GC
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Jefferies eyes IB big league with SMBC alliance
Aligning with a global commercial bank has been on Jefferies’ agenda for several years, but its alliance with SMBC signals an intent to join the investment banking big league. By David Rothnie.
08.15 AM -
Lloyds to reshape DCM as top bankers leave
Lloyds Bank has formulated a succession plan to prepare for the departure of Allen Appen, its head of bond financing, as another senior figure prepares to leave its debt capital markets group.
28 Jul 2021 -
Z Capital promotes two in CLO investment team
Z Capital Credit Partners, the credit arm of Z Capital Group, has promoted a CLO portfolio manager in its investment team to managing director.
28 Jul 2021 -
Idorsia raises Sfr600m to fund drug commercialisation
Idorsia, the Swiss biotech company, has turned to the convertible bond market to finance looming product launches and the development of its late-stage drug pipeline.
28 Jul 2021 -
Published term Sonia standards give niche debt transition clarity
A major capital markets body published its final standard for using term Sonia reference rates on Wednesday, as the remaining pieces of the Libor transition puzzle fall into place before most pairings for the benchmark end on December 31.
28 Jul 2021 -
Trade body pair reinforce importance of KPIs for SLLs in leveraged market
The Loan Market Association (LMA) and the European Leveraged Finance Association (ELFA) jointly released a best practice guide for sustainability-linked loans on Wednesday. The guidance is aimed specifically at the leveraged loan market and stresses the importance of agreeing on clearly defined key performance indicators ahead of announcing a SLL.
28 Jul 2021 -
Taper talk dominates ahead of Fed meet
Market participants expect the Federal Reserve could address the topic of tapering at its meeting later today; however, the spread of the Delta variant may cause the central bank to put any talk on hold until its Jackson Hole Symposium next month.
28 Jul 2021 -
SSA secondary pricing update: EU dual tranche continues to tighten
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid yields from the close of business on Tuesday, July 27. The source for secondary trading levels is ICE Data Services
28 Jul 2021 -
Blackstone UK logistics CMBS sees high demand lower down cap stack
Sole arranger Bank of America has added £104.5m to Taurus 2021-4, a UK logistics CMBS sponsored by Blackstone, ahead of pricing on Thursday. The deal had trouble matching subscription levels seen for logistics CMBS at the beginning of the year, but demand came in strong lower down in the capital stack, reflecting a shift in investor preferences as the UK economy reopens.
28 Jul 2021 -
Metro warns it could again fall below MREL requirements
Metro Bank said as part of its results on Wednesday that it was in danger of falling below its minimum requirements for own funds and eligible liabilities (MREL), following a big drop in its common equity tier one (CET1) ratio.
28 Jul 2021 -
Carige flounders on market return amid uncertain future
Banca Carige’s share price fell nearly 60% on Tuesday, after trading in its stock reopened for the first time in about two and a half years. Investors are concerned about the outlook for the Italian lender, which may need to raise €400m of capital if it cannot find a merger partner.
28 Jul 2021 -
Alfa banks on roubles in second bond of year
Alfa Bank, Russia’s largest privately owned bank by assets, loan portfolio and equity, has launched a Euroclearable bond in roubles.
28 Jul 2021 -
Equitable covered programme receives CMHC approval
Canada’s Equitable Bank covered programme received legislative approval this week, paving the way for a debut deal in the coming months.
28 Jul 2021 -
Oi sells dollars in refi scheme
Oi, the Brazilian telecom company, re-entered international debt markets this week to raise almost $1bn of short-dated paper.
28 Jul 2021 -
KfW takes A$350m with green Kangaroo tap
KfW added to the week’s SSA niche currency supply on Wednesday with a tap of a green Kangaroo bond that ended up almost two times the initial target size.
28 Jul 2021 -
Barclays shakes up capital markets, M&A teams
Barclays has made several further promotions across its capital markets and M&A teams in London and New York, a week after rolling out a new global investment banking management structure.
28 Jul 2021 -
Chia Tai feeds debut $500m loan to market
Chia Tai Animal Husbandry Investment (Beijing) Co, an onshore China entity of Thailand’s Charoen Pokphand Group, is borrowing its first offshore loan directly.
