Deutsche Bank
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Investment bankers serving Europe’s financial institutions are already confident 2017 is going to prove a more fruitful year than 2016, when the fees paid by the sector fell to a 14 year low, writes Jon Hay. -
The French presidential election saga has taken another twist, with far-right candidate Marine Le Pen’s chances slipping — but those of Jean-Luc Mélenchon, from the other extreme of the political spectrum, rising. Asian investors are pulling back from deals until the election hurdle is cleared, say issuers — but the rise of Mélenchon may also provide an earlier than expected relief rally.
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Risk appetite propelled CEEMEA into a bullish second quarter with nearly $16bn of bonds printed in Easter week. Saudi Arabia led the charge with a $9bn sukuk, but demand for duration played into the hands of KazMunayGas which raised $1.25bn of 30 year debt.
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Deutsche Bank has novated some of its SSA new issue swaps to a US bank, according to a source with knowledge of the situation, in a move which should help the bank stepping in to cut its risk position. The sale comes shortly after Deutsche said in a strategy update that it wants to improve its SSA operation.
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The chairman of global mergers and acquisitions at Deutsche Bank has left the bank.
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The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company.
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Chinese corporates and FIGs contributed to most of the primary supply in Asia DCM on Tuesday, with China Oil and Gas Group, Yida China Holdings and Citic Securities snapping up a combined $1.45bn.
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Korea Expressway Corp snapped up $400m on a busy Tuesday that saw eight bonds marketed in Asia ex-Japan. Although floating rate notes are gaining popularity in a rising rate environment, the region’s bond market will continue to be focused on fixed rate deals, reckoned market participants.
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BlackRock added one year to a $4bn March 2021 five year facility this week, with over 30 banks piling into syndication.
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The slightly softer tone in the Asian markets on Tuesday did not deter issuers from flocking to the debt market, with as many as eight borrowers bagging new bonds. And the momentum continued on Wednesday, with a handful of firms opening their transactions.
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Deutsche Bank has appointed former Goldman Sachs banker Anthony Miller as its new chief executive for Australia and New Zealand.
