• Lancashire to issue UK MBA's maiden deal

    Lancashire County Council looks set to become the first borrower to make use of the UK Municipal Bonds Agency, preparing a deal to hit the market in the next few weeks. A second bond from the MBA is set to follow in March or April.

    17 Jan 2020

  • MEPs rebuke banking regulator for revolving door

    Members of the European Parliament have hit out at the appointment of a top banking regulator as chief executive of the lobbyist group the Association for Financial Markets in Europe. Meanwhile, the regulator has nominated a former Afme lobbyist as his successor.

    17 Jan 2020

  • UK picks week for 2071 tap

    The UK Debt Management Office has chosen the week for its fifth and final syndication of its 2019/2020 financial year.

    17 Jan 2020

  • Nationwide targets sterling senior amid welcoming conditions

    Nationwide Building Society launched a three year preferred senior bond in sterling on Friday, with the trade’s success coming as 'no surprise' amid a favourable backdrop in the currency.

    17 Jan 2020

  • LBBW mandates leads for first green sterling non-preferred

    Landesbank Baden-Württemberg (LBBW) is set to become the first issuer of green non-preferred senior paper in the sterling bond market, as well as the first financial institution to include sustainability ratings in a new deal mandate.

    17 Jan 2020

  • Calisen presses ahead with first UK IPO of the year

    Calisen Group, the KKR-backed operator of smart meters, has confirmed its intention to float on the London Stock Exchange, formally launching the first major UK IPO of the year.

    17 Jan 2020

  • China market round-up: Q4 GDP, December data stabilise, PBoC injects liquidity ahead of Lunar New Year, DBS becomes bond settlement agent

    In this round-up, China’s economy grows at the slowest rate in nearly three decades, the central bank injects a shot of liquidity into the market through the medium-term lending facility and reverse repo, and DBS Bank (China) receives a bond settlement agent licence in the interbank market.

    17 Jan 2020

  • China policy round-up: Top anti-corruption regulator focuses on local government debt, Shanghai welcomes more tech firms and MNCs, Guangdong to launch futures exchange

    In this round-up, Chinese premier Li Keqiang encourages local government bond issuance, the Central Commission for Discipline Inspection plans to investigate corruption around local government debt, and Shanghai is working to grow the Star board and attract more foreign investment into the city.

    17 Jan 2020

  • Medco Energi, Bayan Resources power up dollar bonds

    Indonesia's Medco Energi Internasional and Bayan Resources raised more than $1bn between them from ultra-tight bonds on Thursday.

    17 Jan 2020

  • Bonds news in brief: Evergrande, ZhengTong Auto, LGFVs raise funds

    Four Chinese borrowers hit the dollar bond market on Thursday, competing with supply from India, Indonesia and the Philippines.

    17 Jan 2020

  • Central Retail preps record $2.4bn Thai IPO

    Thailand’s Central Retail Corp is on track to launch the country’s largest IPO, with bookbuilding for the deal set to open on January 20, according to a source familiar with the matter.

    17 Jan 2020

  • Trade war diaries: phase one deal appeals to the financial industry

    In the phase one trade deal signed on Wednesday between the US and China, the majority of the agreements focusing on the financial sector are simply reiterations and elaborations of what the Mainland government has already said. But there are now some concrete deadlines in place to open up the domestic market further to foreign firms.

    17 Jan 2020

  • Jollibee's serves 'blowout' inaugural bond

    Jollibee Foods Corp, the owner of the eponymous fast food chain, wowed investors on Thursday with a debut $600m bond that beat the Philippine company’s targets.

    17 Jan 2020

  • Updated: Hong Kong placements flood market in pre-CNY rush

    A flurry of accelerated bookbuilds hit the Hong Kong market on Thursday night as issuers and investors squeeze through the last window for fundraising before companies go into earnings blackout and the Chinese New Year holidays.

    17 Jan 2020

  • Zhongce Rubber returns for $250m refi

    Zhongce Rubber Group has returned to the international loan market for a $250m refinancing.

    17 Jan 2020

  • ICBC Asia hires two loans bankers from Hang Seng

    Industrial and Commercial Bank of China (Asia) has hired two former Hang Seng loans banker to join its global capital finance department in Hong Kong.

    17 Jan 2020

  • Lalitpur Power’s bond plan fizzles out

    India’s Lalitpur Power Generation Company has postponed its attempted debut dollar bond after opening bookbuilding on Thursday, according to a source close to the situation.

    17 Jan 2020

  • Brazilians join party as Lat Am frenzy goes on

    Issuers from Latin America’s largest economy finally began feeding a yield-hungry buy-side this week, as bankers say there is little sign of investors turning their noses up at apparently rich valuations.

    16 Jan 2020

  • Chilean corps tick over as sovereign preps green deal

    Chemicals company SQM became the latest Chilean firm to issue internationally on Thursday, as the country’s corporates continue to take advantage of high levels of liquidity to pre-fund ahead of a potentially volatile year.

    16 Jan 2020

  • The power of making a fuss

    As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.

    16 Jan 2020

  • Paraguay taps but Lat Am sovs slow to start

    Latin American DCM bankers urged the region’s sovereigns to accelerate their funding plans after Paraguay notched a negative new issue premium in the sole sovereign trade of the week.

    16 Jan 2020

  • Slim Mexico concessions show increasing confidence

    Latin America bankers said that this week Mexico showed again that it was a leading issuer in the region after the sovereign sold its second deal of the year to take advantage of remarkable funding conditions.

    16 Jan 2020

  • Credit Suisse launches all-in-one aircraft finance business

    Credit Suisse on Thursday announced the launch of SCALE Aviation, a subsidiary of the bank aiming to boost liquidity in the aircraft industry by providing capital markets financing as well as direct assistance on acquisition, trading and management of aircraft collateral.

    16 Jan 2020

  • New issue slow to build, but managers price burst of CLO refis and resets

    A wave of CLO refinancings and resets rolled in this week, fueled by tightening spreads on triple-A paper, with sources expecting the trend to continue alongside a slowly building new issue pipeline.

    16 Jan 2020

  • Covered bond squeeze feared as ECB ramps up buying amid slower supply

    After a brisk start to the year, the pace of covered bond supply had already begun to slow by Thursday amid growing concern that the European Central Bank would be compelled to step up purchases, igniting fears of a technical squeeze. Bill Thornhill reports.

    16 Jan 2020

  • Tradition brings CLOB to the masses with dealer to client platform

    Interdealer broker Tradition is opening the doors to central limit order book trading for buy-side swaps market participants with its Trad–X D2C platform.

    16 Jan 2020

  • UniCredit €1.25bn 1.2% Jan 26 6NC5, €750m 1.8% Jan 30 bail-in senior

    16 Jan 2020

  • Banca Monte dei Paschi di Siena €400m 8% 10NC5 tier two

    16 Jan 2020

  • Investors fight SEC curbs on ESG motions

    The latest battle in the campaign to weaken corporate governance standards in the US is being fought over rule changes that would make it harder for investors to propose motions at shareholder meetings. The ‘proxy advisers’ so central to US governance also face new restrictions.

    16 Jan 2020

  • Spain breaks euro book record amid perfect storm

    While every eurozone country that sold a new syndicated bond this year has received strong demand, Spain outshone them all this week by taking the biggest ever order book in the bloc.

    16 Jan 2020

  • FIG frenzy reaches fever pitch in dollars

    Wall Street heavyweights piled into the dollar market with a string of tightly-priced preferred share deals, after reporting full-year earnings this week amid FIG supply of $25bn in just four days.

    16 Jan 2020

  • IDA GBP1.5bn 0.75% Dec 24

    16 Jan 2020

  • Italy EUR7bn 2.45% Sep 50

    16 Jan 2020

  • Belgium EUR6bn 0.1% Jun 30

    16 Jan 2020

  • CEB EUR1bn 0.05% Jan 30

    16 Jan 2020

  • KfW USD5bn 1.625% Feb 23

    16 Jan 2020

  • EQT bounces back in dollars

    US natural gas producer EQT Corp shrugged off a rating downgrade and an asset write-down to tap the dollar market for $1.75bn on Wednesday, becoming one of two high-grade issuers to do so as earnings blackout took hold.

    16 Jan 2020

  • Cyprus EUR1bn 0.625% Jan 30, EUR750m 1.25% Jan 40

    16 Jan 2020

  • EFSF EUR3bn 0.7% Jan 50

    16 Jan 2020

  • Full dollar curve explored by strong SSA market

    The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply.

    16 Jan 2020

  • Markets must face up to new deadlines for Libor transition

    Banks should stop issuing loans and bonds linked to Libor by October, according to the Bank of England’s Working Group on Sterling Risk-Free Reference Rates. But the scale of the challenge facing firms, particularly in the loan market, is causing concern.

    16 Jan 2020

  • SSAs reap rewards in euro long end

    A triple-A rated supranational and two sovereigns from the eurozone periphery took the opportunity to lock in low rates at the long end this week, amid strong market conditions. SSA bankers expect more supply to follow at this part of the curve over the coming weeks, including from France and potentially Greece.

    16 Jan 2020

  • Spain EUR10bn 0.5% Apr 30

    16 Jan 2020

  • Wide-open market helps Italian banks make headway on capital, funding

    Italian banks took over the financial institutions bond market this week, enjoying a much lower cost of funding and capital than they have been accustomed to in recent years. The sector will look to make good use of favourable issuance windows in 2020, as it moves inch by inch towards a more positive outlook.

    16 Jan 2020

  • Swissies on fire as foreign borrowers flock to market

    The Swiss franc bond market has had a roaring start to the year, which bankers suggest may be a sign Swiss investors are switching from equity to debt. This week’s standout trades came from Hyundai Capital, National Australia Bank and Chilean financial services company Tanner, while Münchener Hypothekenbank sold a first green Swiss franc bond on Thursday.

    16 Jan 2020

  • Oil and gas ABS market grows despite push for ESG

    Securitizations tied to oil and gas-related cash flows have emerged in recent months, despite growing support from the buy side for socially responsible investments (SRI). Though they run contrary to environmental, social and governance (ESG) principles, issuance of oil and gas royalty ABS may persist as long as the deals offer attractive yields, or until ESG investments pay a premium to brown ABS. Jennifer Kang reports.

    16 Jan 2020

  • UBI Banca EUR400m 5.875% PNC Jun 25 AT1

    16 Jan 2020

  • Banco BPM EUR400m 6.125% PNC5 AT1

    16 Jan 2020

  • US buyers rush Europe ECM on bargain hunt

    US investors are behind the European equity capital markets’ flying start to the year. They are swarming deals, having been driven out of their home market by sky-high valuations and a volatile president fighting for political survival, reports Sam Kerr.

    16 Jan 2020

  • Covered bond issuers price flat to fair value

    A lack of supply relative to 2019 and much more aggressive central bank buying ensured that Banco Sabadell, Royal Bank of Canada and OP Mortgage Bank were able to price covered bonds flat to fair value this week.

    16 Jan 2020

  • AIIB debuts as dim sum sees ‘greatest ever flow’

    AIIB made its dim sum debut this week into a booming market. A slew of deals has been sold in recent weeks, with more paper printed in last the last 10 days than in the whole of any other year, except for 2019.

    16 Jan 2020

  • BNPP and Deutsche prep secondary buyout loan for Armacell

    BNP Paribas and Deutsche Bank are marketing a €710m term loan 'B' to fund the secondary buyout of Armacell by PAI Partners, announced just before Christmas. This will be the insulation company’s fifth LBO, so it is well known to lenders, who ought to support the new deal despite a downgrade last year.

    16 Jan 2020

  • German ECM revival on the cards in 2020

    German equity capital markets are off to a flying start this year, buoyed by a rally in the DAX and renewed interest in European equities among US investors. There is renewed optimism about deals to come, including several of this year’s largest European IPOs.

    16 Jan 2020

  • French threesome covers up

    BPCE, Credit Mutuel Home loan (CM-CIC) and Axa Bank issued French covered bonds this week with Axa issuing its first transaction under a new and lower rated Belgian ownership structure.

    16 Jan 2020

  • Trio of Austrians find Pfandbrief favour

    Austrian covered bond borrowers Bawag PSK, UniCredit Bank Austria and RLB Oberösterreich found a warm reception for their €500m no-grow deals this week.

    16 Jan 2020

  • CS opens AT1 dollar market with a bang

    Credit Suisse became the first issuer of additional tier one (AT1) paper market in dollars this year, seizing the high levels of appetite for this asset class to print through fair value.

    16 Jan 2020

  • Pfandbriefe trio price flat to their curves

    Helaba, Deutsche Bank and Deutsche Pfandbriefbank (PBB) had little trouble accessing the Pfandbrief market this week with a series of deals that were priced flat to their curves.

    16 Jan 2020

  • Ineos Styrolution launches €1.2bn divi and refi deal

    UK chemicals giant Ineos’s German styrenics subsidiary is marketing €500m of senior secured notes and a €680m equivalent term loan B, with an intention to issue a €300m dividend to its parent company, controlled by billionaire Jim Ratcliffe. The remaining proceeds will be used for refinancing all of its term loans and some of the upcoming investments.

    16 Jan 2020

  • People moves in brief

    Ex-Goldman's Weber joins Middle East boutique — Giancarlo turns up at Federal Housing Finance Agency — Ferdane takes over coverage job at BNP Paribas

    16 Jan 2020

  • Monte is living a charmed afterlife

    The stars have aligned for Banca Monte dei Paschi di Siena following its rescue by the Italian state. It is hard to see how other banks could be so fortunate.

    16 Jan 2020

  • Dexia and EDC score with euro deals

    A pair of SSA borrowers hit the euro market on Thursday, raising a combined €2.5bn at impressive spreads. Export Development Canada raised €1bn with its second ever euro benchmark while Dexia Crédit Local was able to ratchet the spread in by 4bp on its seven year.

    16 Jan 2020

  • Corporate sterling issuers launch blowout market reopening

    High grade corporate names kicked off the 2020 sterling market in style this week, with big books and eye-catching trades for the University of Oxford, Clarion Housing and Ireland's Electricity Supply Board.

    16 Jan 2020

  • Loan repricing accelerates but can CLOs keep up?

    Some of the largest issuers in the leveraged finance universe are repricing their loans, cutting 50bp or more from their margins on the back of strong market conditions and proven performance since the loans were raised. That is putting pressure on CLO managers and equity holders, whose liabilities are tightening too, but more slowly, blocking repricing of the bonds and squeezing returns, write Owen Sanderson and Tom Brown.

    16 Jan 2020

  • Delivery Hero prices €2.3bn M&A financing trade

    Delivery Hero, the German online food ordering marketplace, raised €2.3bn this week via a simultaneous placement of new shares and convertible bonds to finance its takeover of South Korea’s Woowa Brothers.

    16 Jan 2020

  • Goldman’s Weber joins new firm in Middle East

    Martin Weber, a former managing director at Goldman Sachs, has joined a boutique emerging markets-focused investment bank in Dubai.

    16 Jan 2020

  • ISDA chief stresses 'critical' importance of Chinese netting

    The International Swaps and Derivatives Association's CEO has called for more clarity on close-out netting in China.

