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Meituan bags $10bn with mega CB-equity placement combo
Food delivery giant Meituan has raised close to $10bn from an overnight sale of shares and convertible bonds, getting solid interest from investors and raising money to ramp up its investment into the technology part of its business.
08.00 AM -
It’s crunch time for Chinese SOE bonds
The shock from this month’s stunning slump in China Huarong Asset Management Co's dollar bonds may have eased slightly, following a rally this week after supportive comments from the Chinese government. But the incident should trigger a more critical look at the risks and rewards of buying state-owned international bonds.
07.45 AM -
ESR bags $400m loan
Hong Kong-listed ESR Cayman, a logistics real estate company, has raised a $400m dual-tranche borrowing.
07.30 AM -
Putian LGFV sells anchor-heavy bond
Putian State-Owned Assets Investment Co (PTSI) sold its first dollar bond this week, raising $180m.
07.15 AM -
Zai Lab, Futu tap ECM for fresh funding
US-listed Zai Lab and Futu Holdings are tapping the equity market for funds through follow-on offerings, with both the Chinese companies launching their transactions after a rally in their stock price.
06.30 AM -
BMW opts for simple structure for new auto lease ABN
China-based Herald International Financial Leasing Co, a unit of BMW Group, has returned to the onshore securitization market. It switched to a straightforward two-tranche structure for the Rmb3bn ($461m) auto lease asset backed notes (ABN), pricing the senior tranche at a competitive spread.
05.00 AM -
Ping An goes wide for $500m borrowing
Ping An International Financial Leasing, a wholly-owned subsidiary of China’s Ping An Group, is casting a wide net for its $500m loan comeback, in a bid to diversify its financing sources — and its banking relationships.
04.30 AM -
RBC creates new role overseeing global public sector issuers
RBC Capital Markets has created a new leadership position at the top of its global public sector markets business, promoting a senior banker in Toronto to fill the role.
19 Apr 2021 -
EC’s last minute Taxonomy change will boost energy-efficient mortgage production
The European Commission has revised the final wording of its definition of an energy-efficient mortgage in its Taxonomy of Sustainable Economic Activities. The change will greatly improve prospects for originating Taxonomy-compliant green mortgages on buildings constructed before December 2020.
19 Apr 2021 -
Citi taps Drury for new tech and comms group in San Francisco
Citi's head of EMEA banking, capital markets and advisory, Phil Drury, is relocating to San Francisco to take charge of a new franchise covering technology and communications.
19 Apr 2021 -
BHG preps second healthcare loan ABS
Bankers Healthcare Group (BHG) is returning with its second securitization backed by loans made to high-earning medical professionals. The healthcare consumer lender is expected to see its newest deal well subscribed, considering its popularity last year and its relatively high yield ranging from 2% to 5%.
19 Apr 2021 -
IG corporate market lights up as earnings start
A handful of investment grade corporate borrowers are out with mandates on Monday, with market conditions improving for them after last week’s bonds have traded tighter despite pricing with small premiums.
19 Apr 2021 -
Shenkman returns to CLO mart after 2020 absence
Shenkman Capital has returned to the CLO market after skipping issuance during 2020, pricing a deal named Romark CLO IV through its affiliate Romark Credit Advisors.
19 Apr 2021 -
Antares Vision to re-IPO and join Italy’s MTA exchange
Antares Vision, the Italian technology company, has launched a share sale to increase its liquidity in what will effectively be a re-IPO of the company.
19 Apr 2021 -
NDB takes pole position in dollar mart
New Development Bank will become the first issuer to hit the dollar market this week, announcing a five year benchmark, the proceeds of which will fund sustainable development activities and emergency support loans to its member countries.
19 Apr 2021 -
Banca Progetto adds to Italian CQS securitization flow
Banca Progetto, an online bank backed by Oaktree Capital, is bringing an Italian consumer transaction securitizing payroll-deductible loans, with the majority originated slightly before or during the pandemic. The issuer has mandated BNP Paribas on the transaction.
19 Apr 2021 -
Nykredit returns to tier two after six years away
Nykredit Realkredit ended a six year absence from the tier two format in euros this week. With conditions for subordinated bond sales looking good despite looming blackouts, bankers feel now is the time for issuers to "go go go."
