• Liberbank debut covered bond draws double the demand of Skipton

    Liberbank’s inaugural covered bond issued on Wednesday showed that investors are still hungry for paper that offers a positive yield and good relative value. The Spanish deal drew more than twice as much demand as Skipton Building Society’s competing negative yielding transaction, which was the third UK covered bond issued this week.

    18 Sep 2019

  • Barclays attracts £7.5bn of orders for blowout sterling AT1

    Barclays has become the second financial institution to issue an additional tier one (AT1) in the sterling market this week, supported by a quiet backdrop in UK politics and healthy investor demand. The issuer was 7.5 times subscribed for its £1bn deal.

    18 Sep 2019

  • CIBC nails fair value on sterling debut despite FIG supply boom

    Canadian Imperial Bank of Commerce did not have to pay any premium to investors on Wednesday to launch its first fixed rate deal in the sterling market, which has coped well with a mass of supply in recent days.

    18 Sep 2019

  • Afreximbank takes advantage of light supply to print $750m from healthy book

    The African Export-Import Bank sold its $750m 10 year bond on Tuesday from a book of around $3.35bn, with recent low supply from African issuers having helped drive demand for the deal.

    18 Sep 2019

  • Wells Fargo and Kutxabank tap into demand for senior in euros

    Wells Fargo wasn't wasting time in the bond market this week, launched a euro senior bond on Wednesday a day after raising sterling-denominated debt. Concurrently, Spanish lender Kutxabank was marketing a senior non-preferred bond in euros, its debut in the format.

    18 Sep 2019

  • Investors play down impact of Saudi oil attack for EM

    Last weekend’s attack on Saudi oil facilities drove up the oil price and caused a rush to safe haven assets, but investors say they expect the turbulence to be short-lived.

    18 Sep 2019

  • London Stock Exchange hires JP Morgan for HKEX defence

    The London Stock Exchange Group has bolstered its M&A defence team against a hostile bid from its Hong Kong rival with the appointment of JP Morgan.

    18 Sep 2019

  • STLC joins Russia flurry to offer rare state-owned credit

    Russia’s State Transport Leasing Company (STLC), is planning to add to the spree of new bonds from Russia, hitting the road to market a six or seven year dollar benchmark. The deal will be the first time a fully state-owned company has tried to tap the bond markets since the most recent round of US sanctions against the Russian sovereign in early August.

    18 Sep 2019

  • Investors fear also-rans as IPO activity rises

    A strong start to a pair of European IPOs has encouraged more deals into the market. But investors fear being decorated with shares that will underperform as new issuers line up.

    18 Sep 2019

  • Nationwide’s flexible AT1 call option seen as ‘welcome development’

    Nationwide Building Society raised £600m of additional tier one (AT1) capital this week with the help of strong support from sterling investors, some of whom were pleased to see that the UK lender had developed a more efficient method for calling and refinancing deals in the asset class.

    18 Sep 2019

  • GlobalCapital SRI Awards crown sovereigns and Société du Grand Paris

    GlobalCapital has revealed the results of its Sustainable and Responsible Capital Markets Awards 2019. The Awards gave honours to three debut sovereign issuers: the Netherlands, Hong Kong and Chile, investment firm Amundi, and banks including Crédit Agricole, HSBC and ING.

    18 Sep 2019

  • ENN Ecological rides positive sentiment for $250m tap

    Upstream oil and gas company ENN Ecological Holdings Co priced a $250m tap of a bond it sold earlier this year. The deal came after news of a share transfer that could give it effective control over sister company ENN Energy Holdings.

    18 Sep 2019

  • Fed takes centre stage as investors hope for cuts

    The US Federal Reserve is expected to cut its interest rates by 25bp on Wednesday, but investors are keeping a close watch on what the central bank says when it makes its policy announcement. Many are likely to be disappointed unless it hints at bigger cuts in the coming year.

    18 Sep 2019

  • Twenty-five banks support Orient AMC’s $900m deal

    China Orient Asset Management Co (Orient AMC) priced an almost 10 times covered dual-tranche bond with strong backing from its lead manager consortium. The borrower went out without a keepwell deed from the onshore entity, but investors were undeterred by the structure.

    18 Sep 2019

  • BMW drives home second auto lease ABN

    Herald International Financial Leasing, a non-financial subsidiary of BMW, bagged its second Rmb2.5bn ($353m) auto lease asset-backed note on Tuesday, pricing the dual-tranche deal at the tighter ends of the price guidance range.

    18 Sep 2019

  • Strong start for AB InBev's second attempt at HK IPO

    A smaller deal size, a high-profile cornerstone investor and plenty of early engagement with investors have put Budweiser Brewing Company Apac’s second attempt at a Hong Kong IPO on solid ground.

    18 Sep 2019

  • Azure Power returns with popular green bond

    Azure Power Global pulled off an unusually large price tightening on its $350m green bond, which was buoyed by strong investor demand for a rare issuance from the Indian renewable energy sector.

    18 Sep 2019

  • Bajaj Finance stock jumps as $1.2bn QIP wins board nod

    Bajaj Finance’s share price surged on Wednesday after the Indian non-bank lender’s board of directors approved a potential billion-dollar fundraising.

    18 Sep 2019

  • Thailand, Cambodia set sights on cross-border IPOs

    Thailand and Cambodia are looking to encourage cross-border equity offerings and issuance of depositary receipts, after signing a memorandum of understanding on Tuesday.

    18 Sep 2019

  • Lai Sun Development bags HK$3.6bn green loan

    Lai Sun Development, a Hong Kong-listed property developer and investor, has sealed a hugely popular HK$3.6bn ($460m) four year green loan to finance the Hong Kong Ocean Park Marriott Hotel.

    18 Sep 2019

  • Mapletree Trust pockets S$400m from bigger placement

    Mapletree Industrial Trust raised S$400m ($290.6m) on Tuesday, becoming the latest in a growing line of trusts to tap the Singapore equity capital market.

    18 Sep 2019

  • Wolong closes €150m loan with 14 lenders

    China’s Wolong Electric Group has closed its €150m debut offshore borrowing with 14 lenders.

    18 Sep 2019

  • Voto prices at last as BRF wraps roadshow

    Brazilian lender Banco Votorantim found ample demand for a dual tranche issue on Tuesday after waiting nearly two weeks from the end of its roadshow to announce a deal. Compatriot food company BRF could now bring a deal a little quicker having concluded its own investor meetings.

    18 Sep 2019

  • Solar finance pro departs ABS issuer Mosaic

    Phil Narodick, who launched residential solar ABS issuer Mosaic's first loan product as director of financial products in 2014, has started a new job at SunPower Corp.

    17 Sep 2019

  • CMBS issuers pitch nearly $3bn in CMBS

    Banks are getting ready to sell investors on $2.7bn of commercial mortgage bonds, offering up a buffet of conduit, single borrower and commercial real estate CLO paper.

    17 Sep 2019

  • Servpro franchise deal tightens as esoteric ABS continues to shine

    Servpro, a property restoration service, is on its way to price an inaugural whole business securitization. As of Tuesday afternoon, the transaction was around seven times subscribed at 3.9% yield, sources familiar with the deal said.

    17 Sep 2019

  • Zelensky must be seen to be on the straight and narrow

    Ukraine’s wildcard new president Volodymyr Zelensky has been making all the market-friendly noises investors could wish to hear, turning the country into a darling of emerging market portfolio managers. But there’s a wasp at the picnic: one oligarch's quest to regain his former bank threatens the country's economic future.

    17 Sep 2019

  • Aramco: how do you discount for drones?

    It isn't often that equity investors are asked to buy assets subjected to physical attack. The drone strikes on some of Saudi Aramco's oil facilities at the weekend could well lead to them demanding a big discount for any upcoming listing. The IPO market has suffered its fair share of geopolitical tumult of late, but this deal, long and keenly anticipated, could wind up being the riskiest of them all.

    17 Sep 2019

  • Supreme Court ruling frees Spanish non-performing mortgages from litigation purgatory

    A recent Spanish Supreme Court ruling on NPL foreclosures will help buyers of poorly performing mortgage portfolios avoid years of potential legal proceedings.

    17 Sep 2019

  • Corporate bond investors absorb multiple multi-tranches

    Three dual-tranche corporate bond deals hit the market on Monday, with BMW, Abertis, and AbbVie all jostling for the attention of investors with €2bn, €1.5bn and €1.4bn dual tranches.

    17 Sep 2019

  • L-Bank leads race for first €STR-linked FRN

    L-Bank is preparing to issue a floating rate note linked to €STR, the recommended new risk-free rate in euros which the European Central Bank will begin publishing on October 2.

    17 Sep 2019

  • KfW and Bpifrance smash open euro SSA market

    Fresh from the announcement of a new stimulus package by the European Central Bank last week, investors stormed into the euro public sector bond market on Tuesday, led by KfW and Bpifrance. The latter printed €1.25bn, equaling its biggest ever single issue. The strong momentum is set to continue with a string of mandates, including two supranationals for Wednesday.

    17 Sep 2019

  • Gothenburg debuts new green bond framework

    The City of Gothenburg sold a new dual tranche green bond on Tuesday, raising a combined Skr1.8bn across fixed and floating rate tranches. The note was the first printed under its new updated green bond framework.

    17 Sep 2019

  • Deutsche Bank brings UK shopping centre CMBS

    Deutsche Bank is out with a £114m CMBS backed by a single loan on a shopping centre in Derbyshire, anchored by three high-street tenants: Debenhams, Next and M&S.

    17 Sep 2019

  • Soitec managers cash in on growth with €98m block

    A group of French semiconductor Soitec’s senior managers have sold €98m worth of shares that vested as part of a three year stock compensation scheme that matured earlier this year.

    17 Sep 2019

  • FMO debuts in bolivianos to extend exotic run

    The Netherlands Development Finance Company debuted the first offshore Bolivian boliviano bond last Friday. Meanwhile on Monday, French agency Caisse des Dépôts et Consignations again returned to the ultra-long end to place a pair of callable euro notes.

    17 Sep 2019

  • SSA pair slip in ahead of Fed

    A brace of dollar deals came to the market on Tuesday, with Rentenbank and Council of Europe squeezing into the market for $1bn apiece amid high expectations of an impending rate cut as the US Federal Reserve meets.

    17 Sep 2019

  • CFTC Democrats reject Volcker revisions that go 'for the throat'

    The Democrat side of the US Commodity Futures Trading Commission official has come out swinging against agreed changes to the Volcker rule.

    17 Sep 2019

  • Are you Sirius? Protecting retail investors from themselves

    Sirius Minerals is in big trouble, and that means big losses ahead for the mainly retail investor base, who saw their shares dive 50% on Tuesday morning. Since the crisis, regulators have strained every nerve to keep complex, risky products out of retail hands — while retail investors have merrily piled into loss-making tech stocks, cryptocurrencies, and gambled on extractive industries. How much protection do they need?

    17 Sep 2019

  • Monte dei Paschi returns to senior amid rally in Italian FIG

    Italian banks are taking advantage of excellent new issuance conditions, as investors re-establish their confidence in the country's new government. On Tuesday it was Banca Monte dei Paschi’s turn to do so with a euro-denominated preferred senior bond, one day after UniCredit and Intesa Sanpaolo.

    17 Sep 2019

  • Buying Fairtrade — an acquired taste for investors

    Fairtrade foods are popular with ethical consumers. For investors, a sustainability bond based on the same is not so straightforward. Nevertheless, the UK’s Co-operative Group has joined the small group of companies stretching the labelled bond market towards improving supply chains. Jon Hay reports

    17 Sep 2019

  • RCF lines up listing as Italian ECM renaissance continues

    RCF, the Italian manufacturer of high performance audio equipment, is likely to launch an IPO imminently, potentially as early as next week, adding to what is expected to be a strong finish to 2019 for Italian equity capital markets.

    17 Sep 2019

  • Going green can be hard work

    Green bonds have hardly penetrated the manufacturing sector, partly because making companies’ operations sustainable is not easy. Any green bonds they issue will be similarly complex. As Koninklijke Philips’s debut showed, this asks a lot of the issuer — and the investors. Jon Hay reports

    17 Sep 2019

  • The new normal

    It has been a long time since a brand new product appeared in the loan market — apart from new ways for private equity firms to erode covenants. But in April 2017, two deals arrived in a single week that have changed the loan market. Sustainability-linked loans offer a structured way to tie pricing to ESG performance, on a whole company basis. One day, they might change the bond market too. Jon Hay reports

    17 Sep 2019

  • Ex-Fidessa head emerges at Iress

    Russell Thornton, who worked as the head of business development and product marketing for derivatives at Fidessa, has become trading strategy lead at another company.

    17 Sep 2019

  • Green Deal puts the action into the Action Plan

    The European Union’s Sustainable Finance Action Plan is changing the legal and cultural environment of capital markets. It is bringing excitement — but also fear. It aims at systemic change, but has many opt-outs. And just when the Plan is getting going, another one arrives — the European Green Deal. As Jon Hay reports, that may be the one the market really needs.

    17 Sep 2019

  • Attenborough factor pushes oceans on to SRI agenda

    The public is increasingly conscious of environmental challenges facing the ocean economy, and the capital markets are taking note. Industries using the oceans are numerous and fragmented, making allocating money in a sustainable way challenging. But some routes are open for investors looking to improve activities involving plastics, shipping and fishing. Jasper Cox reports.

    17 Sep 2019

  • Nationwide innovates in blowout AT1 return

    Nationwide Building Society was more than six times subscribed on its return to the additional tier one (AT1) market on Tuesday, revealing the extent of investors’ appetite for the asset class.

    17 Sep 2019

  • Phoenix Spree draws on new loan

    Germany’s Phoenix Spree has signed a €240m dual tranche term loan, with the UK-listed Berlin real estate investor drawing down the bulk of the new deal.

    17 Sep 2019

  • CaixaBank and RBI stand out with ESG bonds on 'ridiculously busy' day

    CaixaBank launched a non-preferred senior bond linked to social causes on Tuesday, while Raiffeisen Bank International launched a green preferred senior bond. Both deals were heavily oversubscribed on a day that one banker described as 'ridiculously busy'.

    17 Sep 2019

  • Sirius Minerals shares tank after crucial bond sale fails

    Shares in fertilizer miner Sirius Minerals plummeted as much as 60% on Tuesday morning after the company was forced to finally pull a $500m high yield bond offering it had postponed in August.

    17 Sep 2019

  • Sibur shrugs off Saudi drone attack to print $500m

    Russian petrochemicals firm Sibur was able to print $500m of five year paper in its return to the bond market this week, brushing off news of a drone attack on Saudi oil infrastructure and a subsequent 10% jump in the oil price.

    17 Sep 2019

  • Issuers ‘hot trot’ in covered bonds as bankers see execution certainty

    Demand for euro covered bonds issued on Tuesday by Virgin Money, NN Bank and DZ Hyp has markedly improved from earlier this month, and lead managers have announced a further series of transactions from Royal Bank of Canada, SR Boligkreditt, Skipton Building Society and Liberbank.

    17 Sep 2019

  • ASR bids to improve the ‘tradeability’ of its RT1 with €200m tap

    ASR Nederland has asked its bondholders for permission to increase the size of its only restricted tier one (RT1) from €300m to €500m — a move that the Dutch insurer hopes will increase the ‘tradability and liquidity’ of the subordinated debt instrument.

    17 Sep 2019

  • Peab bolsters revolver as YIT asset buy nears

    Sweden’s Peab has almost doubled the size of its local currency credit facility, with the construction and civil engineering company releasing a chunk of the financing once an acquisition finalises.

    17 Sep 2019

  • Metro Bank eyes bond market comeback in race for MREL

    After a tumultuous year, the UK’s Metro Bank is readying a return to the bond market to raise debt for its minimum requirement for own funds and eligible liabilities (MREL) ahead of a 2020 deadline.

    17 Sep 2019

  • US companies pile into converts as economic outlook darkens

    US firms are turning to the convertible bond market in droves in order to issue cheap debt before a potential global economic downturn.

    17 Sep 2019

  • Banks hope for fair October winds for Zero-E listing

    Zero-E, the Spanish renewable energy firm, is targeting October to launch its IPO and is hoping that fair markets and growing demand for sustainable assets will propel it to success.

