Citi

Hydropower producer China Three Gorges Corp (CTG) has mandated Deutsche Bank, ICBC International and JP Morgan as joint global co-ordinators for its first venture into the international bond market.

While banks have engaged in some genuinely appalling conduct and been punished for it, the quantum of fines has become seriously disconnected from — well, anything. It is not just bad for bank shareholders, it is bad for regulatory credibility.

A dollar market that has been a haven for issuers avoiding the troubled euro sector is starting to show signs of congestion, bankers have warned.

US investors showed few signs of fatigue as they continued to pour cash into corporate high grade debt amid an unrelenting pipeline of dollar issuance this week.

General Electric became the latest US issuer to hit the euro bond market with a multi-tranche deal on Wednesday. Unusually, the bond was issued by GE itself, not GE Capital.

Harman International Industries, the US audio equipment manufacturer, made its euro bond debut on Wednesday, putting together a sub-benchmark deal that will be used in part to finance its acquisition of part of Bang & Olufsen.

Transurban tapped the euro bond market for a long 10 year on Thursday. It drew a healthy order book, but not as large as that of Electricity Supply Board’s issue on the same day, prompting some bankers to wonder if European issuers might have a home advantage.

Dealers representing more than 60% of the foreign exchange market have pleaded guilty to criminal charges in the US. Citi, JP Morgan, Barclays, Royal Bank of Scotland and UBS have all entered guilty pleas over their foreign exchange conduct on Wednesday.

Illinois Tool Works, the US machinery and components maker, issued its third euro bond on Tuesday, taking what bankers away from the deal judged a “conservative” approach by selling eight and 15 year tranches.

Noble Group has signed its latest fundraising at $2.3bn, with 35 banks participating, despite negative reports that swirled around the company during syndication. The leads’ decision to hold roadshows in Europe and North America, in addition to Asia, has paid off, with the list of incoming banks revealing plenty of western liquidity.

GlobalCapital presents its annual Corporate Bond Awards 2015. These Awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers, investment banks and rating agencies in the European high yield market between May 2014 and April 2015. GlobalCapital congratulates all the winners and nominees.

GlobalCapital presents its annual High Yield Bond Awards 2015. These Awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers, investment banks and rating agencies in the European high yield market between May 2014 and April 2015.