19 Apr 2021 -
PBB and BSH expected to issue new covered bonds
Deutsche Pfandbriefbank (PBB) has mandated leads for the second Sonia linked covered bond of the year and Bausparkasse Schwabisch Hall (BSH) is expected with a euro 12-year deal.
19 Apr 2021 -
No let-up in blistering primary levfin pace
Last week’s heavy levfin supply hasn’t produced a pause for digestion, with five new high yield bonds on Monday joining two announced on Friday for execution this week, despite some recent supply trading down in secondary.
19 Apr 2021 -
Coventry Building Society readies non-pref debut
Coventry Building Society is set to sell its inaugural non-preferred senior bond, which it will use to optimise its balance sheet ahead of a deadline for its end-state minimum requirements for own funds and eligible liabilities (MREL).
19 Apr 2021 -
NWB makes a splash with water bond as EU lines up EFSM deal
Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.
19 Apr 2021 -
Caffil prices third social covered bond through curve
Caisse Française de Financement Local (Caffil) issued its third social covered bond on Monday at a slight premium to where its normal deals would have been expected to price.
19 Apr 2021 -
JP Morgan provides €3.5bn for controversial football Super League
JP Morgan has emerged as the lender to a new Super League in European football. The US bank is committing to provide at least €3.5bn in debt for infrastructure projects, in the biggest shake-up of the world’s most popular sport in a generation. While highly controversial and not short of criticism, the new league will make its founding clubs more attractive investments.
19 Apr 2021 -
Hemnet opens books on 'premium' IPO
Swedish house selling platform Hemnet opened on Monday the books for its IPO on the Nasdaq Stockholm. Sources close to the deal said that the transaction was proving popular and expected it to price at a premium to listed competitors like the UK's Rightmove.
19 Apr 2021 -
Kuwait: IMF reform pressure as Equate mandates for dollars
Equate Petrochemical, the petrochemical producer part-owned by Kuwait, has laid plans to re-enter the international debt markets after less than a year since its last outing. The mandate comes just days after the IMF warned Kuwait to undergo fiscal consolidation after its economy shrank last year.
19 Apr 2021 -
Turkey’s Pegasus to test waters with Eurobond
Pegasus Airlines was seeking on Monday to issue a Eurobond in dollars. The deal will demonstrate market appetite for Turkish credit after the country navigated another economically tumultuous month, which saw investor confidence drop.
19 Apr 2021 -
Clarion switches to Sonia for sustainability loan
Clarion Housing, the UK housing association, has signed a £100m sustainability-linked loan, with the borrower using Sonia as the pricing benchmark for the first time.
19 Apr 2021 -
Synlab begins bookbuilding for €1bn IPO
Synlab, the German laboratory diagnostic services company, has set the terms for its €1bn plus IPO on the Frankfurt Stock Exchange.
19 Apr 2021 -
ECB: TRIM will shave 70bp from bank capital ratios
The European Central Bank published the findings from its targeted review of internal models (TRIM) on Monday. The exercise, which could to some extent frontload the impact of Basel IV, is expected to result in a 12% increase in risk-weighted assets (RWAs) and a 71bp decline in common equity tier one (CET1) ratios.
19 Apr 2021 -
China tightens Star market listing rules
The Chinese securities regulator and the Shanghai bourse have boosted requirements on Star market IPO candidates’ technology credentials, banning the listing of financial and investment companies and tightening scrutiny on financial technology firms.
19 Apr 2021 -
Credit Suisse makes changes to SEA IBCM teams
Credit Suisse has rejigged the leadership team of its investment banking and capital markets (IBCM) coverage businesses in Indonesia and Malaysia.
19 Apr 2021 -
Glenmark Life Sciences sets Indian IPO rolling
India’s Glenmark Life Sciences, a pharmaceutical ingredients maker, has filed draft paperwork for an IPO of new and existing shares.
19 Apr 2021 -
Primary market platform moves into new FX and adds Europe boss
DirectBooks, a platform for primary bond issuance initiated by a group of banks, has added the ability to handle euro and sterling deal announcements as well as a new senior member of staff to run its European business.
