Deutsche Bank

Deutsche Bank is braced for shake-up of its corporate finance division following the departure of Marcus Schenck as co-head of the corporate and investment bank, which could include the bank’s head of global M&A departing.

European high yield bond issuers roadshowed for seven lower rated new offerings this week, leaving behind the quiet of the post-Easter recess. What followed was a vigorous tug of war over pricing and terms in which bankers and investors claimed different victories.

Montenegro followed Egypt to the euro bond market this week, offering investors another chance to take on single-B risk in the currency.

The Democratic Socialist Republic of Sri Lanka grabbed $2.5bn from its largest bond on record on Wednesday, as investors showed their support to a country that has been buffeted by numerous problems recently.

Portugal printed its first new long dated benchmark since September 2014, drawing the week’s largest order book in the public sector bond market for its 15 year deal.

The Province of Alberta printed its first ever euro bond on Wednesday, opting to follow its compatriot Ontario in attacking the sweet spot for investors at seven years.

China SCE Property Holdings and Powerlong Real Estate Holdings paid up to complete their dollar bonds on Tuesday, but the new issue premiums were widely expected by bankers.

A trio of euro borrowers picked up a combined €8.5bn on Tuesday, seemingly without testing the limits of demand in the market.

In an action not seen for years, a would-be Schuldschein issuer has been forced to withdraw its transaction when investors refused to participate, even after the lead bank offered much more attractive pricing terms.

HNA, the Chinese conglomerate, has postponed the flotation of Swissport, the Swiss air freight handling company, citing unfavourable market conditions.

Once again, Deutsche Bank is at a crossroads. After a tough few years, it is still strong enough to fight back in global investment banking. New CEO Christian Sewing will decide whether it does. He seems rational and determined, but does he have the stomach for the battle?

Egypt paid a generous spread to access euros on Monday, during a volatile day for emerging market assets.