    16 Jan 2020

  • Veon USD300m tap of USD 4% Apr 25

    16 Jan 2020

  • Sterling RMBS blowout as non-UK investors return to market

    Issuers priced two sterling residential mortgage-backed securities (RMBS) deals this week, with Precise Mortgage Funding 2020–1B showing an unprecedented five times coverage on senior notes and up to 12 times on the mezzanine tranches, as overseas investors return to the sterling market.

    16 Jan 2020

  • TSKB USD400m 6% Jan 20

    16 Jan 2020

  • Phosagro USD500m 3.05% Jan 25

    16 Jan 2020

  • First Abu Dhabi Bank USD500m 2.526% Jan 25

    16 Jan 2020

  • Bahrain Mumtalakat USD500m 4.25% Jan 27

    16 Jan 2020

  • Morgan Stanley and compatriots raise the FICC bar

    Morgan Stanley more than doubled its revenue from fixed income sales and trading in the fourth quarter of last year, completing a stellar set of earnings for US banks in that business after a year in which they appear to have cemented their dominance in Europe.

    16 Jan 2020

  • Luminor Bank steps closer to covered bond issuance with Moody’s rating

    An Estonian covered bond could soon be due in the market after Moody’s rated Luminor Bank’s programme this week — the first to be structured under the country’s newly established law. The rating comes after the European Central Bank granted Luminor a license to issue covered bonds in December.

    16 Jan 2020

  • Corporate green bond issuance hits record levels

    The European socially responsible investment corporate bond market has made a rampant start this year, with issuance in the first two weeks already more than 10% of the total issued by companies in European currencies in 2019.

    16 Jan 2020

  • IDA grabs record book with sterling debut

    The International Development Association (IDA) impressed with its debut sterling bond on Thursday, as it received the largest ever order book for the currency in the SSA market. It also equalled the biggest ever trade in sterling by a non-UK public sector borrower.

    16 Jan 2020

  • NordLB Lux mandates for first renewable energy deal, again

    NordLB Luxembourg was expected to arrive in the market with its inaugural renewable energy covered bond late last year, having completed a market programme and mandated lead managers. On Thursday it finally plucked up the courage to re-announce the long-awaited deal — the first to be ever issued under the country’s new law.

    16 Jan 2020

  • Crédit Mutuel grabs €1.25bn as covered bond supply fears mount

    Credit Mutuel Home Loan SFH (CM-CIC) completed a busy week in the euro covered bond market with a €1.25bn 10 year offering on Thursday. The deal emerged amid growing concern that euro covered bond supply will fall, as borrowers like SCBC, Danske Bank and Nordea turn to local currency markets, while others see better alternative funding opportunities, or simply bide their time.

    16 Jan 2020

  • Eni, Quadient keep corp bonds humming

    Eni, the Italian oil and gas company, raised €1bn with a bond issue on Thursday, while Quadient, the unrated French postal systems company formerly known as Neopost, continued the run of more esoteric corporate bond issuance.

    16 Jan 2020

  • Palmieri shakes up corp finance at SG

    Société Générale has redoubled its commitment to equity capital markets under a new structure designed to ensure it remains a force in investment banking when consolidation comes, writes David Rothnie.

    16 Jan 2020

  • More corporate borrowers adding loan language to green frameworks

    Corporate treasurers are increasingly ensuring their green borrowing frameworks include loans, though sustainability bankers note that the most popular loan structure is still not being included.

    16 Jan 2020

  • US issuers look to euros as earnings come to a close

    US issuers are tapping into favourable conditions the euro bond market after reporting their latest results. Goldman Sachs and New York Life Insurance were quick to launch senior bonds on Thursday, boosting supply volumes just as European lenders start preparing for their own reporting season.

    16 Jan 2020

  • Investors look to transition bonds to fund CEE’s sustainability transition

    Transition bonds are likely to be a key part of the development of a sustainable economy in central and eastern Europe, delegates said at the Euromoney Central and Eastern European Forum in Vienna this week. While investors are keen to put money to work in the region, government support is still needed.

    16 Jan 2020

  • Slam dunk week for CEEMEA bonds as NIPs barely on show

    It has been an extraordinary week in the CEEMEA new issue market where barely any deal was printed without a huge order book and a flat or negative new issue premium. Though a slew of expected sovereigns have so far stayed away, bankers said they expected them to step up to the plate soon.

    16 Jan 2020

  • Ibercaja lands ‘negative new issue premium’ with euro tier two

    Ibercaja Banco was said to have steered a new tier two bond through fair value on Thursday, when the Spanish lender also announced the results of a tender for some of its existing capital securities.

    16 Jan 2020

  • Private finance revival emerges in CEE

    Private capital in central and eastern Europe is gaining traction after a decade of diminished enthusiasm from international investors. Local firms continue to dominate the region's private equity and direct lending markets, but some international players are eyeing them again, while others remain cautious.

    16 Jan 2020

  • Investors pile into deals in strong week for ECM

    EMEA equity capital markets were on fire on Wednesday night, when almost €3bn of paper was priced, in a number of deals, strengthening the impression that January is turning out to be a productive month for EMEA ECM.

    16 Jan 2020

  • Asia people and markets news in brief: January 16, 2020

    ING names Apac wholesale banking head — CréditAg adds to debt team — MUFG taps China corporate banking head — Hang Seng seeks feedback on WVR index inclusion — Star board pipeline builds

    16 Jan 2020

  • China opens up exchange bond market further to banks

    The majority of the banks in China, as well as foreign banks, can now trade bonds listed on the Shanghai and Shenzhen stock exchanges, according to new guidelines published on Wednesday. But the appeal of this option remains questionable.

    16 Jan 2020

  • BTN pioneers with first Indo Basel III tier two

    Investors chased after a rare $300m Basel III-compliant tier two bond from Indonesia’s Bank Tabungan Negara (BTN) in both primary and secondary markets this week, sending the 12.3 times covered deal tighter in the aftermarket.

    16 Jan 2020

  • Anta Sports defies short seller shadow with €1bn CB

    Anta Sports Products made a stellar euro equity-linked debut this week, sealing a €1bn zero-coupon convertible bond at a negative yield. The deal had its share of challenges, but showed what is possible in a market that has seen a change in sentiment recently. Jonathan Breen reports.

    16 Jan 2020

  • Pan Brothers ready to navigate Duniatex woes for new loan

    Indonesian apparel supplier Pan Brothers is in talks with banks for a new dollar loan, as it prepares to return to the market for the first time since 2018. However, syndication may be a challenge, as lenders are still reeling from the default of a subsidiary of textile firm Duniatex last year, writes Pan Yue.

    16 Jan 2020

  • Innolux lands $300m from convertible bond

    Taiwanese LCD panel maker Innolux Corp raised $300m from a zero coupon convertible bond this week, riding a new wave of demand for the asset class in 2020.

    16 Jan 2020

  • Future Retail rides on Amazon tie-up for bond debut

    Future Retail’s inaugural dollar bond raised the curtain for India’s retail shopping sector, as the company leveraged on its new partnership with e-commerce giant Amazon to raise $500m. But while the industry appeals to investors, issuance pipeline from the country remains thin, writes Morgan Davis.

    16 Jan 2020

  • Performance art, or how to structure ABS

    The securitization market generates a mix of excitement and confusion, offering investors a novel way to boost their returns, diversify risks and — not very bold conjecture here — sometimes lose lots of money without quite understanding why.

    16 Jan 2020

  • TSKB blow-out reopens debt door for Turkey

    Turkey lender TSKB printed its $400m five year senior bond on Wednesday inside its own curve. The sale drew a $3.9bn book, allowing a big tightening from initial guidance to pricing. Following the clear success of the deal, other Turkish banks are expected to follow, starting with Isbank which was straight in with its own subordinated bond on Thursday.

    16 Jan 2020

  • Mediobanca sails close to fair value on MREL senior debut

    Mediobanca was greeted with €4bn of demand for its debut offering of non-preferred senior notes on Thursday, extending a run of Italian bond deals in the euro market this week.

    16 Jan 2020

  • PFC extends to 10.25 year with new 144A bond

    Power Finance Corp sold its third dollar transaction in six months, raising $750m from a slightly longer-dated deal.

    16 Jan 2020

  • BoCom puts more weight on dollars in new triple-trancher

    China’s Bank of Communications came out with a $1.95bn-equivalent three-tranche deal on Thursday. It opted for a bigger dollar portion and a slimmer offshore renminbi (CNH) bond, compared with its last outing.

    16 Jan 2020

  • Paraguay nabs negative concession in red hot Lat Am

    Latin America’s rising star Paraguay took advantage of low sovereign issuance from the region so far this year to tap existing 30 year bonds with a negative new issue concession, according to debt capital markets bankers.

    16 Jan 2020

  • Brazil wakes up as Globo sets pricing after Klabin tap

    Brazilian media group and broadcast TV company Globo Comunicação e Participações will likely price a new 10 year bond on Thursday after setting initial price thoughts on Wednesday.

    16 Jan 2020

  • Engie hits road, Andina prices to extend Chilean rush

    One pricing and one roadshow announcement on Wednesday ensured that Chile continues to lead the way this year in terms of Latin American bond issuance.

    16 Jan 2020

  • Property companies build on bond momentum

    Three Chinese real estate companies raised $850m between them from the dollar debt market on Wednesday.

    16 Jan 2020

  • FHFA appoints new chair of common securitization platform

    The Federal Housing Finance Agency on Wednesday announced the appointment of J. Christopher Giancarlo as chairman of Common Securitization Solutions, which runs the technology behind the agency’s Uniform Mortgage Backed Security (UMBS) program.

    15 Jan 2020

  • Nouryon, Fluidra continue repricing trend in leveraged loans

    Dutch chemicals giant Nouryon is attempting an elephantine repricing of a €5.6bn loan. Nouryon is following Spanish Fluidra, a pool manufacturer, which announced a €300m repricing on Tuesday, and UK-based data company Refinitiv, which set a more favourable price for its €2.33bn loan last week.

    15 Jan 2020

  • Italy and Belgium books soar as records keep tumbling

    Italy and Belgium were the latest eurozone sovereigns to build their largest ever order books for syndicated bonds on Wednesday, with the former coming close to breaking the record demand from a eurozone issuer set by Spain on Tuesday.

    15 Jan 2020

  • Oxford taps 100 year debt at ‘incredible’ yield

    The University of Oxford has reopened its sterling century bond, as bankers away from the deal called the yield available at that maturity "incredible".

    15 Jan 2020

  • Prime brokerage boosts TriOptima to record FX compression

    TriOptima has hit record compression levels with its FX forwards service, as the winds of regulatory change drove prime brokerage business its way.

    15 Jan 2020

  • Turkish ECM reopens at last with $145m Akbank trade

    Turkey's primary equity capital markets opened for the first time since 2018 on Wednesday as an undisclosed group of shareholders set out to sell 1.9% of Akbank.

    15 Jan 2020

  • BCS Global Markets builds up investment banking with senior hire

    Russian brokerage BCS Global Markets has appointed a senior banker from HSBC as head of capital markets and investment banking.

    15 Jan 2020

  • ADB opens Kauri market for 2020

    Demand for the Asian Development Bank's new five year Kauri print — the first SSA deal in the market since August — soared on Wednesday, leading to the deal being increased twice during pricing. With several frequent issuers also circling the market, bankers expect more to follow.

    15 Jan 2020

  • Sinagpore’s ARA strikes deal to boost Venn Partners’ firepower

    ARA Asset Management, a Singapore-based asset manager focused on Reits, has bought a majority stake in Venn Partners, a secured asset specialist investing in UK and Netherlands assets, in a deal which will boost the firm’s firepower in the mortgage and CRE debt markets.

    15 Jan 2020

  • CyrusOne brings spread in by 35bp during execution

    Crossover credit CyrusOne, a US real estate investment trust, headed to the euro bond market for a seven year trade on Wednesday. It got chunky demand and tightened its spread by 35bp during execution.

    15 Jan 2020

  • Laying it on FICC: trading helps Goldman and Bank of America

    Fixed income, currencies and commodities trading (FICC) has been the clear area of strength in US bank results so far when compared with the fourth quarter of 2018, particularly in rates and mortgages. Underwriting fees have also come in high, but advisory earnings have suffered.

    15 Jan 2020

  • Demand high for SSA dollar threes and 10s

    A pair of Asian SSA issuers joined a busy dollar market on Wednesday, bringing three and 10 year deals. Demand for three year dollar paper is high, with two more issuers set to join the fray on Thursday.

    15 Jan 2020

  • UK PP agents to test US investors’ appetite for councils

    UK private placement advisers and agents are keen to speak to North American investors about their appetite for debt from UK local governments, seen by many as the next source of growth for PPs in Europe after the central government raised the rate at which it lends to them.

    15 Jan 2020

  • Clarion Housing pays zero NIP for blowout sterling green bond

    The UK's Clarion Housing Group, a housing association, got a rapturous reception from the sterling bond market on Wednesday, which allowed it to increase its green bond and price it flat to its curve.

    15 Jan 2020

  • IDA readies sterling debut

    The International Development Association has hired banks to lead its first sterling bond as it looks to make another step in its quest to develop a diversified funding programme.

    15 Jan 2020

  • Investors swoop on Helaba and Bawag covered bonds as drought feared

    Landesbank Hessen-Thueringen Girozentrale (Helaba) and Bawag enjoyed heavy demand for their covered bonds, issued on Wednesday, amid growing concern that January’s usual supply surge is about to come to an abrupt end.

    15 Jan 2020

  • Commerz doubles up with euro, sterling bail-inable senior

    Commerzbank was able to attract "very high quality books" for its issue of non-preferred senior euro and sterling bonds on Wednesday.

    15 Jan 2020

  • Bank duo taps into demand for senior as blackouts start to weigh on market

    Demand for senior trades from Commerzbank and Raiffeisen Bank International this week reflected a softness in secondary performance, as well as a slowdown in the primary market as European banks enter blackout season.

    15 Jan 2020

  • Höegh LNG docks in loan and bond markets

    Norway's Höegh LNG, which operates 10 floating liquefied natural gas import terminals, has signed an $80m revolving credit facility and mandated banks for a Norwegian krone bond.

    15 Jan 2020

  • Large US fund picks up big profit from NMC block

    Capital Group, one of the largest asset managers in the US, bought 13.45m shares in NMC Health on January 8, according to a disclosure on the London Stock Exchange. They were worth about £160m. That was the day after a £375m block trade by Saeed Al Qebaisi and Khaleefa Al Muhairi, two of the three controlling shareholders in the UAE health company, which faced criticism from short-seller Muddy Waters of its balance sheet and financial statements in December.

    15 Jan 2020

  • UK’s PRA loosens tight conditions on risk transfer

    The UK’s bank regulator, once one of the world’s toughest, has eased some of its conditions around the synthetic risk transfer market, allowing the UK’s biggest lenders to sell balance sheet CLOs on similar terms to their European Central Bank-regulated peers.

