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China property flurry continues with four new bonds
Four Chinese high yield property companies had the dollar market to themselves on Monday as a public holiday in the US kept other Asian issuers at bay. But the borrowers raised just modest amounts to tackle some of their refinancing needs.
09.15 AM -
Provident Square links loan pricing to occupancy rate
Provident Square, a shopping mall in the North Point area in Hong Kong, is seeking a HK$1.4bn ($180m) loan for refinancing.
08.45 AM -
CCB kicks off 2021 RMBS issuance with small deal
China Construction Bank has wrapped up its first onshore RMBS outing of 2021, starting the year with a relatively small Rmb5.14bn ($793m) transaction under its Jianyuan series.
08.30 AM -
Six brokerages win top interbank underwriting licence
The National Association of Financial Market Institutional Investors (Nafmii) has for the first time in eight years handed out lead underwriting licences to securities houses — a move that will help them step up further in China’s Rmb102tr ($15.7tr) interbank bond market.
08.30 AM -
China-focused Primavera Spac readies $300m IPO
Primavera Capital Acquisition Corp, a special purpose acquisition company, is set to launch a $300m IPO on the New York Stock Exchange this week, extending a recent boom in Asia-focused Spacs.
08.00 AM -
MUFG names Asia global markets research head
MUFG Bank (Hong Kong) has appointed Lin Li as head of global markets research for Asia.
06.45 AM -
Nomura beefs up wealth management business
Nomura has added more than 20 private bankers and investment advisers in Hong Kong and Singapore as part of its strategy to boost its wealth management business in Asia and globally.
06.00 AM -
Credit Suisse forms new Japan ECM franchise
Credit Suisse has boosted its investment banking operation in Japan by creating a new equity capital markets unit in the country.
04.45 AM -
EU urged to use equity-like instruments to help smaller corporates
Many EU companies could do with capital beyond bog standard debt, according to the Association for Financial Markets in Europe (Afme). The trade body, in a report it produced alongside PwC, suggests encouraging the use of equity-adjacent products to fill balance sheet gaps from the coronavirus crisis.
01.00 AM -
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Bryson hire reveals SMBC Nikko's capital markets ambitions
SMBC Nikko wants to grow its capital markets and advisory business in EMEA, which is smaller than its parent’s heft in the loan market. It has hired Anthony Bryson, a former NatWest Markets and BNP Paribas banker, to lead the push.
18 Jan 2021 -
Traders reluctant to 'chase’ covered bond spreads tighter
Even though technical factors are highly supportive for covered bonds, traders say they are unwilling to lift offers, reflecting increased anxiety about limited performance potential and an underlying concern that credit market sentiment is less sure-footed that at the start of this year.
18 Jan 2021 -
Lendco brings first RMBS deal after market opens
Cabot Square Capital-backed mortgage originator Lendco has announced its first UK RMBS deal after the securitization market fully reopened on Friday for 2021.
18 Jan 2021 -
Sagax and Great Places mandate as ECB looms
Sagax, the Swedish commercial property company, and UK social housing firm Great Places have mandated for sub-benchmark sized deals, in what is likely to be a curtailed week for issuance in the corporate bond with a European Central Bank meeting on Thursday.
18 Jan 2021 -
Total hits hybrids as subordinated debt spreads swing out
Total, the French oil and gas company, placed a chunky €3bn hybrid trade on Monday, as the spread between corporate senior and subordinated debt widens after months of tightening.
18 Jan 2021 -
Dawn of Schuldschein debuts as TeamViewer launches ESG deal
German software company TeamViewer launched an inaugural Schuldschein deal on Monday, with margins linked to its ESG performance. Five new borrowers have entered the Schuldschein market so far this year, almost half as many as appeared throughout the whole of 2020.
18 Jan 2021 -
Belgium’s Aedifica debuts in US private placements
Aedifica, the Belgian-based healthcare property investment company, has launched a US private placement, according to market sources.
18 Jan 2021 -
Primary HY gathers pace with triple mandate Monday
After a modest start to 2021, European leveraged finance started to fire on all cylinders this week, with three new bonds and a loan announced, alongside Ineos Quattro’s €4.6bn debt package which began marketing efforts last week.
18 Jan 2021 -
Lidl shops for second Asian loan
Lidl, the Germany-headquartered budget supermarket chain, has entered the syndicated loan market to raise cash from Asian lenders for a second time, according to market sources.
18 Jan 2021 -
France out for 50 year as sovs look long
Spreads have moved away from their tightest levels, but issuers do not seem put off. France will extend the flood of long end deals with its first 50 year OAT syndication in almost five years on Tuesday.
