Deutsche Bank
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Deutsche Bank’s head of equity capital markets in India has resigned, according to a source familiar with the matter. -
Chinese education firm Puxin popped on its first day of trading on the New York Stock Exchange last Friday, and has stayed strong since, after pricing its IPO at the bottom of the marketing range.
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Five borrowers helped to contribute to a heavy deal pipeline for acquisitions and refinancings this week, as secondary spreads tightened after last week's no issuance.
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CYBG has agreed to buy Virgin Money for £1.7bn, paving the way for a new major challenger bank on the UK high street. The combined bank will be strong in mortgages but have only £7.6bn of corporate and SME loans.
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EPP, a Polish real estate investment company, has come to market for a five year euro benchmark in what will be the first non-corporate bond from CEE since early May, but early indications suggest a lukewarm reception.
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It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.
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The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports.
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Two issuers from the CEEMEA region — Bulgarian Energy Holding and Ecobank Transnational Inc — have mandated banks for new bonds and are embarking on roadshows, breaking the wait-and-see mode that the market had slipped into over the last week.
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The Paris IPO of Delachaux Group, the French maker of railway equipment, has been called off after CVC agreed to sell its stake in the company to Caisse de dépôt et placement du Québec (CDPQ) for an undisclosed price.
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Ecobank Transnational Incorporated, a pan-African banking group, is the only CEEMEA issuer to have publicly progressed with bond plans this week, setting the roadshow for its debut dollar bond. A syndicate official on the deal said that lead managers are confident of demand, but a rival questioned whether a single-B rated sub-Saharan issuer could reopen the market.
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Asia’s bond market suffered prolonged bouts of volatility in the first half of the year. Bankers, credit analysts and asset managers are trying to shake off the disappointments in both the primary and secondary markets, but the signs are not good. Addison Gong reports.