    15 Jan 2020

  • NatWest provides subprime car finance facility for Provident's Moneybarn

    Provident Financial Group, the UK specialist lender, has agreed a bilateral securitization facility with NatWest Markets to fund up to £100m of vehicle finance receivables from its Moneybarn subprime brand. The facility is expected to grow to £275m over the next 18 months.

    15 Jan 2020

  • Monte launches T2 at 8% to complete capital plan

    Banca Monte dei Paschi di Siena was more than two times subscribed for a €400m tier two on Wednesday, as the state-backed Italian lender used strong market conditions to finally complete the last leg of its capital raising plan.

    15 Jan 2020

  • Perfect storm drives record SSA order books

    A combination of factors are driving colossal demand for new issues in the public sector bond market, with Spain setting a new landmark on Tuesday with the largest ever order book in the eurozone.

    15 Jan 2020

  • Veon brings 2019 bond up to targeted $1bn

    Emerging markets telecommunications firm Veon, formerly Vimpelcom, printed a $300m tap of its $700m 4% April 2025s on Wednesday from a book of more than $1bn and paying a new issue premium of only 5bp, according to a syndicate official on the tap.

    15 Jan 2020

  • Covered bond investors putting on the risk

    Covered bond investors are increasingly confident about taking on duration and credit risk as yields are set to be stable and spreads should remain well supported, an asset manager told GlobalCapital on Wednesday.

    15 Jan 2020

  • TSKB brings first Turkish FI deal for nearly a year

    Turkiye Sinai Kalkinma Bankasi (TSKB) has released price guidance on the first benchmark Turkish bank bond since March last year. Books had reached over $2.2bn by midday and the market has been told to expect a $400m deal.

    15 Jan 2020

  • Santander confirms ‘irreversible’ decision to call its controversial CoCo

    Banco Santander has followed through on its commitment to call an additional tier one (AT1) bond, after extending the life of the instrument a number of times in 2019. The decision comes as favourable market conditions increased the likelihood that issuers will choose to refinance their contingent capital securities this year.

    15 Jan 2020

  • Bullish investors boost European block trades

    Strong investor demand has led to a positive start for Europe’s equity capital markets with several large block trades attracting big orders, leading to attractive terms for sellers.

    15 Jan 2020

  • Corporate primary faces test in secondary spread behaviour

    European corporate bond specialists are keeping an eagle-like watch on how well new issues trade in the immediate aftermarket. Any widening could kick off a trend towards higher new issue premiums.

    15 Jan 2020

  • Corrected: Taiwan’s Innolux launches $300m zero coupon CB

    Taipei-listed Innolux Corp hit the market on Wednesday with a $300m convertible bond, its debut equity-linked deal.

    15 Jan 2020

  • Investors offered CEEMEA bond buffet

    The CEEMEA primary market is up and running at full pelt this week with all thoughts of the US-Iran crisis having vanished. So many bonds were out in the market on Tuesday that one investor said that a deal needed to be “exceptional” to garner his attention.

    15 Jan 2020

  • Lippo Karawaci reprices secondary curve with new notes

    Indonesian real estate developer Lippo Karawaci played to investors' need for diversification away from China, when it raised $325m from a 2025 bond sale.

    15 Jan 2020

  • Star board starts 2020 strong as pipeline builds

    The appeal of China’s Star market shows no sign of waning, with seven issuers already pricing their IPOs on the board this month and more companies joining the pipeline.

    15 Jan 2020

  • Future Retail raises curtain for Indian retail companies

    Future Retail threw open the door for India's retail shopping sector on Tuesday with its $500m debut bond, getting a solid book of $3bn for the transaction.

    15 Jan 2020

  • Bond flurry continues but Vietnamese bank falls short

    The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line.

    15 Jan 2020

  • Guotai Junan eyes HK$3.8bn rights issue

    Guotai Junan International Holdings is planning a rights issue of new shares as it looks to raise up to HK$3.75bn ($482.3m).

    15 Jan 2020

  • Hang Seng seeks feedback on WVR index inclusion

    The Hang Seng Indexes Co has published a consultation paper covering the inclusion of weighted voting rights (WVR) shares and secondary-listed companies in Hong Kong’s benchmark index.

    15 Jan 2020

  • SMC rides on strong market for $600m perp

    SMC Global Power Holdings Corp took advantage of an exceptionally bullish credit market, getting a peak order book of around $5bn for a $600m deal.

    15 Jan 2020

  • Carlyle sells China Literature stake for $196m

    The Carlyle Group, a US-based multinational private equity firm, offloaded its position in China Literature this week through a HK$1.53bn ($196m) overnight block trade.

    15 Jan 2020

  • ING appoints Apac wholesale banking CEO

    ING has appointed veteran banker Krista Baetens as the chief executive officer of its wholesale banking business for Asia Pacific, effective on Wednesday.

    15 Jan 2020

  • GeoPark, Rede D’Or bring high yield flavour to Lat Am party

    Latin America’s rip-roaring start to the year took a slide down the credit curve on Tuesday with two high yield deals — to no discernible impact on investor appetite.

    15 Jan 2020

  • India’s Birla Carbon, Tata Steel tap banks for loans

    Indian companies Birla Carbon and Tata Steel have mandated banks for loans and both borrowers have signed up large groups of lenders at the top level.

    15 Jan 2020

  • Middle market to expand as CLO investor interest grows

    The middle market segment of the CLO industry is attracting the attention of more investors this year amid enduring low yields in fixed income as higher returns on middle market paper and stronger covenants steer more traditional CLO buyers into the space.

    14 Jan 2020

  • Rating agencies warn on challenging year for aircraft ABS

    The aircraft securitization market is showing cracks after enjoying three consecutive record years of issuance. Major airlines have gone bankrupt, credit is deteriorating and competition intensifying, all of which signals 2020 as a year of major headwinds, rating agencies say.

    14 Jan 2020

  • Everton hires JP Morgan, MUFG for stadium

    JP Morgan and MUFG have been appointed Everton FC’s financial advisers to arrange roughly £500m ($651m) of financing for the football club’s new stadium at Bramley-Moore Dock in Liverpool. One source close to the prospective deal told GlobalCapital “all options are on the table” regarding funding routes.

    14 Jan 2020

  • Underwriting, fixed income revenues grow at JPM and Citi

    JP Morgan, Citi and Wells Fargo kicked off the fourth quarter earnings season for investment banks on Tuesday, showing momentum in underwriting revenues and fixed income trading, while advisory fees and equities trading stumbled.

    14 Jan 2020

  • CFTC fines Mirae Asset Daewoo for spoofing

    South Korea’s Mirae Asset Daewoo has been ordered to pay $700,000 after a US Commodity Futures Trading Commission investigation found one of its traders had engaged in spoofing.

    14 Jan 2020

  • Röhm buyout loan returns to syndication

    Advent’s buyout of German chemicals company’s Evonik’s acrylic unit last year is still haunting the leveraged loan market. The banks are relaunching syndication of €977m and $612m of term loan Bs, hoping that investors will find the credit more attractive this time around than when it was first syndicated.

    14 Jan 2020

  • Spain smashes euro SSA book record as Italy and Belgium line up

    Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.

    14 Jan 2020

  • Prosus gets $1.25bn with Tencent stake boost

    Prosus, the Dutch-based consumer internet company spun off by Naspers in September, has launched a $1.25bn 10 year bond, days after it failed to convince shareholders in takeaway delivery group Just Eat to sell it the company.

    14 Jan 2020

  • Tight dollar successes for KfW and Canada

    KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.

    14 Jan 2020

  • Wafer-thin margins for giant Froneri financing

    Froneri, a PAI Partners-backed ice cream company, is syndicating the financing for its acquisition of Nestlé’s US ice cream business, raising €5.7bn-equivalent of first and second lien debt across three currencies.

    14 Jan 2020

  • Ireland's ESB opens sterling corporate market with £2bn blowout book

    Ireland's Electricity Supply Board opened 2020's sterling corporate bond market on Tuesday and won enough demand to increase the £300m deal slightly.

    14 Jan 2020

  • Arkema hybrid comes as investors pile into risk

    Arkema, the French chemicals company, has issued the second corporate hybrid capital bond in Europe in as many days. Bankers say investor appetite for higher risk securities is almost insatiable.

    14 Jan 2020

  • Houlihan Lokey makes bold ECM advisory play

    Houlihan Lokey, the US boutique investment bank, has the ambition to become a serious player in the European ECM advisory market after hiring an MD from Rothschild.

    14 Jan 2020

  • This euro market is made for Monte

    The only thing missing from a stellar start to 2020 is a capital transaction from Italy’s Banca Monte dei Paschi di Siena.

    14 Jan 2020

  • Bawag and Helaba mandated amid expected supply slowdown

    Covered bond issuers Bawak PSK and Helaba have mandated leads for deals that are likely to be launched on Wednesday — signalling a slackening in Tuesday’s much faster pace.

    14 Jan 2020

  • Covered bond demand takes off as supply rises

    BPCE took the lion’s share demand for the six covered bonds issued on Tuesday with its stand out two-part offering that was priced flat to the curve — along with other deals from OP Mortgage Bank, Deutsche Pfandbriefbank, UniCredit Bank Austria and Axa Bank Belgium, which issued its first transaction under a new and new and lower rated ownership structure.

    14 Jan 2020

  • Mumtalakat prints after huge tightening

    Bahrain Mumtalakat, the country’s sovereign wealth fund, printed its $500m bond on Tuesday at 4.25% having tightened 62.5bp from initial guidance.

    14 Jan 2020

  • Pharming Group reopens EMEA’s CB market

    Europe’s primary equity-linked market has reopened, with a new €125m convertible bond from Pharming Group, the Dutch speciality pharmaceuticals company.

    14 Jan 2020

  • Pick-up over Tencent lures investors to Prosus

    Prosus, the international internet business spun off by South Africa-headquartered Naspers in September, has released initial pricing guidance for a 10 year dollar benchmark at a level two analysts called attractive, given the company’s 31% stake in Chinese tech giant Tencent.

    14 Jan 2020

  • D Glasfaser signs €1.8bn but German lending outlook bleak

    Germany’s Deutsche Glasfaser, a fibre cable company, has almost tripled its bank credit facility up to €1.8bn. But the country’s development bank, KfW, warned that lethargic lending growth will continue in Europe’s biggest economy.

    14 Jan 2020

  • Veon back for $300m more

    Emerging markets telecommunications firm Veon, formerly Vimpelcom, is topping up the $700m 4% April 2025s it sold in October by up to $300m, seemingly aiming to complete the size of bond originally planned.

    14 Jan 2020

  • Afme calls for equivalence changes ahead of Brexit negotiations

    The Association for Financial Markets in Europe (Afme) has proposed changes to the European Union’s equivalence framework. While its report is framed as dealing with the framework in general, rather than specifically with the UK after Brexit, many of its proposals would make an equivalence agreement with the exiting state easier to reach if enacted.

    14 Jan 2020

  • Clydesdale puts Citi back in arranger seat for new Lanark RMBS

    Clydesdale Bank has mandated a consortium of banks led by Citi for its prime UK, owner-occupied RMBS Lanark 2020-1, putting Citi back in the role of arranger after two years of Bank of America leading the programme.

    14 Jan 2020

  • ADB brings first Kauri bond of 2020

    The Asian Development Bank is “testing the market” with a new five year New Zealand dollar bond — the first Kauri deal of 2020 and the first from a SSA issuer since last August.

    14 Jan 2020

  • Italian AT1s pile up as Banco BPM gets away with no NIP

    Banco BPM did not need to pay a new issue premium to follow UBI Banca with the sale of an additional tier one (AT1) on Tuesday, as Italian banks make the most of an 'issuer's market' at the beginning of 2020.

    14 Jan 2020

  • Investors love €633m block in Evonik

    RAG-Stiftung, the foundation charged with financing cleaning up the legacy of coal mining, has placed a block of shares in Evonik, the German speciality chemical manufacturer, at a tight concession after increasing the deal to €632.5m. The trade is another example of growing levels of demand for EMEA block trades.

    14 Jan 2020

  • Why the Santander saga won’t trigger a run of AT1 extensions

    European banks don’t believe they have a free option to extend the lives of their additional tier one (AT1) securities, despite the apparent success of Banco Santander’s call policy.

    14 Jan 2020

  • FAB launches fast $500m five year sukuk

    First Abu Dhabi Bank printed a quick $500m five year Reg S sukuk on Tuesday morning in London. Because the deal was driven by reverse enquiry, leads started the execution process by announcing final guidance.

    14 Jan 2020

  • TSKB bond ‘likely' to be sub-benchmark

    Turkiye Sinai Kalkinma Bankasi (TSKB) is planning to print a five year senior unsecured dollar bond on Wednesday. A lead manager on the deal said that the size of the note is likely to be below benchmark because the bank has limited liquidity needs.

    14 Jan 2020

  • Low growth fears supersede geopolitical threats in CEE

    Attendees at the Euromoney Central and Eastern European Forum in Vienna on Tuesday overwhelmingly pointed to low growth as the main risk to the CEE region in 2020, bypassing volatile geopolitical and commodity risk.

    14 Jan 2020

  • Turkish bank gets the green light

    Turkish lender Yapi Kredi ventured into the green bond market for the first time on Friday with a rare dollar private placement, its first since January 2016, according to Dealogic data.

    14 Jan 2020

  • HK regulator lifts UBS’s IPO sponsor suspension early

    UBS can sponsor Hong Kong IPOs again, the city’s financial regulator announced on Tuesday after lifting a ban imposed on the bank in March last year.

    14 Jan 2020

  • India ECM: CAMS preps $200m IPO

    After an eventful start to the year, India’s equity capital markets are on track to host a number of deals in the first quarter, with Computer Age Management Services (CAMS) among the latest to file for an IPO.

    14 Jan 2020

  • Sinopharm seeks second loan in six months

    Sinopharm Holding (China) Finance Leasing Co is seeking a $215m-equivalent loan.

    14 Jan 2020

  • Anta Sports jumps over hurdles for €1bn CB

    Anta Sports Products, a Chinese sportswear manufacturer and retailer, had to navigate a number of roadblocks to print a €1bn zero coupon convertible bond to refinance loans in the currency.

    14 Jan 2020

  • China government debt set to hit new high after record 2019

    China’s government debt last year grew at its fastest pace annually since 2009, while central and local government borrowing shows no signs of slowing.

    14 Jan 2020

  • Safe eases onshore FX derivs hedging for foreign investors

    The State Administration of Foreign Exchange (Safe) will allow foreign investors to participate directly in the interbank FX derivatives market so they can hedge their foreign exchange risks from investing in onshore renminbi bonds, according to a Monday notice.

    14 Jan 2020

  • Investors flock to Indonesian bonds

    Two Indonesian deals brought international investors some relief from the onslaught of Chinese bonds on Monday. Pertamina and Tower Bersama Infrastructure netted a combined $1.85bn from three tranches of notes.

    14 Jan 2020

  • Posco makes comeback with dollar/euro bonanza

    South Korean steel company Posco made a blockbuster return to the debt market on Monday, raising $940m from dollar investors and €500m from the European market. The peak order book of about $5.75bn for the dollar portions reflected investors’ eagerness to take on investment grade risk.