    17 Sep 2019

  • Privatbank troubles start to worry Ukraine investors

    Fears are growing that the Privatbank, which was nationalised in 2016 at the behest of the IMF, may be reprivatized thanks to pressure from oligarch and former owner Igor Kolomoisky. Such a move could jeopardise Ukraine’s chances of a new helping of IMF cash, and the country's bonds have sold off in response.

    17 Sep 2019

  • Flurry of Middle East paper hits market

    Warba Bank and Ahli Qatar are going head to head for five year Reg S dollar paper on Tuesday, with a Saudi bank and the Kingdom of Bahrain set to follow suit.

    17 Sep 2019

  • Top banking supervisor controversially leaves to lead AFME

    Adam Farkas, executive director of the European Banking Authority, will lead the Association for Financial Markets in Europe (AFME), a move that has caused concern among some observers of financial policy in Europe.

    17 Sep 2019

  • Investors jump into large Zalando block trade

    A 13.3m share sale in Zalando, the German e-commerce company, met with strong investor interest on Monday night.

    17 Sep 2019

  • China reforms QFII, RQFII but leaves critical problems untouched

    China’s move to remove the quota limits on the Qualified Foreign Institutional Investor (QFII) and the Renminbi QFII schemes could help in the long-term development of the country’s financial market. But this is not nearly enough. If the regulators want to see some serious change, they need to tackle two key hurdles facing foreign investors.

    17 Sep 2019

  • Olam returns for $2bn club loan

    Singapore-based agriculture company Olam International has returned to the loan market for its annual refinancing.

    17 Sep 2019

  • Bangkok Bank saves on ‘extremely rare’ Thai tier two

    Strong demand for Bangkok Bank’s dollar-denominated Basel III-compliant tier two transaction allowed Thailand’s largest lender to sell a bigger deal at a tighter price than expected.

    17 Sep 2019

  • Keppel DC Reit nets S$235m from stock issue

    Keppel DC Real Estate Investment Trust priced a placement of new units at the top of guidance, raising S$235.4m ($171.3m) for the purchase of two data centres in Singapore.

    17 Sep 2019

  • Aviva announces head of ESG for real estate

    Aviva Investors has appointed a head of environmental, social and governance for its real estate business.

    17 Sep 2019

  • ABC Singapore lands tight 3yr FRN

    Agricultural Bank of China’s Singapore branch has sold the tightest three year floating rate note (FRN) from a big four Chinese bank, adding $500m to its coffers.

    17 Sep 2019

  • Cryan to chair Man Group

    Investment firm Man Group has picked ex-Deutsche Bank boss John Cryan to be its next chair.

    17 Sep 2019

  • GCC loans wither as borrowers seduced by bonds and sukuk

    Gulf borrowers are being increasingly seduced by the attractive terms offered in bond and sukuk markets, much to the detriment of international lenders, many of whom are disgruntled by the disappointing loan volumes in the region. As banks enter the fourth quarter with unsatisfactory lending books, the trend is set to continue

    17 Sep 2019

  • LSE bid shows HKEX’s limitations

    The Hong Kong Exchanges and Clearing’s surprising proposition to acquire the London Stock Exchange Group last week was nothing short of bewildering. Instead of showcasing the HKEX’s ambition with such a bid, the move has only served as an embarrassing reminder of the bourse’s shortfalls.

    17 Sep 2019

  • Lendlease Reit builds demand for $538m Singapore listing

    Lendlease Global Commercial Real Estate Investment Trust has hit the road for its Singapore IPO as it seeks up to S$740.3m ($537.9m), according to a source close to the deal.

    17 Sep 2019

  • Citi’s Aus, NZ equities head steps down

    Adam Lavis, head of equities for Australia and New Zealand at Citi, is retiring from the bank after eight years.

    17 Sep 2019

  • HSBC taps Lee to senior SEA job

    HSBC has named Philip Lee as vice-chairman, southeast Asia, for its global banking franchise. The position is a newly-created one as the bank seeks to beef up its presence in the region.

    17 Sep 2019

  • Macquarie hires former Deutsche banker

    Deutsche Bank’s former co-head of equity capital markets for Australia has joined Macquarie in a senior position, according to a source close to the situation.

    17 Sep 2019

  • Developer Socam pulls bond after pricing mismatch

    Socam Development, a company under the Shui On Group, has decided to cancel a planned dollar bond after investors demanded more than what the issuer was willing to pay.

    17 Sep 2019

  • New Petrobras 10 year to surpass $4bn

    Brazilian state-owned oil and gas giant Petrobras will issue a new long 10 year of over $4bn after existing bondholders agreed to participate in an exchange offer that will see them swap old notes for a combination of cash and new paper.

    17 Sep 2019

  • Investors pile into Hewlett-Packard IT equipment ABS

    Hewlett Packard Enterprise saw its inaugural small ticket equipment securitization oversubscribed by eight times at the end of last week, with as much as 10 times demand for some of the subordinate tranches on offer.

    16 Sep 2019

  • Glaxo clinches negative yields as issuers tilt to shorter paper

    Investment grade corporate bonds over the past weeks have mostly carried intermediate to longer tenors but on Monday issuance tilted towards the shorter end, with GlaxoSmithKline printing two negative yielding tranches.

    16 Sep 2019

  • CFTC fines Tullett Prebon for $13m

    The US Commodity Futures Trading Commission has ordered Tullett Prebon Americas to pay a total of $13m in relation to alleged supervisory failures and making false or misleading statements.

    16 Sep 2019

  • Altice France’s tightly priced refi bond swells to €2.5bn after ECB decision

    French telecommunications company Altice France added another €1bn to its bond package, taking advantage of the historically issuer-friendly market conditions. The tranches were finalised after the European Central Bank announced a new round of stimulus, pushing down bond yields across the board.

    16 Sep 2019

  • Axiom hires manager for credit derivatives fund

    Axiom Alternative Investments has appointed Bedis Gharbi as senior portfolio manager, for a new credit derivatives focussed fund.

    16 Sep 2019

  • European auto ABS navigates market volatility

    Sterling paper dominated European securitization issuance last week as issuers rushed ahead of further Brexit developments, with a particular focus on the auto ABS market, which saw three deals clear the pipeline.

    16 Sep 2019

  • Funding scorecard: Nordic agencies

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

    16 Sep 2019

  • KfW and Bpifrance to reopen euro SSA market

    KfW and Bpifrance were the first public sector borrowers out of the blocks in euros following last Thursday’s European Central Bank meeting in which it unleashed its new comprehensive stimulus package.

    16 Sep 2019

  • EAA and NRW.Bank win S&P bump

    Erste Abwicklungsanstalt and NRW.Bank both had a boost on Monday after S&P upgraded their credit ratings a notch, following an upgrade to the State of North Rhine-Westphalia.

    16 Sep 2019

  • Yacht maker Ferretti plots course to Italian stockmarket homecoming

    Italian luxury yacht maker Ferretti has announced its intention to float on the Milan Stock Exchange, over a decade after it was taken private by private equity funds.

    16 Sep 2019

  • Covered bond awards 2019: voting patterns

    A breakdown of how investors, issuers and lead managers voted in the covered bond awards survey 2019.

    16 Sep 2019

  • Sabadell hits the ‘sweet spot’ as ASB struggles for demand in senior

    Banco Sabadell and ASB Finance launched senior bonds in the euro market on Monday, with the former hitting the ‘sweet spot’ of investor appetite and the latter struggling to achieve the same level of demand as its Kiwi peer ANZ New Zealand had last week.

    16 Sep 2019

  • Lloyds ‘delivers last missing piece’ for Virgin’s debut covered bond

    Lloyds Bank attracted a large and diverse order book for its €750m 10 year covered bond on Monday and has provided ‘the last missing piece’ for bankers working on Virgin Money’s debut euro covered bond, which is expected to be announced soon.

    16 Sep 2019

  • Sibur returns to bond market, buoyed by Saudi drone strike

    The blow to oil production in the Middle East seems to have boosted demand for Russian petrochemical giant Sibur's five year dollar benchmark on Monday — the issuer’s first bond in two years.

    16 Sep 2019

  • UniCredit reopens Italian FIG market as investors welcome new government

    UniCredit has become the first Italian bank to launch a new deal since a new government took office in the country. The €1.25bn tier two attracted €3bn of orders and was tightened more than expected, according to one of the leads.

    16 Sep 2019

  • Cairn Capital finances US and UK securitization investments

    Cairn Capital has financed two securitization issuances through its receivables programme with US fintech firm FastPay and UK consumer loan originator Valour Finance.

    16 Sep 2019

  • MetLife breaks new ground for negative yielding FIG issuance

    MetLife became the first financial institution to launch a new senior bond in euros at a negative yield on Monday, raising €500m at the short end of the maturity curve.

    16 Sep 2019

  • Insurers seize favourable conditions to rejig debt stacks

    Allianz and Assicurazioni Generali announced plans for new subordinated bond deals on Monday, as they simultaneously looked to buy back existing bonds well in advance of first call dates.

    16 Sep 2019

  • Aramco banks plough on with 2019 IPO plans despite attacks

    Sources close to the listing of Saudi Aramco, the state-owned oil producer, have confirmed that they are working flat out to bring the Saudi company to market before the end of the year, despite attacks on its oil fields over the weekend.

    16 Sep 2019

  • National Express pulls into US private placement market

    UK coach operator National Express has entered the US private placement market, according to market sources, looking for £200m-equivalent, in dollars, euros and sterling.

    16 Sep 2019

  • Generali to break open green bond market for European insurers

    Assicurazioni Generali is set to become the first European insurance company to sell a green bond, after unveiling plans on Monday to raise up to €750m of tier two capital for green investments.

    16 Sep 2019

  • Cocobod tightens up annual facility

    Ghana Cocoa Board (Cocobod) has closed its annual refinancing, securing a $1.3bn facility from a range of international lenders. The facility, Cocobod's second international borrowing this year, has tighter margins than last year's round, illustrating a healthy appetite for one of Africa's most frequent borrowers.

    16 Sep 2019

  • Kaspi.kz brings more EM joy to London as Brexit stalls UK domestic deals

    Kaspi.kz, the Kazakh payments group, is preparing to list global depositary receipts (GDRs) on the London Stock Exchange this autumn, as EM deals provide a brief glimmer of hope for the UK capital as Brexit volatility has killed the hopes of many UK issuers.

    16 Sep 2019

  • AfDB goes short with Hong Kong dollar ESG note

    Bankers were surprised that the African Development Bank placed a one year bond last week linked to environmental, social and governance (ESG) factors.

    16 Sep 2019

  • Alibaba drives Best CB debut on NYSE

    Chinese logistics company Best has sealed a $175m convertible bond, benefitting from a jumbo anchor order from Alibaba Group Holding.

    16 Sep 2019

  • Ireland hits second century

    Ireland has extended its curve out to 2119 by placing its second century bond, three years after it sold its first in the tenor. Century and ultra-long dated bonds have seen a resurgence of interest this year as issuers look to lock in low interest rates at long dated maturities.

    16 Sep 2019

  • RCom’s GCX looks to cut bond debt by $150m

    Global Cloud Xchange (GCX), a subsidiary of India’s Reliance Communications, has filed for bankruptcy protection with a US court, and plans to carry out a potential debt-to-equity swap that could reduce its bond debt by $150m.

    16 Sep 2019

  • Goertek makes comeback for $300m refinancing

    Chinese acoustic components maker Goertek is making a comeback to the loan market after a two-year break, and is seeking $300m for refinancing.

    16 Sep 2019

  • CIMB rejigs top line-up in Malaysia, Singapore

    CIMB Group has rejigged its top management team across multiple divisions and hired a new chief executive officer for its Islamic banking operation.

    16 Sep 2019

  • Keppel DC Reit seeks S$235m for acquisition

    Keppel DC Real Estate Investment Trust has launched a one-day sale of new units to raise up to S$235.4m ($171.3m) to fund the purchase of two Singapore properties.

    16 Sep 2019

  • The week in renminbi: August IP growth dips, China eases on tariffs, LSE rejects HKEX

    In this round-up, China’s industrial profit growth further declined, Chinese state media has hinted at more peacemaking gestures to the US and the London Stock Exchange (LSE) rejected the Hong Kong bourse’s acquisition offer in a strongly worded letter.

    16 Sep 2019

  • Indonesia’s DMDT woes spill over to bonds

    Defaults have ripped through Delta Merlin Dunia Textile (DMDT), another subsidiary of Indonesian textile company Duniatex, which missed its first dollar bond coupon last week and recently delayed payments on a loan.

    16 Sep 2019

  • JA Solar beams $100m borrowing

    China’s JA Solar Holdings, which was taken private last year, has returned to the offshore loan market, inviting banks to join a $100m facility.

    16 Sep 2019

  • Pemex comeback bonds fly as exchange launched

    Mexican state-owned oil company Pemex found plenty of follow-through demand in secondary markets as all three tranches of its $7.5bn bond issue traded up on the break.

    16 Sep 2019

  • Now open! GlobalCapital Asia Capital Market Awards 2019

    GlobalCapital Asia is pleased to invite pitches for our annual capital markets and investment banking awards, which reward the most impressive transactions and investment banks of 2019.

    16 Sep 2019

  • Southern Copper sub to hit bond markets

    Minera México, the largest subsidiary of the Southern Copper Corporation, will hold investor meetings this week as it looks to join the slew of Mexican credits taking advantage of benevolent bond markets.

    16 Sep 2019

  • Kerry Group first IG borrower off the blocks after ECB meeting

    The Kerry Group, the Irish Baa2/BBB+ rated food and beverage company, became the first European investment grade company to issue bonds after the European Central Bank meeting on Thursday.

    13 Sep 2019

  • LSEG spurns HKEX's £32bn takeover bid

    London Stock Exchange Group (LSEG) has emphatically rejected the unsolicited £32bn takeover bid by Hong Kong Exchanges and Clearing (HKEG), with LSEG's board suggesting that the deal has profound flaws.

    13 Sep 2019

  • Lecta’s bondholders hire advisers as restructuring looms

    Lecta has announced that its bondholders are being represented by investment bank Houlihan Lokey and law firm Willkie Farr & Gallagher, as the Spanish paper company struggles to keep up with bond payments. Last month, the troubled company said it had hired Evercore and Rothschild to advice on “strategic alternatives”, including possibly restructuring the firm.

    13 Sep 2019

  • AfDB sells debut offshore renminbi bond

    The African Development Bank has issued its first offshore renminbi bond, in what the supranational has described as a 'strategic objective' in response to a growing investor base for the currency.

    13 Sep 2019

  • GlobalCapital Covered Bond Awards 2019: the winners

    Congratulations to the winners of GlobalCapital's Covered Bond Awards 2019.

    13 Sep 2019

  • EQT covers €1.2bn IPO on day one

    The €1.2bn IPO of Swedish private equity group EQT was covered throughout its price range, less than two hours into the bookbuilding process on Friday, according to market sources.

    13 Sep 2019

  • Japanese duo leads Yankee charge in busy week of supply

    Yankee banks joined supply frenzy in US dollars this week, as they looked to take advantage of positive funding conditions.

    13 Sep 2019

  • PP: Live Data

    Please see below.

    13 Sep 2019

  • Take two: ESR Cayman returns for second try at HK listing

    Warehouse construction form and lessor ESR Cayman has revived plans to list in Hong Kong, three months after pulling a possible billion dollar IPO mid-roadshow.

    13 Sep 2019

  • BEA shrugs off weak results with $650m AT1 return

    The Bank of East Asia returned to the market with a Basel III-compliant additional tier one (AT1) deal, paying no premium despite reporting disappointing interim results for the first half of 2019 and amid the turmoil in Hong Kong SAR.

    13 Sep 2019

  • Hang Seng’s head of syndication leaves

    Kenny Chan, head of syndicated finance and corporate advisory at Hang Seng Bank, has left the lender, according to sources.

    13 Sep 2019

  • Moody’s promotes Cheong as Apac head

    Moody’s has promoted Wendy Cheong as regional head for Asia Pacific, according to a press release.

