Deutsche Bank
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Hainan Airlines is seeking its second publicly syndicated offshore renminbi issue, after announcing last month that it needs Rmb40bn ($6.49bn) of funding in 2014 to support business objectives. -
Goldman Sachs was the clear winner in Apple’s $12bn bond deal after pocketing $15.3m in fees, or 64% of the $23.9m payout.
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Apple’s $12bn bond issue this week would have been remarkable, had it not been for the exceptional events of the past year. But considering that the Aa1/AA+ rated technology darling had issued a $17bn bond almost exactly a year earlier, this week’s deal, while still impressive, was modest by comparison.
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Two Latin American pipeline operators clinched tight debut dollar deals this week as the region’s bond market shot back to its pre-Easter form with bumper books.
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Constellium, the aluminium products company controlled by Apollo Global Management, priced its €590m high yield bond on Wednesday, split equally between euros and dollars.
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Brazilian pulp producer Fibria Celulose (Ba1/BB+/BBB-) will be next to test appetite for lower-rated LatAm credits as it plans a 10 year deal of up to $500m. Bankers are confident that demand for LatAm debt remains strong across the ratings spectrum, with the latest high yield deal from the region – for woodboard firm Masisa – performing strongly in secondary.
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Deutsche Bank and BNP Paribas, continental Europe’s fixed income powerhouses, reported first quarter results this week, confirming the tough environment in debt trading. But Deutsche in particular, widely expected to take the brunt of the FICC downturn, escaped better than some of its US peers.
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Deutsche Bank will hit the road next week as it prepares to raise a minimum of €1.5bn of additional tier one debt across three currencies. The German bank’s long-awaited debut is expected to garner plenty of attention, which may lead Santander to ensure it prices its own US dollar AT1 by the end of next week.
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Investors scrambled for Dexia Crédit Local’s short dated floating rate notes this week amid a lack of bank supply. Several Nordic banks have yet to post levels after coming out of blackout over the past week, and those that have are posting too aggressively to find demand, said bankers.
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Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality.