    14 Jan 2020

  • Trade agreement adds to loan market woes

    The US and China’s signing of the phase one agreement on trade this week will finally put almost two years of battling and tit-for-tat tariff retaliation behind the countries. However, while the truce may pave the way for more market stability and a boost in investor sentiment, it spells trouble for the Chinese offshore loan market.

    14 Jan 2020

  • New World China breaks five-year loan hiatus

    New World China Land, the mainland China property business arm of Hong Kong’s New World Development Co, has returned to the offshore loan market after five years for a HK$5bn ($643m) borrowing.

    14 Jan 2020

  • Seazen pockets $351m from HK placement

    Chinese property developer Seazen Group raised HK$2.73bn ($351.3m) on Monday from a sale of new shares, increasing the offering size on the back of strong demand, according to a source familiar with the deal.

    14 Jan 2020

  • Greater China issuers flood market with dollar bonds

    Seven borrowers from Greater China raised about $2bn from new dollar bonds on Monday, while Hong Kong's Cathay Pacific tapped the Singapore dollar market.

    14 Jan 2020

  • Chile wins green certification ahead of bond return

    Chile will return to international markets with a green bond to fund transport plans after its portfolio of projects received a favourable opinion from third-party providers.

    14 Jan 2020

  • Femsa bottle pays off with tight 30 year

    Fomento Económico Mexicano (Femsa), the Mexican conglomerate, sold $1.5bn of 30 year bonds on Tuesday more than three months after completing a roadshow as DCM bankers said that the decision not to bow to investor demands last year had paid off.

    14 Jan 2020

  • Proactive Mexico notches flat concession on euro return

    Remarkable funding conditions drove Mexico to the euro market on Tuesday just a week after it issued in dollars as a bulging order book again suggested that investor fears over the government’s management of the economy have subsided.

    14 Jan 2020

  • Libor, loan forgiveness cast shadow over SLABS

    Student loan ABS is facing a host of uncertainties this year, as cessation of Libor as a benchmark quickly approaches and momentum behind loan forgiveness accelerates. Strong technical factors will be offset by headline risk, weighing on spreads, according to sources.

    13 Jan 2020

  • Mortgage fintech LendInvest names new CEO

    Online mortgage lender LendInvest has announced that co-founder and CEO Christian Faes is handing over management of the company to Rod Lockhart, who has been named as the new chief executive.

    13 Jan 2020

  • Goldman brings first green CMBS deal to Europe

    Goldman Sachs is bringing River Green Finance 2020, the first European commercial mortgage-backed security (CMBS) of the year and the first in Europe to be marketed as green.

    13 Jan 2020

  • CVC Credit offers acquisition, unitranche lending to Sabio

    CVC Credit Partners has provided an acquisition facility and a unitranche loan to Sabio, a UK firm providing customer engagement tools to bluechip companies.

    13 Jan 2020

  • Orderbooks bulge as corporate bonds turn green

    Environmentally minded investors piled into green and sustainable corporate bond issues in Europe on Monday, with deals for Energias de Portugal, South Korean steel company Posco and National Grid garnering around €10.3bn of demand.

    13 Jan 2020

  • Lombard hires for absolute return push

    Lombard Odier Investment Managers has appointed Alex Maubourguet to take charge of its new absolute return strategy.

    13 Jan 2020

  • Salini’s €250m exchange deal expected to turn pricey

    Italian construction giant Salini Impregilo offered to exchange its 3.75% notes, due in 2021, to new non-call life senior notes, maturing in seven years. The €250m deal is set to be completed by Friday this week with initial price thoughts of 3.875% — indicating that Salini may have lost favour among investors and will have to pay extra to extend maturities.

    13 Jan 2020

  • National Grid makes roaring green euro debut

    The UK’s National Grid Electricity Transmission made a barnstorming entrance to the green bond market on Monday, cutting its spread and winning a bumper book for its first euro bond issue in more than a decade.

    13 Jan 2020

  • CrossLend to play into Capital Markets Union drive

    CrossLend’s securitization platform is designed to allow smaller firms to buy and sell debt portfolios more easily. It has been backed by Santander’s venture capital fund, which sees it as tapping into various trends in European capital markets.

    13 Jan 2020

  • EFSF grabs big book for 30 year as EIB, CEB and sovereigns hit screens

    The European Financial Stability Facility took the spotlight in the euro public sector bond market on Monday with an intraday execution ahead of a busy week. The European Investment Bank, Council of Europe Development Bank, Spain and Cyprus have all announced new deals.

    13 Jan 2020

  • CPPIB jumps into scorching sterling market

    CPPIB Capital is looking to take advantage of a red hot sterling bond market after hiring banks on Monday to prepare its debut trade in the currency.

    13 Jan 2020

  • Canada and KfW line up in popular dollar market

    KfW picked banks on Monday to lead the dollar market's first three year SSA deal of the year, while infrequent issuer Canada is looking to ride the recent wave of five year dollar supply after appointing banks to lead a new benchmark deal.

    13 Jan 2020

  • Banks line up more blocks after rapid start to 2020

    Equity capital markets bankers are lining up further accelerated equity sales after a series of successful block trades last week. They are hoping that market optimism persists to allow them to print trades before corporate blackouts prevent insider sales.

    13 Jan 2020

  • Eurozone covered bond issuers to feed ECB

    Four covered bond issuers from Germany, Austria, France and Belgium have announced deals that are expected to be launched on Tuesday and will be heavily bought by the European Central Bank.

    13 Jan 2020

  • Asia grows its influence in European private debt

    Gradually over the past decade, Asian investors have become more and more important to European corporate private debt markets, to the point where they are now often indispensable. Asian borrowers have been slower to appear, but are now arriving. However, while these arrivals have largely benefited these markets, they have introduced a few complications.

    13 Jan 2020

  • BNPP swaps in Ferdane as financials coverage head

    Sandrine Ferdane has been appointed BNP Paribas’s new global head of financial institutions coverage (FIC), replacing José Placido, who has a new role as chief executive of the corporate and investment bank for the Americas.

    13 Jan 2020

  • Scarce supply helps covered bond issuers price deals flat to fair value

    A lack of supply relative to 2019 and much more aggressive central bank buying ensured that Banco Sabadell, Royal Bank of Canada, Deutsche Bank and RLB Oberösterreich were able to price their respective covered bonds flat to fair value on Monday.

    13 Jan 2020

  • 'Very active’ UniCredit doubles back around for MREL in euros

    UniCredit has returned to the euro market for a dual-tranche offering of non-preferred senior debt, a matter of days after having completed the sale of a new tier two bond.

    13 Jan 2020

  • Loan mart misses out on Just Eat financing

    The sluggish European loan market has been dealt another blow this week, after Takeaway.com got overwhelming support for its all share merger with Just Eat to kill a £5.5bn ($7.16bn) loan funded rival offer from Prosus.

    13 Jan 2020

  • Cades lining up for €4bn in 2020

    Caisse d’Amortissement de la Dette Sociale has a €4bn funding programme lined up for 2020, matching the total it raised in 2019.

    13 Jan 2020

  • UBI Banca lands blowout with debut AT1

    Unione di Banche Italiane was close to 14 times subscribed for a €400m additional tier one (AT1) in the euro market on Monday, as it capitalised on expectations of scarce supply in the asset class. The debut deal means the bank will become the fourth Italian issuer of AT1 capital.

    13 Jan 2020

  • Credit Bank of Moscow readies roadshow

    Private Russian bank Credit Bank of Moscow announced a roadshow on Monday, mandating banks for the sale of a benchmark five year dollar deal.

    13 Jan 2020

  • UK dual class rule review 'makes sense'

    The UK government should consider consulting on changes to the country’s listing rules after Brexit to attract more high growth companies to the London Stock Exchange, including allowing dual class share structures on the premium segment, according to Claire Keast-Butler, a partner at Cooley in London

    13 Jan 2020

  • Goldman creates sustainability council

    Goldman Sachs is forming a Sustainable Solutions Council for its investment banking division, with four members for the Europe, Middle East and Africa region.

    13 Jan 2020

  • Anta Sports launches €1bn zero coupon CB

    Hong Kong-listed Anta Sports Products hit the market with a €1bn convertible bond on Monday after the close of business, according to a term sheet seen by GlobalCapital Asia.

    13 Jan 2020

  • Climate and digitisation to dominate SSAs’ 2020

    An unusual note of optimism defines the attitude of Europe’s public sector issuers as they approach 2020. While many other markets are beset by fears of a slowdown in global growth, trade wars, and Brexit, SSA borrowers are confident in their borrowing strategies and loyal investor bases. Despite a change of face in the ECB’s top job, rates are still set to remain low for the foreseeable future. Accordingly, investors are having to grit their teeth to stomach the scanty yields on offer for euro SSA assets. Although SSAs are offering little in the way of yield, their place as pioneers of the evolving SRI market always ensures lively debate. In this roundtable, held in early November, market participants on both the buyside and the sell side favoured a more holistic assessment of issuers’ ESG profiles, rather than relying on labelled assets, but whether or not the ECB should take a role in promoting the SRI market through “green QE” divided the group.

    13 Jan 2020

  • CréditAg adds to China debt origination team

    Matthew Xu has become an executive director of debt capital markets in Crédit Agricole’s China debt origination and advisory team, effective Monday.

    13 Jan 2020

  • Investors support Asian bond market boom

    Ten more Asian issuers rushed to the dollar bond market on Monday, further adding to the record debt issuance seen in the region last week.

    13 Jan 2020

  • ENN Ecological makes debut with $200m loan

    Chinese liquefied natural gas supplier ENN Ecological Holdings Co has made its debut in the offshore loan market through Standard Chartered.

    13 Jan 2020

  • Luckin Coffee nabs $980m from bigger CB, follow-on combo

    China’s challenger to Starbucks, Luckin Coffee, has raised $979.6m after increasing the size of a combined sale of new shares and a convertible bond, the first tap of the ADS equity-linked market in 2020.

    13 Jan 2020

  • Mexico proving economic prowess, says DMO after blow-out bond

    Mexico’s head of public credit told GlobalCapital that he felt the government’s economic management was winning over investors after the sovereign notched a heavily oversubscribed dollar deal last week.

    13 Jan 2020

  • Andina to follow Femsa as Lat Am corps show bottle

    Embotelladora Andina, the third largest Coca-Cola bottler in Latin America and seventh largest in the world, will begin a roadshow on Monday ahead of an expected 10 year bond.

    13 Jan 2020

  • Yes Bank stock dives as $1.4bn deal wins board nod

    Yes Bank's share price collapsed in Monday morning trading after the Indian lender’s board of directors approved a potential billion-dollar equity fundraising.

    13 Jan 2020

  • The week in review: MoF boosts state-owned pension fund status, Shenzhen bourse to get new chairman, phase one trade deal translation settled

    In this round-up, the Chinese Ministry of Finance (MoF) transferred 10% of its shares in three large commercial banks to the state-owned social security fund, the Shenzhen Stock Exchange is set to welcome a new chairman and the US treasury secretary has denied rumours of inaccurate translation of the phase one trade deal.

    13 Jan 2020

  • Constellis default could drive big CLO losses, Moody's says

    Over 200 CLOs could be hit with losses as a result of a default by security and defense firm Constellis, according to Moody’s.

    10 Jan 2020

  • General Mills raises dough

    US food group General Mills sold €200m of short dated notes on Wednesday, in its first sole-led deal since 2017.

    10 Jan 2020

  • Investors pour into Nexi in first trade since IPO

    Equity capital markets investors jumped at the chance to buy shares in Nexi, the Italian payments company, as it returned with its first transaction since IPO.

    10 Jan 2020

  • LSEG hires Roos for capital markets

    Murray Roos, former joint head of equities at Citi, has turned up at London Stock Exchange Group.

    10 Jan 2020

  • BBVA picks Friday window for T2 amid 'massive demand' for capital

    BBVA founds itself alone in the euro FIG market on Friday as it launched a €1bn tier two bond on the back of €4bn of demand. The deal caps off a busy week for supply, in which investors have shown out-sized demand for the highest yielding transactions.

    10 Jan 2020

  • First Watches of Switzerland block prices well

    US private equity group Apollo Global Management has completed the first selldown of stock in Watches of Switzerland, the UK luxury watches retailer, since its flotation on the London Stock Exchange in May last year.

    10 Jan 2020

  • RLB OÖ mandates for 15 year ahead of ‘crowded’ expectations

    Raiffeisenlandesbank Oberösterreich has signalled that it will issue a new 15 year covered bond in the euro market next week, with the Austrian bank keen to book its spot in an extremely crowded market.

    10 Jan 2020

  • China policy round-up: phase one trade deal coming, Safe deputy chief heads to Guangdong, State Council urges more support for SMEs

    In this round-up, Chinese vice premier Liu He will visit Washington DC next Monday until Wednesday, the State Administration of Foreign Exchange sends its deputy administrator to Guangdong and the Financial Stability and Development Committee reaffirmed the importance of small and medium-sized enterprises.

    10 Jan 2020

  • China market round-up: CPI inflation moderates, Baoshang Bank gets a buyer, ICBC to issue capital instruments

    In this round-up, China’s December consumer price index inflation flattened, Anhui-based Huishang Bank is considering taking over 15% of Baoshang Bank and Industrial and Commercial Bank of China is set to sell Rmb80bn ($11.5bn) of offshore perpetual bonds and onshore tier two bonds this year.

    10 Jan 2020

  • Shriram's social bond gets stellar US support

    Shriram Transport Finance Co appealed to investors in the US by selling a social bond that flew off the shelves, allowing the Indian non-banking financial company to raise $500m.

    10 Jan 2020

  • Sunac China and WuXi Bio tap Hong Kong for $1.8bn

    Mainland-based property developer Sunac China Holdings has raised HK$8bn ($1.03bn) after issuing a chunk of new shares.

    10 Jan 2020

  • AEV debuts after intense price discovery

    Price discovery was in focus for a $400m debut bond from Philippine conglomerate Aboitiz Equity Ventures (AEV) on Thursday, as the unrated company brought out a rare 10 non-call five year senior deal from the country.

    10 Jan 2020

  • Bonds news in brief: LGFVs, developers feast on dollars

    Improved market conditions and a more realistic pricing target allowed a failed deal in December from a local government financing vehicle (LGFV) to sail through this week, while two more property developers joined an offshore funding spree from the sector.

    10 Jan 2020

  • PTTEP nabs $350m from 10yr outing

    Thailand's PTT Exploration and Production Public Co made a quick return to the debt market on Thursday, selling a 10 year bond less than two months after closing a 40 year deal.

    10 Jan 2020

  • Hong Kong IPOs: Jiumaojiu closes hot, Huijing prices low

    Jiumaojiu International Holdings bagged HK$2.2bn ($283.3m) this week from its IPO after bulging retail and institutional books pushed pricing to the top of guidance, according to a source familiar with the matter.

    10 Jan 2020

  • MUFG names China corporate banking head

    MUFG Bank has hired a veteran Citi banker to lead its corporate banking business in China.

