Deutsche Bank
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Vinpearl blazed a trail for the Asian equity-linked market this week as Vietnam’s first issuer of exchangeable bonds, printing a hugely successful $325m trade. But the execution was not all plain sailing, coming amid a backdrop of emerging markets angst and the disappointing IPO of a high-profile Vietnamese bank. John Loh reports. -
Vinpearl has hit screens with the year’s first exchangeable bond in Vietnam to raise $275m, as southeast Asia’s equity-linked market heats up.
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On Monday, Volkswagen reopened the euro corporate bond market after a blank week. The German car company’s financial arm was the only corporate issuer to brave the market on the day and, despite issuing a €1.5bn triple tranche deal, kept its longest maturity at six years.
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EPP, a Polish real estate investor specialising in shopping malls, has mandated banks for a euro bond, joining Atrium European Real Estate in the rush to issue the first non-financial corporate bond from CEE since early May.
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Chinese education firm Puxin's $166m New York Stock Exchange IPO was covered by demand from Asian investors alone on the first day of bookbuilding.
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Bank of America Merrill Lynch has added a member of Deutsche Bank’s treasury team to its SSA syndicate desk — its second public sector hire in as many months.
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Investors have been reducing their exposures to risk in financial markets this week, after Italian president Sergio Mattarella helped to set the country on a course towards fresh elections.
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Property developers Times China Holdings, Central China Real Estate and China South City Holdings raised funds from the dollar bond market on Monday, with all three finding sufficient buy-side interest.
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China Energy Reserve & Chemicals Group Co (CERCG) said on Sunday evening that it has officially defaulted on its dollar bonds, marking the third offshore default from Greater China in recent weeks. Markets participants are not stressing about it though, but are instead optimistic about a strong week for primary and secondary markets.
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Ahead of its AGM on Thursday in Frankfurt, Deutsche Bank announced it had finished the review of its equities business, and planned to cut headcount and prime finance leverage by a quarter — as part of package of cuts that will see more than 7,000 jobs lost at the bank.
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The political manoeuvrings in Italy’s path to being governed — as well as poor eurozone economic data — played havoc with rates this week, leading to SSA deals either paying higher new issue concessions, or falling short of subscription. More volatility could come, after the country’s president approved the likely coalition partners’ choice of prime minister but held back from appointing a eurosceptic economist to take charge of the country’s economy. Craig McGlashan reports.
