Citi

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.

Credit Bank of Moscow (CBM) opened books on Monday for its return to the dollar market, taking orders for five year loan participation notes.

Citi names capital markets boss as India head — HSBC banking exec to retire — SSGA names China head — HKEX set to launch MSCI China futures

South Korean supermarket chain Homeplus Stores has cancelled the potential W1.73tr ($1.5bn) IPO of its Homeplus Real Estate Investment Trust.

Chinese online education company Koolearn Technology Holdings has launched a HK$1.83bn ($232.6m) IPO, nearly five months after it began pre-marketing.

Rating: Aaa/AAA

The exceptionally strong demand in Europe’s corporate bond market has remained unaffected by the turmoil in the UK’s Parliament, as MPs vote night after night on repeated motions that could determine the country’s future inside or outside Europe. On Thursday, two issuers attracted huge books: Marsh & McLennan Companies, the US insurance and investment services group making its debut in euros, and Incommunities Group, a Leeds-based housing association, in sterling.

European high yield investors are as eager to buy bonds as their investment grade counterparts — the difference is, while IG issuers have been pouring paper into the market, high yield has been in a drought. But that is at last starting to break.