18 Jan 2021 -
EU sounds out banks for first SURE deal of 2021
The European Union has sent banks a request for proposals for its first bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
18 Jan 2021 -
Euronext picks Attia for primary markets
Anthony Attia has been appointed as global head of primary markets and post trade at Euronext, where he will supervise the market infrastructure firm's equity, debt and fund listing business and will work on the integration of Borsa Italiana Group.
18 Jan 2021 -
CS prioritises covered bond price over size
Credit Suisse issued a two-part covered bond in Swiss francs on Monday, choosing to limit the deal sizes in order to ensure a tight spread and low yield.
18 Jan 2021 -
BPCE finds good covered demand amid gloomier outlook
BPCE found good demand for a two-part covered bond on Monday with the bonds pricing almost flat to its curve. Even so, the near term outlook has become less certain as German lockdowns are expected to be tightened amid renewed concern over the impact on commercial mortgages secured in some Pfandbrief.
18 Jan 2021 -
Erste targets price over size with new euro preferred senior
Erste Group Bank was first out of the blocks this week to tap the euro market for senior preferred paper, with the lack of competing supply allowing the bank to target 'pricing over size', according to one of the leads.
18 Jan 2021 -
Vape liquid maker Supreme lines up London flotation
Supreme plc, the Manchester-based maker of vaping liquids for e-cigarettes, is preparing to go public on London’s alternative investment market (AIM).
18 Jan 2021 -
Quality not quantity for BFCM sterling senior
Banque Fédérative du Crédit Mutuel (BFCM) paid up to attract investors to its new preferred senior sterling deal on Monday. Although it was unable to match the quantity of demand set by BNP Paribas' non-preferred deal earlier this year, sources close to the deal were pleased with the quality of investors involved.
18 Jan 2021 -
Monte releases strategic plan amid expectations for capital boost, merger
Banca Monte dei Paschi di Siena has published a new business plan for the next four years, targeting a return to profit in 2022. The plan relies on the bank receiving a capital injection of at least €2bn, which is still under discussion with authorities in Italy and the EU.
18 Jan 2021 -
Big deal: Huuuge hopes to make splash with Warsaw IPO
Huuuge, the Polish social and mobile gambling company, revealed on Monday that it is seeking to list on the Warsaw stock exchange. The deal will be the latest in a long line of digitally focused companies to announce IPO plans.
18 Jan 2021 -
Saudi’s biggest bank mandates, market awaits sov
Saudi Arabia’s National Commercial Bank (NCB), the largest financial institution in the kingdom, has mandated banks to arrange a tier one dollar sukuk. The deal may act as a prelude to a potential bond sale by the sovereign, which bankers say could happen as early as this week.
18 Jan 2021 -
'Give us the airline treatment,' Eurostar begs of UK government
Eurostar, the majority French-owned train service between the UK and Europe, has asked the UK government for bailout loans. The request came as 28 senior businesspeople in the UK wrote an open letter warning that the rail service was fighting for its survival.
18 Jan 2021 -
Agora hires head of structured products and EMTNs
Agora, the end-to-end debt capital markets start-up, has appointed Filippo Mattia Ginanni as its head of structured products and EMTNs.
18 Jan 2021 -
Cabei to shift focus to the private sector
The damage caused by hurricanes Eta and Iota, which slammed into the Central American states at the end of November, caused widespread damage and further misery to millions in countries that were already suffering from the Covid-19 pandemic.
18 Jan 2021 -
FIG banker Enns picked as Chubb CFO
Peter Enns, most recently global co-head of advisory and investment banking coverage (AIBC) at HSBC, is set to be the next chief financial officer at insurer Chubb.
18 Jan 2021 -
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Bryson gets top job at SMBC Nikko
Anthony Bryson has joined SMBC Nikko Capital Markets as deputy president and head of capital markets and advisory Emea in London.
18 Jan 2021 -
HK IPO market gathers steam with Kuaishou leading the way
Kuaishou Technology, a video-sharing and social media platform, has begun drumming up interest among investors for a multi-billion-dollar Hong Kong IPO.
18 Jan 2021 -
Chinese borrowers keep up bond flow
Chinese companies were undeterred from selling bonds last Friday, usually a quiet day of the week for deal flow, with four borrowers raising funds.
18 Jan 2021 -
China Fortune Land bonds plummet on rating hit
China Fortune Land Development Co's bonds were the worst performing among Asian high yield notes last week amid rising pressure on the company’s international ratings.
