Deutsche Bank

A move to halve the number of rolls for single name credit default swaps is a short term act of necessity. But the CDS market needs much more reform.

Eli Lilly, the US pharmaceuticals company, made its euro bond debut on Tuesday, printing seven, 11 and 15 year notes and proving that the market is still open for longer dated paper — at a price.

Europcar, the French car rental company which last week filed for an IPO, began a three day roadshow on Tuesday for a €475m high yield bond issue.

Hydropower producer China Three Gorges Corp (CTG) has mandated Deutsche Bank, ICBC International and JP Morgan as joint global co-ordinators for its first venture into the international bond market.

While banks have engaged in some genuinely appalling conduct and been punished for it, the quantum of fines has become seriously disconnected from — well, anything. It is not just bad for bank shareholders, it is bad for regulatory credibility.

A dollar market that has been a haven for issuers avoiding the troubled euro sector is starting to show signs of congestion, bankers have warned.

Investors have fought back against the tide of leveraged loan repricings, forcing printing ink maker Flint Group to keep pricing at the wide end of guidance on its €1.5bn transatlantic deal.

Spie and Europcar, two French companies, have launched IPOs, just weeks after two other French issuers, Labco and Solairedirect, were forced to scrap their flotations.

US investors showed few signs of fatigue as they continued to pour cash into corporate high grade debt amid an unrelenting pipeline of dollar issuance this week.

General Electric became the latest US issuer to hit the euro bond market with a multi-tranche deal on Wednesday. Unusually, the bond was issued by GE itself, not GE Capital.

Euros are back on the menu for FIG investors after Swedbank and Rabobank Nederland stormed the senior market on Thursday. Bankers are now looking forward to a string of deals next week.

Anshu Jain, co-CEO of Deutsche Bank, will take over direct responsibility for its “strategy and organisational development unit”, a role which was given to chief financial officer Stefan Krause just six months ago. Fabrizio Campelli, head of group strategy, will be Jain's deputy running the unit.