Deutsche Bank
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Deutsche Bank disclosed on Monday that it has been drawn into the SSA bond trading and manipulation investigation, with requests for information from regulatory authorities. -
Korea National Oil Corp (KNOC) is selling a combination of floating and fixed rate bonds, with price thoughts for a five and a 10 year released at the same level. On the high yield side, China’s Shandong Yuhuang Chemical Co is marketing its debut three year notes.
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Pre-marketing for Asian IPOs picked up in earnest on Monday, with Guotai Junan Securities Co’s $2bn listing in Hong Kong among those vying for investor attention.
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Mexico’s followed its long awaited return to dollar bond markets with a solid performance in secondary markets on Friday as the sovereign wrapped up a liability management exercise.
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Shares in Prosegur Cash, the Spanish cash handling company, closed 3.75% higher in Madrid after it made its stockmarket debut on Friday, having priced its IPO at the top of its revised price range on Thursday.
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The public sector bond market has safely passed a week full of risk events, with each delivering the anticipated result. That makes it likely borrowers will further enjoy what have been stellar conditions in euros, dollars and sterling.
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The sterling market was red hot this week with public sector issuers hitting screens in force, despite a headline heavy calendar.
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Two more IPOs of significant size were announced this week in Western Europe, and with four weeks to go until the start of the Easter holidays, they are likely to be the last of this IPO season to be launched.
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WL Bank took advantage of strong funding conditions — and a reverse enquiry — to issue a tightly priced 20 year public sector backed Pfandbrief on Thursday, the longest covered bond from Germany this year. The transaction follows the announcement of plans to merge the cover pools of WL Bank and DG Hyp.
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Cerba has increased its buyout term loan to €794m after dropping a planned bond. It is the second successive large cap buyout this year in which that has happened.
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Citi has reshuffled its southeast Asian corporate and investment banking (CIB) leadership, with David Biller and Jonathan Quek set to take on more responsibility.