18 Jan 2021 -
Dude, where's my order book?
Bankers have not struggled when helping European governments sell debt lately. So it was a surprise to see a kerfuffle in this corner of the market last week, particularly as the deal in question was so well bid.
18 Jan 2021 -
E-cigarette maker RLX Tech covers $1.2bn IPO
Chinese e-cigarette manufacturer RLX Technologies has drawn enough early demand to well oversubscribe its US IPO worth up to $1.16bn, according to a source familiar with the matter.
18 Jan 2021 -
The week in review: China’s GDP grows 2.3% in 2020, regulator expands market bans on securities-related violations, Ant works on business overhaul timetable
In this round-up, China’s coronavirus-hit economy grows 2.3% year-on-year in 2020, the securities regulator plans to introduce more bans on those who break rules in the onshore capital markets, and the vice central bank governor says Ant Group will give a timetable for the shakeup of its businesses.
18 Jan 2021 -
Two-phase syndication for Greenfields acquisition loan underway
The senior syndication stage for a $140m-equivalent loan to support TPG and Northstar Group’s acquisition of a majority stake in Japfa’s southeast Asian dairy business is set to close by the end of this week.
18 Jan 2021 -
Banrisul to follow Itaú with tier two
Banco do Estado do Rio Grande do Sul (Banrisul), the 10th largest bank in Brazil, is approaching international bond investors for the first time since 2012 as it looks to return to markets with a tier two bond issuer.
18 Jan 2021 -
Asset owners to attempt daring, immediate emission cuts
One of the boldest initiatives to green the financial system is getting under way this year, as the members of the Net Zero Asset Owner Alliance begin a drive to reduce the greenhouse gas emissions of entities they invest in by between 16% and 29% in the next five years.
15 Jan 2021 -
CS appoints global head of renewables
Credit Suisse has promoted Ted Michaels, its head of North America renewables in New York, to a new global position overseeing investment banking in renewables and sustainable energy technology.
15 Jan 2021 -
Trafigura causes a stir with debut Schuldschein
One of the world’s largest commodity traders, Trafigura, has launched a Schuldschein which, due to its credit profile and intended yield, is a clear outlier. While some see the borrower as too risky for this market, others see it as a sign of the Schuldschein's growing ambition.
15 Jan 2021 -
Corporate social bonds to take off, in varied formats
Market participants believe 2021 could be the year when social bonds become established as a more thriving and coherent market, after the breakthrough in volume during 2020, when issuance was swelled by the Covid-19 pandemic.
15 Jan 2021 -
Hamburg Airport fails to land Schuldschein
Hamburg Airport has pulled a Schuldschein transaction with an initial target of €100m, according to several market sources, due to a lack of interest from investors.
15 Jan 2021 -
Italy's Bund spread belies political crisis
Italia Viva has withdrawn its ministers from the support of the Italian government, sparking a political crisis in the country. However, Italy’s sovereign bonds are trading within a comfortable range versus Bunds thanks to the support of the European Central Bank.
15 Jan 2021 -
Germany after Merkel, US Treasuries under Biden
This week in Keeping Tabs: a key weekend for Germany's future, and Biden's stimulus plan.
15 Jan 2021 -
KBC steps forward with internal Libor transition
KBC Bank has hired fintech firm Finastra to help in the transition away from Libor, as the shift from the scandal-hit benchmark intensifies before it falls out of use at the end of the year.
15 Jan 2021 -
Rehabilitation of UK stocks gathers steam
Two more trades on Thursday night crowned off a busy week for block trading in London, fuelled by a rally of UK equities since the start of the year after the country secured a trade deal with the European Union at the end of 2020.
15 Jan 2021 -
Saudi lands $3bn export financing agreement with Korea
Saudi Arabia has secured an export financing agreement with Korea’s export credit agency and trade insurance corporation. The deal, which will bolster trade between the two, is the kingdom’s second ECA-backed deal.
15 Jan 2021 -
Boath joins Agora as adviser
Richard Boath, a former Barclays chair of EMEA financial institutions investment banking, has joined Agora, the capital markets start-up founded by fellow Barclays alumnus Charlie Berman.
15 Jan 2021 -
MuHyp goes long in covereds
Muenchener Hypothekenbank (MuHyp) sold the longest covered bond of the year so far this week, and bankers expect more long end deals to follow.
15 Jan 2021 -
Société Générale taps Swissies for bail-in paper
Société Générale dropped into the Swiss market for the first time since last February to print a new bail-inable note on Friday.