28 Jul 2021 -
Everbright Greentech sells carbon neutrality Panda
China Everbright Greentech has priced a Rmb1bn ($154m) Panda bond, attaching a ‘carbon neutrality’ label to its return to the onshore market.
28 Jul 2021 -
Jiayi pulls HK IPO over China’s new education policy
Mainland-based Jiayi Education Holdings, an after-school tutoring company, has dropped its Hong Kong listing plan following news of a radical change to China’s education sector.
28 Jul 2021 -
Chexim debuts Rmb60bn perp
The Export-Import Bank of China has sold a renminbi-denominated perpetual bond, becoming the first among the country’s three policy lenders to tap the onshore debt market for additional tier one capital.
28 Jul 2021 -
US-listed I-Mab readies Shanghai IPO
Chinese biopharmaceutical company I-Mab is moving ahead with plans for a dual listing in Shanghai, as it looks to broaden its investor base.
28 Jul 2021 -
Hard landing: Avic nets €200m
Avic International Leasing Co turned to the euro market on Tuesday for a sub-one year bond, but the deal’s short tenor and a rough issuance backdrop led to tepid investor response.
28 Jul 2021 -
Korea ECM: investors miss the point
South Korea’s financial regulator has stepped up scrutiny of big IPOs recently, disrupting a few listings and stoking concerns about a pullback in deal flow. Investors have so far been undeterred — but it’s time they start paying attention.
28 Jul 2021 -
Citi adds four to Australia biz
Citi will be adding four new bankers to its markets and securities business in Australia next month.
28 Jul 2021 -
PeopleCert looks for €300m to fund Axelos acquisition
PeopleCert, a UK firm that specialises in certifying professional skills, is marketing €300m of senior secured high yield notes, to finance the acquisition of UK peer Axelos.
27 Jul 2021 -
The UK risks missing an opportunity on MREL
The Bank of England looks set to wrap up a review of the minimum requirements for own funds and eligible liabilities (MREL) without reconsidering its total asset threshold. That would be a mistake.
27 Jul 2021 -
Stan Chart’s apprentices to tear down banking shibboleths
Standard Chartered’s mould-breaking front office apprenticeship scheme is to be lauded. The programme stands to supply the City not just with a new breed of banker but, if handled well, could bring that rarest of commodities to high finance — genuine diversity.
27 Jul 2021 -
Denmark's Capital Four expands US CLO business
European CLO managers are growing their presence in the US, lured by tighter spreads and growing demand from investors and running contrary to the previous trend for US managers to plot European expansion.
27 Jul 2021 -
Market minds Powell's language as Fed meeting kicks off
The Federal Reserve kicked off its two-day policy meeting on Tuesday, with the officials deeply divided on when to make the move to tapering asset purchases. With no dot plot projections expected this time, sources are keeping a close eye on what Fed chairman Jerome Powell says, looking for hints about the central bank’s plans.
27 Jul 2021 -
Valeo and Nasdaq breeze through quietest July in years
Valeo, the French auto parts maker, and US exchange company Nasdaq brushed off any worries of contagion from a weak sterling market to print bonds in euros flat to fair value on Tuesday, with the issuers able to take full advantage of the an exceptionally quiet market.
27 Jul 2021 -
Tikehau closes special opportunities fund with broad mandate
French alternative asset manager Tikehau Capital has closed its second European special opportunities fund at €617m, with a broad mandate which allows flexibility to push into several corners of capital markets.
27 Jul 2021 -
Ontario prints biggest Canadian dollar green bond
The Province of Ontario received a strong reception in the Canadian dollar market on Tuesday, helping it to issue its biggest ever green bond in the currency.
27 Jul 2021 -
Lagarde is right — it is too early to talk about ending Pepp
The extremely dovish tone struck by the European Central Bank last week means there is no end in sight to the Pandemic Emergency Purchase Programme (Pepp). Given the uncertainty around the course of the pandemic, that is as it should be.