    10 Jan 2020

  • BOC lands tight pricing for dollar, euro triple-trancher

    Bank of China kicked off the year’s supply from Asian lenders by raising close to $2.5bn from three senior bonds in dollars and euros.

    10 Jan 2020

  • Banks tune in to Tencent’s Universal Music acquisition loan

    Chinese technology company Tencent Holdings is set to sign a €1bn club loan to support its acquisition of a stake in Universal Music Group.

    10 Jan 2020

  • Yuexiu scores second interbank Panda bond

    Yuexiu Transport Infrastructure, a Hong Kong-listed investor and operator of highways and bridges in China's Guangdong province, sealed its second Rmb1bn ($144m) Panda bond on Thursday.

    10 Jan 2020

  • Sustainability loans need rating agencies

    The sustainability-linked loan market is a glorious mess.

    10 Jan 2020

  • LMA to guide banks on how to avoid greenwashing in sustainable loans

    The loan market’s trade bodies are preparing to give new guidance about how to ensure sustainability-linked loans — in which borrowers can get a margin reduction if they hit sustainability targets — are genuinely “ambitious”. Bankers want to protect the market from rising concerns that some deals’ terms are too easy on the borrowers.

    09 Jan 2020

  • Mexico leads out Lat Am’s leap for liquidity

    Mexico returned to its role of opening Latin American bond markets for the year on Monday, triggering a slew of issuance from the region as bankers predict the bulk of 2020 supply will come in the first half.

    09 Jan 2020

  • TPL kicks off Colombia as Bancolombia seeks refi

    Generation company Termocandelaria Power Limited (TPL) returned to capital markets on Thursday to start Colombian bond issuance for the year. The sovereign is expected to follow suit soon.

    09 Jan 2020

  • Finanzagentur sure green Bunds will be liquid

    Germany’s debt management office, the Finanzagentur, is confident its green bonds will be liquid when the first issue is launched in the second half of 2020 and has high hopes that they will trade tightly relative to ordinary Bunds. Its innovative plan to use a “twin bond” structure is designed to reassure investors and remove any doubt about liquidity.

    09 Jan 2020

  • Danske Bank GBP750m 2.25% Jan 28

    09 Jan 2020

  • BNP Paribas GBP850m 1.875% Dec 27

    09 Jan 2020

  • UniCredit EUR1.25bn 2.731% Jan 32 tier two

    09 Jan 2020

  • Crédit Agricole EUR1.25bn 0.875% Jan 32 senior

    09 Jan 2020

  • BNP Paribas EUR1bn 1.125% Jan 32 tier two

    09 Jan 2020

  • BBVA EUR1bn 0.5% Jan 27

    09 Jan 2020

  • Banque Fédérative du Crédit Mutuel EUR1bn 0.75% Jan 30

    09 Jan 2020

  • Chileans storm back to bonds to shrug off political uncertainty

    Four Chilean issuers raised dollar funding in the first three days of the first full week of 2020, as hefty order books suggested investors shared the government’s confidence in the country’s outlook.

    09 Jan 2020

  • ABN Amro EUR1.25bn 0.6% Jan 27

    09 Jan 2020

  • January sales draw huge orders

    More than $30bn of dollar high grade bonds were printed in the US in the first four working days of 2020 as the year got off to a scorching start.

    09 Jan 2020

  • Issuers flock to long ends in covered bonds

    Issuers this week have steered clear of negative yielding covered bonds, choosing longer maturities for their securities. Crédit Agricole Italia went as far as 25 years, while on the other end was Santander UK marketing a seven year tenor.

    09 Jan 2020

  • Brexit is just beginning

    While voters who wanted to get Brexit done won a clear path to leave the European Union in December’s general election, the financial industry should be preparing itself for a protracted period of scattered and gruelling negotiations.

    09 Jan 2020

  • ESMA releases reaction to Nasdaq CCP blow-up

    The European Securities and Markets Authority has published the outcome of its analysis and follow up actions on central clearing counterparties' membership criteria and due diligence in the wake of the 2018 default at Nasdaq Clearing.

    09 Jan 2020

  • Portugal EUR4bn 0.475% Oct 30

    09 Jan 2020

  • FIG bankers take heart from resilient secondaries

    DCM officials were encouraged by the sight of new bank bonds performing well in the secondary market this week amid a deluge of new issuance from the sector.

    09 Jan 2020

  • 2020 consumer ABS starts strong as buyers pile into new deals

    The consumer ABS market is off to a strong start, with new issues coming out back to back and leaving the pipeline just as fast. The strong demand is being driven by investors' view of ABS as cheap alternative to corporates, which have rallied since the fourth quarter of last year.

    09 Jan 2020

  • Yankees burst off the blocks in 2020

    Yankee banks set a scorching pace for issuance in the first week of 2020 as they took advantage of red-hot funding conditions.

    09 Jan 2020

  • Land NRW EUR1.3bn 1.375% Jan 20

    09 Jan 2020

  • Ireland EUR4bn 0.4% Jan 25

    09 Jan 2020

  • BNG EUR2bn 0.1% Jan 30

    09 Jan 2020

  • World Bank USD3.5bn 1.625% Jan 25

    09 Jan 2020

  • NWB USD2bn 1.75% Jan 25

    09 Jan 2020

  • Banks tap exceptional markets to get tricky deals out of the way

    A big first week back for FIG issuers has seen many of them break with tradition and prioritise their riskiest transactions, feeding them into an investor base that is abundant with cash and hungry for yield, writes Tyler Davies.

    09 Jan 2020

  • Euro SSA market reopens with a bang

    The euro public sector bond market kicked off in style this week as investors put cash to work following a lack of supply in the fourth quarter of 2019, fuelling record book sizes and minimal concessions.

    09 Jan 2020

  • MuniFin EUR1.5bn 0% Nov 24

    09 Jan 2020

  • KfW EUR5bn 0% Feb 25

    09 Jan 2020

  • EIB USD4bn 1.625% Mar 25

    09 Jan 2020

  • Banks flock to sterling in 'delayed reaction' to Brexit election

    Foreign and domestic banks flocked to the UK this week as they sought to take advantage of stellar funding conditions in the sterling market. Bankers said this was the first chance issuers had to benefit from opportunities in the currency following December’s general election, which removed a lot of short-term uncertainty around Brexit.

    09 Jan 2020

  • KfW GBP1.5bn 0.875% Jul 24

    09 Jan 2020

  • SSAs and FIG seize sizzling sterling amid Brexit bounce

    The sterling bond market, usually buoyant enough at the start of a year, got a Brexit boost this week, allowing public sector borrowers and financial institutions to take full advantage. Investors piled into deals following greater clarity on the UK’s looming exit from the EU but before possible volatility around the January 31 departure date. Burhan Khadbai and David Freitas report.

    09 Jan 2020

  • Commodities position limit debate to kick off again as NGOs eye ESMA consultation

    As market participants sent in their final responses to the European Securities and Markets Authority's consultation on MiFID II’s commodity derivatives position limits, NGOs look set to fight against financial industry suggestions. An Oxfam official said he was “worried and disappointed” by the exercise.

    09 Jan 2020

  • Aker BP flexes new muscles and targets IG buyers

    Norwegian oil exploration and production company Aker BP took advantage of its second investment grade rating, out of three, received in November, to position itself as an investment grade issuer and print a dual tranche five and 10 year deal this week.

    09 Jan 2020

  • Supras and agencies notch big wins despite unrest

    The public sector debt market has had a superb start to 2020, breaking records right and left in defiance of geopolitical tensions that, in previous years, would have scuppered the market as it left the dock, writes Lewis McLellan.

    09 Jan 2020

  • Ashland hits buoyant market to move to unsecured cap stack

    Kentucky-based speciality chemicals company Ashland sold a €500m eight year non-call life unsecured high yield issue on Thursday, bringing European high yield's first proper deal of the year, as part of its efforts to clean up its capital structure and switch to an unsecured financing profile.

    09 Jan 2020

  • Altice International storms strong market with €2.8bn, hits lowest ever coupon

    Altice International jumped at this week’s strong market conditions, launching a €2.8bn-equivalent refinancing, hitting the lowest ever coupon level for the telecoms group and saving itself €187m in annual interest. The strong execution, with a size increase and performance in the aftermarket, shows a market wide open for other well-followed high yield names looking for a refinancing opportunity.

    09 Jan 2020

  • World Bank’s cat bonds a win for all, says analyst

    Catastrophe bonds issued by the World Bank have been positive for both investors and the countries receiving protection from the securities, according to one market veteran. The organisation’s activity in insurance-linked securities has been highly innovative but has also received criticism from some quarters.

    09 Jan 2020

  • People moves in brief

    Funding Circle picks up former securitization syndicator — Campbell moves from HSBC to RBC — Long-time DCM banker turns up at Aramco

    09 Jan 2020

  • Israel USD1bn 2% Jan 30, USD2bn 3.375% Jan 50

    09 Jan 2020

  • New CLO managers flock to Europe to prey on downgrades

    The European CLO market is marking the new year by bracing itself for a series of corporate downgrades. Ellington, a US CLO manager, has been sounding out the European market about bringing an ‘enhanced CLO’ in the first half of the year, which would allow for up to 50% of the portfolio to be debt rated triple-C or below, a far cry from the standard 7.5%.

    09 Jan 2020

  • GlobalCapital Americas Derivatives Awards 2020: the nominees

    GlobalCapital is delighted to announce the nominees for this year’s Americas Derivatives awards.

    09 Jan 2020

  • JP Morgan places $575m bond exchangeable into Alibaba stock

    JP Morgan has issued a $575m synthetic bond exchangeable into the American depositary receipts of Alibaba, the Chinese e-commerce company.

    09 Jan 2020

  • Maple market opens with green shoots

    A pair of supranationals opened the Maple market with sustainability bonds this week. The Canadian green market is “going through a growth phase” as more and more domestic investors show interest in the product, according to bankers.

    09 Jan 2020

  • EM swings from fear to fest amid US-Iran crisis

    A week that started with a panic about the potential for conflict between Iran and the US appeared to end with capital market issuance conditions so good as to be marked “10 out of 10”. As the loan market defied Middle East risk, borrowers and bond bankers are gearing up for a week ahead of huge issuance, while equity bankers are ruing missed opportunities. Sam Kerr, Mariam Meskin and Francesca Young report.

    09 Jan 2020

  • LeasePlan holding company taps to take out sub notes

    Lincoln Financing, the holding company of LeasePlan, hass tapped its senior secured 2024s for an extra €500m, looking to pay down payment-in-kind notes and fund its interest reserve. The deal follows last year’s €1.35bn issue, which paid down debt incurred when a sponsor consortium bought the company in 2016.

    09 Jan 2020

  • EIB breaks euro book record, World Bank prints joint-biggest size

    The European Investment Bank and World Bank kept the strong momentum flowing in the euro public sector bond market on Thursday, hitting the sweet spot with 10 and seven year benchmarks, respectively.

    09 Jan 2020

  • Portugal looking at green bonds ‘inevitable’ says DMO chief

    Portugal will likely examine the issuance of green bonds following the re-election in October of the country’s socialist party who are focused on sustainability, according to the head of the Portuguese debt management office.

    09 Jan 2020

  • LCH marks record 2019 across CCPs

    LCH shrugged off worries about its place in euro clearing after Brexit to notch up record clearing volumes across its clearing houses in 2019.

    09 Jan 2020

  • RBC looks to profit amid European blues

    RBC Capital Markets is beefing up financial sponsors, aiming to boost its European business during 2020, writes David Rothnie.

    09 Jan 2020

  • Record debt pile leaves emerging markets ‘vulnerable’ to shock

    Emerging market borrowers’ growing appetite for capital market debt has increased the risks of a shock triggering a financial crisis, the World Bank has warned.

    09 Jan 2020

  • EDC impresses with Sonia five year

    Export Development Canada has started its 2020 funding with a Sonia floating rate note, after the European Investment Bank earlier this week brought the first trade in the format of the year.

    09 Jan 2020

  • Cellnex gets blowout bid for €450m

    Crossover credit Cellnex, the Spanish mobile phone mast owner, offered investment grade bond investors the chance to pick up some spread on Thursday, while unrated Air France-KLM waits in the wings.

    09 Jan 2020

  • Anglo American rescues Sirius Minerals after high yield failure

    Shares in Sirius Minerals, the UK firm that is battling to build a mine for polyhalite fertiliser beneath the North York Moors, rallied significantly on Wednesday after the company said it was in advanced takeover discussions with Anglo American.

    09 Jan 2020

  • NatWest Markets joins leveraged loan swap market

    NatWest Markets has started to offer currency swaps on leveraged loans, with its first ‘perfect asset swap’ traded in December. It joins just two other banks regularly offering the product, which is crucial for connecting the sterling leveraged finance market to the deep demand created by euro-based CLO buyers.

    09 Jan 2020

  • Solar ABS issuer inks $200m solar loan sale

    Residential solar lender Dividend Finance has signed a $200m residential solar loan sale with an institutional investor.

    09 Jan 2020

  • GlobalCapital ECM Awards 2019: the poll is open

    The poll is open for GlobalCapital’s Equity Capital Markets Awards for 2019 and we invite market participants to have their say on the best performers of last year. The results will be announced at our fifth annual ECM Awards Dinner on Wednesday, March 18 in London — so please save the date.

    09 Jan 2020

  • Loan market sputters with activity near zero

    The 2020 syndicated loan market has made a far slower start to the year than in 2019, with not even $1bn of deals signed globally. Some bankers fear this is set to be another tepid year for European loans.

    09 Jan 2020

  • Barclays takes Oaktree distressed specialist

    Xavier Clement has joined Barclays’ European credit trading business, working under another former Bank of America Merrill Lynch banker.

    09 Jan 2020

  • Former JPM securitization syndicate banker joins Funding Circle

    James Crispin, who formerly ran JP Morgan’s securitization syndicate team for EMEA, has returned to the market as part of marketplace lender Funding Circle’s ABS and capital markets operation, following Funding Circle's switch to sponsoring its own deals last year.

    09 Jan 2020

  • Investors predict flatter markets and tricky year for IPOs

    Equity investors doubt that secondary markets will repeat the stellar performance of 2019 and are warning banks that IPO issuance, difficult last year, will not be any easier in 2020.

    09 Jan 2020

  • E.On, Red Electrica power up green bonds

    Green corporate bond investors had plenty to sink their teeth into on Thursday, with electric utlities E.On bringing three tranches and Red Electrica making its debut in the format.

    09 Jan 2020

  • ABN and Deutsche diversify into sterling with new senior trades

    ABN Amro and Deutsche Bank opened books on new senior deals in the sterling bond market, with bankers recognising that the currency is 'working very well' for international names.

    09 Jan 2020

  • SSAs jump into Kangaroos

    The first Kangaroo deals of 2020 from SSAs started trickling through this week, after ANZ blew the doors off the Australian dollar market with a A$3.5bn ($2.4bn) self-led domestic deal on Tuesday.

    09 Jan 2020

  • Calisen Group revives UK IPO market in 2020

    Calisen Group, the KKR-backed manufacturer of smart energy appliances, is preparing to raise £300m via an IPO on the London Stock Exchange, having announced its intention to float on Thursday.

