Deutsche Bank
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Swiss healthcare firm Roche returned to its native market on Wednesday with a Sfr1.5bn ($1.49bn) triple tranche trade in the largest ‘Matterhorn’ — a deal of Sfr1bn or more — since its last outing in 2012. -
Russia supply looks set to continue next week following the announcement by Gazprom of plans for a long-awaited return to the dollar market and the start of yet another liability management exercise from Evraz.
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RAG-Stiftung, the German state-backed foundation set up in 2007 to support the discontinuation of the country’s coal mines, tapped the equity-linked market for a third time on Thursday with a €525m note exchangeable into shares in Evonik Industries, the German speciality chemicals company.
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Deutsche Bank’s rights issue and strategic revamp is well-timed, and ticks all the right boxes. The hard part will be to regain the top-dog status it craves in European corporate finance at a time of low staff morale, writes David Rothnie.
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While Thursday’s European Central Bank meeting brought little in the way of material changes, the SSA market is watching closely, expecting a tightening of eurozone monetary policy. Meanwhile, the Joint Laender launched a euro seven year benchmark.
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Indonesian palm oil seller Royal Industries is looking to restructure a $405m loan after failing to repay the first and second instalments. And going by precedents, market participants are bracing themselves for a long-winded recovery process as legal proceedings unfold, writes Shruti Chaturvedi.
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Finland’s Elisa was the only borrower to brave the market on Wednesday for a sub benchmark trade, despite bankers reaffirming their confidence that primary demand is as strong now as it has been all year.
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Equity capital markets in EMEA have stepped up a gear this week, with a wave of new IPOs being announced, a handful of large block trades and the launch of a highly anticipated €8bn rights issue.
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Eros International failed to price its new dollar bond on Tuesday, as the high yield market stuttered and investors pushed back on pricing for the Indian film maker’s international debut.
