over the parapet in the Swiss franc bond market was Pfandbriefzentrale der Schweizerischen Kantonalbank, the issuance vehicle owned by Switzerland’s 24 Cantonal banks.

    02 May 2019

  • Giancarlo talks EMIR 2.2, farmers' dervis fear

    Public tension has diminished between European and US regulators over the former’s determination to increase its supervisory powers over clearing houses, but concerns are still simmering, as this week’s testimony from the US Commodity Futures Trading Commission (CFTC) chairman showed.

    02 May 2019

  • CIBC skirts bail-in with short Kangaroo

    Canadian Imperial Bank of Commerce issued its second Australian dollar deal of the year on Thursday. The senior unsecured short-term debt is not subject to Canadian bail-in regulation.

    02 May 2019

  • IADB GBP500m 1.25% Dec 25

    02 May 2019

  • Football: a beautiful game but an ugly investment

    Investors eyeing up Tottenham Hotspur’s plan to repay some of its debts by borrowing against its stadium should be wary of buying into a sport that has a long history of burning investors.

    02 May 2019

  • Bart Chilton, 1960-2019

    Bartholomew "Bart" Chilton, a former commissioner at the US Commodity Futures Trading Commission, passed away on April 27, aged 58.

    02 May 2019

  • Greece and ESM to light up euro market

    Greece and the European Stability Mechanism will reinvigorate the euro public sector market next week with benchmark bonds in the short to mid part of the curve, according to bankers.

    02 May 2019

  • UK banks bide their time for euro senior comeback

    Euro investors have become more receptive to UK bank debt this year, leading to a blowout reception for a covered bond from Yorkshire Building Society this week. But issuers are yet to break a long period of silence in sales of unsecured products, mindful as they are of a Brexit hangover in the euro market.

    02 May 2019

  • No fear of climate change as €2.7bn BP bond blows out

    BP on Thursday gave the European corporate bond market its first test of a really big, multi-tranche, investment grade issue since Easter, and showed that the market is every bit as keen as before the break. Order books for the three part bond were big and new issue premiums slim to invisible.

    02 May 2019

  • Loans in brief: May 3, 2019

    Reliance lengthens timetable in Schuldschein debut to firm up orders — Merlin transmogrifies loans to ESG-linked — Bunker Holding refi battens down hatches — Pemberton closes €1bn private debt fund with 13% return target — PVH finds fit for loan refi — Ires Reit grows revolver again

    02 May 2019

  • Empty sterling market proves draw for IADB and EIB

    The Inter-American Development Bank (IADB) and European Investment Bank (EIB) swung by the sterling market this week, as a lack of competitive activity and a favourable basis swap proved to be a strong lure for issuers.

    02 May 2019

  • Greek borrower protection framework to help NPL securitization

    Greek authorities have begun to implement an enhanced framework to allow mortgage borrowers to keep their homes in a regulatory move that bodes well for future NPL securitization in Greece.

    02 May 2019

  • Venezuela crisis sparks new EM sanctions concerns

    Emerging market bankers and investors have been reacting to this week's attempt by the Venezuelan opposition to unseat president Nicolás Maduro, with some worrying that Russia's support for the government once again raises the risk of sanctions against that country.

    02 May 2019

  • William Hill seized Brexit window in sterling

    William Hill’s £350m seven year high yield deal last week grabbed an opportunity opened up by the extension to the Brexit deadline, according to group treasurer Mark Hirst, supplying a sterling market that has seen sparse issuance so far this year. But the constrained supply in the market meant the company’s attempt to buy back its 2020s at 103 attracted limited investor interest.

    02 May 2019

  • Argentina bonds, peso hit by political risk

    The risk of a Cristina Fernández de Kirchner winning the presidential election in Argentina has spooked investors, causing the currency to sell off and bond prices to slump. But the weakening economy is bolstering support for president Mauricio Macri’s rivals, causing what investors are calling a “toxic feedback loop”.

