Deutsche Bank
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In a quiet week for Asia’s equity capital markets, three issuers filed preliminary documents ahead of their planned share debuts in Hong Kong due to take place in the autumn. -
US sports tycoon Stan Kroenke will use a bridge loan facility to buy metals magnate Alisher Usmanov’s 30% stake in Arsenal, to claim full ownership of the London football club.
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Chinese firm Weimob is seeking the greenlight to float in Hong Kong, having filed a draft prospectus with the city’s bourse on Monday.
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The Bank of England on Thursday raised its base rate by 25bp to 0.75%, a move that was widely expected and one that brought next to no market reaction — keeping conditions calm for what could be a record year for SSA sterling issuance. L-Bank added to that tally on the same day with a deal that came 25% above its initial size target.
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World Bank returned to the euro benchmark market for the first time since October 2016 on Wednesday, amid an attractive euro/dollar basis swap for dollar funders.
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Europe’s leveraged finance markets are having a hard time slowing down for their traditional summer break. Investors are willing to keep deploying cash and issuers are responding, with several deals scheduled to be priced in the next two weeks.
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There was a time, not so very long ago, that Barclays and Deutsche Bank seemed to be plunging down the same path together. Fixed income flow monsters both, the two firms unveiled superficially similar revamps in 2014 and 2015, driven by the same structural imperatives. In the last year though, the pair couldn’t have been more different.
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The World Bank has chosen leads to run a euro benchmark that will be the first from the borrower in nearly two years.
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Daimler raised €3bn on Tuesday with a blockbuster bond offering of three tranches, each of which was heavily oversubscribed. The deal comes in an empty new issue market and is unusually large for this time of year.
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Beijing Capital Grand closed a successful $400m floating rate bond on Thursday, after waiting weeks for a market window. But the transaction fell flat in the secondary market after a bookrunner’s withdrawal from the trade spooked investors.
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The package of business cuts unveiled by new chief executive Christian Sewing earlier this year has already started to bite on Deutsche’s balance sheet, with trading assets plunging and borrowing in repo down 95%. Despite the cuts, though, the bank beat rock bottom expectations this quarter, but still faces a challenge to return to sustainable profit-making, according to analysts.