15 Jan 2021 -
ECA invites EU legislators to address ‘shortcomings’ in bank crisis rules
The European Court of Auditors published an assessment of the EU’s crisis management framework this week. It urged policymakers to align national insolvency procedures with bloc-wide resolution rules, as a way of making sure that banks are treated consistently when they fall into financial difficulty.
15 Jan 2021 -
Renewable energy bid propels EDP block
A €534m block in Energias de Portugal, the Portuguese utility company, flew off the shelves on Thursday night driven by investor demand for stocks exposed to renewable energy.
15 Jan 2021 -
RBC keeps it tight after super-subs cash in
Royal Bank of Canada priced its first bond issue of the year as Yankee borrowers made the most of good funding conditions in the run-up to US bank earnings season.
15 Jan 2021 -
Alchip Tech nets $196m from bigger GDS sale
Alchip Technologies, a Taiwanese semiconductor manufacturer, has raised $195.5m after increasing a placement of global depository shares (GDS).
15 Jan 2021 -
China policy and markets round-up: Xiaomi, Cnooc added to US blacklists, Beijing launches grading system for consumer finance companies, insurance asset managers
In this round-up, the US adds Chinese technology giant Xiaomi Corp and oil major Cnooc to its blacklists, and Beijing announces measures to monitor consumer finance companies and insurance asset managers.
15 Jan 2021 -
Indigo Paints readies Rp12bn listing
Sequoia Capital-backed Indigo Paints has fixed the price band for its up to Rp11.7bn ($159.9m) IPO, which is set to open next week.
15 Jan 2021 -
BOC Aviation flies with $400m bond
BOC Aviation followed Singapore Airlines into the bond market this week, bagging $400m amid a boost in sentiment around the travel industry.
15 Jan 2021 -
Everbright Water seals Rmb1bn Panda
Frequent Panda bond issuer China Everbright Water priced a three year deal on Thursday, meeting its maximum size target of Rmb1bn ($155m).
15 Jan 2021 -
VW makes swift dim sum comeback
German automaker Volkswagen sold a Rmb500m ($77m) offshore renminbi (CNH) bond on Thursday, just one-and-a-half months after its last outing in the currency.
15 Jan 2021 -
PTT Oil fixes price range for jumbo Thai IPO
PTT Oil and Retail Business has set the price guidance for its long-awaited IPO. It is aiming to raise up to Bt46.98bn ($1.57bn) from the country’s largest listing in a year.
15 Jan 2021 -
Innovent Bio, Man Wah tap ECM for fresh funds
Innovent Biologics and Man Wah Holdings raised a combined HK$7.1bn ($916.3m) in fresh equity on Thursday night.
15 Jan 2021 -
Colombia wraps LM to get ahead of uncertainty
Colombia’s public credit head told GlobalCapital that the sovereign had wanted to move quickly to get ahead of potential volatility as it printed $2.84bn of new bonds this week as part of a liability management operation. The official said that the early-year sell-off in US Treasuries had not tainted what was a strong issuance window.
15 Jan 2021 -
ONGC Videsh ditches general syndication plan
ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has decided to cancel general syndication for its $700m loan after the bookrunners found enough liquidity during a senior stage.
15 Jan 2021 -
Greater China borrowers swarm dollar market
The frenetic pace of dollar bond issuance from Greater China continued on Thursday as three property companies and two government linked names courted investors.
15 Jan 2021 -
Lat Am storms back with Thursday quartet
Four heavily oversubscribed Latin American new issues fetched tight pricing on Thursday, dispelling the unease felt at the week’s start and putting the region firmly on track to fulfil the predictions of record primary volumes for a January.
14 Jan 2021 -
Colombia to stay local for green debut, plots govvie ETF, social bond
Colombia tapped international bond markets for the first time since June this week. But its domestic bond market — which is 25% owned by foreign investors — could be in for a busier year, as the sovereign is set to turn to pesos for its debut green bond in July. It is also laying the ground for a social bond and a government bond ETF.
14 Jan 2021 -
US bond pace cools, but not fazed by politics
The dollar corporate bond market has a more subdued feel this week, after its stellar start to the year, as US issuers are moving into earnings blackouts. But even as politics took centre stage as Congress moved to impeach President Donald Trump for the second time, ahead of Joe Biden’s inauguration on January 20, corporate borrowers quietly churned out deals.
14 Jan 2021 -
For corporate social bonds, SLBs are way to go
Social bonds have long been the poor cousin of green bonds. A smaller, less well organised market.