    02 May 2019

  • Kroll downgrades Honor Finance ABS for second time

    Honor Finance, an originator of 'deep subprime' auto loans, was hit with downgrades on two subordinate tranches from its 2016-1 transaction due to an increase in cumulative net losses. It is the second time since January that Kroll Bond Rating Agency has downgraded ABS issued by the defunct lender.

    02 May 2019

  • Saudi Telco rings up $1.25bn inside SEC

    Saudi Telecom Co printed a $1.25bn 10 year sukuk on Thursday from book of more than $4.5bn, with a spread just inside fellow state-owned corporate Saudi Electric Co.

    02 May 2019

  • Bankers expect bond for DOC Generici buyout

    ICG’s purchase of Italian generic pharmaceuticals firm DOC Generici is likely to be financed with high yield bonds, according to bankers, once the deal receives regulatory approval. The deal is said to be worth around €1.2bn in total, though ICG has declined to comment at all on the financing structure.

    02 May 2019

  • Investment banks can handle levloan downturn, says Moody’s

    Global investment banks should be able to withstand stress in the leveraged finance market, according to a Moody’s report published on Tuesday, thanks to lower pipeline limits and smaller deal sizes than pre-crisis. This was borne out during the fourth quarter of last year, when few banks were caught offside despite a slump in loan prices.

    02 May 2019

  • Exotic EM issuers grow on green landscape

    The International Finance Corp and asset manager Amundi are expecting an explosion of emerging market green bonds in the next two years — led by bank issuers — as more debuts join repeat borrowers.

    02 May 2019

  • Blowout EG boosts bond size to pay down second liens

    EG Group, the UK petrol station company owned by TDR Capital, has boosted the size of its dual currency high yield bond issue, adding a new senior secured euro tranche on the back of high demand. But senior bondholders are getting a rough deal from the size increase, which is being partly used to cut their safety cushion by paying off second lien debt.

    02 May 2019

  • Sirius digs deep with $2.8bn project financing

    Sirius Minerals, the London-listed miner, has won investor support for the equity leg of a $2.8bn financing project that will fund the largest polyhalite mine in the world.

    02 May 2019

  • Macquarie hires Porretta as securitization MD

    Macquarie Bank is hiring Carolyn Porretta as a managing director in its EMEA securitization business.

    02 May 2019

  • Uzbekistan the new frontier as Central Asia privatisations lure global money

    Uzbekistan is now the focus of emerging and frontier markets, as international investors, buoyed by the success of Kazakhstan’s privatisation programme, clamber to be in the first wave of opportunities the country is to offer, writes Sam Kerr.

    02 May 2019

  • AIIB arrives at last with debut bond mandate

    The Asian Infrastructure Investment Bank (AIIB) has mandated banks for its inaugural bond, a five year dollar global benchmark.

    02 May 2019

  • Market awaits SA election results, but FIs to remain 'safe'

    Analysts expect the African National Congress (ANC) to win South Africa's general elections next Wednesday. Although a number of deep-rooted domestic problems have the potential to throw the country into an economic crisis, bankers expect FIs to remain "safe" in the worst of scenarios.

    02 May 2019

  • Hamburg Commercial Bank to hunt for debut senior preferred note

    Hamburg Commercial Bank is set to meet with investors from May 6 to explore the possibility of selling its first ever preferred senior bond in euros. Onlooking bankers expect a positive reception for the German lender, which used to be known as HSH Nordbank.

    02 May 2019

  • Tesla asks Wall Street for $2.3bn to shore up falling cash reserves

    Shares in Tesla, the US maker of electric vehicles, gained as much as 2.8% on Thursday morning after the company announced it would raise up to up to $2.3bn of capital by selling new shares and convertible bonds to strengthen its balance sheet following a net loss of $702m in the first quarter of the year.

    02 May 2019

  • Credit Suisse hires Mathieson from NatWest

    Thomas Mathieson has joined Credit Suisse from NatWest Markets, to head up special situations and loan trading.

