Deutsche Bank
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The European Central Bank struck a decidedly dovish tone at its meeting on Thursday, meaning there were no nasty surprises for SSAs planning bond issues in the coming days. A French agency is on screens for a deal in dollars this Friday, while euro and dollar benchmarks are slated for next week. -
The State of Qatar wowed the financial world on Wednesday with a $12bn three tranche deal that gathered a staggering $50bn of orders.
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Goldman's Richdale joins KKR – JPM hires Wong from BofA – Fubon recruits from ANZ loans – Natixis names head of PB – Deutsche promotes two for sponsors – ABN opens shop in Australia – MSCI backs China A-shares
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Heathrow, Europe’s busiest airport, may be facing what could be one of the biggest disruptions in its history, in the shape of Brexit, but its approach to the bond market on Tuesday was smooth. Having roadshowed last week, it glided in on the wave of credit demand and landed this year’s fourth corporate 15 year issue in euros.
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Qatar launched a long anticipated triple tranche dollar benchmark on Wednesday, hitting three parts of the curve for what may prove the largest emerging markets deal so far this year. The deal had gathered more than $35bn of orders before the US open.
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Banks outside the top five in the league tables, especially those operating in emerging market bonds, often sing a song that would tug at the heart strings if set against a solo violin. They claim that the league tables for CEEMEA deals often do not represent the banks that do the bulk of business in each region because the huge jumbo deals that occasionally spring up skew the results wildly in favour of the big firms. But the numbers show that claim is utter nonsense.
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L-Bank on Tuesday became the first SSA issuer to sell a Sofr-linked floating rate note with Reg S only documentation. The $500m no-grow deal had over $600m of orders, with $125m of those coming from the leads — which said any stock they were left with would be useful for providing paper to investors looking to test their Sofr systems in the coming weeks and months.
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Nokia had much to be thankful for on Monday when it issued a €750m seven year bond at 170bp over mid-swaps — the same level at which its older five year bond was trading at the beginning of this year.
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L-Bank is set to bring the first ever Reg S only Sofr-linked bond on Tuesday. The German agency will be joined in the dollar SSA market by Japan Finance Organization for Municipalities, which has picked banks for its first benchmark of the calendar year.
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New economy-focused logistics company ESR is looking for the greenlight to list in Hong Kong, having filed a draft IPO prospectus with the city’s stock exchange.
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China real estate companies Zhenro Properties Group and China Evergrande Group started the new month with fresh dollar deals at the end of last week, marking Zhenro’s fourth trade of the year and Evergrande’s second.
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