Deutsche Bank

John O’Brien, former managing director and head of New York derivatives sales at Bank of America Merrill Lynch, started at Deutsche Bank this week.

Unédic is set to become the third issuer this week to bring a euro benchmark after the summer, having mandated a deal for Friday following deals for Finland and Bank Nederlandse Gemeenten (BNG) earlier in the week.

The additional tier one deal pipeline may have shuddered back into life earlier than expected this week as two banks announced roadshows following a rally inspired by inspired by dovish comments from European Central Bank president Mario Draghi. But volatility has since set back into the market and looks ready to test the asset class’s hardiness, writes Graham Bippart.

Ghana is expected to undertake a liability management exercise on its $750m 8.5% 2017s alongside a new Eurobond it is planning for September, said a banker away from the deal.

Deutsche Bank has hired a new head of dollar SSA trading to replace Hiren Gudka. It is the latest in a round of moves within the bank’s public sector bond team this year.

Concerns that there would be a dearth of additional tier one (AT1) deals ahead of the European Central Bank’s Asset Quality Review appear to be receding as Santander joins the pipeline, mandating leads for its second euro denominated AT1.

Yingde Gases Investment took advantage of strong technical demand for Asian high yield to price a deal capped at $250m on August 21. Scarcity value — both in terms of size and sector — also buoyed investor support for the bond, which was 10 times subscribed.

The names have emerged of the 16 lenders that have signed up to the $1bn dual tranche loan from mobile phone company Xiaomi ahead of its launch into general syndication next week. Including the three original bookrunners and mandated lead arrangers, the total number of banks at the top level could swell to 20 as one more lender processes its approval.

E-commerce giant Alibaba Group has signed a $3bn revolving facility with four lenders, just days before it starts premarketing its IPO.

Ghana is expected to undertake a liability management exercise on its $750m 8.5% 2017s alongside the new Eurobond it is planning for September, said a banker away from the deal.

The sovereign, supranational and agency sector shot out of its summer snooze on Wednesday, as the first benchmark sized deals in more than three weeks drew bulging books and bankers tipped more mandates to hit screens later in the day. Investors with cash to put to work, a lower level of upcoming SSA supply than the last few years and unexpectedly dovish comments by the European Central Bank president late last week were all contributing to a heavily bid market, said SSA bankers.

Swiss Re and UniCredit are looking to be the first out of the door in the post-summer subordinated debt market, taking advantage of the recent rally in credit after European Central Bank president Mario Draghi’s comments earlier in the week gave investors confidence that the bank would enhance its measures to boost weak eurozone inflation.