    02 May 2019

  • MIAX and MGEX partner up on volatility futures

    Miami International has agreed to a deal to give Minneapolis Grain Exchange (MGEX) exclusive rights to list, trade and clear futures products on its SPIKES volatility index.

    02 May 2019

  • ESM likely to target shorter dated deal

    The European Stability Mechanism (ESM) is likely aim for the short to middle part of the euro curve for its first benchmark bond of the second quarter, according to SSA bankers.

    02 May 2019

  • NWB goes it alone in dollars

    Nederlandse Waterschapsbank (NWB) acted as an oasis for dollar starved investors on Thursday, with its $500m no-grow floater oversubscribed before US markets opened.

    02 May 2019

  • IADB plans Sonia-linker in ‘near future’

    The Inter-American Development Bank (IADB) is looking at issuing a Sonia-linked bond in the “near future”, according to the issuer’s head of funding.

    02 May 2019

  • Citi names infra heads

    Citi has named Francisco Abularach and Todd Guenther as co-heads of global infrastructure investment banking.

    02 May 2019

  • ‘Bullet-proof’ covered bonds are a ‘no brainer’ for UK banks

    The euro covered bond market is ‘wide open’ for any UK bank following a successful transaction this week from Yorkshire Building Society (YBS) and before that, Lloyds Bank. This supply could also provide a vital stepping stone to the first UK senior deal in euros this year, said bankers.

    02 May 2019

  • Ires Reit grows revolver again

    Irish Residential Properties Reit (Ires Reit) has refinanced and enlarged its revolving bank debt, with the residential retail accommodation investment trust agreeing an up to €600m facility with lenders.

    02 May 2019

  • Mubadala signs over-subscribed $2bn revolver refi

    Abu Dhabi’s sovereign wealth fund, Mubadala, has refinanced a $1.75bn loan, increasing it to $2bn after receiving heavy oversubscription.

    02 May 2019

  • Deposits flowed out of Metro ahead of debt, equity raises

    Metro Bank’s first quarter trading update, published on Wednesday, revealed that commercial depositors pulled cash out of the bank after the January trading update that stunned capital market participants. Metro is looking to raise equity in the next two months, before issuing £500m of tier two debt later in the year.

    02 May 2019

  • Saudi Telecom books around $3.5bn as guidance tightened

    Saudi Telecom Company has tightened price guidance for its debut international sukuk, a dollar 10 year that has already drawn a book of around $3.5bn.

    02 May 2019

  • RBS follows Barclays into dollars after earnings results

    Royal Bank of Scotland Group was marketing a long-dated senior bond in the dollar market on Thursday, copying Barclay’s choice of currency with its first deal after results.

    02 May 2019

  • SQM and Marfrig to hit market for dollar paper

    Two Latin American borrowers are expected to come to market for dollar bonds on Thursday, having both completed roadshows. The dovish tone of the US Federal Reserve will have bolstered the deals "at the margin", said an investor.

    02 May 2019

  • G4S prices private debt, shows market appetite for support services

    UK security and outsourcing company G4S has sold roughly $350m of US private placements with seven and 10 year maturities, as the market shows it still has an appetite for UK support services.

    02 May 2019

  • Finablr sets range after founder wows on roadshow

    Finablr has set a range on its London IPO, valuing the business at a more conservative multiple than many had expected when the roadshow began. That will please prospective buyers, some of whom were also impressed with an appearance from the company’s billionaire owner, BR Shetty.

    02 May 2019

  • Paraguay's Bioceanico highway consortium hits screens for first deal

    The consortium constructing Paraguay’s portion of the Bioceanico highway, which will connect the Pacific and Atlantic oceans across South America, hit screens on Wednesday announcing a bond to finance construction.

    02 May 2019

  • Poland's Allegro to raise €470m as local bank gets top spot

    Allegro, the Polish e-commerce platform, is raising Z2bn (€470m) in a dividend recapitalisation, according to bankers. The deal, one of the biggest CEE loans in this year’s pipeline, is being led by three local and international lenders, although some market participants said the Polish banks would be capable of providing all the money.