    13 Sep 2019

  • PLN establishes yen curve with three-tranche Samurai

    Indonesian state-owned power company PLN has diversified its funding sources. It debuted in the Samurai market, raising ¥23.2bn ($215m) from three bonds while paying a small premium over its outstanding dollar curve.

    13 Sep 2019

  • China market round-up: CPI inflation steadies, August credit data within expectation, Huawei mulls first onshore bond

    In this round-up, China’s consumer price index (CPI) inflation remained unchanged in August, total social financing saw steady traction and Huawei Technologies is poised to issue its first onshore bond.

    13 Sep 2019

  • China policy round-up: China, US extend olive branches, CSRC plots more market opening, government tightens internet censorship

    In this round-up, both China and the US offered signs of peace around trade, the China Securities Regulatory Commission (CSRC) rolled out 12 measures for further market reform and opening up, and the country’s top internet authority is tightening its control over online content.

    13 Sep 2019

  • AllHome launches $304m Philippine IPO roadshow

    AllHome Corp has gone live with its IPO in the Philippines, as it works with a five-strong syndicate to raise up to Ps15.8bn ($304.2m) from a mixed primary and secondary share offering.

    13 Sep 2019

  • SBI offers Rp27bn stake in life insurance unit

    State Bank of India is looking to raise at least Rp26.95bn ($378m) from a stake sale in SBI Life Insurance Co, receiving a flood of early demand.

    13 Sep 2019

  • Avianca exchange meets shareholder hopes

    Avianca took a step closer to drastically improving its liquidity profile after 86.4% of its bondholders agreed to participate in a bond exchange that could unlock up to $250m of new funding from United Airlines and the Colombian firm’s second largest shareholder, Kingsland Holdings.

    12 Sep 2019

  • Alpek’s slim concession continues Mexico run

    Alpek, the petrochemicals business of Mexican conglomerate Grupo Alfa, sold a $500m 10 year bond on Wednesday at the tight end of expectations to become the latest in a line of Mexican issuers to tap the primary market in September.

    12 Sep 2019

  • Petrobras exchange leads Brazilian LM surge

    Brazilian oil giant Petrobras is looking to push out bond maturities and reduce its debt stock with an exchange and tender offer, as companies from the country take advantage of strong market conditions to reprofile their liabilities.

    12 Sep 2019

  • EIB brings SAB in kronor with wider assets

    The European Investment Bank brought to market on Monday the Swedish krona bond with which it had hoped to relaunch its Sustainability Awareness Bond programme, after expanding the assets eligible for inclusion.

    12 Sep 2019

  • IADB USD600m FRN Sep 22

    12 Sep 2019

  • KfW USD2bn 1.75% Sep 29 green bond

    12 Sep 2019

  • AfDB USD2bn 1.625% Sep 22

    12 Sep 2019

  • UK GBP4bn 1.625% Oct 54 tap

    12 Sep 2019

  • OeKB USD1.5bn 1.625% Sep 22

    12 Sep 2019

  • Triple-Bs join US bond refinancing goldrush

    The breakneck speed of dollar corporate bond issuance continued this week, with lower rated investment grade borrowers dominating investors' attention as they came to the market to lock in attractive financing rates amid fears the credit rally may run out of steam.

    12 Sep 2019

  • Thanks Draghi, now politicians must step up

    It's not clear how long the ECB’s new asset purchase programme will last, or what the new tiered deposit system will look like. However, what certainly is clear, is Mario Draghi’s legacy.

    12 Sep 2019

  • Capital markets divided as ECB wheels out big guns once more

    There was a mixed bag of views across the capital markets after the European Central Bank unleashed a new comprehensive stimulus package on Thursday, comprising restarting net bond buying, a rate cut and a tiered deposit rate system for banks.

    12 Sep 2019

  • Enel to use sustainability pricing for all bonds

    Evidence is mounting that Enel’s $1.5bn sustainability-linked bond, issued last Thursday, introduced not just a new product, but a new market. In recent days the deal has generated intense interest, and Enel has committed to using the product extensively in future, writes Jon Hay.

    12 Sep 2019

  • Trio of SSAs bask in three year dollars

    There were no problems with competing supply as a trio of public sector borrowers enjoyed strong demand for dollar bonds this week, despite all three having the same maturity.

    12 Sep 2019

  • Ford yanked to junk by Moody’s, sounding alarm to triple-B crowd

    Moody’s slashed Ford’s rating from Baa3 to Ba1 on Monday, placing the company in precarious crossover territory, with S&P and Fitch holding the firm at BBB with negative outlook. Other falling angels may land in the junkyard soon as the triple-B sector has ballooned to record levels.

    12 Sep 2019

  • Enel-SG trade shows derivatives market’s sustainable longings

    The over-the-counter derivatives market is one of the last areas still barely touched by the wave of interest in environmental and social issues that is sweeping financial markets. But below the surface, derivatives players want to get involved. That was highlighted publicly on September 5 when Enel, the Italian power and gas group, engaged with Société Générale in what it called “the world’s first Sustainable Development Goal-linked cross-currency swap”.

    12 Sep 2019

  • Russia eyes 2019 renminbi debut as it snubs dollars

    After several years of rumours and speculation, Russia’s long nurtured plans to issue renminbi government bonds will come to fruition in this year or in early 2020. The country will not borrow in dollars, but may borrow in euros and yuan, writes Lewis McLellan.

    12 Sep 2019

  • KfW and ADB reopen 10 year dollars

    KfW and the Asian Development Bank won huge praise from SSA bankers with rare 10 year dollar trades this week. The former issued the largest ever dollar green from a public sector borrower.

    12 Sep 2019

  • HKEX overture fails to move LSE and Refinitiv stakeholders

    Several participants familiar with the London Stock Exchange Group's (LSEG) bid to buy Refinitiv are unimpressed by Hong Kong Exchanges and Clearing's (HKEX) £31.6bn bid for the LSEG itself and believe it unlikely to tempt shareholders. Silas Brown and Karoliina Liimatainen report.

    12 Sep 2019

  • Renovate America stirs sleeping PACE market

    Property Assessed Clean Energy (PACE) issuer Renovate America is breathing life back into an otherwise quiet market with a deal backed by residential PACE liens. Instead of tapping the securitization market, PACE providers are choosing to go down alternative routes, such as pursuing private transactions or arranging forward flow agreements, sources say.

    12 Sep 2019

  • Loans in brief: September 13, 2019

    Two UK airports set to sell US private placements - Market first as Northern Irish housing association seeks US PPs - Kernel set to secure yet another facility, as EBRD continues Ukrainian push - RMB Mauritius secures loan, months after dollar debt transfer

    12 Sep 2019

  • Can the ‘Volfefe Index’ make markets great again?

    How much emphasis do you put on a tweet? According to JP Morgan and its recent ‘Volfefe Index’, 280 characters is all US president Donald Trump needs to shock the markets. The aim is to create an index “to measure the impact of the president’s tweets on rates volatility”. However, with algorithmic trading and tweet aggregation commonplace, many market participants are unconvinced that the index brings anything new to the table.

    12 Sep 2019

  • IHS USD500m 7.125% Mar 24, USD800m 8% Sep 27

    12 Sep 2019

  • Nissan debuts in US private placements, as car companies take shelter in private debt

    Nissan has sold upwards of $600m US private placements in the first US PP deal for any Japanese car company, according to several people familiar with the situation. Headline deals from car companies in both European and US private debt markets this year has led market players to believe private investors are taking a rather forgiving approach to the industry’s challenging moment. Silas Brown reports.

    12 Sep 2019

  • Emaar Properties USD500m 3.875% Sep 29

    12 Sep 2019

  • Corp market pleased as ECB to buy bonds below deposit rate

    Corporate bond spreads firmed on Thursday afternoon, after the European Central Bank announced its long-awaited package of monetary easing measures, showing that, for this segment of the market, the ECB had done enough. Widespread fears of a sell-off if Mario Draghi, ECB president, underwhelmed have not so far come to pass.

    12 Sep 2019

  • SSAs satisfy niche currency demand

    SSA issuers turned towards niche currencies this week to meet a range of demand across the Australian and Canadian dollar curves. KfW and the Asian Development Bank started the week printing in Australian dollars, before the World Bank joined them in the currency while also returning to the Maple market.

    12 Sep 2019

  • BMO and Rothesay Life bring sterling market to life before ECB meeting

    Bank of Montreal and Rothesay Life made use of the quieter political situation in the UK this week to issue in sterling, in the same week issuance paced down in the euro market ahead of the European Central Bank’s meeting.

    12 Sep 2019

  • Bouygues reduces Alstom stake with jumbo €1.1bn block trade

    Bouygues, the French construction, telecoms and media group, has sold almost half its stake in Alstom, one of the largest manufacturers of rolling stock in the world, after the European Commission blocked a plan to merge the company with Siemens’ trains business earlier this year.

    12 Sep 2019

  • ‘Sigh of relief’ for banks after ECB unveils new look TLTRO programme

    More banks are expected to take advantage of the third series of targeted longer-term refinancing operations (TLTRO III) after the European Central Bank sweetened the terms of the funding programme on Thursday. Mario Draghi looked set to leave his position as ECB president on a bang, having also announced tiered rates of deposit for banks and a return to monthly asset purchases.

    12 Sep 2019

  • TeamViewer's IPO covered throughout the range in a day

    The IPO of TeamViewer, the German software company, is proving popular with investors. The books are covered throughout the price range, after less than a day of bookbuilding.

    12 Sep 2019

  • PGIM, CVC refi CLOs as negative rates persist

    The CLO refinancing wave has rolled through to the end of summer, with PGIM and CVC both refinancing deals from 2016 and 2017 respectively, as European markets continue to contend with negative rates.

    12 Sep 2019

  • Brexit ‘shadow’ hangs over EU capital markets as commission pushes CMU

    Brexit will shrink the size of financial markets in the European Union, the International Monetary Fund has warned as it urged the new Commission to step up its work on creating a Capital Markets Union (CMU).

    12 Sep 2019

  • Better gender balance correlates with higher ratings

    North American companies with a higher share of female directors on their boards also have higher credit ratings for their debt, according to analysis by Moody’s.

    12 Sep 2019

  • De Volksbank EUR500m 0.01% September 24 preferred

    12 Sep 2019

  • ChelPipe prints ‘one of the tightest’ ever Russian debuts

    Russian pipe manufacturer Chelyabinsk Pipe Plant on Thursday sold one of the tightest ever Russian debut bonds, according to a lead manager on the note.

    12 Sep 2019

  • Turkey central bank cuts repo rate

    The Turkish central bank delivered a 325bp cut to its main policy rate on Thursday. Although the move is larger than the 250bp consensus that had emerged ahead of the meeting, many analysts had been fearful that the move would be even more drastic — and the market appears to be rallying in relief.

    12 Sep 2019

  • Spreads tighten for pair of UK RMBS deals

    Pepper Group subsidiary Optimum Credit has priced its Castell 2019-1 deal tight of guidance, while Yorkshire Building Society’s Brass No 8 RMBS was also priced, with senior notes tightening by about 5bp from initial price thoughts.

    12 Sep 2019

  • London calls for Lazard’s Kapadia

    The new boss of Lazard’s UK business faces a challenge to reassert its place in the firm’s global pecking order, writes David Rothnie

    12 Sep 2019

  • Pinewood’s £550m issue gobbled up, analysts warn of murky terms

    Pinewood Studios' effort to re-cast itself as a real estate company seemed pure box office to investors, who placed enough orders for a new bond to allow the borrower to up the deal size and still price at the tight end of guidance.

    12 Sep 2019

  • AfDB postpones debut Panda bond to 2020

    The African Development Bank has delayed the issuance of its inaugural Panda bond to 2020, after previously hoping to make its debut in China’s interbank bond market this year.

    12 Sep 2019

  • Euro govvies sink to record lows as ECB fires up fresh stimulus

    The yields on core and peripheral eurozone government bonds sank to record low levels following the announcement of a broad stimulus package on Thursday, comprising the restart of net asset purchases, a 10bp rate cut and a tiered deposit rate system for banks.

    12 Sep 2019

  • CME targets Chinese gold with new contracts

    CME Group announced on Wednesday that it will launch new futures contracts that provide market participants with exposure to the physical Chinese gold market.

    12 Sep 2019

  • People Moves in Brief: September 13, 2019

    DB bumps up Lewellen, Buvat gets levfin — ING names new corp fin boss — Ico’s capital markets head departs — CBAM Partners hires Levilain to help euro loans launch — Citadel shrinks European credit team

    12 Sep 2019

  • Supranational sterling flurry starts September

    A trio of supranationals harnessed a lack of sterling supply to reopen the market this week. The World Bank brought the first fixed rate supranational deal since August, while the Asian Development Bank and European Investment Bank both reopened Sonia-linked notes.

    12 Sep 2019

  • Battersea Power Station secures term loans for third development phase

    Battersea Power Station, the former power station on the banks of the Thames in London, has got £600m of additional term loans for the third phase of its redevelopment.

    12 Sep 2019

  • UK reopens 2054 after investor demand shifts to 35 years

    The UK Debt Management Office (DMO) raised £4bn after it reopened its 2054 Gilt this week with market participants signalling their preference for the maturity rather than even longer maturities, said chief executive Robert Stheeman.

    12 Sep 2019

  • Intesa breaks Italian Swiss franc records

    Intesa Sanpaolo Bank Ireland this week printed a bond with what leads said was the lowest ever yield in Swiss francs from an Italian issuer. Following successful outings earlier this year in euros and yen, Italy’s largest banking group by assets turned to Swiss francs on Tuesday with a Sfr225m ($227.3m) five year senior trade that was also the first from an Italian borrower in the currency this year and the largest since the financial crisis.

    12 Sep 2019

  • Pemex plots return as capital injection lifts bond prices

    Mexican oil company Pemex is set to “defend its ratings” with an imminent new issue, bond exchange and buy-back to be partially funded by a capital injection from the government.

    12 Sep 2019

  • MHP and ChelPipe pick up cheap dollars

    A pair of Eastern European corporate borrowers are in the market for dollar paper on Thursday, taking advantage of excellent market conditions to secure cheap funding.

    12 Sep 2019

  • Mexico's Alpek returns with slim concession

    Alpek, the petrochemicals business of Mexican conglomerate Grupo Alfa, sold a $500m 10 year bond on Wednesday at the tight end of expectations to become the latest in a line of Mexican issuers to tap the primary market in September.

    12 Sep 2019

  • Middle East borrowers find oasis of demand in hot market

    Emaar Properties showed there is a strong appetite for sukuk paper with its trade this week, joined in the market by Bank of Sharjah, which was able to raise $600m, setting the stage for a third Middle East issuer to tap the market next week.

    12 Sep 2019

  • Altice France launches €1.5bn refi, following Salt's bond success

    Goldman Sachs and Citi have announced a dual currency eight year secured €1.5bn bond for Altice France, hoping to take advantage of low absolute rates to cut borrowing costs and extend its debt maturities. The bond-only deal follows Salt’s successful refinancing and dividend deal, which saw bonds come in appreciably cheaper than loans.

    12 Sep 2019

  • EM issuers bet against optimism

    In the CEEMEA bond market several early dollar refinancing operations are underway. Investors should beware. This frenzy of activity is not just delight at the super low yields on offer. It also indicates that borrowers believe the only way for their yields is up.

    12 Sep 2019

  • Apicorp eyes sukuk issuance, as green bond appears on horizon

    Multilateral development bank Arab Petroleum Investments Corp (Apicorp) is eyeing up the bond market for a potential benchmark issue, while a green euro bond may also be on the cards for the Saudi-headquartered bank, according to Sherif Ayoub, chief financial officer.

    12 Sep 2019

  • Despite reform efforts, foreign capital still needed in Myanmar

    Myanmar has made a raft of regulatory changes to attract foreign investment, removing ownership limits and cutting red tape. But senior figures in the country admit that poor infrastructure is a major problem — and the solution requires private capital. Morgan Davis reports.

    12 Sep 2019

  • China’s shoe exchange is my worst nightmare

    Has any institution created more gentlemen than Captain’s Bar?