    09 Jan 2020

  • Crédit Agricole Italia's dual tranche offers more juice with longer tenor

    Crédit Agricole Italia marketed a dual-tranche bond with eight year and 25 year maturities. A steeper curve helped the longer tranche offer a higher pickup against the shorter bond, but investors still placed hefty orders on both tenors.

    09 Jan 2020

  • Israel's $3bn success paves path for CEEMEA surge

    The State of Israel printed a $3bn dual tranche dollar bond on Thursday from a combined book of $20bn, helping to buoy confidence in the CEEMEA market as US-Iran tensions faded. The bond was Israel’s largest ever deal and its tightest price in terms of spread.

    09 Jan 2020

  • ‘No choice’ for investors as banks put focus on non-pref

    Four issuers landed non-preferred senior deals in the euro market on Thursday, dispelling fears among some syndicate managers that investors’ enthusiasm for the asset class might be beginning to wane.

    09 Jan 2020

  • Claas enters SSD market for ‘forward funding’

    German agricultural machinery firm Claas has entered the Schuldschein market for a minimum of €150m, with one of the deal's tranches not settling until mid-August.

    09 Jan 2020

  • Chinese property issuers fuel record January bond supply

    Chinese real estate issuers dominated the dollar bond market this week, with 16 developers pricing deals by Wednesday. Ample liquidity and a risk-on sentiment allowed most issuers to go long and cheap, but the mid-week volatility in the global market proved costly to some companies, writes Addison Gong.

    09 Jan 2020

  • Weigao makes solid landing with year’s first EB

    Weigao Holding Co has sold a $150m bond exchangeable into the H-shares of Shandong Weigao Group Medical Polymer Co, notching a number of firsts in the process.

    09 Jan 2020

  • Laos lands international rating as Moody’s tags it B3

    Lao People's Democratic Republic has taken a step towards selling a public dollar bond in the international market, after gaining its first local and foreign currency issuer ratings from Moody’s on Wednesday.

    09 Jan 2020

  • Cashing in on a liquid lunch

    I love a good story about the days gone by. I remember when liquid lunches were not just accepted but encouraged. My best ideas often came after downing martinis over a long lunch. But a recent story from Australia makes my wild days of boozy work meals look quite tame.

    09 Jan 2020

  • Investors put in jumbo orders for Airtel’s $3bn QIP, CB combo

    Indian telecommunications giant Bharti Airtel made a splash in the equities market this week, bagging $2bn from a qualified institutional placement (QIP) and $1bn from a convertible bond, the first equity-linked issue in the country in more than two years. Both the deals received a big thumbs-up from investors, reports Jonathan Breen.

    09 Jan 2020

  • Beware the dangers lurking in Asia

    Asia’s debt and equity markets made a roaring start to 2020, with dollar bonds flooding the market and companies lining up for IPOs. But the first few days of the new year have also shown that issuers, capital markets bankers and investors should be prepared for some nasty surprises.

    09 Jan 2020

  • TSKB mandates as US-Iran crisis shrugged off

    Turkiye Sinai Kalkinma Bankasi (TSKB) has mandated for a five year senior unsecured dollar bond as investors breathed a sigh of relief over the calming of tensions between the US and Iran.

    09 Jan 2020

  • Asia loans news in brief: January 9, 2020

    Axis sells full Syndicate Bank loan — Onfem boosts size to HK$6bn — Indorent closes $175m borrowing with 13 banks — VPBank wraps up $200m facility — Vingroup attracts 14 lenders

    09 Jan 2020

  • Santander calls infamous AT1 and blows out with new issue

    Investors placed €10bn of orders behind a new additional tier one from Banco Santander on Thursday, as the Spanish bank put an end to a long-running drama over its redemption policy by calling a bond it extended multiple times in 2019.

    09 Jan 2020

  • Chinese leasing industry prepares for regulatory shake-up

    The China Banking and Insurance Regulatory Commission (CBIRC) published draft rules for the country’s leasing industry on Wednesday. The tighter supervision is likely to have limited impact on large leasing companies, but could drive out the smaller ones.

    09 Jan 2020

  • Bancolombia looks to refi senior notes

    Colombia’s largest lender Bancolombia said it wants return to bond markets to finance a buy-back of a senior bond maturing in 18 months.

    09 Jan 2020

  • Lat Am pair notch 10 year trades as issuers send yield records tumbling

    Two companies turned up the heat another notch in Latin American primary bond markets on Wednesday, as both Coca-Cola Femsa and CMPC sold 10 year deals inside the ranges they had indicated at guidance.

    09 Jan 2020

  • NTPC, Reliance to make loan returns

    India’s National Thermal Power Corp has mandated three lenders for a $300m-equivalent Samurai loan, after sending out a request for proposals last year.

    09 Jan 2020

  • Phoenix rises for $175m NYSE IPO

    Phoenix Tree Holdings, a Chinese co-living platform, has started taking orders for its up to $175m IPO on the New York Stock Exchange.

    09 Jan 2020

  • Former HSBC Greater China chief joins OCBC

    Helen Wong, former chief executive of Greater China at HSBC, is joining OCBC Bank as deputy president and head of global wholesale banking.

    09 Jan 2020

  • Spain to be enthusiastic, classical green issuer

    Spain’s formation on Monday of a Socialist-led coalition government, even one with no parliamentary majority, has opened the way for the country to press ahead with launching its first green bond. The deal of about €5bn is likely to be syndicated in the second half of 2020, and could prove one of the prize mandates of the year for banks to compete for.

    09 Jan 2020

  • Non-QM originator adds senior VP

    Non-qualified mortgage lender Sprout Mortgage has hired a senior vice president of correspondent lending in its Southern California office.

    08 Jan 2020

  • Charter Court taps BofA for first sterling RMBS of 2020

    Bank of America is arranging the first sterling RMBS of the year, Precise Mortgage Funding 2020-1B, a £432m deal from Charter Court’s securitization platform.

    08 Jan 2020

  • Sonic brings first whole biz securitization of the year

    Fast food chain Sonic is in the market with the first whole business securitization of 2020, with sources saying the deal is already garnering strong interest from investors eager to put new money to work in a sector that had a banner year in 2019.

    08 Jan 2020

  • BMW and Digital Realty go long term

    European corporate bond issuers started pushing out their debt maturities on Wednesday, as BMW Finance and Digital Realty issued 10 year and longer paper, even though some investors are keen to rein in duration in their portfolios.

    08 Jan 2020

  • Neopost looks to buy back 2021s

    Neopost, the French postal equipment company, has launched a tender offer for its €350m 2.5% due June 2021 bonds.

    08 Jan 2020

  • Nokkie SSA market races to strong start

    KfW, the European Investment Bank (EIB) and, in the medium-term note (MTN) market, a German region and a Finnish agency have kicked off the Norwegian krone market for SSAs. Bankers are hoping to extend krone’s impressive form from last year into 2020.

    08 Jan 2020

  • BP gets credit rating nod for North Sea sale

    Oil major BP's A1 rating from Moody's, which is somewhat strained, has been strengthened by its $625m sale of its interest in a North Sea oil field to Premier Oil.

    08 Jan 2020

  • EIB opens Sonia market, EDC ready to follow

    The European Investment Bank delivered 2020’s first Sonia bond on Wednesday, adding to a streak of hot deals in sterling. The second Sonia deal is set to follow on Thursday.

    08 Jan 2020

  • SSAs fly in euros from five to 100 years

    Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.

    08 Jan 2020

  • SG hires financials credit trader

    Vincent Barea has joined Société Générale as a credit trader covering financial bonds.

    08 Jan 2020

  • Jackson National kicks off the new decade with its largest Swissie trade

    A diverse combination of an international historical stalwart and a handful of usual suspects from the domestic market ensured a solid start to the year for the Swiss franc bond market.

    08 Jan 2020

  • Borrowers feeling pinch of Iran-US tensions

    Two dollar benchmarks hit screens on Wednesday. While the issuers achieved good results, the volatility caused by Iran’s missile strike on US bases meant that the deals met with less hungry investors.

    08 Jan 2020

  • EEX completes platform link-up

    The European Energy Exchange has completed the full integration of its Powernext and Gaspoint Nordic energy platforms.

    08 Jan 2020

  • Faber-Castell pencils in sustainability-linked SSD

    Faber-Castell, the German manufacturer of office supplies, was the second borrower to enter the Schuldschein market in 2020, offering five and seven year notes with a sustainability-linked ratchet on Wednesday.

    08 Jan 2020

  • RBC poaches from HSBC for levfin

    RBC Capital Markets has continued the development of its leveraged finance business by hiring Craig Campbell from HSBC.

    08 Jan 2020

  • Bail-in finds favour in FIG as ABN makes non-pref debut

    ABN Amro made its first ever sale of non-preferred senior debt on Wednesday, as European banks give investors plenty of opportunities in add exposure in the asset class at the beginning of 2020.

    08 Jan 2020

  • Intesa and Lloyds add to sterling supply boom in FIG

    Banks are already closing in on a record January in terms of new bond sales in the sterling market, as foreign and domestic issuers take early advantage of funding opportunities in the currency.

    08 Jan 2020

  • Issuers flock to long end in euro covereds

    Danske Mortgage Bank, Santander UK, Raiffeisenlandesbank Hypothekenpfandbrief and UniCredit Bank AG were marketing covered bonds on Wednesday, steering well clear of negative yields by tapping into healthy demand for long dated assets.

    08 Jan 2020

  • Investors embrace risk as banks move quickly down cap stack

    BNP Paribas and UniCredit were each more than twice subscribed for new tier twos on Wednesday, as banks launched into sales of subordinated bonds more quickly than usual at the start of the new year.

    08 Jan 2020

  • SSA investors plough ahead in spite of escalating tensions in Iran

    Government bond yields have moved fast this week as investors adjust to the risks posed by escalating tensions between the US and Iran. That is having a knock-on effect on swap spreads and the two factors are combining to add complexity to new issue pricing in the SSA market. Nonetheless, issuers are pulling off aggressive and successful deals.

    08 Jan 2020

  • UBS deepens ties between wealth unit and investment bank

    UBS is ramping up collaboration between its investment bank and its wealth management unit, as it seeks to find more revenue opportunities from its client base of wealthy individuals and family offices.

    08 Jan 2020

  • Iran crisis stalls CEEMEA issuance but pipeline healthy

    The US-Iran crisis has made for a slow start to CEEMEA bond issuance, though confidence is growing among issuers after Iran executed a revenge strike on Tuesday that some in the bond and loan markets have seen as a way out of escalating tensions any further. Blow out bonds from Mexico and Slovenia have also helped confidence and investors seem keen to buy after a decent end to 2019.

    08 Jan 2020

  • Citi committed to equity trading after exec departure

    Citi has said it is still committed to equity trading after the departure of Murray Roos, co-head of its global equities business.

    08 Jan 2020

  • De Haaij joins Barclays for Europe

    Barclays has appointed Christian de Haaij, formerly of Goldman Sachs, for its European banking business.

    08 Jan 2020

  • NMC Health insiders sell £375m of stock

    Two major insiders offloaded £375m of stock in NMC Health, the troubled UAE-based private healthcare company to cover debts on Tuesday. The share sale, which was priced at a 19.7% discount to close, came weeks after a short selling attack on NMC Health by US activist hedge fund Muddy Waters, which caused the company to lose more than half of its market value.

    08 Jan 2020

  • Israel forges ahead with bond in wake of Iran ‘de-escalation’ strike

    The State of Israel released initial price guidance on Wednesday for its dual tranche dollar 10 year and 30 year bonds as market participants hailed Tuesday’s Iranian strikes on Iraq airbases hosting US troops — and US President Donald Trump’s response — as a de-escalation of tensions between the two nations.

    08 Jan 2020

  • ‘Almost perfect’ Orsted trade reopens EMEA ECM

    A Dkr6.4bn (€856m) block of shares in Danish renewable energy firm Ørsted reopened the EMEA ECM market on Tuesday evening and attracted huge investor demand for the stock — including from ESG investors.

    08 Jan 2020

  • FIG issuers make roaring start as investors shrug off Gulf tensions

    There was no let-up in the barrage of new bond supply from financial institutions in the middle of the week, as issuers put their bets on investors caring more about putting their cash to work than getting caught out by political risks.

    08 Jan 2020

  • Equity investors hope for peace after Iran strikes US bases

    Equity investors were hopeful that the tension between the US and Iran will lessen after the latter responded to the former's assassination of its military commander Qasem Soleimani with a limited tactical strike against US bases in the Middle East.

    08 Jan 2020

  • Duration to be tested as high grade corps kick off

    Corporate bond investors in Europe are strapping in for a busy few weeks, though some have redoubled their call for issuers to offer shorter maturity debt.

    08 Jan 2020

  • Reden Solar offers euro PP market a green deal

    Reden Solar, a French company that constructs and manages photovoltaic power plants, has sold a green euro private placement (PP).

    08 Jan 2020

  • Altice International jumps in with dual currency refi

    Altice has announced a refinancing for its units in Portugal, Israel and Domican Republic, targeting €2.75bn-equivalent of new senior secured bonds across euros and dollars in five year non-call two and eight year non-call three format.

    08 Jan 2020

  • Vetter first off the blocks in Schuldschein market

    German pharmaceutical firm Vetter launched a Schuldschein on Tuesday, which is the first such offering in the market in 2020.

    08 Jan 2020

  • Esaf Small Finance lines up Rp9.8bn IPO

    Esaf Small Finance Bank has set the ball rolling for a Rp9.76bn ($135.6m) IPO, which will include fresh equity and a sale of existing stock.

    08 Jan 2020

  • Chinese property issuers continue dollar bond onslaught

    Seven Chinese real estate issuers followed five of their peers to the offshore debt market on Tuesday, marking the busiest start to the year for the Asian bond market.

    08 Jan 2020

  • Colombian generator set for tap

    Termocandelaria Power Limited, the Colombian generation company, is seeking to add up to $200m to its existing bonds and has mandated two banks to lead the reopening.

    08 Jan 2020

  • Santander Chile lands five year inside Estado

    Santander’s Chilean arm on Tuesday joined the early wave of dollar issuers from the country, pricing a $750m five senior unsecured bond 2bp inside where state-owned Banco del Estado de Chile sold an identical trade a day earlier.

    08 Jan 2020

  • JD ends four year hiatus with ‘exceptional’ $1bn bond

    Chinese e-commerce giant JD.com has returned to the dollar bond market for the first time since 2016 for $1bn, pushing out its maturity profile and pricing the deal at levels comparable to some of its much higher rated peers. Addison Gong reports.

    08 Jan 2020

  • Codelco, Santander continue Chilean charge

    The world’s largest copper producer, Codelco, returned to bond markets on Tuesday with a well received $2bn dual tranche as predictions that Chilean issuers would be very active in January begin to look very accurate.

    08 Jan 2020

  • Toyota opens gate for new China auto ABS issuance

    Toyota Motor Finance (China), a Beijing-based wholly-owned subsidiary of Toyota Motor Corp, returned to the Mainland's auto loan ABS market on Tuesday after a two year break. The Rmb4.5bn ($648m) deal was tightly priced.

