Deutsche Bank

Deutsche Bank unveiled another major restructuring on Thursday, rebranding itself as a European bank with global reach, and promising to cut back on local commitments in the US and Asia, as well as slashing US rates, global equities, and prime finance. The announcement came alongside results one analyst described as “a relatively poor set even by Deutsche Bank standards”.

Karen Pang, an equity-linked banker based in Hong Kong, has left BNP Paribas for a new role in Deutsche Bank, according to two sources with knowledge of the move.

Beijing Enterprises Water Group (BEWG) raised $500m on Tuesday to retire a bond maturing in May, finding support from investors despite the numerous unrated state-owned options available to them.

South Africa’s largest real estate investment trust (Reit) Growthpoint raised $425m on Tuesday.

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.