    02 May 2019

  • Blackstone sues RCS chief Urbano Cairo for up to $300m

    Blackstone is suing Urbano Cairo, chairman and controlling shareholder of Italian publisher RCS Mediagroup, citing loss of opportunity for Blackstone and its investors to sell a property acquired from RCS in 2013.

    02 May 2019

  • BNPP’s Sfakianos to retire

    Stephanie Sfakianos, BNPP’s head of sustainable capital markets, is retiring from BNP Paribas after 15 years with the bank.

    02 May 2019

  • Wintershall DEA targets jumbo IPO in 2020

    BASF’s oil and gas unit Wintershall and rival DEA have completed their merger, creating the largest independent oil and gas company in Europe, paving the way for a blockbuster IPO on the Frankfurt Stock Exchange in 2020.

    02 May 2019

  • Viva HK biotech! Retail hooked as IPO hits $1.5bn

    Viva Biotech Holdings has pulled off an impressive HK$1.52bn ($194m) Hong Kong IPO, striking retail gold as the local public swamped the deal, grabbing half of the stock for themselves. The high level of retail interest is a rarity for IPOs in the city and something that is often unwanted, bringing potential wild price swings to a stock soon after listing, say some bankers. But others foresee enough institutional demand to swallow any bulk selling in the first days of trading. Jonathan Breen reports.

    02 May 2019

  • Deutsche holds firm despite Whitbread broking loss

    For all its woes, Deutsche Bank’s corporate finance business has much to play for in EMEA, writes David Rothnie.

    02 May 2019

  • Alam Sutera adds $125m to its coffers

    Indonesian property developer Alam Sutera tapped its 6.625% 2022 notes on Tuesday, raising $125m from the trade.

    02 May 2019

  • ADCB, UNB and Al Hilal create UAE's third largest lender

    Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) have officially merged, and acquired Al Hilal Bank. The merger creates the third largest lender in the United Arab Emirates, and comes amid a boom in banking M&A across the Gulf.

    02 May 2019

  • China’s Nasdaq faces teething problems after regulator is swamped by applications

    Although the Shanghai Stock Exchange (SSE) has received 98 applications from companies hoping to launch an IPO on its new tech board, a lengthy and complicated approval process has revealed some of the problems facing potential listing candidates. Meanwhile, there are doubts over some of the investors preparing to buy into the market. Rebecca Feng reports.

    02 May 2019

  • China’s Duiba raises $667m from Hong Kong listing

    Duiba Group raised $667m after concluding its second attempt at listing on the Hong Kong Stock Exchange.

    02 May 2019

  • Indonesian auto finance firms back for loans

    Two Indonesian auto finance companies, Indomobil Finance Indonesia and Chandra Sakti Utama Leasing (CSUL), have returned to the offshore loan market.

    02 May 2019

  • Tianjin debt crisis deepens as Tewoo loses IG

    The Tianjin government’s waning support for local corporations was brought into focus this week, when Fitch downgraded Chinese dollar bond issuer Tewoo Group by a hefty six notches. It was the latest warning sign of the debt-servicing ability of the city’s struggling state-owned enterprises (SOEs). Addison Gong reports.

    02 May 2019

  • Philippines gets ratings boost from S&P

    S&P upgraded the Philippines’ rating to BBB+ from BBB on April 30, as the sovereign conducted a roadshow for a proposed euro bond.

    02 May 2019

  • Casual Friday forces bankers to think fast

    I remember a time when dressing in casual clothes was something that horrified bankers, not excited them. Not anymore.

    02 May 2019

  • Further delays for NSE IPO after Sebi ruling

    The Securities & Exchange Board of India (Sebi) dealt a fresh blow to India’s National Stock Exchange’s long-delayed IPO plans this week.