19 Apr 2021 -
PTPN signs loan extension
Indonesia palm oil company Perkebunan Nusantara III (PTPN) has signed an extension agreement for a $390.6m loan after almost a year-long discussion with banks.
19 Apr 2021 -
Citi to boost wealth management business in Apac
Citi is planning to hire around 2,300 people to support the expansion of its wealth management business in Asia Pacific, as the bank undertakes a restructuring that boosts focus on its four wealth centres.
19 Apr 2021 -
Shevchenko’s goals
In the week that Russia suffered fresh US sanctions as it mounted troops on its border with Ukraine, GlobalCapital spoke with the latter’s central bank chief, Kyrylo Shevchenko, about how the giant next door is just one of the country’s problems.
19 Apr 2021 -
ThaiBev shelves jumbo Singapore spin-off
Thai Beverage has postponed the multi-billion-dollar spin-off and listing of its brewery unit in Singapore, citing choppy markets and a surge in Covid-19 cases in Thailand.
19 Apr 2021 -
Malaysia readies sustainable sukuk
The government of Malaysia is preparing to return to the dollar market for the first time in five years. It is marketing what will be the world's first sustainability sukuk from a sovereign borrower.
19 Apr 2021 -
Trip shares take off in Hong Kong debut
Trip.com Group's shares rose on its debut on the Hong Kong Stock Exchange on Monday, following a popular billion-dollar secondary listing by the Chinese travel company.
19 Apr 2021 -
Goldman Sachs hires for southeast Asia FIG
Goldman Sachs has poached Srijith Nair from Barclays to lead its southeast Asia financial institutional group business.
19 Apr 2021 -
The week in review: China, US join hands to tackle climate crisis, Citi to exit Mainland consumer banking, CBIRC calms market over Huarong worries
In this round-up, Beijing and Washington pledge to fight climate change together, Citi plans to set up onshore securities and futures companies as it ends consumer banking operations in 13 markets including China, and the banking and insurance regulator reassures the market that Huarong Asset Management Co’s operations are stable.
19 Apr 2021 -
Colombian toll road preps social peso linker with DFC guarantee
Puerta de Hierro, a toll road project in Colombia’s Caribbean region, will begin investor calls on Monday as it looks to sell an inflation-linked Colombian peso-denominated social bond that has a double-A credit rating thanks to a guarantee from the US International Development Finance Corporation (DFC).
18 Apr 2021 -
Argentine energy company lines up bond return
Oil and gas producer Pan American Energy is looking to become the first Argentine company to issue international bonds this year, though it is the company’s operations in Bolivia and Mexico that may enable it to dodge the distress in its home country.
18 Apr 2021 -
Scotia hires for US syndicate
Scotiabank has hired a new head of syndication in New York, GlobalCapital understands.
16 Apr 2021 -
Social contract: The future of ESG finance in Japan
Japanese issuers have embraced green, social and sustainability bonds, offering domestic and international investors a range of deals designed to tackle climate change, gender equality and other problems. But the local investor base is still small — and some issuers have lingering questions about funding costs. GlobalCapital talked to a group of leading market participants about the potential for Japan’s ESG bond market.
16 Apr 2021 -
Japan’s sustainable bond market blossoms
Japan’s sustainable bond market, already one of the world’s largest, has grown over the past year — given a boost from social funding needs brought about by Covid-19. Morgan Davis reports.
16 Apr 2021 -
Japan’s top credits endure Covid volatility
Japanese issuers have just been through one of the most volatile, unpredictable years in decades. Although the impact of Covid-19 on capital markets was not as violent as the aftermath of the global financial crisis, huge questions about economic growth, trade and asset allocation meant it was arguably a more troubling period for issuers and investors alike. GlobalCapital talked to some of the country’s best-regarded issuers about how they navigated the market.
16 Apr 2021 -
Japanese bond issuance booms in wake of pandemic
The Japanese bond market had a blow-out year in 2020, despite the ongoing pandemic and related volatility. With 2021 already characterised by eager borrowers and large acquisition financing activity, DCM bankers are preparing for another record setting year. Morgan Davis reports.
