Deutsche Bank

Deutsche Bank is cutting 400 staff from its corporate and investment bank across the Americas as part of a cost-cutting drive that has accelerated under new CEO Christian Sewing.

More than €3.5bn of high yield bond deals in euros, sterling and dollars were scheduled to close this week. Although some bankers described the pipeline as “crowded”, they expected market digestion to be ‘healthy’ ahead of quieter times.

Higher oil prices, a new governing regime and an agreement with the International Monetary Fund are all expected to boost demand for the Republic of Angola’s first Eurobond since 2015, though there is a question mark over how receptive the market will be for long dated debt.

Growthpoint International opened books on its new dollar bond at 6% area on Tuesday morning. The issuer has picked a five year dollar bond after postponing a euro trade last year.

After strong first quarter results and in a receptive high yield market, online streaming service Netflix announced a new $1.5bn 10.5 year senior unsecured bond on Monday to finance new content for the platform, eventually walking away with $1.9bn.

Bookrunners revealed more than €3bn of new speculative grade deals from seven issuers in the European high yield market this week. Coupons are slowly widening in the primary market, but they are still hitting issuers’ pricing targets, said market participants.

The Stars Group has won about $6.9bn of fully committed debt financing from four banks, as the Canadian gaming and online gambling company moves ahead with its debt and equity purchase of Sky Betting and Gaming.

On Monday, Dutch car leasing company LeasePlan added a €500m fixed rate bond to its 2018 issuance tally, but found more limited demand than its previous deals.

South Africa’s Growthpoint has concluded its final investor meetings and is expected to open books on a five year dollar bond on Tuesday. The issuer had been considering both euros and dollars after being forced to postpone a deal in the single currency last year.

Yuexiu Real Estate Investment Trust, the only Chinese Reit to have issued bonds offshore, returned last Friday for a $400m three year deal, pricing it slightly inside its parent company’s curve.

CEVA Logistics, the Swiss freight management and contract logistics company, has set the range on its IPO, valuing it at Sfr1.5bn to Sfr1.8bn. It has also secured a cornerstone investment from shipping company CMA-CGM.

Deutsche Bank has appointed Beng-Hong Lee to the newly created position of head of institutional client group for China.