    02 May 2019

  • HK-listed duo eye Shanghai tech board IPOs

    Software company Kingsoft Corp plans to spin off and list Beijing Office Software on Shanghai’s new technology board, pulling its initial plan to float the subsidiary on the Shenzhen Stock Exchange’s junior ChiNext board.

    02 May 2019

  • Yingde Gases closes $300m borrowing

    China’s Yingde Gases Group has received a strong response in the loan market for its $300m three year facility.

    02 May 2019

  • Three time’s a charm for Impro Precision?

    Components manufacturer Impro Precision Industries this week began its third attempt to float on the Hong Kong Stock Exchange.

    02 May 2019

  • Issuers prep massive Blackstone showroom CMBS

    A consortium of banks is preparing to issue a $1.15bn single borrower CMBS deal backed by a portfolio of showroom properties owned by Blackstone.

    01 May 2019

  • Prosper hit with SEC penalty for misleading investors

    Marketplace lender Prosper miscalculated and materially overstated its annualised net returns to investors, according to the US Securities and Exchange Commission, which slapped the online lender with a $3m fine last month.

    01 May 2019

  • Sirius gets equity support in first leg of $2.8bn financing

    Sirius Minerals, the London-listed miner, has won investor support in the equity financing leg of its new $2.8bn phase two project financing to fund the development of what is intended to be the largest polyhalite mine in the world in the North York Moors near Whitby.

    01 May 2019

  • Manchester Airport gets in before sterling rush

    The Manchester Airport Group, which owns Manchester, East Midlands and London Stansted airports, launched a £350m bond on Wednesday. In an investment grade corporate bond market that had otherwise been empty of new issues in the first half of the week, the deal was covered more than 3.5 times.

    01 May 2019

  • Pemberton closes €1bn private debt fund with 13% return target

    Asset manager Pemberton has closed a private debt fund called Strategic Credit Opportunities Strategy (SCOS) at €1bn, with a target of 13% gross returns for its limited partners, in euros.

    01 May 2019

  • Galapagos delays results as it negotiates recapitalisation

    Galapagos Holding, the maker of heat exchangers owned by Triton Partners, has this week postponed the release of its audited results for last year, as it digs in for discussions with creditors about a recapitalisation.

    01 May 2019

  • ErisX launches crypto exchange

    Chicago-based exchange ErisX has launched a spot market in cryptocurrencies after closing a third round of fundraising from venture capital investors.

    01 May 2019

  • Millicom, high yield and EM-focused, plans sustainable bond

    Millicom International Cellular, the emerging markets-focused telecoms group, is planning to issue its first sustainable bond. It published a Sustainability Bond Framework on Tuesday and will issue with a high yield rating.

    01 May 2019

  • NWB releases pricing for dollar floater

    Nederlandse Waterschapsbank (NWB) is taking indications of interest for a $500m no-grow 18 month floating rate note on Wednesday, amid an absence of benchmarks business given a spate of global public holidays this week.

    01 May 2019

  • Blackstone brings European CMBS via Deutsche

    Blackstone has mandated Deutsche Bank for a €342.92m CMBS, securitizing loans on three retail and factory outlets in Northern Italy.

    01 May 2019

  • Paratus mandates Natixis for third buy-to-let RMBS

    Paratus AMC is issuing its third UK buy-to-let (BTL) mortgage securitization, Twin Bridges 2019-1, via Natixis.

    01 May 2019

  • IFM expands EMEA debt investments team with double hire

    IFM Investors has hired Lucie Mixeras to its EMEA debt investments team as associate director, in response to what the company says is growing client demand for infrastructure debt.

    01 May 2019

  • Morgan Stanley rehires Colocci as M&A chairman

    Michele Colocci has left JP Morgan and will rejoin Morgan Stanley as chairman of M&A.

    01 May 2019

  • Santander returns with rare Cédulas

    Santander attracted strong demand for a €1.5bn 12 year covered bond issued on Tuesday, helped by the rarity of Spanish covered bond supply and the relatively attractive return over mid-swaps.