16 Apr 2021 -
Turning tough on Russia, government debt and M&A
This week in keeping tabs US president Joe Biden gets tough on Russia, a sceptic gives his views on M&A addiction, there is German hand-wringing about excessive debt and a look at counting the lockdown death toll. Then we revisit that the age old question: is passive investing Marxist?
16 Apr 2021 -
UK picks banks for first syndication of 2021/22 financial year
The UK Debt Management Office has selected the banks to lead the first syndicated transaction of its 2021/2022 borrowing programme.
16 Apr 2021 -
Bank of Cyprus prints popular tier two
The Bank of Cyprus was met with plenty of demand as it sold one of the lowest rated financial deals of the year on Friday – a sign of confidence for any other peripheral names looking at the market.
16 Apr 2021 -
Tatra Bank debuts green programme
Slovakian lender Tatra Bank concluded several days of marketing with the sale of its debut green bond on Friday, raising €300m of preferred senior paper, which it will count towards minimum requirement for own funds and eligible liabilities (MREL).
16 Apr 2021 -
Canadian covered bonds find harbour in troubled times
The Covid-19 pandemic caused severe disruption to financial markets in 2020-2021. During this difficult time, the Bank of Canada and the Office of the Superintendent of Financial Institutions took a number of actions to build resilience and improve the stability of the Canadian financial system. Federally regulated financial institutions were, among other things, permitted the privilege to pledge covered bonds with the central bank, which provided access to long-term repos and benefited from preferential regulatory treatment of loans subject to payment deferrals.
16 Apr 2021 -
Luzerner Kantonalbank preps rare Swiss sub deal
Luzerner Kantonalbank has mandated for its first tier two bond in almost a decade, coming ahead of a subordinated debt redemption later this year.
16 Apr 2021 -
Allfunds opens books but cracks showing in Europe’s IPO market
Allfunds, the B2B fund distribution platform, has opened the book on its Amsterdam IPO and named several high quality cornerstone investors which are backing the deal. However, not all deals are proving to be as popular as this one and bankers say the IPO market is splitting into those firms which can and those which cannot.
16 Apr 2021 -
Nordic Infra gets €200m green loan
Nordic Infrastructure, a Swiss industrial holding company, has signed a €200m green loan, with the company planning on using part of the proceeds on its acquisitive portfolio company Solör Bioenergy.
16 Apr 2021 -
Bain Capital cuts TI Fluid Systems holding
Bain Capital has trimmed its stake in TI Fluid Systems, the UK maker of automobile fluid delivery systems that floated on the London Stock Exchange in 2017.
16 Apr 2021 -
IADB USD4.25bn 0.875% Apr 26
16 Apr 2021 -
China policy and markets round-up: Q1 GDP growth breaks record, Beijing toughens stance on local government hidden debt, Luckin secures $250m investment deal
In this round-up, the Chinese economy rebounds at a fast pace from a year ago when the Covid-19 pandemic hit, regulators vow to manage hidden debt risks at local governments, and two existing shareholders agree to pump $250m into Luckin Coffee.
16 Apr 2021 -
Post-results Scandie credit pipeline builds
A handful of borrowers are circling the Nordic markets with an eye to printing after the end of first quarter results. But the looming blackouts have not deterred every type of credit from tapping the market as a range of corporate, covered bond and financial issuers placed paper this week.
16 Apr 2021 -
Land NRW USD1.75bn 1% Apr 26
16 Apr 2021 -
ABN hires internally for new UK DCM top job
Vi Davda has been promoted to a new role of head of UK debt capital markets at ABN Amro, as the Dutch bank looks to expand its business across UK financial institutions and corporate clients.
16 Apr 2021 -
Kakao chairman trims stake after charity pledge
The chairman of South Korea’s Kakao Corp has kicked off his official pledge to donate more than half of his wealth to society by raising about W500bn ($448m) from a stake sale in the messaging app on Thursday.
16 Apr 2021 -
Tencent nails $4.15bn bond
Chinese technology giant Tencent Holdings raised $4.15bn from four tranches of long-dated bonds this week, overcoming weak market sentiment to push ahead with its deal.