27 Jul 2021 -
Starling Bank takeover of Fleet Mortgages puts RMBS programme into question
Starling Bank, a UK online bank, has acquired regular securitization issuer Fleet Mortgages in a move which will see all of Fleet’s funding moved on to Starling’s balance sheet.
27 Jul 2021 -
StanChart opens doors to school leavers without degrees
Standard Chartered has launched an apprenticeship programme that is open to school leavers without academic qualifications as it seeks to bring more diversity to financial markets.
27 Jul 2021 -
FCA moves to allow US-style Spac IPOs in London
US-style Spac IPOs will soon be possible on the London Stock Exchange following a review by the Financial Conduct Authority, although the changes come at a time when the vehicles have fallen increasingly out of favour with investors.
27 Jul 2021 -
Liberum makes renewed M&A push
Mid-market investment bank Liberum has brought in the co-founders of corporate finance boutique Bullfinch Corporate Finance as co-heads of M&A as it looks to raise its profile in takeovers.
27 Jul 2021 -
Banks expected to eschew early TLTRO repayments
Market participants do not expect banks to repay their targeted longer-term refinancing operations (TLTROs) borrowings early when a window opens next month, though the primary market would retain plenty of capacity to swallow up any increased issuance.
27 Jul 2021 -
Sampo reduces debt through senior tender
Finnish insurer Sampo has bought back more euro-denominated senior bonds as it looks to reduce its leverage, though it failed to gain approval to redeem the remaining bonds ahead of their maturity.
27 Jul 2021 -
Plastic fantastic: SMI joins ring of LatAm SLB issuers
Peru-headquartered San Miguel Industrias, known as SMI Group, which produces plastic packaging across Latin America, sold a sustainability-linked bond on Monday. The trade is the latest in a long string of Latin American issuers embracing the innovative format.
27 Jul 2021 -
Rwanda mandates for return after eight year hiatus
The Republic of Rwanda is set to return to the international bond market for a dollar bond, joining a club of sub-Saharan African sovereigns that have taken advantage of attractive funding conditions in recent weeks.
27 Jul 2021 -
Equity market hiccup betrays Covid fears
A sell-off in global equities at the beginning of last week, in response to the Delta-variant-fueled rise in Covid-19 cases, was largely erased in the following days. But the episode offered a glimpse of the disquiet in the market, and a hint as to the likely reaction if the pandemic were to take a course that put the brakes on economic growth.
27 Jul 2021 -
JP Morgan installs activist defence specialist for EMEA
JP Morgan has topped up its expertise in shareholder activism in EMEA with the appointment of Darren Novak, a veteran of the discipline who previously worked at UBS, as head of shareholder engagement and M&A capital markets (SEAMAC) for the region.
27 Jul 2021 -
Affidea agrees €150m credit facility amid push for growth
Dutch healthcare company Affidea has signed a €150m senior secured loan to pursue growth opportunities, weeks after Moody’s upgraded the company’s B2 outlook from negative to stable.
27 Jul 2021 -
PMM: Investors shy away as supply dries up
The primary market was much quieter last week with only two markets active — SSA and corporate bonds. Total issuance in those markets fell to 32% and 18% of their 2021 weekly averages, respectively.
27 Jul 2021 -
KfW to add to Australasian SSA supply with green Kangaroo tap
KfW is marketing a tap of a green Kangaroo in the short end of the curve in what will be the third deal from a public sector borrower in the Australasian bond markets this week.
27 Jul 2021 -
Apax Partners reduces TietoEvry stake in ABB
Apex Partners has cut its stake in TietoEvry, the Finnish software and IT services company, via an accelerated bookbuild.
27 Jul 2021 -
Football securitization closed despite pandemic chaos
A UK football club securitization has closed that offers investors exposure to future ticket sales. But sports securitizations, almost non-existent after the 2008 global financial crisis, have assumed a new, higher level risk in the eyes of many following the pandemic.
27 Jul 2021 -
Cannes Lions owner Ascential raises £154m for M&A
Ascential, the UK media and events company, has completed a £154m capital raising to strengthen its balance sheet so that it can take advantage of new M&A opportunities.