    12 Sep 2019

  • Korea’s SK Hynix hits the mark with tight $500m IG bond

    South Korean semiconductor manufacturer SK Hynix had to get over a number of hurdles for its $500m bond issuance, but a complicated price discovery process ended with the notes being in hot demand both in the primary and secondary markets. Addison Gong reports.

    12 Sep 2019

  • HKEX tempts LSE with £32bn offer despite political chaos

    Hong Kong Exchanges and Clearing’s (HKEX) surprise £31.6bn takeover bid for the London Stock Exchange Group (LSEG) is being hailed by some ECM bankers as a complementary acquisition that will bring markets in the east and west closer together. But the political fires raging in London and Hong Kong have put the proposal’s success in serious doubt, write Jonathan Breen and Aidan Gregory.

    12 Sep 2019

  • BMW returns for second auto lease ABN

    BMW Auto Finance (China) is planning a comeback to asset-backed notes on September 17, and will replicate the structure of its April debut in the market.

    12 Sep 2019

  • Tianjin LGFV prices bond a year after pulled attempt

    Chinese local government financing vehicles (LGFVs) Tianjin Binhai New Area Construction & Investment Group Co and Changde Urban Construction Investment Group Co both relied on anchor support for their dollar bonds, after recent negative headlines about the sector.

    12 Sep 2019

  • Kommuninvest prints Swedish green note with rare negative yield

    Swedish agency Kommuninvest doubled the size of its June 2023 green bond on Tuesday through a Skr3bn ($309.8m) tap. The tap was issued with a negative yield — rare for the Swedish krona market — and is the issuer’s first negative yielding green print since October 2016.

    12 Sep 2019

  • Bank balance sheets growing again after two years of decline

    The amount of assets held by EU banks grew last year for the first time since 2015, according to data from the European Banking Federation, which also found that financial institutions were continuing to build up their capital and profitability levels.

    12 Sep 2019

  • Investors pile into Pemex as government offers support

    Mexican state-owned oil giant Pemex emphatically showed it has access to capital markets on Thursday as it received more than $35bn of orders on the way to a $7.5bn trade that could grow as existing bondholders participate in an exchange.

    12 Sep 2019

  • Disaster clean-up franchise brings inaugural ABS

    Servpro, a property restoration and disaster clean-up business, is preparing its debut whole business securitization, adding to the long list of first time issuers that have tapped the ABS market in 2019 to take advantage of cheap financing.

    11 Sep 2019

  • Orange hybrid flies on last day before ECB

    In the nervous last day before the European Central Bank's much-hyped monetary policy announcement on Thursday, only two corporate bond issuers brought deals. Both Orange, the French telecoms group, and Worldline, the French payments group carved out of Atos.

    11 Sep 2019

  • ADB and World Bank join syndicated sterling flurry

    The Asian Development Bank joined the syndicated sterling issuance run started by the European Investment Bank earlier this week, pricing a £300m tap of its March 2024 Sonia-linked note on Wednesday. The World Bank looks set to follow with a fixed rate tap on Thursday that bankers feel could give a good indication of the market’s appetite for the format amid volatility.

    11 Sep 2019

  • Nissan debuts in private debt, taking shelter with US private placements

    Nissan has sold upwards of $600m US private placements in the first US PP deal for any Japanese car company, according to several people familiar with the situation.

    11 Sep 2019

  • SMBC replaces Bloomberg with Itiviti for execution platform

    SMBC Nikko Capital Markets has replaced Bloomberg’s sell-side execution and order management solutions (SSEOMS) platform with the Itiviti order management system.

    11 Sep 2019

  • JP Morgan issues new €400m LVMH synthetic

    JP Morgan this week issued a €400m cash-settled exchangeable on LVMH, the French luxury goods conglomerate, in its latest synthetic outing, raising cheap funding while possibly hedging a derivatives transaction.

    11 Sep 2019

  • Russia eyeing renminbi bond

    Russia is planning to issue a renminbi bond, opening up its capital markets for more Asian participation.

    11 Sep 2019

  • Argentina set for JPM index exclusion

    The same capital controls that have brought some calm to Argentine bond markets could lead to the exclusion of certain government notes from some JP Morgan indices, said the US bank on Tuesday.

    11 Sep 2019

  • Deutsche promotes Lewellen to run IG DCM, Buvat to run levfin

    Deutsche Bank has announced a round of senior appointments in its primary debt businesses, naming Hoby Buvat head of EMEA leveraged finance origination and Mark Lewellen head of EMEA debt capital markets origination.

    11 Sep 2019

  • Leeds Building Society turns to RMBS market after four year absence

    Leeds Building Society has mandated Barclays, Citigroup and Lloyds to arrange Albion No 4, a prime UK residential mortgage securitization, set to qualify for the ‘simple, transparent and standardised’ (STS) regulatory framework. The deal comes as two more sterling RMBS deals are heading to be priced on Wednesday afternoon.

    11 Sep 2019

  • Kernel set to secure yet another facility, as EBRD continues Ukrainian push

    Kernel, a Ukrainian grain and sunflower producer, is set to secure yet another credit facility, alongside an amend and extend deal it recently signed. The European Bank of Reconstruction and Development will provide up to $80m of the total $300m facility, as the development bank continues to support Ukrainian corporates.

    11 Sep 2019

  • 'Brussels smells green, you can see it and feel it,' says ECBC's Bertalot

    The prospective growth of green and sustainable covered bond funding, and the Covered Bond Directive, were key topics at the well attended European Covered Bond Council’s 30th plenary session, held in Munich on Wednesday, especially with respect to the Pfandbrief market, which celebrates its 250th anniversary this year.

    11 Sep 2019

  • Nigeria's IHS adds to long end in dual tranche refi

    IHS, the Nigerian telecom towers group, hit screens on Wednesday for a dual tranche bond. It received strong demand and the leads were able to tighten the spread and add an extra $300m to the longer tranche.

    11 Sep 2019

  • Green adds lustre to new 10 year ADB Kangaroo

    The Asian Development Bank hopped on to screens on Tuesday to print a new 10.5 year green Kangaroo bond. Demand for longer dated Kangaroo bonds has been muted recently, leading to smaller transaction sizes. So introducing a green label helped the ADB feel “comfortable” with achieving its minimum issuance size, said Anthony Ruschpler, treasury specialist at the ADB in Manila.

    11 Sep 2019

  • New government in Rome paves way for fresh Italian IPOs

    Italy’s stockmarket has rallied since the formation of the new government to the extent that the FTSE MIB index is now into bull market territory this year, outperforming all its peers in Western Europe.

    11 Sep 2019

  • Bank of Montreal adds to sterling supply with rare senior bond

    Bank of Montreal was marketing a senior preferred bond in sterling on Tuesday, one day after Rothesay Life gave FIG investors a chance to put their money in tier two in the same currency. The Canadian issuer started its trade with a 15bp-20bp concession, according to a banker off the deal.

    11 Sep 2019

  • No ‘significant move’ in euro govvie yields if ECB holds back on new QE

    There will not be a huge repricing of eurozone government bonds in the event that the European Central Bank does not announce a new round of quantitative easing, according to a senior asset strategist.

    11 Sep 2019

  • Armenia joins gaggle of early refi deals

    Armenia is the latest EM borrower to take advantage of rock bottom rates with a tender offer and new bond. The sovereign will tender a 2020 bond, financing the operation with a new Eurobond.

    11 Sep 2019

  • Levfin jumping as issuers try to exploit attractive window

    Investment grade corporate bond issuance has slowed right down on Wednesday, as issuers and investors are getting cautious before the European Central Bank monetary policy meeting on Thursday.

    11 Sep 2019

  • Price discovery in focus for SK Hynix’s IG debut

    Investors chased South Korean semiconductor manufacturer SK Hynix’s $500m bonds both in the primary and secondary markets, even though the borrower pulled off one of the largest price reductions on a deal from the country.

    11 Sep 2019

  • FWD Group’s $600m perp falls in secondary

    FWD Group has come to the market with yet another unusual transaction, raising $600m but seeing the bond open a whole point lower in the secondary market on Wednesday morning.

    11 Sep 2019

  • Asset World launches record $1.4bn Thai IPO

    Thai real estate owner and developer Asset World Corp has hit the market with a Bt41.7bn ($1.36bn) IPO, set to be the country’s largest listing by a private company, according to a term sheet seen by GlobalCapital Asia.

    11 Sep 2019

  • Hong Kong exchange gatecrashes LSE-Refinitiv party

    Hong Kong Exchanges and Clearing has made an unsolicited £32bn bid for the London Stock Exchange Group, a move that could torpedo the LSE’s acquisition of Refinitiv.

    11 Sep 2019

  • Chinese IG trio get strong investor support

    Chinese issuers Country Garden Holdings Co, Guangxi Communications Investment Group Corp and Shuifa Group, all of which have investment-grade ratings, have sold well-supported dollar bonds to investors.

    11 Sep 2019

  • Scrapping onshore investment limits to ‘improve’ China market

    The State Administration of Foreign Exchange (Safe) has scrapped the quota limits on two of the oldest access schemes for foreign investors to China’s onshore bond and equity markets. Bankers said the move could bring in some improvements to the way the mainland market operates, writes Rebecca Feng.

    11 Sep 2019

  • Henlius Biotech braves political turmoil with $477m IPO

    Shanghai Henlius Biotech launched a Hong Kong SAR listing on Wednesday, becoming the first issuer to test the market after earnings season and while protests continue to rip through the city.

    11 Sep 2019

  • Achmea responds to speculation over sub debt issuance

    Achmea put out a statement on Wednesday in which it reminded investors to rely on Bloomberg for information about upcoming issuances, amid speculation that it was considering raising restricted tier one or tier two notes.

    11 Sep 2019

  • Samson builds $120m club loan for Vietnam factory

    Furniture maker Samson Holding has closed a $120m club loan with three banks to support the construction of a new factory in Vietnam

    11 Sep 2019

  • Investors on stand-by for new Italian FIG supply

    Italian bank bonds have performed very strongly as the country has prepared to welcome in a new government, but investors are still waiting for the sector to produce any new debt supply.

    11 Sep 2019

  • EU bank credit ratings have been a 'paradox' in recent years, says Moody's

    In the last five years Moody's has raised the average credit rating of the top European banks, but it has simultaneously dropped the average rating on their debt securities. This 'paradox' is down to new EU regulations on bail-inable bonds, the agency said.

    11 Sep 2019

  • Credit risk models don’t work with climate change, says EBA supervisor

    As climate change takes hold, banks could incur losses in a very different way from what is typically captured by using credit risk modelling, delegates heard at the European Covered Bond Council’s 30th plenary meeting, held in Munich on Wednesday.

    11 Sep 2019

  • CLO manager THL rolls out ESG framework

    Credit investment manager THL Credit announced on Tuesday that it has begun using an environmental, social and governance (ESG) framework in its bank loan, high yield and CLO strategies.

    10 Sep 2019

  • Citadel shrinks European credit team

    Citadel has cut its operation investing in European high yield, with the departure of one senior portfolio manager who first worked at the firm in 2003.

    10 Sep 2019

  • Ford yanked to junk by Moody’s as restructuring raises concerns

    Moody’s slashed Ford’s rating from Baa3 to Ba1 on Monday, placing the company in precarious crossover territory, as the other agencies have the firm on negative outlook. Other falling angels may land in the junkyard soon.

    10 Sep 2019

  • Intrum amps up refi bond as investors devour double-B issues

    Swedish credit management company Intrum this week completed a €850m issue of new senior notes, pricing at 3% and increasing the size of the offering from the initial €750m. UK-based gambling giant International Game Technology also dipped into the “most issuer-friendly market ever” with €500m bond.

    10 Sep 2019

  • Green price ratchet bonds will soon be everywhere

    The sustainability-linked bond issued by Enel on Thursday opens a new chapter in the green finance market. Anyone tempted to think this will be a freak should think again. The idea is sure to catch on.

    10 Sep 2019

  • The perils of investing in used cars

    Moody’s has downgraded Ford Motor Credit Company from investment grade to a junk rating. It is not the only auto manufacturer to run suffer a prang, however, and as more securitization issuers move into the autos sector, UK market participants need to be wary of history repeating.

    10 Sep 2019

  • Bazooka or water pistol, Draghi is guaranteed to disappoint

    There is typically a degree of consensus among market participants as to what a central bank will say at its upcoming monetary policy meeting. But, days before the European Central Bank’s Governing Council gathering on Thursday — the most important of the year and perhaps ever — there are wide ranging views as to what its president Mario Draghi will announce at his swansong meeting. Someone will get burned.

    10 Sep 2019

  • Corporate bond issuance eases in run-up to ECB

    Corporate bond issuance in euros was busy again on Tuesday, with four deals, but they were moderately sized, so the total was nothing like Monday's haul of €6bn and £1.25bn.

    10 Sep 2019

  • Life after CFTC: Giancarlo joins exchange board

    Christopher Giancarlo is joining the board of the American Financial Exchange, an electronic exchange for direct lending and borrowing between US financial institutions.

    10 Sep 2019

  • Euronext suffers trip on derivatives trading

    European stock exchange operator Euronext suspended trading in various equity derivatives contracts on Monday because of a technical issue.

    10 Sep 2019

  • DMO and EIB taps reopen quiet sterling market

    The UK Debt Management (DMO) and European Investment Bank reopened a quiet sterling market on Tuesday with a pair of syndicated taps, which bankers feel will leave issuers and investors "confident" to follow.

    10 Sep 2019

  • AIIB partners with Amundi to launch climate bond portfolio

    The Asian Infrastructure Investment Bank and Amundi announced a collaboration on Tuesday to invest in green and climate bonds in Asia. The fixed income portfolio will have an initial size of $500m, with a further $500m to come from institutional investors.

    10 Sep 2019

  • KfW extends green bond curve with an ‘outstanding success’

    KfW won huge praise from on-looking bankers for a curve extending and rare 10 year dollar green bond on Tuesday. The Inter-American Development Bank (IADB) and Österreichische Kontrollbank (OeKB) also enjoyed success in the dollar primary market with three year trades, with the former selling its debut Sofr-linked floating rate note.

    10 Sep 2019

  • Auto industry takes comfort and cash in Schuldschein market

    The car industry has long been a staple of the Schuldschein market, but this year more than borrowers than usual have taken a spin round the market in search of debt. The product has attracted a wide range of manufacturers, from its native Germany and the rest of Europe.

    10 Sep 2019

  • Rare oil and gas securitization enters pipeline

    Raisa Energy, an oil and gas exploration and production company, is preparing an inaugural securitization, with Guggenheim Securities leading the deal.

    10 Sep 2019

  • Lonza refinances its revolvers and terms

    Swiss medical firm Lonza has refinanced its term debt and revolving credit facilities, in dollars, euros and Swiss francs.

    10 Sep 2019

  • Sterling ABS market digs in for wave of new supply

    Investors are eyeing a rush of sterling ABS and RMBS deals looking to push ahead through the Brexit window after the UK Parliament was suspended for five weeks beginning on Monday, with buysiders confident that spreads will withstand the rush of new supply.

    10 Sep 2019

  • MTU Aero Engines monetises bull run with €515m convert

    MTU Aero Engines, the German maker of aircraft engines, has issued a €515m convertible bond before being promoted to Germany’s Dax benchmark index later this month.

    10 Sep 2019

  • Rothesay Life hits sterling for blowout tier two

    Rothesay Life chose a quieter day in UK politics to issue a tier two in the sterling market on Tuesday. It also took advantage of the lack of supply in the currency and the deal was oversubscribed four times its £400m size.

    10 Sep 2019

  • ANZ New Zealand goes long in senior

    ANZ New Zealand was well received after opting for a longer maturity on its return to the euro senior market this week, welcoming €1.2bn of orders for its €500m 10 year.

    10 Sep 2019

  • Are credit ratings relevant for Turkey's banks?

    Ratings, huh. What are they good for? Absolutely nothing — at least not when push comes to shove in the financing of Turkey's banks. Moody's downgrade to the Turkish sovereign and the country's banks in June sparked concern among syndicated lenders. But as another round of refinancings begins, pricing is tightening and banks are heaping praise upon their Turkish counterparts.

