Citi

Bank Nederlandse Gemeenten was the only name out in dollars this week for a small tap, as the US Federal Reserve sent rates sharply down after a more dovish than expected meeting on Wednesday.

The Commerzbank and Deutsche Bank talks have given Europe’s FIG bankers an unexpected source of cheer, writes David Rothnie.

The remarkable €947m listing of Dutch payments firm Adyen was celebrated as GlobalCapital’s ECM Deal of the Year, while also taking home the gongs for IPO of the Year and Best ECM Deal in the Benelux.

UP Fintech raised $104m from its Nasdaq IPO this week after pricing its float above the initial marketing range.

Bank Nederlandse Gemeenten is braving the dollar bond market during the Federal Open Market Committee on Wednesday, as it takes indications of interest for a $250m tap of its March 2022 floater.

Ghana became the first Sub-Saharan African sovereign to access the bond market this year on Tuesday, printing tranches of dollar paper on Tuesday and receiving one of the largest order books ever for a bond from the region.

Vakifbank will be the next borrower to join the growing list of Turkish credits returning to the bond market after the nation’s currency crisis in 2018.

GlobalCapital announced the winners of its 2018 Equity Capital Markets Awards at our annual Awards dinner in London on Tuesday night. Adyen, Knorr-Bremse, Netcompany and Neoen were among the deals that won prizes as company founders, CFOs and senior managers mingled with leading investment bankers.

Citigroup’s new operations in Frankfurt are designed to help it continue offering services for clients after Brexit, and it is moving around 80 staff from London. It is one of a number of big US banks to expand in the German city.

Russian borrowers are returning to life as investors start to brush off sanctions risks, though issuance is still weak compared to the same time last year. Evraz hits the road for a five year dollar bond on Wednesday and Credit Bank of Moscow (CBM) came to market on Monday.

The Republic of Benin has opened books for its debut bond — a six year euro amortiser. Ghana is also expected to enter the market on Tuesday, following a roadshow to promote a dollar bond.

Chinese power generator and local government financing vehicle (LGFV) Yunnan Provincial Energy Investment Group reopened a 2021 bond on Monday. Investors flocked to the deal, showing more enthusiasm than they did for the original syndication four months ago.