Deutsche Bank

With the benchmark corporate bond market pausing ahead of Thursday’s European Central Bank meeting, Deutsche Bank sold two sole-led sub-benchmark deals following Monday’s feast of issuance.

A euro and sterling deal from Verizon was the only corporate bond deal in the pipeline when bankers returned to their desks on Monday morning.

New York’s attorney general has made Deutsche Bank pay a $220m settlement agreement with 45 US states as punishment for its part in the manipulation of dollar Libor and other interest rate benchmarks.

Mongolia proved this week that it has gone some way to shaking off the twin stigmas of political uncertainty and reliance on commodity income by pulling off a liability management exercise, the new debt portion of which attracted $5.5bn of orders. Addison Gong reports.

Vincom Retail jumped the final hurdle this week to pulling off the largest ever flotation in Vietnam. The firm is on track to raise D16.1tr ($708.6m) by pricing its offer at the top of guidance, after an unusual schedule.

Hutchison China MediTech pocketed $300m this week after executing a follow-on offering of its Nasdaq-listed American Depository Shares, increasing the deal size as it went.

Deutsche Bank has hired a senior executive from a rival to lead its technology, media, and telecom investment banking efforts in Asia Pacific.

The People’s Republic of China opened books on Thursday for its highly anticipated $2bn bond, its first issuance in the offshore dollar market in more than a decade.

JP Morgan made an aggressive manoeuvre in the equity-linked bond market on Tuesday night by placing a $250m tap of BASF’s innovative bond with warrants, having outbid other banks, including Deutsche Bank, which had structured and led the original deal.

Another pair of public sector borrowers tapped the dollar market, hitting two and three years respectively, in contrast to Tuesday’s salvo of long end trades. One of the issuers printed well beyond its initial size expectations.

The European high yield bond pipeline this week brought €1bn of single-B rated offerings in euros and sterling from new issuers, giving hope to those working for a bigger borrower base for the market.

Ineos, the Anglo-Swiss chemicals manufacturer, cut costs on its term loans for the second time this year on Tuesday, after S&P joined Moody's in upgrading the rating of the new facility on Monday.