27 Jul 2021 -
India’s CarTrade gets Sebi nod for OFS listing
CarTrade Tech was approved by market regulator Securities and Exchange Board of India on Monday to proceed with its listing.
27 Jul 2021 -
Adani Ports docks long dated bonds
India’s Adani Ports and Special Economic Zone locked up a $750m dual tranche transaction on Monday, as the company battles negative headlines in its home country.
27 Jul 2021 -
Temasek pushes to longer tenors
Singaporean sovereign wealth fund Temasek offered investors 10 year, 20 year and 40 year bonds this week when it priced its $2.5bn deal.
27 Jul 2021 -
ICBC Leasing bags $1.25bn triple trancher
ICBC Financial Leasing Co sold a $1.25bn three tranche deal on Monday that was well supported by Chinese banks.
27 Jul 2021 -
Lesso woos banks with $550m loan
China Lesso Group’s $550m-equivalent dual-currency loan is in the market, with an open invitation for banks to join at three levels.
27 Jul 2021 -
Fujian Yango tackles upcoming maturity
Fujian Yango Group Co has sold a $250m bond as part of a liability management exercise.
27 Jul 2021 -
Castlelake ABS refi swoops lower than ever despite aviation pricing concerns
Castlelake beat its own record with a refinancing of its 2017-1R transaction, achieving the lowest coupon out of all of its deals since it debuted in the ABS market in 2014. The pricing highlighted the insatiable demand for aviation bonds, even as some voiced concerns over valuations in the esoteric ABS market overall.
26 Jul 2021 -
CarVal comes Clean on ESG CLOs
CarVal Investors has launched a new CLO platform that looks to advance the sophistication of investing along environmental, social and governance lines in US capital markets.
26 Jul 2021 -
No easy road to recovery for CMBS noteholders after Intu restructuring
The three-year restructuring plan for four Intu shopping centres is set to see cash poured into London, Nottingham and Glasgow retail hubs after the group collapsed into administration in June 2020. But CMBS noteholders are set to see yields recover to only 60% of the outstanding amount by the time of a likely asset sale, bringing into doubt the prospect of future shopping-centre securtiizations.
26 Jul 2021 -
Not an Ideal Standard: shaky HY deal scrapes through
Troubled Belgian bathroom fixtures firm Ideal Standard has struggled to sell high yield bonds, slashing the size of its deal and yanking up the yield. Meanwhile, the transaction is down at least three points on the first day of trading.
26 Jul 2021 -
BlueBay grows ESG team in London
Fixed income investor BlueBay Asset Management has added to its environmental, social and governance (ESG) investment team in London with an external hire and a move from within.
26 Jul 2021 -
London housing associations plot ESG bond splurge
Four of London’s biggest housing associations are moving closer to issuing debut sustainability bonds, after Metropolitan Housing became the third from an influential group of associations to print debt using the structure.
26 Jul 2021 -
NatWest picks EM strategist as head of ESG macro desk
NatWest Markets has given its head of emerging markets strategy, Alvaro Vivanco, an additional role as head of ESG macro strategy.
26 Jul 2021 -
Cyprus edges closer to IG ratings hat-trick
Moody’s upgraded Cyprus on Friday, leaving it one notch below investment grade status and a step closer to reclaiming high grade ratings from all three of the major rating agencies.
26 Jul 2021 -
ECB unlikely to outline future of Pepp until end of year
The European Central Bank is not expected to sketch out the future of its Pandemic Emergency Purchase Programme (Pepp) until the fourth quarter of 2021, according to analysts.
26 Jul 2021 -
The Very Group clicks through to cap stack refi
Online retailer The Very Group is looking for £575m of senior secured notes, in a bid to refinance its capital stack.
26 Jul 2021 -
Stellantis locks in €12bn after Peugeot/Fiat Chrysler merger
In one of the largest deals in the loan market this year, Stellantis, the Netherlands based company formed from the merger of Fiat Chrysler (FCA) and Peugeot (PSA), has secured a €12bn revolving credit facility. The fresh debt will refinance revolvers from the two car companies.