    10 Sep 2019

  • IHS on screens for dual tranche refi

    IHS, a telecoms provider based in Nigeria, hit screens on Tuesday for a dual tranche bond. The proceeds will go to finance a tender offer of the issuer’s outstanding paper.

    10 Sep 2019

  • CMU 2.0 to reassess MiFID II impact on SMEs

    The European Union is set to reconsider rules governing research and IPOs for small and medium sized enterprises as traces the next steps along the path to a Capital Markets Union. It will also consider limitations on the ability of the European Commission to bring CMU about on its own.

    10 Sep 2019

  • Dombrovskis keeps CMU brief under Leyen

    Valdis Dombrovskis is set to retain his role as the European Commissioner in charge of financial stability, financial services and capital markets union, after president-elect Ursula von der Leyen announced her new leadership team on Tuesday.

    10 Sep 2019

  • Ford European auto ABS nears pricing as investors digest Moody's downgrade

    Moody's has downgraded the senior unsecured rating of Ford Motor Credit Company from to Ba1 from Baa3 just as the company looks to price an auto ABS deal via its European finance arm, FCE Bank.

    10 Sep 2019

  • Severstal opener steels ChelPipe, Sibur

    The first deal of the September rush set an impressive bar for a rush of borrowing from its peers in the commodities sector. Russia's Severstal pulled off an $800m five year bond priced flat to its curve, achieving the lowest yield ever for a corporate from the region.

    10 Sep 2019

  • Warba Bank mandates for debut senior sukuk

    Kuwait's Warba Bank is embarking on a roadshow to market its first senior unsecured sukuk. The dollar five year note is expected to be printed “around the 3% mark”, according to a DCM banker on the deal.

    10 Sep 2019

  • Petrobras sets terms on bond exchange

    Brazilian oil giant Petrobras will continue to push out its debt maturities and reduce its outstanding stock of bonds with an exchange and tender offer that includes retiring existing notes using cash.

    10 Sep 2019

  • Emaar Properties caps size as sukuk books near $2bn

    The order book for Emaar Properties’ 10 year sukuk had hit around $1.85bn by Tuesday morning, but the issue size will be capped at $500m, according to a DCM banker on the deal.

    10 Sep 2019

  • CRH hits the road after six year hiatus

    Caisse de Refinancement de l’Habitat, the specialist French covered bond issuer, has overcome regulatory hurdles and will issue covered bonds following a roadshow.

    10 Sep 2019

  • Updated: Euroclear mulls connecting overseas investors with Chinese bonds

    Euroclear Bank, a Brussels-based international securities depository, will work with China Central Depository and Clearing (CCDC) to develop a bond trading link for international investors to access Chinese domestic bonds.

    10 Sep 2019

  • Cathay Media, Times Neighbourhood line up HK listings

    Mainland China-based Cathay Media Group is eyeing a Hong Kong Stock Exchange IPO, filing a prospectus with the bourse this week.

    10 Sep 2019

  • Longfor rides S&P upgrade to price tight bond

    Chinese real estate developer Longfor Group Holdings raised $850m from a 10 year bond on Monday, taking advantage of a recent ratings upgrade that led to a rally in its secondary price.

    10 Sep 2019

  • ICBC achieves size and price with Greater Bay Area green bond

    Industrial and Commercial Bank of China has priced $3.15bn of green bonds in US dollars, Hong Kong dollars and offshore renminbi (CNH), achieving a number of firsts in the process.

    10 Sep 2019

  • Suning.com eyes $500m for Carrefour China acquisition

    Chinese home appliance retailer Suning.com is seeking a $500m term loan to support its acquisition of French supermarket company Carrefour’s mainland China business. Although there are doubts about Carrefour’s future operations, bankers are still keen to maintain a relationship with the borrower.

    10 Sep 2019

  • Merian Chrysalis fund announces £100m share sale

    Merian Chrysalis Investment Co, the closed-end investment fund focused on private companies, has launched its second follow-on offering since it listed on the London Stock Exchange in November last year.

    10 Sep 2019

  • Improved market gives Wuhan a window for tap

    Wuhan Financial Holdings (Group) Co found an opportunity to return to the bond market with a $300m tap, getting strong support from its 10-member syndicate team.

    10 Sep 2019

  • Asia IPO rush is not a return to normal

    Asia’s IPO market burst into life this month, with issuers in Hong Kong, South Korea, Singapore and the Philippines testing investor appetite for their listings. While the resurgence is welcome after a bleak year for issuance so far, it is likely to be short lived, with a lot also resting on early movers’ performances.

    10 Sep 2019

  • Avic Leasing makes loan comeback with FAB at the helm

    Chinese company Avic International Leasing Co is seeking a $150m syndicated loan. It has mandated First Abu Dhabi Bank as the lead, the first time the Middle Eastern lender has bookrun a Chinese deal on a sole basis.

    10 Sep 2019

  • ABS primary pipeline gushes as fall kicks off

    Deal flow is picking up in the second week of September with at least $8.74bn being marketed to investors, including auto ABS offerings from seven repeat issuers across the credit spectrum.

    09 Sep 2019

  • Middle market debt manager hires CLO PM

    Alternative asset manager and middle market private equity firm MidOcean Partners has added a portfolio manager to its CLO business in New York.

    09 Sep 2019

  • European auto ABS market revs up with E-Carat 10 deal

    Opel Bank, a subsidiary of French automaker Groupe PSA, is mandating BNP Paribas as arranger for its E-Carat 10 auto deal, alongside UniCredit Bank AG as joint lead manager for the class ‘A’ notes.

    09 Sep 2019

  • Investors absorb more corp multi-tranches

    Corporate bond issuers made full use of the last few days before the European Central Bank's much-anticipated announcement on monetary policy on Thursday. Despite the hectic activity of the past two weeks, investors were still oversubscribing deals two or three times.

    09 Sep 2019

  • Banco Sabadell marketing €1bn consumer ABS

    Banco Sabadell has mandated Deutsche Bank for a €1bn Spanish consumer loan ABS, set to offer three tranches with a floating rate coupon priced over three month Euribor.

    09 Sep 2019

  • Eurex ramps up clearing bid with fee waiver

    Eurex Clearing announced on Monday that it will waive booking fees for OTC interest rate derivatives portfolio switches from LCH until the end of 2019.

    09 Sep 2019

  • Berkshire Hathaway feasts at yen buffet

    One of the world’s largest companies made its debut in the yen bond market last week, as Berkshire Hathaway placed ¥430bn ($4bn) of multi-tranche debt. With the Japanese government yield curve offering sub-zero returns for anything under 15 years, the six tranche deal offered investors a chance to earn a yield pick-up, according to bankers away from the deal.

    09 Sep 2019

  • Intrum and IGT do another refi round as investors wolf down new issues

    Swedish credit management company Intrum and UK-based gambling giant International Game Technology dipped into the favourable markets again with big €750m and €500m issues .

    09 Sep 2019

  • CBAM Partners hires Levilain to help euro loans launch

    CBAM Partners said it has hired Axa Investment Management’s loans and private debt co-head Jean-Philippe Levilain to help launch its European business.

    09 Sep 2019

  • Lone US fund buys €84m of Fagron shares

    Two of the largest shareholders in Fagron, the Belgian pharmaceutical and medical products company, have sold half their stake in the company for €84m via an unusual block trade that was placed with a single US long-only investor.

    09 Sep 2019

  • A first for Prima: new Slovakian issuer set for debut covered bond

    Prima banka Slovensko is set to become the third Slovakian issuer of euro covered bonds after it mandated lead managers on Monday for a roadshow.

    09 Sep 2019

  • Taking the Mickey? Pinewood launches divi recap after Disney deal

    Pinewood Studios has launched a new £500m six year non-call two bond offering to fund a dividend, after signing a deal with Disney to lease the studio’s space for the next decade, securing the firm’s income. Seen as a corporate issuer, Pinewood’s leverage looks sky-high, but the bond documentation attempts to rebrand it as a real estate company.

    09 Sep 2019

  • Market first as Northern Irish housing association seeks US PPs

    Radius is set to become the first housing association from Northern Ireland to issue US private placements, with Barclays prepping a deal of at least £100m.

    09 Sep 2019

  • LBBW pays modest Pfandbrief premium

    LBBW issued a well subscribed €650m nine year public sector loan-backed Pfandbrief on Monday at a relatively tight new issue concession compared with many recent negative yielding covered bonds.

    09 Sep 2019

  • KfW to stretch dollar green curve, IADB out with debut Sofr FRN

    KfW mandated banks for its longest ever dollar green bond on Monday, while the Inter-American Development Bank is taking indications of interest for its inaugural Sofr-linked floating rate note.

    09 Sep 2019

  • Investor work pays dividends for My Money Bank

    Specialist French lender My Money Bank SCF (MMB) returned to the covered bond market on Monday to issue its second deal, which attracted a more diverse and larger order book than its first. A positive yield helped, but so did the issuer’s investor relations effort, according to a lead manager.

    09 Sep 2019

  • Fitch upgrades Ukraine but BAML sees restructuring risk

    Fitch Ratings raised Ukraine’s credit rating from B- to B with a positive outlook. However, Bank of America Merrill Lynch believes that the country is still at risk of another debt restructuring.

    09 Sep 2019

  • Commerzbank thinly subscribed on return to non-pref market

    Commerzbank attracted only €700m of demand for a €500m non-preferred senior bond this week, with a lead manager suggesting the deal showed the ‘state of the market’ as it welcomes an influx of tightly priced supply.

    09 Sep 2019

  • Two UK airports set to sell US private placements

    Two of the smaller airports in England are looking to raise US private placements, according to sources in the market, as players note that airports and port operators in Australia and Europe have carved out a particularly strong section of the market in the past 12 months.

    09 Sep 2019

  • Severstal first off the blocks with dollar benchmark

    Severstal, a Russian steel manufacturer, hit screens on Monday morning with a five year dollar benchmark.

    09 Sep 2019

  • De Volksbank mops up demand on green senior debut

    De Volksbank was three times subscribed for its debut green bond this week, despite not offering much in the way of yield or new issue premium to its investors.

    09 Sep 2019

  • Groupama switches old for new with tightly priced T2

    Groupama seized an opportunity to replace one of its outstanding tier twos with a cheaper set of capital instruments on Monday, drawing on sizeable demand for higher yielding assets in the euro market.

    09 Sep 2019

  • ADB leaps on Japan Kanga bid with new green deal

    The Asian Development Bank (ADB) hit screens on Monday morning with initial price thoughts for a new 10 year green Kangaroo bond. The trade follows a busy week for SSA Kangaroo issuance at the long end of the curve, driven by Japanese demand according to one banker.

    09 Sep 2019

  • Fleet Mortgages gets funding from OWS after re-entering market

    Buy-to-let mortgage lender Fleet Mortgages has agreed a funding line with asset manager One William Street after returning to the market in April, getting about £400m.

    09 Sep 2019

  • RMB Mauritius secures loan, months after dollar debt transfer

    Rand Merchant Bank International Mauritius (RMBIM) has secured a $400m syndicated loan from international lenders, months after a transfer of dollar debt from FirstRand Bank. The deal marks the latest in a series of loans raised by South African banks this year.

    09 Sep 2019

  • Ico’s capital markets head departs

    The head of capital markets at Spain’s Instituto de Crédito Oficial has left to join the region of Madrid as chief financial officer.

    09 Sep 2019

  • China lowers banks’ RRR to boost economy

    The People’s Bank of China (PBoC) is reducing the amount of money that banks need to hold as reserves, a long-overdue move that analysts said is just one of many more easing measures to be implemented in the country.

    09 Sep 2019

  • The week in renminbi: China cuts banks’ reserve ratios, August exports fall, Hong Kong protesters march on

    In this round-up, the People’s Bank of China (PBoC) announced both broad-based and targeted reserve requirement ratio cuts, China’s exports dropped further and Hong Kong witnessed another weekend of protests despite the withdrawal of the extradition bill.

    09 Sep 2019

  • Topsports gauges interest in $1bn Hong Kong IPO

    Topsports International Holdings has kicked off pre-marketing for its Hong Kong SAR listing, which is expected to raise around $1bn, according to sources close to the deal.

    09 Sep 2019

  • RFP out for Sri Lanka’s long-waited Samurai

    The Government of Sri Lanka has invited banks to pitch for the lead arranger role for a ¥60bn ($561m) Japanese yen-denominated international bond. The deadline for submissions is next Friday.

    09 Sep 2019

  • HK bonds carry on after Fitch downgrade

    Dollar bond investors have shrugged off Fitch’s downgrade to the foreign currency rating of Hong Kong SAR, with local issuers also gearing up for new deals.

    09 Sep 2019

  • Schlumberger and TVO round off €22bn issue spree

    Two new corporate bond issues hit the market on Friday, wrapping up the busiest week of the year, in which nearly €22bn of new notes have been printed. Despite the frantic activity, investors have been willing to lend, though companies may have had to pay larger new issue premiums.

    06 Sep 2019

  • Ground-breaking Enel bond introduces sustainability-linked pricing

    A new sustainable finance product, which has the potential for huge growth, was launched on Thursday when Enel, the Italian electricity and gas company, issued the first bond in which the interest rate can be altered during the term of the debt, based on the borrower’s sustainability performance.

    06 Sep 2019

  • Citi jumps on Sofr as borrowers run rampant

    FIG borrowers jumped into the dollar market with lightning speed this week, snapping up attractive financing rates.

    06 Sep 2019

  • Funding scorecard: European sovereigns

    This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes as we enter September.

    06 Sep 2019

  • Groupe Bruxelles Lambert crowns blockbuster week for European equity-linked deals

    Groupe Bruxelles Lambert, the Belgian investment company, has launched a €750m bond exchangeable into shares in LafargeHolcim, the Swiss building materials company.

    06 Sep 2019

  • Ex-SG head trader goes to Natixis for equities

    Arié Boleslawski has joined Natixis to run its equities business.

    06 Sep 2019

  • China Gas block goes bigger at $651m

    South Korean energy company SK E&S Co has bagged HK$5.1bn ($650.7m) after selling a block of shares in China Gas Holdings, a source close to the deal told GlobalCapital Asia.

    06 Sep 2019

  • Thailand’s Indorama Ventures debuts in dollars

    Indorama Ventures Public Co sold its first dollar bond on Thursday. While unrated, the company’s rarity value appealed with investors.

    06 Sep 2019

  • FMO debuts in Uzbek som, SSAs go ultra-long in euros

    The Netherlands Development Finance Company (FMO), made its Uzbekistani som debut this week to take advantage of funds flowing into EM currencies thanks to low rates in dollars. Elsewhere, euro investors are looking at the ultra-long end of the SSA market.

    06 Sep 2019

  • India's PFC finds strong support for $750m bond

    Power Finance Corp gathered a peak book of $4bn for its $750m dual-tranche bond issuance, allowing it to sell the notes at tighter-than-expected levels.

    06 Sep 2019

  • ReNew targets niche investors for $300m deal

    Indian renewables company ReNew Power took home $300m from a bond that appealed to a niche, but captive, investor base.

    06 Sep 2019

  • China market round-up: CGBs included in second global index, Fitch downgrades Hong Kong, Caixin PMIs rise

    In this round-up, JPMorgan has decided to include Chinese government bonds into its government bond index for emerging markets, Fitch downgrades Hong Kong by one notch to AA and Caixin manufacturing Purchasing Managers’ Index (PMI) declines in August.

    06 Sep 2019

  • China policy round-up: trade negotiations back on the table, Hong Kong withdraws extradition bill, state council sends easing signals

    In this round-up, the US and China agree to meet in October in Washington, Hong Kong's chief executive formally withdraws the extradition bill and the Chinese state council is set to release local government bond quotas for 2020 early.

    06 Sep 2019

  • Bonds news in brief: Greater China credits head to dollars

    Six Greater China borrowers, including Industrial and Commercial Bank of China (Macau) and an unrated property developer, have wooed bond investors to their new dollar deals.

    06 Sep 2019

  • India’s secondary loan task force urges registry set-up, investor base expansion

    India's central bank should take measures to boost the country's secondary loan market, according to a task force.