    08 Jan 2020

  • Axis sells down full $100m loan hold of Syndicate Bank

    India’s Syndicate Bank has closed its $100m borrowing, with the lead bank selling the entire amount to three participants.

    08 Jan 2020

  • Onfem boosts loan to HK$6bn on strong demand

    Minmetals Land’s subsidiary, Onfem Finance, has attracted 17 lenders during syndication, allowing the borrower to boost its loan to HK$6bn ($771m).

    08 Jan 2020

  • Indonesia jumpstarts 2020 funding with dollars, euros

    The Republic of Indonesia made an opportunistic outing this week, tapping both the dollar and the euro bond markets for about $3bn. The sovereign started the year with a different approach to its annual funding, in a bid to take advantage of strong liquidity in both the currencies, writes Morgan Davis.

    08 Jan 2020

  • Luckin Coffee brews $821m CB, follow-on combo

    Luckin Coffee, China’s answer to Starbucks, has launched a combined follow-on offering and convertible bond issue to raise up to $821m.

    08 Jan 2020

  • Daimler kicks off 2020 Panda issuance with new funding arm

    German automaker Daimler began its 2020 renminbi debt market activity on Tuesday with a Rmb3bn ($432m) Panda bond sold through a new issuance vehicle, Netherlands-based subsidiary Daimler International Finance.

    08 Jan 2020

  • Credit unions new source of growth for auto ABS

    With new vehicle sales in decline, auto ABS issuance is expected to see muted growth in 2020. However, the rising fraction of auto loans funded through securitizations is a silver lining for the industry, along with the potential for more credit union issuers tapping ABS in the coming year.

    07 Jan 2020

  • Investors talk big on corporate responsibility, but act feebly

    The noise about how capitalism is changing to a system in which social purpose is restored to the centre of companies' and investors' aims is now deafening. But look below the surface and the actual governance record of many companies and investors is dreadful. Most shareholders are too supine even to defend their own rights.

    07 Jan 2020

  • GlobalCapital US Securitization Awards 2020: Call for Nominations

    GlobalCapital is pleased to announce the call for nominations for the 2020 US Securitization Awards.

    07 Jan 2020

  • Specialty chemicals firm Ashland targets unsecured cap stack with refi

    Kentucky-based specialty chemicals company Ashland is marketing a €500m eight year non-call unsecured high yield issue, the first proper deal of the year in European high yield, as part of its efforts to clean up its capital structure and switch to an unsecured financing profile.

    07 Jan 2020

  • Issuers turn to Sonia for sterling covered

    The Sonia-linked covered bond market is showing signs that it is 'maturing', with Commonwealth Bank of Australia launching a new deal in the format on Tuesday and Coventry Building Society looking to follow in the footsteps of two of its compatriots early in 2020.

    07 Jan 2020

  • ESMA puts out final SFTR report

    The European Securities and Markets Authority has published its final report and guidelines on reporting under the Securities Financing Transactions Regulation.

    07 Jan 2020

  • From Iran to Ibor — what to watch for in 2020

    Capital markets went into 2020 in positive mood. That lasted for all of two working days until the US assassinated Iranian military commander, Qasem Soleimani, worrying investors that Middle East tensions were on the rise again. Nonetheless, the good feeling was not entirely soured. GlobalCapital highlights where the rest of the action will be in the year ahead.

    07 Jan 2020

  • MSCI launches ESG and factor indices

    MSCI has launched a range of new indices aimed at corporate bond investors that want to increase their environmental, social and corporate governance and factor exposure.

    07 Jan 2020

  • Digital Realty on cusp of multi-tranche part-green euro

    US REIT Digital Realty has mandated banks for a multi-tranche bond issue, as Reverse Yankee issuers get their feet under the table of the euro bond market early in 2020.

    07 Jan 2020

  • Trump reminds markets that disruption is never far away

    Equity market participants were stunned last Friday after the US assassinated Iranian general Qasem Soleimani. It followed what had been a strong end to 2019 in the market with many hopeful the momentum would carry into this year. But banks and investors need to be prepared for shocks, especially as domestic pressure on US president Donald Trump increases in the run up to November's election.

    07 Jan 2020

  • Corporates kickstart 2020 with BBB bonanza

    Triple-B rated companies piled into the bond market on Tuesday, as RCI Banque, Fresenius and General Mills raised €2.1bn between them.

    07 Jan 2020

  • EM veteran joins Saudi Aramco treasury

    Robert "Bob" Fernandez, a veteran of EM debt capital markets, has joined Saudi Aramco's treasury.

    07 Jan 2020

  • EIB to bring first SSA Sonia FRN of 2020

    The European Investment Bank is showing no signs of fatigue despite a gruelling start to the year. The supranational mandated banks on Tuesday for a five year Sonia floating rate note — its third syndicated deal of 2020.

    07 Jan 2020

  • Big hitters line up for fast start in choppy dollars

    Some of the SSA market's biggest names are already out for chunky dollar benchmarks, getting off the mark quickly in spite of some sharp moves in swap spreads. Most deals have gone well, but not everything has been a smooth ride.

    07 Jan 2020

  • KfW opens the floodgates for euro SSA market

    A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.

    07 Jan 2020

  • Strong start for leveraged market with mandate rush

    New leveraged loan supply has started strong, despite geopolitical jitters leading to softness in the public markets, and it’s not just play-it-safe refi issues. Cision is marketing dual-currency acquisition debt for Platinum Equity’s takeover of the public relations technology firm, while Global University Systems is prepping a deal of nearly €1bn to fund a dividend. Also in the loan market are Ortho-Clinical Diagnostics and Refinitiv’s euro repricing, while Stena and Ashland have mandated potential bond deals.

    07 Jan 2020

  • Rabo and JPM bring first STS securitization of 2020

    Obvion has mandated JP Morgan and Rabobank for a Dutch prime RMBS from its Storm programme, the first securitization of the year to receive the ‘simple, transparent and standardised’ (STS) designation.

    07 Jan 2020

  • Investors welcome ‘supply deluge’ in FIG as euro market comes alive

    The euro market welcomed as many as nine new unsecured bonds from financial institutions on Tuesday, as the sector made a roaring start to the year. Attention is now turning to secondary market performance, as bankers look to see how the market absorbs the boom in supply.

    07 Jan 2020

  • Xerox gets lenders to woo HP shareholders

    Xerox has secured $24bn in financing for its unsolicited debt backed bid for rival technology company HP, as the acquisitive firm looks to quell HP shareholder worries about how it will fund the jumbo deal.

    07 Jan 2020

  • Signify preps post-acquisition capital structure with loans

    Signify, the acquisitive Dutch lighting company, has signed €1.75bn-equivalent of bank debt, but is looking to drive its leverage ratio down sharply in the coming years.

    07 Jan 2020

  • Premier Oil prepares $500m capital increase

    Premier Oil has become the first company to announce a major ECM transaction in 2020, a £385m ($500m) capital increase to repay debt and finance the acquisition of two UK North Sea oilfields from BP.

    07 Jan 2020

  • Short selling can promote greater corporate responsibility

    Short sellers' detractors say they are detrimental to the responsible stewardship of companies. This is unfair; they can play a useful role in highlighting deceptive practices in a world of greenwashing.

    07 Jan 2020

  • Mittelhamm switches from Barclays to HSBC for M&A

    HSBC Germany has hired Heiko Mittelhamm as head of M&A for Germany and Austria.

    07 Jan 2020

  • Banks line up UK deals as investor sentiment strengthens

    Equity capital markets bankers are looking to bring several UK transactions to market over the next month and are hoping that investor risk appetite, healthy at the end of 2019, will allow them to get off to a quick start to the new year.

    07 Jan 2020

  • Slovenia first to print from CEEMEA with euro deal

    The Republic of Slovenia became the first CEEMEA issuer to print a bond this decade, quickly launching a €1.5bn deal from a book of €11.75bn on Tuesday.

    07 Jan 2020

  • Refinitiv plans to cut euro loan pricing

    Refinitiv is repricing its €2.33bn term loan 'B', after Bank of America held a lender call on Tuesday to approve the deal. The financial data company is set to be purchased by the London Stock Exchange Group later this year, but is looking to cut the costs of the debt it took on for its 2018 takeover by Blackstone, GIC and CPPIB. A repricing of its $6.5bn term loan before Christmas shaved 50bp off the margin.

    07 Jan 2020

  • Bahrain Mumtalakat roadshows amid ME turmoil

    Bahrain Mumtalakat, the country's sovereign wealth fund, is embarking on a roadshow with plans to print a seven year dollar sukuk. A syndicate official away from the deal called the move “courageous” given the political volatility in the Middle East.

    07 Jan 2020

  • Wider pricing helps banks make racing start in non-pref market

    DCM officials were encouraged to see investors piling into new non-preferred senior bank bonds on Tuesday, as BBVA, Crédit Agricole and Credit Suisse combined to reopen the market. Borrowers have been willing to offer extra spread to investors at the initial price thoughts stage.

    07 Jan 2020

  • Covered bond issuers flood back into euros with 'cautious' NIPs

    Issuers rushed to open the euro covered bond market this week. Trades from ABN Amro, Erste Group and LBBW showed that investors are ready to put cash to work, but higher new issue premiums suggested that issuers were taking a 'conservative' approach at the beginning of the year.

    07 Jan 2020

  • Stena preps term loan 'B' refi

    Swedish shipping and real estate conglomerate Stena AB is looking to refinance its existing term loan ‘B’, with a combination of loans and bonds in dollars and euros, depending on which pockets of demand prove the most fruitful. It meets investors in the US this week and in Stockholm, Oslo and London next week, with JP Morgan arranging the effort.

    07 Jan 2020

  • KommuneKredit hires treasury manager for funding and derivatives

    KommuneKredit has recruited a senior treasury manager to focus on the Danish agency’s funding and derivatives business.

    07 Jan 2020

  • Banks find value in sterling as pricing converges on euros

    BNP Paribas and Danske Bank were looking to raise non-preferred senior debt in the sterling market on Tuesday, with the cost of funding in the currency having fallen into line with euro pricing levels.

    07 Jan 2020

  • Xinyi Solar block fetches $231m

    A group of shareholders in Xinyi Solar Holdings have bagged HK$1.79bn ($230.7m) after selling a block of shares in the company, according to a source familiar with the matter.

    07 Jan 2020

  • Indorent closes $175m loan with 13 banks

    Indonesian automobile company CSM Corporatama, also known as Indorent, has wrapped up its syndicated loan at a bigger size of $175m.

    07 Jan 2020

  • Chinese property issuers waste no time to refi

    A number of Chinese real estate companies kicked off their refinancing for 2020 on Monday, with higher rated issuers tapping longer-dated bonds and the weaker names actively engaging in liability management.

    07 Jan 2020

  • HK-listed firms prep Star board spin-offs

    The Shanghai Stock Exchange’s Star board is set to welcome two new companies, as Waison Holdings and Shanghai Electric Group plan to list subsidiaries on China's Nasdaq-style market.

    07 Jan 2020

  • Manappuram Finance takes $300m as NBFCs look offshore

    The success of Indian gold financing firm Muthoot Finance’s debut dollar bond sale in 2019 spurred gold loan provider Manappuram Finance to seek funds from the international debt market on Monday.

    07 Jan 2020

  • India Exim kicks off year with $1bn bond sale

    The Export-Import Bank of India clinched $1bn from a 10 year bond on Monday, riding on investor enthusiasm for deals from the country.

    07 Jan 2020

  • Mexico 10 year surpasses $3bn as blow-out opens Lat Am

    A strong response to its tender offer allowed Mexico to increase the size of its new 10 year issued on Monday from $1.75bn to $3.05bn late on in the evening as bankers say that the deal shows investors are calm about the country’s prospects.

    07 Jan 2020

  • Femsa looks to bottle up early Lat Am momentum

    Coca-Cola Femsa, the world’s largest franchised Coca-Cola bottler, is looking to sell new bonds to fund a buy-back of existing debt as Latin America issuers waste no time in taking advantage of a liquidity-rich bond market.

    07 Jan 2020

  • Chile’s Banco Estado notches early deal

    State-owned lender Banco del Estado de Chile (Banco Estado) kicked off what could be a busy January for Chilean issuance with a $750m five year senior unsecured deal on Monday.

    07 Jan 2020

  • US blacklisted-Megvii wins approval for Hong Kong IPO

    Chinese artificial intelligence company Megvii Technology is moving forward with its plan to list in Hong Kong, after getting the go-ahead from the city’s stock exchange, according to two sources close to the transaction.

    07 Jan 2020

  • Solar ABS players see ITC step-down as potential boost

    The solar Investment Tax Credit is set to step down and ultimately expire in two years — an expected but still disappointing development for the solar industry. Some, however, see the expiration of the ITC as a boon for solar securitization because it will do away with a complicated feature that has been a hurdle for issuers looking to market deals.

    06 Jan 2020

  • NN Investment Partners hires CB expert from Fisch

    NN Investment Partners has hired a senior convertible bonds investor for its London team.

    06 Jan 2020

  • DBRS Morningstar appoints head of combined ABS and structured credit teams

    DBRS Morningstar has named two new heads of its combined US ABS and structured credit groups, following Morningstar's acquisition of DBRS last year.

    06 Jan 2020

  • World Bank readies sustainable Maple deal

    The World Bank hit screens on Monday with a mandate for a new five year sustainable development Maple bond — its first public Canadian dollar issue since September.

    06 Jan 2020

  • National Grid returns to euros for green debut

    The UK’s National Grid Electricity Transmission is set to make its debut green bond issue in euros, when it returns to the currency for the first time for more than a decade.

    06 Jan 2020

  • Air France KLM plots early unrated flight

    Air France KLM has mandated banks for a five year euro bond. The appearance of an unrated issuer so early in the year is being seen as a sign of the market’s strength.

    06 Jan 2020

  • EIB and KBN to reopen dollar SSA market, KfW readies euro return

    The pipeline is starting to fill in the public sector bond market with the European Investment Bank and Kommunalbanken set to bring dollar deals and KfW preparing its first euro benchmark of the year. More deals — including the first sovereign syndication of the year— are set to follow this week.

    06 Jan 2020

  • ISDA hires new policy head

    The International Swaps and Derivatives Association has appointed Su Yen Chia as its new head of Asia Pacific public policy.

    06 Jan 2020

  • KfW sets new size record in sterling, KBN to follow

    KfW broke new ground in the sterling bond market on Monday by bringing its largest ever benchmark in the currency. Kommunalbanken is looking to latch on to the red hot market too after picking banks to lead a new December 2024 trade.

    06 Jan 2020

  • Morgan Stanley brings Dutch RMBS with 99% IO loan exposure

    Morgan Stanley is bringing the first European RMBS deal of the year, the Dutch Delft 2020, a €268.3m deal backed almost entirely by interest-only loans.

    06 Jan 2020

  • Early equity prints to prove tricky in volatile market

    Many investors made their first trades of the new year on Monday selling risk positions. That has thrown into doubt issuers' plans to bring new business to the primary market.

