Credit Suisse
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Credit Suisse reported surging revenues in its investment bank, with FICC and equity underwriting standout divisions. Profits at the bank, however, have been tempered slightly by higher losses in the investment bank's non-strategic businesses. -
Sovereign, supranational and agency bankers are waiting for a borrower — possibly Sweden — to attempt a benchmark in the belly of the curve to test the strength of sentiment after extreme volatility in US Treasury markets last week led to a pair of undersubscribed deals in dollars.
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Jastrzębska Spółka Węglowa started the roadshow for its dollar denominated Reg S/144A bond on Wednesday (22 October) via Credit Suisse and JP Morgan.
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KfW had to keep books open for longer than it is used to when selling a three year dollar benchmark on Tuesday, but it still impressed bankers by getting the trade away at a tight level. Viewed as a deal breaker for other issuers to come in dollars this week, KfW’s success meant that more trades could join FMS Wertmanagement, which mandated banks for a two year deal on Tuesday afternoon.
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Luxury goods retailer SSI Group has set final price guidance at the top of the range ahead of closing books for its Ps6.5bn ($146m) IPO on October 22.
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KfW is set to bring a three year dollar benchmark on Tuesday, in what bankers say could be a tight window for issuance in the currency. At least two other borrowers are thought to be looking at dollar deals this week, but may wait for KfW to test the water first.
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Indonesian taxi operator Blue Bird Group became a victim of weak global market conditions last week, forcing it to shrink its IPO size by 33% despite books being covered within hours of launch.
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Credit Suisse has shuffled its senior management in Asia Pacific, naming a new CEO for the region, who takes over from Eric Varvel. The bank has also appointed new leadership for its investment bank globally.
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Bangkok Airways Public Company has raised Bt14.5bn ($446m) from its IPO by pricing the trade at the middle of the range, with weak market conditions at the time of bookbuilding leading to the selling shareholder offloading fewer shares than planned.
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Karim El Zein, a vice president covering the EEMEA region on Credit Suisse’s DCM desk, has left the bank after over seven years at the firm.
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Two Frankfurt-based covered bond traders have left Credit Suisse, while two London-based traders will no longer focus on covered bonds, as the Swiss bank folds its separate covered bond market-making operation into investment grade credit trading.