    06 Sep 2019

  • Bajaj Finance hires for $1bn share sale

    India's Bajaj Finance has hired banks to run a potential qualified institutional placement (QIP) of around $1bn, according to a source familiar with the matter.

    06 Sep 2019

  • Paper company Youyuan defaults on HK$2.6bn of debt

    China’s Youyuan International Holdings, a wrapping tissue paper maker, has defaulted on a total of HK$2.6bn ($332m) of debt, including a $135m loan sealed in April.

    06 Sep 2019

  • Credit Suisse hires Philippines IBCM head

    Credit Suisse has brought in Mark Uy to lead coverage of investment banking and capital markets in the Philippines, according to a source familiar with the matter.

    06 Sep 2019

  • Mexican trio come tight to kick-start Lat Am

    BBVA Bancomer and Industrias Peñoles sold a combined $1.8bn of bonds on Thursday to follow up Grupo Bimbo’s blow-out trade earlier in the week as investors found a sweet spot in high quality Mexican corporate debt.

    05 Sep 2019

  • Alpek bond refi could continue Mexico run

    Alpek, the petrochemicals business of Mexican conglomerate Grupo Alfa, could become the next company from the country to make the most of attractive market conditions as it looks to the bond market to refinance short-term bank debt maturities.

    05 Sep 2019

  • Argentina rebounds on capital controls but stress looms

    Argentina’s dollar bonds bounced as much as five points this week as investors were finally tempted to nibble at the distressed levels on offer. But analysts warned that the capital controls imposed by authorities would provide only short-term relief.

    05 Sep 2019

  • Apple and Disney frolic on Labor Day picnic

    Apple and Walt Disney starred in the US corporate bond market this week, as the market roared back from the Labor Day holiday with a huge stack of deals that bankers said had broken the record for a single week in the US corporate and financial institution bond market.

    05 Sep 2019

  • UBS replaces CCS with new global banking division

    UBS is revamping its investment bank to put the unit on a more global footing and boost collaboration across divisions, in a move that finally draws a line under the Andrea Orcel era.

    05 Sep 2019

  • Brexit stupefies investors as Bank of Ireland misjudges mood

    Bank of Ireland was unable to complete the sale of a tier two transaction this week, after the UK Parliament descended in chaos. Bond buyers have by and large taken a pragmatic approach during Brexit negotiations, but market participants said that on this occasion the Irish issuer had “misjudged” how nervous investors were, writes David Freitas.

    05 Sep 2019

  • Learning to live with negative yields

    When E.On raised the curtain on the autumn corporate bond issuing season in euros a fortnight ago, a dramatic tableau was revealed.

    05 Sep 2019

  • Lagarde hints at further unconventional ECB policy

    Christine Lagarde has given a strong hint she will persist with the European Central Bank’s highly accommodative monetary policy if she takes over as its president in November. Lagarde also suggested the ECB would move to make its portfolio more green.

    05 Sep 2019

  • ESMA points to HY, EM risk to fund redemption shock

    High-yield bond funds are a lot more exposed to a liquidity shortfall than funds for other asset classes, according to a stress test developed by the European Securities and Markets Authority (ESMA). The publication of ESMA’s results came in the same week as a Bank of England official discussed solutions to fund fire-sales.

    05 Sep 2019

  • Raiffeisen Bank International EUR500m 1.5% Mar 30 tier two

    05 Sep 2019

  • UK levfin faces obstruction as Brexit chaos reigns

    Leveraged finance bankers say they have a substantial deal pipeline in sterling to execute this autumn, while the UK's fall into political chaos threatens market volatility. Sub-investment grade buyers are likely to be offered buyout debt for Ei Group, Merlin and BCA Marketplace, among a flood of business totalling at least £15bn ($18.5bn), writes Owen Sanderson.

    05 Sep 2019

  • Thirty year euro bonds enjoy rare boom, but investors are still fussy

    Thirty year maturities, normally very rare in the euro corporate bond market, have become remarkably popular since the dive in base rates earlier in the summer. In the past 10 days, four multi-tranche deals have been printed that included 30 years, as issuers rushed to take advantage of the exceptional conditions before the European Central Bank monetary policy meeting on September 12.

    05 Sep 2019

  • Bondholders team up against Abu Dhabi over hairy airline debt

    Holders of the defaulted EA Partners bonds claim that Etihad Airways and Abu Dhabi gave them implicit guarantees for the notes, which were issued to fund other troubled airlines. The bondholders, backed by restructuring advisers and corporate sleuths, are buckling up for a battle for their money. Karoliina Liimatainen reports.

    05 Sep 2019

  • Rabobank EUR1.25bn 3.25% PNC Dec 26 AT1

    05 Sep 2019

  • Investors cool on aircraft ABS as sector feels late cycle pressures

    Once highly prized for the attractive yields on offer, investors say they are backing away from aircraft ABS as heightened competition and one-off deals with weak collateral shine a light on late cycle behaviour in the asset class.

    05 Sep 2019

  • CS and Sparebank go long to avoid negative yields

    Credit Suisse and SpareBank 1 priced deals in senior format this week, choosing longer maturities to avoid entering negative yield territory. SpareBank 1’s €500m green bond attracted demand of €700m but leads were not able to tighten pricing to the tight end of their price guidance.

    05 Sep 2019

  • SSAs freeze for 'biggest' ECB meet as higher concessions await

    The SSA primary bond market is eerily quiet. What is usually one of the busiest times of the year for raising bonds in euros is proving to be the opposite as issuers sit it out in anticipation of next week’s highly anticipated monetary policy announcement by the European Central Bank (ECB). Burhan Khadbai reports.

    05 Sep 2019

  • BAML prices CMBS at wide range of guidance

    Bank of America Merrill Lynch priced Taurus 2019-2 at 120bp over Libor, with senior notes landing towards the wide range of initial price thoughts released on Tuesday.

    05 Sep 2019

  • Khan do attitude: Ermotti looks to secure legacy

    The arrival of star Credit Suisse banker Iqbal Khan gives UBS’s chief executive Sergio Ermotti the chance to achieve his ambition of reaching a decade at the helm of the bank while securing a smooth transition, writes David Rothnie. Meanwhile, UBS’s restructuring, announced on Thursday, marks a focus on intragroup collaboration.

    05 Sep 2019

  • ADB USD600m FRN Sep 21

    05 Sep 2019

  • MuniFin USD1.25bn 1.375% Sep 22

    05 Sep 2019

  • ESM USD2bn 1.375% Sep 24

    05 Sep 2019

  • IFC prints Canadian dollar green giant

    The International Finance Corp (IFC) hit screens this week with its first Canadian dollar green bond. The C$750m ($567m) print was the issuer’s largest ever in the currency, as well as the tightest an international SSA issuer has printed against the Canadian Mortgage Bond (CMB) curve, a large and liquid Canadian dollar benchmark.

    05 Sep 2019

  • ECM despair at ‘frustrating’ UK politics

    A chaotic weak in Britain’s Parliament has cast further uncertainty over UK ECM as sellers consider whether to bring forward transactions to avoid running up against a potential new Brexit deadline in January. However, talk of a general election this autumn could make execution difficult.

    05 Sep 2019

  • People moves in brief: September 5, 2019

    Moelis hires JPM Dutch chief, JPM finds replacement — Nachmann replaces retiring Chavez at Goldman — PRI founding exec moves from UBS to Credit Suisse

    05 Sep 2019

  • Loans in brief: September 6, 2019

    Paddy Power looks to cash out with US private placements — Spurs up private placement deal to £525m — LXi Reit draws new revolver for acquisitions — AMS lines up €4.2bn bridge loan in Osram swoop — Ukraine’s Kernel to tap lenders for A&E

    05 Sep 2019

  • Gilt linkers hit by UK’s plans to reform RPI

    Inflation-linked Gilts suffered a steep sell-off in the secondary market on Wednesday as investors priced in proposed changes to the methodology of the Retail Price Index (RPI).

    05 Sep 2019

  • Ukraine GDP warrant price rockets but investors unconvinced

    The price of Ukraine’s GDP warrants climbed rapidly this week on news of a “definite plan” to minimise the instruments’ impact on the country’s debt burden.

    05 Sep 2019

  • Eight issuers crowd on monster day for corps

    The frenzy of investment grade corporate bond issuance in Europe intensified on Thursday, when eight companies came to market, issuing a total of €6.6bn of paper in euros. That brought the total for the first four days of this week to over €20bn. Despite the heavy supply, issuers have found sufficient demand to support their notes.

    05 Sep 2019

  • Early 2020 for next UK sukuk

    The UK is preparing to launch its second sukuk in early 2020, said city minister John Glen on Wednesday in a speech at an Islamic Finance Week event held at Mansion House.

    05 Sep 2019

  • Equity-linked bankers expect busy September

    Europe’s equity-linked market restarted with a bang this week, with more than €1.3bn of new supply. A scarcity of deals throughout this year and fears of a deteriorating economic outlook in the region are fueling a strong bid among investors for convertible bonds, particularly those issued by investment grade companies.

    05 Sep 2019

  • Beazley plumps for dollars over sterling for $300m T2

    Beazley Insurance dac eschewed the sterling market to raise $300m of tier two capital in the dollar market this week, ending up with a trade that was four times subscribed by Reg S investors.

    05 Sep 2019

  • Gambling’s a gamble

    The US private placement market is set to host its first gambling firm from the UK and Ireland this month. Paddy Power's PP could herald a stream of trades from the sector, but investors should beware the risks of herding into any old deal offered to them.

    05 Sep 2019

  • EM issuers advance funding plans as yield frenzy grips market

    Emerging market issuers are moving to print in the bond markets as investors’ desperation for positive yield hits fever pitch. With some borrowers looking to refinance maturities falling due in 2020 and 2021, a pivot towards bonds from loans, and Gulf Cooperation Council sovereigns rumoured to be making moves, some bankers say this year could challenge the record for annual CEEMEA volume.

    05 Sep 2019

  • Swedish pension fund sacks CEO for property IPO subscription

    Swedish pension fund Första AP-fonden (AP1) has dismissed its chief executive Johan Magnusson in relation to him subscribing privately to the IPO of John Mattson Fastighetsföretagen, in which the fund was also participating.

    05 Sep 2019

  • Steely Russian pair first to test bonds after August sanctions

    Two Russian steel companies have announced mandates and roadshows this week and look set to become the first corporates from the country to test the bond market since the latest round of US sanctions on their country in early August.

    05 Sep 2019

  • EIB prices undersubscribed SRI tap through deposit rate

    The European Investment Bank failed to reach full subscription for a tap of its May 2026 Sustainable Awareness Bond that was priced with a yield of minus 0.542%.

    05 Sep 2019

  • Credit Suisse hires French ECM banker from Deutsche

    Credit Suisse has recruited a banker from Deutsche Bank to join its equity capital markets solutions origination team in Paris.

    05 Sep 2019

  • Dollar SSA buyers heavily favour shorter deals

    The dollar SSA market saw a clear schism this week between the maturities investors favour, with shorter end trades tightening pricing while longer maturity deals were forced to print in line with initial price thoughts.

    05 Sep 2019

  • CFTC and SEC fine OCC $20m for risk management policies

    The Options Clearing Corporation (OCC) is to pay $20m in penalties and undertake remedial efforts as part of a settlement with the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC).

    05 Sep 2019

  • Record year for Schuldschein market a ‘near-certainty’

    Volumes in other syndicated loan markets may be down, but bankers in the Schuldschein market have rather more to crow about. Derided though it may be for being antique and parochial, it has nonetheless managed to attract an impressive number of debut entrants this year and is set to break the record volumes of 2017.

    05 Sep 2019

  • FIG senior market set for Friday feast

    Despite no deals coming on Thursday, improving conditions could see other FIG borrowers join CaixaBank, ANZ New Zealand and ASB Finance with senior bonds as soon as Friday, bankers believe..

    05 Sep 2019

  • Blockbuster night for ECM sees first sale in Network

    A manic Wednesday night of block trades capped off a good week for ECM volume as sellers took advantage of a positive market environment.

    05 Sep 2019

  • JPM finds new Dutch head as Kerckhoffs goes to Moelis

    Peter Kerckhoffs will join Moelis & Company in December to advise clients in the Netherlands and across Europe. JP Morgan has replaced him as senior country officer for that country with Cassander Verwey.

    05 Sep 2019

  • HKEX suspends derivatives trading

    Hong Kong Exchanges and Clearing (HKEX) suspended trading in its derivatives market on Thursday amid connectivity issues.

    05 Sep 2019

  • SG Aussie AT1 fails to reach heights of rivals

    FIG bond bankers are worried, as one put it, that “the steam is coming out of the Kangaroo market” after Thursday’s additional tier 1 (AT1) deal from Société Générale failed to reach the heights of deals from UBS and BNP Paribas earlier in the summer.

    05 Sep 2019

  • HSBC Canada ‘resonates’ with investors

    HSBC Canada this week issued a larger covered bond and with a higher subscription ratio than it managed on its inaugural deal, reflecting that its marketing efforts had “really resonated with investors”, according to the bank’s head of balance sheet management, Marty Halpin.

    05 Sep 2019

  • DekaBank lacks ‘momentum’ amid rates sell-off

    DekaBank managed to raise 10 year Pfrandbrief funding on Thursday, but with rates volatility spiking higher, the deal lacked lustre, similar to many covered bonds issued lately.

    05 Sep 2019

  • Commerz CFO Engels leaves for Danske

    Danske Bank has appointed Stephan Engels as chief financial officer, leaving the same post vacant at Commerzbank. The move comes as the Danish lender has been dealing with the fallout from a money laundering scandal, while its German counterpart has warned of difficult business conditions.

    05 Sep 2019

  • Turkish banks push for tightening in latest refi round

    This year’s second Turkish bank refinancing wave has started and borrowers are pushing hard for tighter pricing. Akbank is expected to set the benchmark for its peers by securing tighter margins on its upcoming loan refi.

    05 Sep 2019

  • Afreximbank to test duration appetite next week

    African Export-Import Bank has mandated banks for a Reg S/144A dollar five to 10 year bond with a deal that could be twice as long as its last outing. It well test investor appetite for the deal next week.

    05 Sep 2019

  • AllHome pre-markets $399m Philippine listing

    AllHome Corp has begun pre-deal investor education for its IPO in the Philippines. The firm is targeting as much as Ps20.7bn ($398.8m).

    05 Sep 2019

  • Bank of Jinzhou’s woes to shake support for AT1s

    Chinese city commercial bank Bank of Jinzhou plans to cancel coupon payments on its dollar additional tier one bonds for a year, the first such case from a mainland lender. The “shock” move from the beleaguered firm could shake investors’ risk appetite for bank capital deals from the country, writes Morgan Davis.

    05 Sep 2019

  • Shanghai Port sails away with $800m bond on board

    Shanghai International Port Group (SIPG) has made a quick follow-up to its dollar market debut, rolling out a new dual-tranche deal less than two months after it sold its maiden bonds.

    05 Sep 2019

  • RCBC adds to Philippines’ green momentum

    Investors were given a double dose of green paper from the Philippines this week, as Rizal Commercial Banking Corp (RCBC) rolled out a $300m sustainability bond a day after Bank of the Philippine Islands (BPI) sealed a green deal.

    05 Sep 2019

  • OeKB readies debut SRI bond

    Österreichische Kontrollbank (OeKB), Austria’s export credit agency, will go on roadshow next week to present its recently established sustainability bond framework to European investors. An inaugural bond in the format is expected to follow.

    05 Sep 2019

  • IHS refinancing old bond in 'robust market'

    IHS, an African telecoms provider, is returning to the bond market to take advantage of excellent market conditions and refinance its outstanding 2021 bond.

    05 Sep 2019

  • Hong Kong trio lead post-summer IPO buzz

    Equity capital markets are abuzz in Hong Kong as issuers rush to take advantage of the first window to list since business closed for the summer. Among them, consumer finance company Home Credit and China’s Bank of Guizhou are each targeting $1bn listings.

    05 Sep 2019

  • Shenzhen Jiangtong debuts $100m deal with StanChart

    Shenzhen Jiangtong Leasing Financial, a subsidiary of Jiangxi Copper Corp, is tapping the loan market for the first time for a $100m borrowing.