    06 Jan 2020

  • Edeka Rhein-Ruhr rings up expansion debt

    German grocer Edeka Rhein-Ruhr has signed up to €262.8m of debt from commercial and state banks as it looks to build infrastructure after increasing revenues by 150%.

    06 Jan 2020

  • Aker BP flexes new muscles with bond targeting IG buyers

    Norwegian oil exploration and production company Aker BP is positioning itself as an investment grade issuer with a new dual tranche dollar mandate, with a call targeting bond buyers with IG mandates, and an unsecured issue structure. The company received its second IG rating last November.

    06 Jan 2020

  • JP Morgan retains global IG lending crown, BNPP European champ

    JP Morgan was the top bookrunner for investment-grade syndicated loans globally in 2019 again, though BNP Paribas was the bank to beat in Europe.

    06 Jan 2020

  • Atlantica Yield opens US PP market with debut offering

    Atlantica Yield, formerly the UK-based energy yieldco Abengoa Yield, has launched a debut US private placement, which is the first US PP offering in 2020 in Europe.

    06 Jan 2020

  • FTSE Russell grows ESG research coverage in Apac

    Index provider FTSE Russell is expanding the remit of its sustainability investment research in Asia Pacific to include hundreds more Chinese and Japanese securities.

    06 Jan 2020

  • Chilean issuers remain bullish as CMPC leads Lat Am off the blocks

    Chile’s head of international finance has told GlobalCapital that the debt management office is making communication with investors its number one priority as it announced borrowing plans — including an atypically large amount of international issuance — earlier than usual after a turbulent fourth quarter.

    06 Jan 2020

  • Banks consider delaying Middle East ECM deals as US/Iran tension grows

    A weekend of hostile rhetoric between Iran and the US has caused equity capital markets bankers to consider delaying new deals from the Middle East despite a healthy issuance pipeline, over fears that the two countries are gearing up for war.

    06 Jan 2020

  • Sonangol set to tap lenders for $1bn

    Angolan national oil company Sonangol will soon launch syndication for a loan that could be as large as $1bn, according to bankers, though most expect the African pipeline in the early year to remain muted.

    06 Jan 2020

  • Israel shrugs off Iran concerns with year’s first mandate

    The State of Israel was first out of the blocks for emerging markets bonds on Monday, as it announced a dual tranche dollar offering despite market participants' continued caution after the US assassination of Qassem Soleimani.

    06 Jan 2020

  • Rabo kicks off 2020 by targeting debut non-pref in sterling

    Rabobank opened books on its first ever non-preferred senior deal in sterling on Monday, as it sought to take advantage of a general lack of a supply in the currency over the course of the last couple of months.

    06 Jan 2020

  • Leeds benefits from ‘unparallelled’ demand for sterling covered bond

    Leeds Building Society opened books on Monday for its second Sonia-linked covered bond. The trade benefited from an ‘unparallelled’ level of demand, reaching almost four times its £600m size.

    06 Jan 2020

  • Lobbyist complains about UK bank wind-down rules

    UK Finance has said that the array of different regulatory requirements for firms is increasing operational risks, with the approach to solvent wind-downs one example of regulators contradicting each other.

    06 Jan 2020

  • FICC boss leaves Citadel Securities

    Brian Oliver, head of EMEA and APAC FICC distribution at Citadel Securities, has left the market making firm and begun gardening leave.

    06 Jan 2020

  • LBBW set to be first of FIG in 2020

    LBBW has picked banks to arrange the sale of a new euro covered bond as activity in the market gets off to a slower start than usual following the new year break.

    06 Jan 2020

  • Ex-StanChart, Mizuho debt banker joins CreditSights

    Senior debt capital markets banker Pramod Shenoi joined independent research firm CreditSights at the end of last year.

    06 Jan 2020

  • Natixis hires sponsor finance, M&A heads

    Natixis has made two new hires for its Asia sponsor finance and mergers and acquisitions teams in Hong Kong.

    06 Jan 2020

  • Asian bonds poised for busy week

    Asian bond issuers went full speed ahead with their fundraising plans on Monday, launching new deals ahead of Chinese New Year holidays at the end of the month.

    06 Jan 2020

  • MicroPort plans to spin off CardioFlow unit

    Hong Kong-listed MicroPort Scientific Corp is looking at spinning off and listing its heart treatment subsidiary, according to a stock exchange filing.

    06 Jan 2020

  • The week in review: PBoC cuts RRR, China deepens loan benchmark reform, regulators roll out bond default disposal rules

    In this round-up, China’s central bank cut the required reserve ratio by 50bp on Monday, domestic financial institutions have been told to price loans based on the new benchmark and regulators have published draft rules on dealing with corporate bond defaults.

    06 Jan 2020

  • Chinese biotech firm I-Mab launches $111m US listing

    I-Mab, a China-based biopharmaceutical company, has kicked off the roadshow for its up to $111.1m Nasdaq IPO, more than two months after filing draft documents with the US regulator.

    06 Jan 2020

  • Dechert hires Pedersen in Singapore

    Global law firm Dechert has hired Maria Tan Pedersen as a partner in its Singapore office, in a bid to expand and strengthen its corporate and securities practice in the region, it said on Monday.

    06 Jan 2020

  • Six more European nations could issue green

    Market participants are forecasting a strong year of growth for the green bond market in 2020, after it reached record issuance in 2019.

    03 Jan 2020

  • Oodle Finance plans to be ‘repeat issuer’ as balance sheet booms

    Used car finance platform Oodle plans to be a repeat issuer in securitization, following break-neck growth that’s seen originations grow 1,000% since January 2018. The firm is now one of the UK’s largest fintech companies, with a balance sheet larger than media darling Monzo Bank — while the securitization market is becoming increasingly welcoming to fintech firms.

    03 Jan 2020

  • Redwood to open 2020 RMBS pipeline

    Redwood announced on Thursday that it is prepping the first RMBS transaction of the new year, a $459.3m deal backed by highly seasoned loans from its Sequoia shelf.

    03 Jan 2020

  • FIA members call for commercial-institutional compromise on IM models

    The US commodities members of the Futures Industry Association have called on the US Commodity Futures Trading Commission to overhaul regulation to address operational challenges on swaps margin management.

    03 Jan 2020

  • Respectable loan volume in 2019 as M&A buoys US market

    Global syndicated lending fell back in 2019 to a level similar to that in 2013-2016, in dollar terms, after two years of higher borrowing including a near-record total in 2018. The volume was the sixth highest ever, and higher than that in any year before 2006.

    03 Jan 2020

  • EIB and IADB make sterling start to 2020

    The European Investment Bank and the Inter-American Development Bank amassed strong demand from investors to kick off their funding programmes for the year on Friday, with the former receiving the biggest ever order book in the sterling supranational and agency bond market, according to the leads.

    03 Jan 2020

  • Charter Court, TSB Bank, Cerberus, Newday line up for 2020 securitizations

    The new year looks set for a strong start in the securitization market, with SPV filings suggesting that many repeat issuers are already preparing their deals across asset classes.

    03 Jan 2020

  • Nationwide ‘extracts maximum value’ with tightest five year Sonia covered to date

    Nationwide Building Society issued the first sterling covered bond of the year on Friday, without needing to pay any premium over the tight trading levels of its existing bonds.

    03 Jan 2020

  • Assassination shock makes for nervy EM weekend

    With emerging markets bond bankers all ready to start deploying their pipelines next week, the US threw a potential spanner in the works on Friday when it killed Iranian general Qassem Soleimani.

    03 Jan 2020

  • Chinese Christmas present for Aldesa bondholders

    Struggling Spanish construction group Aldesa saw a Christmas bounce in its Caa1-rated bonds, following a December 25 takeover deal and capital injection from China Railway Construction Corporation.

    03 Jan 2020

  • Soleimani killing punctures bullish equities

    Equity capital markets bankers' bullish mood was dented on Friday by falling markets as investors reacted to escalating tension in the Middle East after the US assassination of Iranian general Qasem Soleimani. Banks are hoping this change in sentiment does not damage deal making next week.

    03 Jan 2020

  • Rating agencies may downgrade MCC if it bails out Bari

    Moody’s and Standard & Poor’s have both placed Banca del Mezzogiorno-MedioCredito Centrale (MCC) on review for downgrade, after the Italian government confirmed it could use the state-owned bank to help recapitalise the struggling lender Banca Popolare di Bari.

    03 Jan 2020

  • Crédit Agricole’s Loynes takes up new syndicate role

    Damien Loynes has been appointed head of syndicate for Europe, the Middle East and Africa at Crédit Agricole.

    03 Jan 2020

  • Vingroup attracts 14 banks to $525m loan

    Vietnamese conglomerate Vingroup Joint Stock Co and its automobile subsidiary VinFast have exercised part of a greenshoe option on their joint borrowing, boosting the loan size to $525m.

    03 Jan 2020

  • Central China New Life eyes Q1 IPO

    Property manager Central China New Life is planning to list in Hong Kong in the first quarter, said a source familiar with the transaction.

    03 Jan 2020

  • E-cigarette maker Smoore plans $500m-plus HK listing

    Smoore International Holdings, a manufacturer of vaping technology, is lining up a Hong Kong IPO of more than $500m in the first quarter of 2020, according to a source familiar with the matter.

    03 Jan 2020

  • RHB’s Hong Kong brokerage arm fined by SFC

    The Securities and Futures Commission has fined RHB Securities Hong Kong HK$6.4m ($821,516) for failing to comply with a number of regulatory requirements.

    03 Jan 2020

  • Credit card ABS trading dwindling as big banks hold back

    Once a benchmark ABS sector, credit card bonds experienced a dramatic decline in issuance last year, leading to big drop in trading activity that is expected to continue in 2020.

    02 Jan 2020

  • SGX adds new member with 'internationalisation' strategy

    Singapore-based Orient Futures International has become the latest trading and clearing member of the Singapore Exchange (SGX) derivatives market.

    02 Jan 2020

  • Corporate bond rush expected next week as bankers eye maturity mix

    Corporate bond bankers in Europe are raring to get deals out into what looks like a strong market, but concede that with many investors still out of the office they will have to wait until the start of next week.

    02 Jan 2020

  • Sports ECM boom expected after Juventus rights issue

    Italian football club Juventus completed a €300m rights issue at the end of December and sources say renewed investor interest in sport could herald more equity capital markets transactions going forward.

    02 Jan 2020

  • MUFG hires Kaya for Turkey

    Burak Kaya is joining MUFG Turkey to lead its corporate banking activity for non-Japanese firms.

    02 Jan 2020

  • From CMBS to high yield Reit: hospital finance saga nears the end

    Bonds in two pre-crisis CMBS deals backed by UK hospitals, are set to be repaid following a bid from Alabama-based Medical Properties Trust for 30 properties backing the deal. The Reit will fund the deal with recently signed high yield bonds, drawing down the curtain on a saga which has seen the ill-fated 2007 CMBS restructured twice in the last five years.

    02 Jan 2020

  • Green finance grows in Middle East as Etihad signs loan

    Etihad Airways has signed a €100m loan linked to the UN’s Sustainable Development Goals. The deal is one of the latest ESG-linked financings signed in the Middle East, which is developing an appetite for sustainability-linked debt.

    02 Jan 2020

  • Ericsson dials in $150m 5G R&D funding

    Ericsson, the Swedish telecoms equipment group, has signed a $150m credit facility, which it will use to research and develop 5G technology.

    02 Jan 2020

  • Lower Saxony kick-starts euro SSA market as EIB preps sterling reopener

    The Federal State of Lower Saxony sold the first euro public sector benchmark of 2020 with a well received 10 year deal on Thursday. Meanwhile, the European Investment Bank is keeping to tradition of beginning its benchmark funding for the year in sterling.

    02 Jan 2020

  • Banks warned dragging feet on Libor transition could lead to PPI-style claims

    Banks have been warned that their tardiness in switching away from the Libor benchmark could leave them open to compensation claims, similar to those that followed the UK's £50bn scandal of banks mis-selling payment protection insurance. However, bankers involved in the process say they are working hard to complete the transition.

    02 Jan 2020

  • Euro FIG market set for ‘slower start than normal’

    Financial institutions could take longer than usual to return to the euro bond market at the start of 2020, with the early issuance window having been broken up by the holiday period.

    02 Jan 2020

  • EM syndicates prep pipelines for January rush

    Bankers and investors do not expect emerging market bond sales to get underway until next week, but from then on execution should ramp up rapidly, with Saudi Arabia and Turkey among the anticipated early issuers.

    02 Jan 2020

  • Blocks outperform surging equities, bankers line up more

    The end of 2019 was a bumper time for equity block trades in EMEA. After many of these accelerated trades generated strong, market-beating returns for investors, banks are hoping funds will have goodwill towards the market, supporting a strong start to 2020.

    02 Jan 2020

  • Iceland banks target AT1 raid

    Iceland’s banks are expected to launch their first additional tier one (AT1) transactions in 2020, as they push on with optimising their capital structures.

    02 Jan 2020

  • Mindspace lines up India’s second Reit IPO

    Blackstone-backed Mindspace Business Parks Real Estate Investment Trust (Reit) is preparing an IPO of new and existing stock, set to be just the second listing from the asset class in India.

    02 Jan 2020

  • Bonds news in brief: 2019 ends on quiet note

    Industrial Securities (Hong Kong) Financial Holdings, Zhengzhou Zhongrui Industrial Group Co and Shandong Iron & Steel Group Co priced international bonds during the last days of 2019, capping a strong year for Asia’s debt market.

    02 Jan 2020

  • Hong Kong IPO flow starts strong in 2020

    It is set to be a busy start to 2020 for the Hong Kong Stock Exchange, with three live IPOs in the market. The most recent launch came from Shanghai Gench Education Group, which hit the road with a HK$773m ($99.2m) deal on Thursday.

    02 Jan 2020

  • Panda Green pushes back distressed exchange deadline

    Chinese solar power operator Panda Green Energy Group has extended the deadline of a distressed exchange offer. The new note issuance will now be finalised in the same week that its $350m bond becomes due.

    02 Jan 2020

  • Pakistan overhauls IPO rules to revive market

    Pakistan has started the year by rejigging rules for IPOs in the country, in a bid to revive its fledgling stock market by attracting more listings.

    02 Jan 2020

  • VPBank Finance boosts borrowing to $200m

    VPBank Finance Company, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has increased the size of its loan to $200m after seven banks joined during general syndication

    02 Jan 2020

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 29.61 88 8.60%
2 JPMorgan 23.76 85 6.90%
3 Barclays 20.64 81 5.99%
4 BofA Securities 19.82 71 5.76%
5 BNP Paribas 16.27 62 4.73%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.84 264 7.99%
2 Credit Agricole CIB 47.68 243 6.26%
3 JPMorgan 35.73 111 4.69%
4 SG Corporate & Investment Banking 34.28 171 4.50%
5 UniCredit 33.71 188 4.43%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Barclays 0.75 7 12.00%
2 Morgan Stanley 0.70 5 11.15%
3 JPMorgan 0.58 5 9.31%
4 Citi 0.48 4 7.75%
5 Goldman Sachs 0.43 3 6.92%