Credit Suisse

Credit Suisse will shrink its global markets business even faster than previously planned, shutting several desks entirely, including European securitization trading, distressed credit, and long-term illiquid funding. The bank wants to shrink its trading unit to $60bn of risk-weighted assets before the end of the year, rather than $83bn-$85bn as previously announced.

The Canton of Geneva has printed a 20 year bond with what bankers on and off the deal say is the lowest ever coupon at that tenor for a Swiss public sector issuer.

The proposed restructuring of Mozambique’s “tuna bonds” would not constitute a default event, Fitch Ratings said on Monday.

Low profitability remains the main risk for euro area banks, according to the European Central Bank’s annual report on banking supervision, and with little sign of revenues rising in 2016, more and more financial institutions are turning to technology to cut costs.

After a decade in which they’ve suffered dismal profits, multiple IPO suspensions and a near-disastrous crash in A-shares, China’s foreign-backed securities houses are finally seeing the fruits of their labour. Now a pair of banks, including HSBC, are joining the fray with a new type of joint venture, setting the stage for another industry shake up. John Loh reports.

Gategroup, the airline food services company, has increased the size of a revolving credit facility after an amendment operation, giving the company greater financial headroom.

Orchid Capital Investments has exited from Vietnamese conglomerate Masan Group, raising VN$3.1tr ($139m) from a small group of investors including Singapore’s sovereign wealth fund.

Rici Healthcare Holdings has submitted a preliminary prospectus to the Hong Kong Stock Exchange for a potential $250m IPO slated for the second half of the year.

Argentine state oil company YPF sold $1bn of five year notes at a new issue premium close to flat on Friday as the threat of an imminent flood of supply from Argentina did nothing to quell demand.

Chinese e-commerce group Alibaba is understood to have seen a good turnout for a roadshow held on Thursday for its $3bn syndicated loan. Bankers reckon the pricing and the potential use of proceeds contributed to the appeal.

GlobalCapital announces the results of its Equity Capital Markets Awards for 2015, following our inaugural ECM Awards Dinner, in London on March 16.

Credit Suisse’s co-head of high yield cash and CDS trading in Europe has left the bank to focus on philanthropic efforts, a spokesperson has confirmed.