    05 Sep 2019

  • Investors push Chinalco perp book to $8bn

    Aluminium Corporation of China (Chinalco) made a grand market return on Wednesday, sealing a $750m perpetual bond on the back of a book that reached $8bn at its peak.

    05 Sep 2019

  • BNP Paribas, Deutsche bag full bond underwriting licences in China, but little impact on DCM expected

    BNP Paribas and Deutsche Bank have become the first two foreign banks to receive approvals to underwrite all bonds from non-financial corporations in the Chinese interbank market. While the new licence will expand their underwriting scope in the mainland, it is unlikely to make a big dent to their DCM businesses, or challenge state-owned banks’ dominance. Rebecca Feng reports.

    05 Sep 2019

  • Xtep, Suning close Hong Kong dollar loans

    China’s Xtep International Holdings and Suning Financial Services have closed their respective offshore borrowings.

    05 Sep 2019

  • Coal is going the way of the dinosaurs

    I’ve said it before and I’ll say it again: these Millennials are too sensitive.

    05 Sep 2019

  • China makes headway on boosting secondary loans market

    The Chinese regulators are looking to give the country’s secondary loan market a boost by encouraging banks to use one of their platforms to trade deals. While secondary loan trading has become easier, there are still many hurdles to overcome, say experts.

    05 Sep 2019

  • Online insurer Huize eyes $150m from US listing

    Chinese online insurance platform Huize Holding is planning an up to $150m IPO of American Depository Shares (ADS), filing a draft prospectus with the market regulator on Wednesday.

    05 Sep 2019

  • Ukraine's Kernel to tap lenders for A&E

    Ukrainian grain and sunflower producer Kernel is set to amend and extend an existing syndicated loan, according to bankers familiar with the deal. The transaction marks one of the few intermittent spots of activity in the Ukrainian loan market.

    05 Sep 2019

  • Nachmann moves to NY to make up three kings of Goldman securities

    Goldman Sachs has picked Marc Nachmann, co-head of the investment banking division, to jointly run its securities division in the US, following the retirement of Marty Chavez.

    05 Sep 2019

  • French IPO revival kicks off with long-awaited Verallia flotation

    French glass packaging company Verallia’s registration document has been approved by AMF, France’s market regulator, paving the way for a €4bn IPO on Euronext Paris.

    05 Sep 2019

  • ANZ relocates Coleman, hires Ishida in Japan

    ANZ has made some changes to its infrastructure financing team in Asia, relocating Gareth Coleman to Singapore from Cambodia.

    05 Sep 2019

  • CCB Leasing returns for $300m tap

    CCB Leasing added $300m to its 3.5% 2024 bonds on Wednesday, taking the total size of the transaction to $800m.

    05 Sep 2019

  • Alfa’s Alpek eyes bond to take out loan

    Alpek, the petrochemicals business of Mexican conglomerate Grupo Alfa, will look to the bond market to refinance short-term bank debt maturities.

    05 Sep 2019

  • GreensLedge hires Barings pair for structured credit roles

    GreensLedge Asset Management announced on Wednesday that it has hired two investment professionals from Barings to lead the firm’s structured credit investment business.

    04 Sep 2019

  • CFPB flags rise in subprime credit card debt

    Consumers with lower credit scores have become a larger share of the credit card market as their debt piles up faster than in the prime borrower cohort, the Consumer Financial Protection Bureau said in a report this week.

    04 Sep 2019

  • Baloise tests new lows

    Domestic borrowers led Swiss franc issuance this week. On Monday, the multi-line insurance company Baloise Holding (rated A- by Standard & Poor’s) returned to the market for the first time since January, with a three-tranche Sfr425m ($432.7m) trade led by Credit Suisse and UBS. Before this issue, its largest outstanding bond in the Swiss market was its Sfr300m 2.875% 10 year trade maturing in 2020.

    04 Sep 2019

  • €5bn flurry of bonds as Danaher trades well

    Five new corporate bond issues including a €3bn issue from AT&T hit the market on Wednesday, after Danaher had completed its €6.25bn deal on Tuesday, leaving room for more companies to borrow.

    04 Sep 2019

  • ISDA and Linklaters beef up initial margin product

    The International Swaps and Derivatives Association (ISDA) and law firm Linklaters have added a new custody function to their ISDA Create initial margin (IM) offering.

    04 Sep 2019

  • Salt launches €1bn bond and loan package

    Salt, the Swiss telecommunications company controlled by a French billionaire Xavier Niel, is touring Europe this week marketing senior secured notes, as it attempts to refinance a large chunk of its existing debt.

    04 Sep 2019

  • ICG to reset St Paul's CLO II via Goldman

    Goldman Sachs is arranging the reset for Intermediate Capital Managers’ €436.2m St Paul’s CLO II, taking the reins from Lloyds, which arranged the original deal in 2013.

    04 Sep 2019

  • Conduct body in dispute with ex-employee over conduct in Deutsche case

    The Fixed Income, Currencies and Commodities Market Standards Board (FMSB), a body which aims to establish good practice and conduct standards in wholesale markets, is in a legal dispute with a former employee. It relates to expert witness work he conducted for an FX trading misconduct case involving Deutsche Bank, which is alleged to have complained about his involvement.

    04 Sep 2019

  • SSA names turn screws on dollar spreads

    SSA issuers of dollar bonds were able to push harder on spread than they have in recent weeks on Wednesday, surprising syndicate bankers away from the deals.

    04 Sep 2019

  • IFC launches Canadian dollar green debut

    The International Finance Corp hit screens on Tuesday afternoon with its first Canadian dollar green bond. The C$750m ($567m) bond is the issuer's largest ever in the currency.

    04 Sep 2019

  • Angelo Gordon snares PGIM credit specialist to head up European performing credit research

    Angelo, Gordon & Co has hired Michiel von Saher as a managing director based in London. He joins from PGIM Fixed Income and expands the firm’s performing credit team to 13, including four in the UK.

    04 Sep 2019

  • EU auto ABS surge continues with GlobalDrive

    FCE bank, Ford’s European finance unit, is preparing to issue GlobalDrive Auto Receivables UK 2019-A, a short-dated auto ABS with Lloyds and BNP Paribas arranging alongside NatWest and Santander as joint lead managers.

    04 Sep 2019

  • Sparebank struggles to ratchet in pricing on green deal

    Sparebank 1 priced a seven year senior preferred bond in green format on Wednesday at mid-swaps plus 65bp. The €500m bond attracted demand of €700m but leads were not able to tighten pricing to the full extent of their ambitions.

    04 Sep 2019

  • UK has ‘no current plans’ to stop issuing RPI-linked Gilts

    Sajid Javid, the UK chancellor of the exchequer, said on Wednesday that the government has no intention to stop the sale of Gilts linked to the Retail Price Index (RPI), and that no changes would occur to the methodology until at least 2025.

    04 Sep 2019

  • Erste flies high as Cred Ag gives spread

    Erste Group and Crédit Agricole competed for covered bond investors’ attention at the long end of the curve on Wednesday with a rise in yields helping boost demand, particularly for the Austrian deal which started with a generous spread. At the same time Deutsche Hypo issued a three year.

    04 Sep 2019

  • AMS lines up €4.2bn bridge loan in Osram swoop

    Austria’s AMS has agreed a €4.2bn bridge loan from two banks, with the sensor maker outbidding private equity firms in an attempt to buy German lighting company Osram.

    04 Sep 2019

  • Ukraine GDP warrant price rockets but investors unconvinced

    The price of Ukraine’s GDP warrants climbed rapidly this week on news of a “definite plan” to minimise the instruments’ impact on the country’s debt burden.

    04 Sep 2019

  • RBI hoovers up demand for tier two

    Raiffeisen Bank International sold a tier two bond this week, tightening pricing by 40bp. The trade was supported by hefty investor demand of €2.7bn, more than six times the deal's €500m size.

    04 Sep 2019

  • IG issuers rush to beat ECB as HY enjoys cash bonanza

    A new flurry of investment grade corporate bond issuers jumped into the market on Wednesday morning, after Danaher priced its €6.25bn five-tranche Reverse Yankee note. Getting that deal out of the way gave other corporate borrowers room to bring bonds of their own — and plenty are expected to in the run-up toe the European Central Bank's monetary policy announcement on September 12.

    04 Sep 2019

  • Avast block shows markets open despite UK ‘horrors’

    A £443.7m block trade in Avast, the London-listed Czech cyber security firm, on Tuesday night, has given confidence to equity bankers that deals can still be done this autumn, even when political volatility appears severe.

    04 Sep 2019

  • ECB governors seek to ‘insulate themselves’ from public backlash to new QE

    The chorus of opposition from the European Central Bank’s Governing Council to the expected revival of its quantitative easing programme grew this week. But analysts say their opposition is merely a way of protecting themselves from likely public opposition to the restart of official bond buying.

    04 Sep 2019

  • Chelpipe to add to autumn supply from Russia

    Russian pipe manufacturer Chelyabinsk Pipe Plant has become the second metals company from the country to announce plans for a roadshow this week, joining Severstal. The Chelpipe deal — a $300m Reg S/144A five year senior unsecured note — will be the company's debut in the Eurobond market.

    04 Sep 2019

  • French stock performance cheers IPO bankers

    France’s benchmark index the CAC 40 has outperformed all of its Western European peers bar Italy this year, leading to hope that this autumn’s French IPOs will be well received by investors, despite the wider macroeconomic and political uncertainties stalking European equity markets.

    04 Sep 2019

  • FIG investors show ‘apathy’ for secondaries

    Financial institution investors, desperate for any sort of yield pick-up are keeping their cash away from secondaries in the hope of earning new issue concessions in a rejuvenated primary market.

    04 Sep 2019

  • Paddy Power looks to cash out with US private placements

    Paddy Power is looking to sell US private placements in the next few weeks, according to market participants, as the Irish bookmaker is set to recreate the success of Australian peers in the market.

    04 Sep 2019

  • Rarity of BPI deal hooks investors

    Investors flocked to Bank of the Philippine Islands’ $300m green bond on Tuesday, snapping up the rare deal from a bank in the southeast Asian country.

    04 Sep 2019

  • Hyundai Capital axes dollar bond sale

    South Korea’s Hyundai Capital Services pulled a dollar bond sale on Tuesday due to poor market conditions. Bankers away from the transaction blamed the failure on excess supply in the US.

    04 Sep 2019

  • Bajaj Energy wins Sebi approval for Rp55bn IPO

    Power plant operator Bajaj Energy has got the greenlight from India’s market regulator to launch a Rp54.5bn ($756.7m) IPO of primary and secondary shares.

    04 Sep 2019

  • BOC Aviation, Clifford Capital ride market turbulence for bonds

    BOC Aviation and Clifford Capital navigated choppy market conditions successfully on Tuesday to raise dollar bonds from investors.

    04 Sep 2019

  • Investors throng WuXi AppTec’s $300m CB

    WuXi AppTec took advantage of an incredible rally in its stock price and its rarity in the equity-linked market to raise $300m from a convertible bond that was a huge hit with investors. Rashmi Kumar reports.

    04 Sep 2019

  • Varun Beverages raises Rp9bn from new share sale

    India’s Varun Beverages has raised Rp9bn ($124.8m) after pricing its qualified institutional placement at the bottom of guidance, according to a source close to the deal.

    04 Sep 2019

  • CDL closes S$250m sustainability innovation loan

    Singapore-listed real estate company City Developments has raised a S$250m ($180m) loan to promote the United Nations’ Sustainable Development Goals (SDGs) through innovation. The company said it is the first deal of its kind.

    04 Sep 2019

  • Zhangzhou LGFV debuts amid deal flurry

    Chinese local government financing vehicle (LGFV) Zhangzhou Jiulongjiang Group Co reopened the post-summer bond market with a $500m deal, making its debut in dollars.

    04 Sep 2019

  • Tata AutoComp returns for acquisition loan refi

    Tata AutoComp Systems, an Indian company that provides automotive components, has returned to the loan market for a dual-currency deal to refinance its acquisition borrowing from 2017.

    04 Sep 2019

  • Lat Am issuers to chase dough as Bimbo notches impressive raise

    Latin American DCM bankers welcomed Tuesday’s blow-out bond issue from Mexico baking company Grupo Bimbo, saying that they believed it would trigger other borrowers to accelerate funding plans.

    04 Sep 2019

  • Market awaits release of Trump admin’s GSE reform plan

    In an otherwise slow week for the securitization market after the Labor Day holiday, observers are bracing themselves for a potentially market-moving development for the mortgage sector — the Trump administration’s release of its government-sponsored enterprise reform plan.

    03 Sep 2019

  • Issuers line up auto, esoteric deals for post-Labor Day deal pipeline

    Five ABS issuers are getting ready to fill up the post-Labor day weekend pipeline, according to documents filed with the Securities and Exchange Commission last Friday. The mix includes three auto ABS transactions and two esoteric offerings.

    03 Sep 2019

  • AFC signs Samurai loan as Asia money pours into Africa

    Lagos-headquartered Africa Finance Corporation (AFC) has debuted in the Samurai loan market, raising a $150m-equivalent loan from a consortium of Japanese lenders. The deal is one of two Samurai loans signed by African borrowers in recent weeks.

    03 Sep 2019

  • Lecta insists it can deliver coupons as it seeks to revamp capital structure

    Barcelona-headquartered paper company Lecta is appealing to bondholders as it tries to strengthen its capital structure. Its bonds are now trading in the 30s while the CVC-sponsored company has fully used its revolving credit facility and is running out of external sources of financing.

    03 Sep 2019

  • JPM hires Dawson for levfin

    JP Morgan has hired Nomura’s Ryan Dawson as a managing director in its leveraged finance origination team, covering sponsors in EMEA and sponsors and corporates in the UK.

    03 Sep 2019

  • ING and RiverRock strike deal for loan investments

    ING and RiverRock have struck a deal to give the asset manager access to ING’s pipeline of senior loans, as part of the launch of RiverRock’s debut senior loan fund. The Dutch bank, unlike other commercial banks, committed to avoid cherry-picking its pipeline, and to show RiverRock everything that was eligible for the fund.

    03 Sep 2019

  • Franklin's J2 Acquisition vehicle agrees $2.9bn takeover

    J2 Acquisition Ltd, a blank cheque company set up by former Jarden Corp chairman Martin Franklin, has signed a multi-billion dollar acquisition deal, almost two years on from its $1.25bn IPO on the London Stock Exchange.

    03 Sep 2019

  • TP ICAP hires ex-regulator Zaidi

    TP ICAP has named Amir Zaidi, a respected former senior figure at the US Commodity Futures Trading Commission (CFTC), as its global head of compliance.

    03 Sep 2019

  • A chink of light for the loans market

    The European loans market is suffering dark times, with volumes at decades-long lows. But next year has the potential to bring some much needed light, if only banks can hold their nerve.

    03 Sep 2019

  • Twelve year shines as Danaher raises €6.25bn

    Danaher printed its much anticipated €6.25bn jumbo bond issue on Tuesday. The US conglomerate, rated A2/A, focused its five tranches on intermediate to longer tenors, which corporate syndicate bankers took to indicate where many investors want to put their money.

    03 Sep 2019

  • Santander considers switch to Sonia for Holmes deals

    Santander has announced that it is considering transitioning some Libor-linked notes issued by its Holmes Master Issuer programme to the Sonia benchmark.

    03 Sep 2019

  • Yorkshire Building Society brings prime STS RMBS

    Yorkshire Building Society has mandated Bank of America Merrill Lynch and Lloyds, alongside joint lead managers Citi and BNP Paribas, for its upcoming Brass No.8, a UK prime RMBS deal offering two triple-A rated sterling tranches and a senior dollar tranche.

    03 Sep 2019

  • BNPP out with full cap stack STS auto securitization

    BNP Paribas has announced a public securitization of French auto loans, AutoNoria 2019, set to offer a full capital stack from senior to junior notes. The transaction is expected to comply with the simple, transparent and standardised’ (STS) regulatory framework.

    03 Sep 2019

  • Edenred gets ‘free money’ with debut convert

    Edenred, the French provider of corporate vouchers, has reopened the European equity-linked market after the summer with a €500m sale of convertible bonds due in 2024 that attracted more than 100 investors, according to sources close to the transaction.