16 Apr 2021 -
CCB goes global for sustainability bonanza
China Construction Bank Corp turned to the bond market on Thursday to sell a $2.4bn equivalent multi-currency transaction, with each tranche carrying a socially responsible investment (SRI) label. But recent volatility in the region’s credit market, and the issuer’s own ‘ambiguous’ approach to the trade, posed challenges.
16 Apr 2021 -
Dongfeng Peugeot drives into ABS market on sales rebound
Dongfeng Peugeot Citroen Auto Finance Co made its first appearance in China’s auto loan ABS market since 2017 this week, sealing a Rmb2.201bn ($336m) deal amid rising demand for proprietary brand vehicles after a plunge in sales in recent years.
16 Apr 2021 -
DBS sets the stage to cut thermal coal exposure
DBS Bank is aiming to reduce its thermal coal exposure to zero by 2039, joining a group of global investors and banks that have made similar commitments to tackle climate change.
16 Apr 2021 -
India seeks banks for fertiliser divestments
The Indian government is looking for banks to help offload its stakes in Rashtriya Chemicals & Fertilizers and rival National Fertilizers, sending out two requests for proposals for the divestments.
16 Apr 2021 -
Birla Sun Life AMC readies IPO
India’s Aditya Birla Sun Life Asset Management Company is gearing up for an IPO that will give its two promoter shareholders an opportunity to divest their positions in the firm.
16 Apr 2021 -
Zhaoke eyes $270m from Hong Kong IPO
Chinese company Zhaoke Ophthalmology has kicked off a Hong Kong IPO worth up to HK$2.1bn ($270m), becoming the latest biotechnology company to sell shares on the bourse.
16 Apr 2021 -
Prasac trims pricing on loan return
Cambodia’s Prasac Microfinance Institution has returned to the loan market for $200m, narrowing pricing by 35bp compared to its last transaction in 2020.
16 Apr 2021 -
Mind ID seeks $1.5bn in general syndication
Mining Industry Indonesia (Mind ID) is testing lenders’ appetite for a $1.5bn dual-tranche loan that has been launched into syndication through a group of eight banks.
16 Apr 2021 -
Davivienda, CMI land inside guidance as LatAm jumps on rates rally
Colombian lender Banco Davivienda and Central American renewable energy company CMI Energía both priced new issues inside the ranges indicated at guidance on Thursday, as Latin American bond markets took advantage of a strong bid for US Treasuries.
16 Apr 2021 -
Peru bondholders 'complacent' amid LatAm election super-cycle
Peruvian bonds barely moved this week after a shock in the first round of the country’s presidential elections on April 11, while Ecuador debt reacted spectacularly to a positive electoral surprise on the same day. Yet there are concerns about complacency towards risks in Peru, where a left-wing radical took most first-round votes, and Latin American bond buyers should brace for more volatility as the region faces an exceptionally busy election cycle.
15 Apr 2021 -
Public Storage M&A breaks dollar hush
Public Storage wrapped up a quickfire acquisition financing in the US bond market this week, after supply slowed to a trickle as huge swathes of corporate America entered earnings blackouts.
15 Apr 2021 -
Bank SLBs: the answer is staring you in the face
Progress in sustainability-linked finance for banks has flipped from glacial to dizzying with Berlin Hyp’s €500m sustainability-linked bond this week.
15 Apr 2021 -
No such thing as a temporary safe asset
If the European Union wants its bonds to be considered the true eurozone safe asset, then it’s going to have to start acting like it means to stick around.
15 Apr 2021 -
Spain EUR6bn 0.85% Jul 37
15 Apr 2021 -
Austria EUR4.5bn 0% Apr 25m, EUR2bn 0.7% Apr 71
15 Apr 2021 -
EFSF EUR4bn 0% Jul 26
15 Apr 2021 -
World Bank USD3bn 0.125% Apr 23 sustainable development bond, USD5bn 1.375% Apr 28 sustainable development bond
15 Apr 2021 -
BNG EUR2bn 0.125% Apr 33 sustainability bond
15 Apr 2021 -
Borrowers flock to scorching dollar mart
SSA borrowers flooded into the dollar market this week, bringing forward deals targeted for later in the year to take advantage of the superb conditions.
