Banks

Bank Nederlandse Gemeenten received its biggest ever order book in euros for a 10 year benchmark on Thursday, allowing it to print its biggest size in the currency since 2016.

European banks have long been tipped to begin using call options as a way of making funding for the minimum requirement for own funds and eligible liabilities (MREL) more efficient. After a blowout deal for BNP Paribas this week, the one year call structure may finally take its place as the new standard for senior debt in the euro market.

Citi said it had appointed David Livingstone, the bank’s chief country officer for Australia and New Zealand, as chief executive of EMEA, succeeding Jim Cowles.

Turkey’s export-import bank (Turk Eximbank) raised $500m with a five year bond on Wednesday, becoming the first Turkish borrower, apart from the sovereign itself, to access the market since the lira crisis. The deal benefitted from a relief rally following a Turkish central bank meeting on Wednesday.

The Province of Ontario will this Friday be the fourth SSA from Canada to visit a very strong dollar market this week, after CPPIB Capital printed on Monday, Alberta on Tuesday and the sovereign made a rare visit on Thursday. Dexia Crédit Local also printed in the currency on Thursday and SSA bankers are confident of more supply next week.

London-listed RDI REIT has refinanced a sterling club loan, pushing out its average maturities amid a flurry of refi activity in the European loan market.

Technology M&A will continue to power corporate finance activity in 2019 but, as deals increasingly cross sectors, banks are having to re-tool their coverage and break up internal silos, writes David Rothnie.

Turkey’s export import bank raised $500m on Wednesday, returning to the bond market for the first time since the Turkish currency crisis in 2018, benefiting from a relief rally following the Turkish central bank meeting on Wednesday.

Hong Kong-listed Lenovo Group has given Asia its first real taste of equity-linked issuance for the year. The firm raked in $675m from its debut convertible bond (CB) after a flood of investors turned out for the deal, and as bankers gear up for more issuance. Jonathan Breen reports.

The Philippines’ equity capital market came to life this week with two back-to-back overnight transactions, with Puregold Price Club and Ayala Corp in the limelight.

Indian bond issuers have started 2019 with a bang, enjoying the benefits of an optimistic dollar debt market. But with a national election looming — and with no guarantees that credit markets will not take a turn for the worse — it will be far from plain sailing. Morgan Davis reports.

Korea National Oil Corp’s debut in the Japanese yen market on Wednesday was one to remember. The deal was the largest single-tranche Samurai bond on record in Asia, despite a rise in tensions between the two countries.