    03 Sep 2019

  • Primary lights up in tricky dollar SSA market

    The dollar SSA market burst into life on Tuesday, but some bankers say that the tight spreads and low yields on offer mean there is little guarantee any of the trades will be easy.

    03 Sep 2019

  • HKEX lines up rupee futures

    Hong Kong Exchanges and Clearing is planning to launch Indian rupee currency futures in the fourth quarter of this year.

    03 Sep 2019

  • Covered trio to hit market with more negative yields

    Deutsche Hypo, Erste Group and Credit Agricole SCF have mandated leads for covered bonds that are all expected to carry negative yields.

    03 Sep 2019

  • Greenhill hires ex-Lazard banker for Paris opening

    Amélie Négrier-Oyarzabal has joined Greenhill & Co as head of France, and will lead the opening of a Paris office.

    03 Sep 2019

  • Bank of Ireland postpones tier two as Brexit fears swirl

    Bank of Ireland abandoned plans for a new €300m tier two on Tuesday after struggling to build much enthusiasm around the transaction. Market participants said the Irish lender had fallen victim to growing fears of a ‘no deal’ Brexit.

    03 Sep 2019

  • ING follows BBVA and Swedbank in AT1 dollar rally

    ING sold a dollar-denominated additional tier one (AT1) this week, adding an influx of supply in the asset class in recent weeks. It will have the option to redeem its new bonds twice a year after the first call date, instead of the usual five years in all of its outstanding bonds.

    03 Sep 2019

  • LXi Reit draws new revolver for acquisitions

    The UK’s LXi Reit is already putting its new revolving credit facility to work, with the property investment company making acquisitions totalling £55m.

    03 Sep 2019

  • Credit Suisse goes long in senior format

    Credit Suisse was marketing a 10 year bullet senior bond on Tuesday, avoiding negative yields by choosing a tenor longer than seven years. At the same time, Sparebank 1 announced it was readying its green debut in senior format.

    03 Sep 2019

  • Price transparency lifts demand for HVB’s Pfandbrief

    A transparent pricing approach was integral to the success on Tuesday of UniCredit AG’s (HVB) five year Pfandbrief, which was launched with a deeply negative yield.

    03 Sep 2019

  • Credit Suisse hires PRI founder from UBS

    James Gifford, who was founding executive director of the UN Principles for Responsible Investing, has joined Credit Suisse in the newly formed position of head of impact advisory.

    03 Sep 2019

  • Cairn takes Oceanwood CEO as new boss

    Cairn Capital has hired Nicolas Chalmers as its chief executive, marking the “next phase” in its development.

    03 Sep 2019

  • BPCE prepares to hop into Kanga pouch

    French bank BPCE has mandated lead managers for a potential five year senior preferred deal in the Australian dollar market — its first this year in the currency.

    03 Sep 2019

  • UK LBOs aren’t a Brexit bargain hunt

    Sterling has dropped to levels not seen since the 1980s, making UK assets seem cheap to international buyers. But that is unlikely to be the driver of the recent crop of UK M&A.

    03 Sep 2019

  • Sweden considers century bonds, but DCM bankers unconvinced of demand

    The Swedish National Debt Office, the Riksgalden, has said that it is assessing whether to issue 100 year bonds as it looks to take advantage of ultra low rates. However, the demand for such products has deteriorated in recent weeks as the seismic rally in government bonds continues to suppress yields, according to public sector debt capital bankers.

    03 Sep 2019

  • Columbia Threadneedle’s Burgess steps down

    Mark Burgess is taking a career break from his role as chief investment officer (CIO) for Europe, the Middle East and Africa at Columbia Threadneedle. Global head of equities William Davies will take over.

    03 Sep 2019

  • And we’re off! CEEMEA bond business returns

    Two CEEMEA issuers — one of which is a Russian corporate — have mandated for bonds and are heading off on roadshows, ending a barren summer for the asset class.

    03 Sep 2019

  • The big pitch: bankers line up for $100bn Aramco IPO

    Global banks have been stepping up their pitches to win the mandate for oil giant Saudi Aramco's $100bn IPO during the second week of meetings, as competition heated up to win a spot on the on-again, off-again blockbuster sale.

    03 Sep 2019

  • Westpac goes big as MTNs move into peripheral markets

    Westpac placed just under HK$13.4bn into the Hong Kong market across two MTNs last week — the pair of bonds are its largest ever in the currency, according to Dealogic. The notes came in a busy week for niche issuance, and bankers have posited that this move into the peripheral markets comes as a response to the global fall in yields.

    03 Sep 2019

  • FSB appoints Himino as committee chair

    The Financial Stability Board has appointed Ryozo Himino as chair of its standing committee on supervisory and regulatory cooperation.

    03 Sep 2019

  • Crédit Agricole hires high yield expert from BNPP

    Crédit Agricole CIB has appointed Pierre-Francois Martineau as a managing director in the bank’s new leveraged and telecom finance group (LTFG) in Paris.

    03 Sep 2019

  • Russian borrowers turn to euros with dollars difficult

    Russian companies are showing more interest in euro-denominated loans, as funding in the currency becomes cheaper and as US sanctions complicate borrowers’ access to dollars. Siberian Anthracite is expected to close a loan refinancing with a new euro tranche this week, and at least two Russian borrowers are in preliminary discussions with international lenders.

    03 Sep 2019

  • BNPP, Deutsche given full bond underwriting licences in China

    The regulator of China’s interbank bond market has given BNP Paribas and Deutsche Bank type A-licences that give them full underwriting access to the market. But the move has puzzled a number of bankers both onshore and offshore.

    03 Sep 2019

  • Defensive investors put pressure on IPO valuations

    The European IPO market has been reopened with the listings of TeamViewer, the German remote access software provider, and Swedish private equity house EQT. However, with investors continuing to position more defensively bankers expect valuation pressure to remain.

    03 Sep 2019

  • BMO switches Cook for Wortzman

    BMO Capital Markets’ SSA banker Lindsay Wortzman is transferring to Toronto, and to replace her the London team have picked up Samantha Cook from Nomura.

    03 Sep 2019

  • Leveraged loan terms have never been better

    A slump in syndicated loan activity in Asia has put pressure on banks to offer juicy terms to borrowers seeking leveraged deals, including lower pricing and weaker structures. But the dearth of issuance won’t last long, leaving just a short window for borrowers to take advantage of.

    03 Sep 2019

  • Correction: ABC Singapore raises $200m green loan

    Agricultural Bank of China Singapore branch has raised a $200m green loan from seven banks, following in the footsteps of peer ICBC London, which signed a mandate letter for a green loan three months ago.

    03 Sep 2019

  • CLSA makes senior hires to research team

    CLSA announced a handful of new appointments to its equity advisory business research team in Asia and Australia on Tuesday, including a chief strategist.

    03 Sep 2019

  • Xtep wraps up HK$1.8bn refinancing loan

    Chinese sportswear manufacturer Xtep International Holdings has closed its refinancing loan at HK$1.8bn ($229.5m) with nine banks.

    03 Sep 2019

  • China Merchants Commercial to end Reit hiatus in HK

    A five-year absence of real estate investment trust (Reit) IPOs in Hong Kong is set to come an end as China Merchants Commercial Real Estate Investment Trust readies a listing.

    03 Sep 2019

  • Bank of Guizhou adds to IPO flow

    Bank of Guizhou started drumming up interest for its Hong Kong IPO of around $1bn on Monday, according to a source close to the situation.

    03 Sep 2019

  • Moody’s stabilises Vale rating, S&P and Fitch still negative

    Clarity on the costs that Brazilian mining giant Vale will face as a result of a tragic accident at one of its dams in January has led Moody’s to remove the negative outlook from the company’s Ba1 rating.

    03 Sep 2019

  • Smurfit Kappa, Thyssenkrupp bonds lapped up, ending HY summer break

    Two near-investment grade industrials made a splash in the high yield bond market on Monday, with both Smurfit Kappa and Thyssenkrupp getting their order books oversubscribed multiple times.

    02 Sep 2019

  • Landmark Galapagos restructuring to set ‘forum shopping’ precedent

    Companies could be stopped from picking their favourite jurisdiction for restructurings, if a crucial ruling over the fate of troubled heat exchanger firm Galapagos SA goes in favour of a group of high yield bondholders.

    02 Sep 2019

  • Continental considers full spin-off of powertrain business

    Continental, the German car parts company, is still committed to its plan to spin off its powertrain division, despite postponing the IPO earlier this year due to volatility caused by the escalating trade war between the US and China.

    02 Sep 2019

  • Dollar SSAs ready to fire after US holiday

    The dollar market may have been shut for the Labour Day holiday in the US on Monday but syndicate bankers are expecting big things in the coming days after two titans of the SSA world got decent deals away last week.

    02 Sep 2019

  • Pepper brings second UK RMBS via Citi and NatWest

    Pepper Group has mandated Citi and NatWest Markets as to arrange Castell 2019-1, a full capital stack UK RMBS transaction backed by second lien mortgages.

    02 Sep 2019

  • BNG keeps options open ahead of central bank meetings

    After issuing its biggest ever bond last week, Bank Nederlandse Gemeenten will wait until after the highly anticipated US Federal Reserve and European Central Bank meetings later this month before deciding what to do about its next benchmark new issue.

    02 Sep 2019

  • Mizuho joins LCH Parisian repo arm

    Mizuho Securities has become the first Japanese clearing member to access LCH SA’s euro debt clearing services as a member of RepoClear.

    02 Sep 2019

  • CFF enters ‘new paradigm’ with eight year

    Compagnie de Financement Foncier (CFF) unearthed strong demand for the first negative yielding non-German covered bond of the year, and the first with a long tenor.

    02 Sep 2019

  • IG euro market holds breath for Danaher jumbo Reverse Yankee

    The investment grade corporate bond market appeared to be taking a more sedate pace this week compared to last week's stampede of new bond issues. There were three deals in the market on Monday, but the real action will begin once US borrowers and investors return from a public holiday on Tuesday, to be led by a deal from US conglomerate, Danaher.

    02 Sep 2019

  • Mizuho launches five and 10 year bonds just 2bp apart

    Mizuho issued five year and 10 year senior bonds this week, fixing spreads for the two instruments at 65bp and 67bp, respectively.

    02 Sep 2019

  • Rabobank sets record low coupon for euro AT1

    Rabobank launched an additional tier one (AT1) bond with a record low coupon in the euro market this week. The Dutch bank started with price thoughts of 3.625%, but tightened by 40bp to smash through the previous record of 3.5%, set by Nordea in 2017.

    02 Sep 2019

  • BNG USD3bn 1.5% Sep 22

    02 Sep 2019

  • UK’s Hipgnosis plays revolver for sterling swan song

    Hipgnosis Songs, a UK musical intellectual property fund, has signed a £65m revolving credit facility. But it could be one of the last bits of sterling business this year, with loans bankers saying that any sterling deals close to being signed will probably be pushed back to next year.

    02 Sep 2019

  • KKR-backed Oodle Car Finance brings debut auto ABS

    Citi is arranging the debut securitization for UK auto fintech Oodle Car Finance, backed by hire purchase loans made to purchase used cars.

    02 Sep 2019

  • Norwegian Air pledges Gatwick rights to push bond maturities

    Troubled airline Norwegian Air Shuttle has offered high yield bondholders security over its take-off and landing rights at London’s Gatwick Airport, in exchange for agreeing to extend the maturity of the debt.

    02 Sep 2019

  • EBRD eyes pre-funding for 2020

    The European Bank for Reconstruction and Development (EBRD) will likely seek to pre-fund for its borrowing programme next year, according to a senior funding official at the supranational.

    02 Sep 2019

  • EQT readies to test uncertain IPO market

    Swedish private equity firm EQT confirmed on Monday that it is seeking to list on the Nasdaq Stockholm, becoming the second issuer to announce it aims to test Europe’s IPO market this autumn.

    02 Sep 2019

  • Investors stand strong with Middle East despite chilly August

    Investors this week have again affirmed their confidence that Middle Eastern issuance will be the redeeming factor in emerging markets this year with a handful of names expected to raise debt, despite a challenging third quarter.

    02 Sep 2019

  • BNPP, SG bankers among most negative on CEO, outlook

    Compared with last year, employees at BNP Paribas and Société Générale are more disapproving of their chief executives and less optimistic on the outlook for their firms over the next six months, according to analysis carried out by UBS.

    02 Sep 2019

  • Tottenham Hotspur ups private placement deal to £525m

    London football club Tottenham Hotspur FC has sold £525m of US private placements, according to sources familiar with the situation, to pay off bank loans which funded the construction of its new stadium.

    02 Sep 2019

  • Sequoia braves Brexit vol with £146m capital raise

    Sequoia Economic Infrastructure Income Fund Ltd, the London-listed investment fund that specialises in private debt and infrastructure bonds, is preparing to raise £146m to take advantage of a growing pipeline of investment opportunities, despite the political volatility in the UK.

    02 Sep 2019

  • Bank of Jinzhou to cancel coupon payment on AT1

    Embattled Chinese bank, Bank of Jinzhou, has proposed cancelling coupon payments on its offshore additional tier one bonds for a year, the first such case from a Mainland lender.

    02 Sep 2019

  • Natixis beefs up global markets business in Apac

    Natixis has been building out its Asia Pacific presence, making some senior changes to its global markets team and adding three new bankers.

    02 Sep 2019

  • Yes Bank dollar bonds tumble on downgrade

    Dollar bonds from Yes Bank, one of India’s largest private sector banks, have taken a big hit recently following Moody’s downgrade of the credit.

    02 Sep 2019

  • Romania holds on to IG rating, bond auctions expected this week

    Standard & Poor's has affirmed Romania's investment grade rating, at BBB- with a stable outlook. The central European sovereign escaped a downgrade to junk status, but bond auctions this week will determine appetite for the credit.

    02 Sep 2019

  • Barclays’ head of European private debt leaves

    Barclays' head of private capital markets for Europe, the Middle East and Africa has decided to leave the bank.

    02 Sep 2019

  • Suning closes HK$1.6bn borrowing

    China’s Suning Financial Services, a subsidiary of home appliance retailer Suning Holdings Group, has closed a HK$1.63bn ($208m) three year loan.

    02 Sep 2019

  • Lendlease builds interest for Singapore Reit IPO

    Lendlease Global Commercial Real Estate Investment Trust, a Singapore Reit sponsored by its Australian parent Lendlease, started sounding out investors for its IPO on Monday.

    02 Sep 2019

  • Home Credit gauges demand for $1bn HK listing

    Czech consumer finance company Home Credit has begun work with investors for its IPO of around $1bn on the Hong Kong Stock Exchange, testing investor appetite on Monday.

    02 Sep 2019

  • The week in renminbi: fresh tariffs kick in, PMIs soften, Hong Kong protests turn more violent

    In this round-up, new tariffs on both Chinese and US goods took effect on Sunday, China’s official Purchasing Managers’ Index declined, and protesters in Hong Kong paralysed the city’s airport yet again.

    02 Sep 2019

  • Moody’s doubts 'voluntary' Arg restructuring as currency controls return

    Moody’s said on Friday that it was placing “little weight” on the suggestion that a debt restructuring in Argentina would be voluntary. Sunday’s announcement of currency controls from the central bank showed how bad the situation had become.

    02 Sep 2019

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 298,323.65 1341 8.59%
2 Citi 269,047.62 1134 7.75%
3 Bank of America Merrill Lynch 232,961.57 951 6.71%
4 Barclays 214,961.76 865 6.19%
5 Goldman Sachs 169,802.27 706 4.89%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 34,547.72 148 7.51%
2 Credit Agricole CIB 33,319.19 143 7.25%
3 JPMorgan 25,404.62 68 5.52%
4 Bank of America Merrill Lynch 23,368.44 65 5.08%
5 SG Corporate & Investment Banking 22,509.71 104 4.89%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,273.59 56 10.30%
2 Morgan Stanley 8,122.33 40 9.02%
3 Goldman Sachs 7,738.32 41 8.60%
4 Citi 6,426.54 47 7.14%
5 UBS 4,913.18 26 5.46%