15 Apr 2021 -
EU readies €800bn debt programme but safe asset status in doubt
The European Commission says it is ready to pull the trigger on Next Generation EU — an €800bn debt programme designed to finance the bloc’s economic recovery from the coronavirus pandemic. Political hurdles remain but from a funding perspective the EU is raring to go. However, market participants warn that even with its colossal funding need, it may not fulfil ambitions of becoming a true eurozone safe asset, writes Lewis McLellan.
15 Apr 2021 -
Eyes on IMF as Suriname clinches debt delay
More than 90% of Suriname’s bondholders this week participated in a consent solicitation that extends the sovereign’s debt standstill until the end of July. But the government has only until April 30 to sign a deal with the IMF, or the standstill will be cancelled.
15 Apr 2021 -
PP heavyweight resigns at Santander
Santander’s head of private placements has resigned from the bank.
15 Apr 2021 -
PP investors weigh up governance as UK schools face crisis
Institutional investors are weighing up governance at elite UK private schools after a series of serious sexual assault allegations emerged from the sector. As certain private schools look for new deals to add to the £500m they have already raised, investors are focusing on how schools have handled the ensuing crisis.
15 Apr 2021 -
Spac boom drives US banks to Q1 record
US investment banks have set a high bar for their European rivals by posting record revenues powered by a boom in capital markets underwriting.
15 Apr 2021 -
SSAs break records in booming SRI market
There was an ESG flavour to the majority of non-sovereign euro public sector trades this week, with a number of issuers setting new records with labelled deals.
15 Apr 2021 -
Project Zeus: Greece brings first non-performing energy debt securitization
Public Power Corporation (PPC), the largest utilities provider in Greece, has launched a first-of-its-kind programme securitizing missed electricity payments with the help of Deutsche Bank.
15 Apr 2021 -
Slovakia EUR1bn 0.375% April 36
15 Apr 2021 -
Dubai Islamic Bank USD500m 3.375% PNC6 sukuk
15 Apr 2021 -
Cantonal banks make the most of Pfandbriefzentrale absence
Switzerland's cantonal banks enjoyed an open window this week thanks to Pfandbriefzentrale's extended stint away from the market. Elsewhere, the Canton of Zurich was able to harness the lack of sub-sovereign supply to land at an aggressive level versus govvies.
15 Apr 2021 -
Austria breaks new ground with first ever four year benchmark
Austria took centre stage in the euro sovereign bond market this week with the sale of its first ever four year benchmark alongside a new 50 year deal to complete its curve.
15 Apr 2021 -
Rabobank EUR750m 3.1% PNC Dec 28 AT1
15 Apr 2021 -
SLB fever sweeps FIG market after Berlin Hyp debut
Banks are optimistic that sustainability-linked bonds have a bright future as part of their funding toolkits, after Berlin Hyp became the first financial institution to land a deal in the format this week. More trades are already on the way and market participants are stepping up their efforts to break down the remaining barriers for FIG borrowers.
15 Apr 2021 -
Schiphol, Eurogrid win solid support as highly rated names print bonds
Royal Schiphol, the Dutch airport, sold €1bn of debt on Thursday, as highly rated names found solid support in the European corporate bond market.
15 Apr 2021 -
Berlin Hyp EUR500m 0.375% Apr 31 sustainability-linked senior
15 Apr 2021 -
Lower default rate boosts CLO credit quality
The credit quality of CLOs has strongly improved since April 2020, with default rates and watchlist exposure falling rapidly, Fitch said this week.
15 Apr 2021 -
‘Russia’s Rubicon crossed’ after Biden sanctions
Equity and debt markets were fretting on Thursday over the implications of new US sanctions against Russia. A prohibition of US investment in Russian sovereign bonds marked an escalation in tensions, threatening sovereign borrowing costs. It could also damage Russian companies’ chances of funding in the capital markets, write Mariam Meskin and Sam Kerr.
15 Apr 2021
