Banks

With emerging markets loan volumes half of what they were by this time last year, syndicate staff are facing job cuts and increased pressure to find ways to compete for what scraps of business there are. The battlegrounds will be pricing and covenants.

The Kingdom of Saudi Arabia has tightened guidance for its dual tranche debut in the euro market, offering a 10bp new issue premium for its eight year and a 5bp concession for its 20 year, according to a syndicate official away from the deal. Combined books are over €10bn, including €1.5bn of joint lead manager interest.

Turkey announced a five year dollar Global benchmark on Tuesday, returning to the market for the first time since March and making the most of the rally in Turkish assets.

Commerzbank was more than 10 times subscribed for its first ever additional tier one on Tuesday, despite widespread disagreement in the market about what would constitute fair value for the new securities.

Bond investors will have a chance to give a further indication of their appetite for Argentine risk as Pampa Energía looks to follow in YPF’s steps and continue to reactivate the primary markets from the country.

RBC Capital Markets’ European SSA DCM head has been appointed to lead the bank’s public sector syndicate team, GlobalCapital understands.

Hutchison Healthcare Holdings has taken home $288m from an enlarged sell-down of shares in Hutchison China MediTech (Chi-Med).

Budweiser Brewing Company Apac has kicked off the roadshow for its up to HK$76.4bn ($9.8bn) Hong Kong listing, on track to be the city’s largest IPO in nearly a decade and the world’s biggest flotation so far this year.

Nomura’s executive director and head of Malaysia investment banking Kit Weng Yip has left to take on a new position at another capital markets firm in the country.

Chinese private higher education provider Edvantge is planning to raise up to $100m from a listing on the Hong Kong Stock Exchange, with bookbuilding set to open on Wednesday.

MUFG Bank has picked Satinder Pal Singh Ahluwalia as managing director of the global commercial banking planning division, a newly created position.

ANZ has restarted its loan syndications business in Europe, hiring two senior bankers in London.