    01 May 2019

  • Merck’s Versum takeover loan hits syndication

    The loan backing the €5.8bn takeover of Versum Materials by German pharmaceutical firm Merck launched into syndication on Wednesday. Three banks are leading the financing. Versum is the former electronic materials division of Air Products & Chemicals, which was spun off in 2016.

    01 May 2019

  • Saudi Telecom homes in on 10 year bond

    Saudi Telecom Company was on track to print its debut benchmark dollar Reg S/144A sukuk on Thursday, and after a week of roadshowing is leaning towards making it a 10 year bond, GlobalCapital understands.

    01 May 2019

  • Pantheon: UK could issue tax cut Gilts in next downturn

    Amid criticism of the effect of quantitative easing (QE) on asset prices, the Bank of England could buy themed government bonds instead of regular Gilts in the next downturn, according to Samuel Tombs, chief UK economist at Pantheon Macroeconomics. This would be designed to ensure that QE directly helped the economy.

    01 May 2019

  • Venezuela turmoil grips Lat Am bonds

    A coup attempt in Venezuela has rekindled hopes among investors that president Nicolás Maduro will cede control to the opposition regime. The development drew the spotlight away from Argentina’s spiralling currency.

    01 May 2019

  • NatWest hires country head to build in Germany from BNPP

    NatWest Markets has hired an experienced debt capital markets banker to be its country head for Germany, based in Frankfurt.

    01 May 2019

  • Covered bonds steady for now, but overvalued

    This year’s covered bond market's performance could come back to bite it. Limited supply should support the market, but ultra-tight spreads and low yields have left investors vulnerable to a sell-off — not least because they have been forced to extend duration in search of a return.

    01 May 2019

  • Jefferies poaches two from ING for EM sales and trading

    Jefferies is nearing the completion of its EM sales and trading team started 2.5 years ago, with two more hires in London.

    01 May 2019

  • Barclays gets to work in sterling on Labour Day

    Barclays has wasted little time in accessing the debt markets after publishing first quarter results, selling senior bonds out of its holding company in both dollars and sterling this week.

    01 May 2019

  • Fundamental confidence buoys ECM but fears a 'black swan' could sink it

    US blue chips' strong earnings numbers are spurring the belief that the improving economic fundamentals are behind the global equity rally of the first four months. But investors fear that their peers' confidence is fragile and an unforeseen geopolitical event could deal it a heavy blow.

    01 May 2019

  • High yield investors sink their teeth into deals

    For the second week running, high yield is making the pace in European corporate bond markets, with a further heavy slug of new issues after last week's splurge of supply.

    01 May 2019

  • Swedbank hires Finnish corp fin head, seeks to hire in ECM

    Walter Ahlström is joining Swedbank as its new head of corporate finance in Finland, as part of its strategy to grow its equity capital markets business and team. He is joining from Carnegie, where he had worked in Finnish ECM. He had been there for nearly four years.

    01 May 2019

  • Rare hawk sighting expected at BoE

    The Bank of England will publish the minutes of its policy meeting on Thursday, with investors and bank analysts aligned in thinking that a Brexit extension will see a small but noticeable move towards more hawkish language from the bank.

    01 May 2019

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 162,498.05 705 8.03%
2 Citi 160,009.61 642 7.91%
3 Bank of America Merrill Lynch 131,789.43 523 6.52%
4 Barclays 127,011.96 491 6.28%
5 HSBC 105,841.39 530 5.23%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 12,912.95 35 6.65%
2 BNP Paribas 12,334.48 61 6.35%
3 UniCredit 11,196.47 58 5.77%
4 Citi 9,580.75 37 4.93%
5 Deutsche Bank 8,953.95 35 4.61%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 5,454.13 25 10.54%
2 JPMorgan 4,866.13 28 9.40%
3 Goldman Sachs 4,280.20 20 8.27%
4 Citi 3,649.88 23 7.05%
5 UBS 3,602.23 16 6.96%