26 Jul 2021 -
Turkish energy co launches green bond
Turkish renewable energy company Aydem Yenilenebilir Enerji launched its debut bond on Monday, a green dollar offering.
26 Jul 2021 -
ECB ends dividend ban ahead of stress test
The European Central Bank took another step towards normality last Friday as it announced that the dividend and share buyback restrictions for eurozone banks will end in late September, coming ahead of the publication of the supervisor's latest stress test later this week.
26 Jul 2021 -
EU tweaks will hamper Basel III benefits, ECB warns
The European Central Bank has urged the EU to implement a "plain vanilla" version of the final Basel III rules, arguing that other design options will have lower economic benefits over the long term.
26 Jul 2021 -
Tunisia bonds fall as ‘coup’ sends shockwaves
A decade after the Arab Spring erupted in Tunisia, the country has found itself once again in the throes of a political crisis, sending shockwaves through investors. The president’s abrupt seizing of executive power — which some have labelled a coup — poses yet another challenge for the country, though some said there may be buying opportunities on the horizon.
26 Jul 2021 -
S&P says covered bonds will weather the end of pandemic support
S&P has predicted that covered bond ratings will remain steady as European authorities phase out pandemic support, though some cover pools are more at risk than others.
26 Jul 2021 -
RBC adds trio to European equities group
RBC Capital Markets has hired three women to its European global equity sales business at director level in London and Frankfurt.
26 Jul 2021 -
Nasdaq heads to euros after spinoff announcement
Nasdaq, the US securities trading marketplace, has mandated for an SEC-registered euro benchmark bond, days after the company announced it was spinning off its private market business into a new standalone joint venture.
26 Jul 2021 -
France's economic recovery to spur autumn IPOs
France’s IPO renaissance is expected to keep up the pace in the second half of the year, aided by the strong performance of French equities and a rebounding economy.
26 Jul 2021 -
ADB heads down under for Kauri and Kangaroo trades
The Asian Development Bank began preparing issuance in both the Kangaroo and Kauri markets on Monday, with the latter set to mark its second gender bond in New Zealand dollars.
26 Jul 2021 -
Luso Bank prints Macau’s inaugural Panda bond
Luso International Banking became the first Macau-based issuer to sell renminbi-denominated bonds in China’s interbank market when it sold a Rmb1.5bn ($231.5m) transaction at the end of last week.
26 Jul 2021 -
Li Auto wins greenlight for Hong Kong homecoming IPO
Hybrid electric vehicle maker Li Auto received the go ahead from Hong Kong’s stock exchange for a secondary listing.
26 Jul 2021 -
SMBC hires two MDs for tech in San Francisco
SMBC has beefed up its coverage of the technology sector with the addition of two senior bankers in San Francisco who previously worked together at HSBC.
26 Jul 2021 -
Mphasis LBO loan hits the market
India’s largest ever leveraged buyout loan, tied to Blackstone’s stake buy in IT services company Mphasis, is in the market, after inviting a wide group of banks to participate in general syndication.
26 Jul 2021 -
Hong Kong bourse returns Aim Vaccine’s IPO application
Hong Kong’s stock exchange has rejected an IPO application from Aim Vaccine, a leading Chinese vaccine maker. The deal is being sponsored by China Securities, CICC, Goldman Sachs and Macquarie.
26 Jul 2021 -
Glenmark Life Sciences readies $203m Indian IPO
Pharmaceutical ingredients manufacturer Glenmark Life Sciences is set to launch a Rp15.1bn ($202.6m) IPO on Tuesday.
26 Jul 2021 -
Market woes take toll on bonds
Increased concerns about the impact and spread of the Covid-19 virus, as well as China property bond volatility, dented the dollar bond market in Asia last week, leading to significant widening in the high yield sector.
26 Jul 2021 -
The week in review: Chinese securities firms assigned annual ratings, PBoC tightens grip on listing of payment firms, Beijing cracks down on after-school tutoring sector
In this round-up, onshore securities houses receive their 2021 annual rating, the central bank requires pre-reporting from non-bank payment firms to go public, and the private education industry in China faces tough new regulations.
