Deutsche Bank
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Asia’s G3 bond market has been defined by volatility this year, forcing bankers, investors and issuers alike to think on their feet during the first half of 2018. As banks fight to stay on top of the limited primary market activity, the region’s league tables have been disrupted.
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Consus Real Estate, the German property development company, has fixed the terms for a €287m capital increase that it announced last month to finance its pipeline projects.
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Dutch food and biochemical company Corbion has refinanced its revolving facility with a five year loan with an interest rate linked to the company’s year-on-year sustainability performance.
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Deutsche Bank shares were up nearly 4% on Friday morning, following confirmation on Thursday evening that the Federal Reserve had failed the Comprehensive Capital Analysis and Review submission from its DB USA unit on qualitative grounds. The Fed also blocked planned payout boosts from Goldman Sachs and Morgan Stanley.
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Anagh Chaudhry, a member of the Asia ECM syndicate team at Deutsche Bank, has resigned from the firm.
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Sovereign, supranational and agency borrowers were out in force this week, but the second busiest week of the year for euro funding was notable for the lack of price tension on many deals.
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There was a smattering of sterling deals from public sector borrowers this week, as the biggest issuer in the currency — the UK Debt Management Office — provided details for its next syndication.
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Germany’s largest residential real estate company, Vonovia, took its total bond issuance year to date to €3.6bn after announcing a €500m no-grow five year deal as it continued to fund its M&A activity.
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Chinese mobile streaming platform Inke hit the road with its Hong Kong IPO this week armed with anchor demand as it seeks up HK$1.5bn ($192.6m).
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A green bond and a conventional bond both hit the euro market on Wednesday. While neither aimed for size, the pricing action showed much hotter demand for the green offering.