14 Jan 2021 -
High yield issuers take front stage though CEEMEA ‘underwhelming’
Junk-rated emerging market sovereigns Benin and Oman sold bonds this week, with market participants saying their new issue premiums were minimal. However, bankers think total activity across CEEMEA over the last two weeks has been “underwhelming”.
14 Jan 2021 -
Wizz Air EUR500m 1.35% Jan 24
14 Jan 2021 -
Dubai Aerospace Enterprise USD500m 2.625% March 25 USD750m 3.375% March 28
14 Jan 2021 -
Benin EUR700m 4.875% Jan 30 EUR300m 6.875% Jan 52
14 Jan 2021 -
Covered bond supply optimism is misplaced
This week’s burst of covered bonds was exceptionally well received and boosted supply hopes. But even though the funding was cheap and deal execution certain, the supply outlook remains grim.
14 Jan 2021 -
Bank balance sheets could be obscured, says Coen
The impact of coronavirus on economies has led to extraordinary help being granted to banks and their customers. But this brings the risk of problems on banks' balance sheets being hidden, according to William Coen, former secretary general of the Basel Committee on Banking Supervision.
14 Jan 2021 -
Blame the ECB for Spain's lost orders
Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.
14 Jan 2021 -
SNCF SA EUR1.5bn 1% Jan 61
14 Jan 2021 -
Spain EUR10bn 0.1% Apr 31
14 Jan 2021 -
CEB EUR1bn 0% Jan 31
14 Jan 2021 -
World Bank EUR2bn 0.2% Jan 61
14 Jan 2021 -
SURE programme poses questions for CEE DMOs
After a record breaking year for sovereign bond issuance in central and eastern Europe, 2021 could be a different story, thanks to the European Union's vast economic support packages that could reduce the need for many CEE countries to tap international bond markets.
14 Jan 2021 -
NIB USD1.25bn 0.5% Jan 26
14 Jan 2021 -
EFSF EUR3bn 0% Jan 31, EFSF EUR2bn 0.05% Jan 52
14 Jan 2021 -
KfW USD5bn 0.625% Jan 26
14 Jan 2021 -
People news in brief
Natixis promotes DCM bankers — Powell quits IFAD job — NatWest Markets makes Peberdy, Donaldson and Manwaring's positions permanent
14 Jan 2021 -
Student ABS lenders hit by steep declines in college enrollment
Navient is issuing the first student loan securitization of 2021 as the sector continues to battle political headlines and a decline in student post-secondary enrollment.
14 Jan 2021 -
SSAs testing waters in niche currencies
SSA borrowers kept up a torrid pace of issuance in non-core currencies this week.
14 Jan 2021 -
World Bank leads charge to euro long end
Issuers flocked to the long end of the euro market this week, with two borrowers finding success with rare 40 year deals.
14 Jan 2021 -
¿El Clásico? Spain's big 10yr shocks after losing €75bn of orders
A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.
14 Jan 2021 -
January snooze: bank senior market fails to excite investors
Tight valuations in euros are making it difficult for banks to impress investors with new senior trades. Issuers may have to pay up or switch focus to other asset classes to make the most of the January market.
14 Jan 2021 -
IG corporates put ‘ridiculous’ pressure on market with zero premium demand
Europe’s high grade corporate issuers have been heaping pressure on syndicate desks to print new debt at or inside fair value, but investors are fighting back and some deals have been punished as a result, write Mike Turner and Jon Hay.
14 Jan 2021 -
Freier joins Barclays for ESG research
Barclays has hired Marie Freier as global head of ESG research.
14 Jan 2021 -
TIM and Autostrade slip in before political fears hit
TIM, formerly Telecom Italia, got almost €4bn of demand for its debut sustainability bond on Monday, a €1bn eight year. The company put its sustainable financing framework in place last year, an umbrella document allowing it to raise green, social or sustainable finance in bond or loan format.
14 Jan 2021 -
UK MD at Goldman joins digital infra investment firm
Digital Colony, which invests in mobile and internet infrastructure, has hired Latifa Tefridj-Gaillard as head of Europe capital formation.
14 Jan 2021 -
Issuers rush into booming dollar market
The dollar market has moved from strength to strength this week, with six SSA borrowers benefitting from the superb conditions to slash spreads and offer minimal new issue concessions.
14 Jan 2021 -
Deutsche Bahn steams into Swissies
After a near two year absence, Deutsche Bahn pulled into the Swiss franc market to issue 15 year debt with no new issue premium this week, landing inside its own euro curve.
14 Jan 2021