26 Jul 2021 -
Panamanian airport lines up LM
Aeropuerto Internacional de Tocumen, the government-owned operator of Panama City airport, is looking to sell new bonds to refinance its existing senior secured notes, the issuer said on Friday.
26 Jul 2021 -
Buenos Aires inches towards drawn out debt restructuring
The Province of Buenos Aires reached a debt restructuring agreement with some but not all of its bondholders last week, leaving observers pondering what was left to resolve a stalemate that has already lasted 15 months.
26 Jul 2021 -
GC Podcast: Revised guidance — ECB hunkers down for the long haul
The ECB this week gave the capital markets a clear indication that its monetary policy will remain extremely loose. It has tweaked not only its inflation target but its forward guidance, which outlines how it plans to achieve this. But what does that mean for borrowers and investors in the capital markets?
23 Jul 2021 -
ANZ New Zealand eyes tier two
ANZ New Zealand is preparing to issue a tier two bond, marking its first foray into the format.
23 Jul 2021 -
The Barclays show
The People & Markets section of GlobalCapital could almost have been called the Barclays section this week, given the number of stories that involved the bank. What has been going on?
23 Jul 2021 -
MunHyp keeps Swissies ticking
Muenchener Hyp (MuHyp) was the sole representative in the Swiss franc market this week, as it tapped demand for long end paper.
23 Jul 2021 -
Bank of England holds firm on MREL thresholds
The Bank of England said this week that lenders with £15bn-£25bn in assets should still be subject to the minimum requirements for own funds and eligible liabilities (MREL), despite calls from the industry to raise the threshold. The Old Lady will, however, give new and growing firms longer to comply with their targets.
23 Jul 2021 -
Valeo focuses on carbon footprint for debut SLB
Valeo, the French car parts maker, has mandated for a debut sustainability-linked bond, hours after posting results showing a solid bounce back from last year.
23 Jul 2021 -
Indian insurer Star Health readies IPO
Star Health and Allied Insurance filed a draft IPO prospectus with India’s securities regulator this week, become a rare private sector insurer to head for a listing.
23 Jul 2021 -
Lotte Rental hits the road for $739m IPO
South Korean car rental company Lotte Rental has launched the roadshow for its IPO, looking for up to W850.9bn ($739.2m) in proceeds.
23 Jul 2021 -
Exploring the securitization trends shaping Global ABS 2021
Ahead of AFME & IMN’s 25th Anniversary Global ABS conference this September, IMN spoke to Rob Ford of TwentyFour Asset Management and the AFME securitization board about what’s happening in the market, the key trends he expects to see in the remainder of 2021, and the themes likely to be discussed and debated at the event. Here are some extracts from the interview:
23 Jul 2021 -
China Telecom wins approval for year's largest IPO
China Telecom Corp has got the nod from the Chinese securities regulator for a Shanghai listing which, if launched in the second half, could set the record for the largest IPO in the world this year.
23 Jul 2021 -
Shandong Iron and Steel shows strength with new bond
Shandong Iron and Steel Group Co raked in $500m this week, as investors welcomed the long-term prospects of the Chinese company.
23 Jul 2021 -
Edenor bondholders seek engagement as Ad Hoc Group sparks interest
A group of bondholders seeking to block a consent solicitation from Argentine utility Edenor could grow in number amid the lack of engagement between the company and its creditors, sources close to the situation told GlobalCapital.
23 Jul 2021 -
Chile goes big in dollars to take chunk out of funding needs
Having sold €1.75bn ($2.1bn) of social bonds in euros on Wednesday, Chile returned to the dollar market for the fourth time this year on Thursday to print $3.75bn of social bonds across three tranches — the week after it had increased its 2021 funding needs by $8bn.
23 Jul 2021 -
Ping An builds deal in green market
Ping An Real Estate Co raised a total of $600m from two tranches of green bonds on Thursday, capping a strong week for sustainability related transactions in Asia.
23 Jul 2021 -
Citi appoints new India IB head
Citi has named Rahul Saraf as head of investment banking for India, effective on Wednesday.
23 Jul 2021
