Deutsche Bank
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China is about to find out if it can build a bridge to European liquidity, with Qingdao Haier set to close the first IPO of D-shares in Frankfurt. The debut of the China Europe International Exchange (Ceinex), along with another much talked about equity link to London, will be a key test of whether Chinese issuers can tap new sources of funding abroad. John Loh reports. -
Deutsche Bank has hired former Standard Chartered banker Erick Pan as head of syndicated loans for north Asia.
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The UK’s Ithaca Energy has signed $700m of loans, five months after pulling out of a high yield bond deal.
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Turkey passed its first test of investor sentiment on Tuesday night, returning to international capital markets with a $2bn five year deal after an absence of six months while the country had a brush with economic and diplomatic chaos.
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Turkey is in the market for a five year dollar benchmark — its first trip to international capital markets since it was plunged into financial crisis by US sanctions earlier this year.
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Slovenia will brave volatile markets to privatise Nova Ljubljanska Banka (NLB), the country’s largest bank, before an end of year deadline set by the European Commission.
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British drinks manufacturer Diageo sold its largest euro corporate bond deal to date on Monday, when it sold a €2bn triple tranche deal. The proceeds are expected to be used to fund the share buy-back programme the company announced earlier in 2018.
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Milanese pharmaceutical firm Recordati was out with its CVC buyout funding this week — a €1.3bn bond, in a European high yield market that has mostly ignored Italy’s political fights. But on Thursday, volatility went global and investors started pressing for concessions. Recordati went ahead regardless, and priced on guidance.
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The People’s Republic of China, acting through its Ministry of Finance (MoF), priced a $3bn return to the international bond market, pushing out its maturity profile to 30 years. But a weaker backdrop meant that the order book was not as strong as its dollar trade last year.
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Qingdao Haier has set final price guidance for its D-share IPO. The Chinese white goods maker is eyeing proceeds of up to €397.5m from a smaller than expected debut for the asset class.
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