• Mashreqbank on a roll with African bank loans

    Dubai's Mashreqbank is adding a deal for Nigeria's Access Bank to the string of loans to African financial institutions it has arranged.

    • 23 Feb 2018
  • Vivat bonds tumble as Beijing takes control

    Outstanding bonds issued by Vivat NV, the Dutch insurance group, suffered on Friday morning after its parent company Anbang Insurance Group was seized by Chinese authorities — but a sale to a European firm could provide an upside for bondholders.

    • 23 Feb 2018
  • Indonesia’s landmark green bond wakes up market

    The Government of the Republic of Indonesia raised $1.25bn on Thursday in the first green sukuk from a sovereign, paving the way for more green issuance from Asian countries.

    • 23 Feb 2018
  • HKEX releases guidelines on dual listings, dual class

    The Hong Kong Stock Exchange (HKEX) has released its long-awaited guidelines on dual-class shares, with the move set to allow Chinese firms such as Alibaba Group Holdings to have a secondary listing in the city for the first time.

    • 23 Feb 2018
  • Fund managers back Redco’s short-dated note

    Redco Properties Group priced an opportunistic transaction on Thursday, raising a larger-than-expected $300m. Unlike some other 364-day deals, its transaction saw strong support from real money accounts.

    • 23 Feb 2018
  • RHB Bank acquires 100% of Vietnam Securities Corp

    Malaysia’s RHB Bank is deepening its presence in Vietnam with the full acquisition of Vietnam Securities Corp (VSEC), a stock brokerage and corporate finance outfit.

    • 23 Feb 2018
  • PBoC’s Xu: ‘Super central bank’ a global phenomenon

    China is aligning itself with central banks around the world by giving the People’s Bank of China a leading role in regulating financial markets, Xu Zhong, head of the research bureau at the PBoC, has argued.

    • 23 Feb 2018
  • Far East Horizon doubles up with dollars and renminbi

    Chinese leasing firm Far East Horizon was one of the first issuers to reopen the international bond market after a lull of more than a week, raising $300m from a dual-currency transaction on Thursday. But it was forced to pay up for the dollar portion due to lingering volatility in the market.

    • 23 Feb 2018
  • Sembcorp eyes $632m from India energy arm spin-off

    Singapore-listed Sembcorp Industries is planning to spin-off and list its Indian energy unit, which will raise Rp41bn ($632.2m) from a fresh issue of stock, according to a draft red herring prospectus filed on Thursday.

    • 23 Feb 2018
  • Tata Steel loan shrinks to $1.7bn after successful bond

    India's Tata Steel, which mandated a group of 21 lenders last month for a new loan, has shrunk the size of the fundraising following a blowout bond issuance.

    • 23 Feb 2018
  • RMB round-up: Insurance watchdog takes over Anbang, Fullerton makes private fund debut in China, RMB stays fifth in payments ranking

    The China Insurance Regulatory Commission (CIRC) takes control of Anbang Insurance Group amid concerns over its finances, Fullerton Fund Management offers its first private fund in the onshore market, and the renminbi remains the fifth most used payments currency in January 2018.

    • 23 Feb 2018
  • Lat Am issuers opt to wait for ideal conditions

    At least two Latin American borrowers opted to delay new issue announcements this week as syndicate bankers suggested the names in the pipeline would be more demanding on pricing than their CEEMEA counterparts that did issue.

    • 22 Feb 2018
  • Venezuela’s crypto plans no boon for bond markets

    Venezuela’s cryptocurrency plans were met with a dismissive reaction from Lat Am bond market participants this week, who questioned the value of any currency issued by the defaulting government.

    • 22 Feb 2018
  • Venezuela's petro cryptocurrency meets cold reception

    Venezuela has become the first sovereign nation to launch a cryptocurrency. While few outside Venezuelan president Nicolas Maduro’s administration are impressed by the pioneering venture, others are expected to follow suit nonetheless, write Lewis McLellan, Costas Mourselas and Oliver West.

    • 22 Feb 2018
  • The struggle to staff up for Saudi DCM

    Saudi Arabia’s debt markets are open for business, the hiring charge is on and foreign banks are flooding in, but there has been a struggle to build a local force of primary bond market bankers, boding ill for the capital markets expansion the country is hoping for.

    • 22 Feb 2018
  • Evidence builds of tighter green bond pricing

    A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”

    • 22 Feb 2018
  • Morgan Stanley DCM head Civitillo dies

    Morgan Stanley debt capital markets head Leo Civitillo, who had been in the fixed income business for 20 years, has died.

    • 22 Feb 2018
  • Albaraka Turk provides blueprint for Turkish AT1

    Albaraka Turk broke new ground last week it has emerged, issuing the first ever Basel III-compliant additional tier one (AT1) from Turkey in a private placement. The deal has set a structuring template for future Turkish AT1 issuance, and has sparked interest among those looking to bring the next, possibly public benchmark, deal, writes Virginia Furness.

    • 22 Feb 2018
  • Kenya bags $14bn book as buyside brushes off volatility

    Kenya printed a $2bn dual tranche bond this week from a combined book of $14bn as investors continued to pile into emerging market credits they favour.

    • 22 Feb 2018
  • OCBC's covered bond size ambitions thwarted

    Overseas Chinese Banking Corporation (OCBC) had adequate demand to print a €500m five year covered bond on Thursday, and though it was unable to reach the upper end of its size ambitions, it was able to issue the tightest Singaporean covered bond in euros.

    • 22 Feb 2018
  • Belarus prints inside curve after huge rally

    The Republic of Belarus has printed its $600m 12 year bond through its curve despite other emerging market sovereigns paying up for their bonds over the past fortnight.

    • 22 Feb 2018
  • Ukrexim set to print hryvnia Eurobond

    State Export-Import Bank of Ukraine has wrapped up investor meetings for an internationally cleared hryvnia bond with the deal expected to generate plenty of interest.

    • 22 Feb 2018
  • QInvest loses head of DCM

    QInvest’s head of debt capital market and financial institutions has left the bank earlier this week.

    • 22 Feb 2018
  • Turkey marches towards Panda debut

    The Republic of Turkey is preparing to issue its first Panda bond by the end of the year, having mandated three banks to handle the deal.

    • 22 Feb 2018
  • Foreign bankers sceptical as IRFC eyes Japanese for 10 year loan

    Indian Railway Finance Corp has turned heads in the loan market with its request for up to $250m of 10 year money. While some market participants balked at the idea of 10 year commercial loans, those at the firm’s main target audience — Japanese banks — think the deal is worth a look. Shruti Chaturvedi reports.

    • 22 Feb 2018
  • Southeast Asia ECM pipeline fills up in Year of the Dog

    The pipeline for equity capital raisings out of Southeast Asia is filling up nicely, with issuers from the Philippines, Vietnam, Bangladesh and Singapore looking to launch deals.

    • 22 Feb 2018
  • Indian banks’ QIP plans hit for six by PNB revelation

    Indian state-owned Punjab National Bank sent shockwaves through the country’s financial system last week when it disclosed a $1.8bn fraud at one of its branches. The timing could not have been worse, with the announcement casting a shadow over other public sector banks, most of which are in dire need of capital, writes Jonathan Breen.

    • 22 Feb 2018
  • People and markets news in brief, February 22, 2018

    MUFG Securities Asia has named Royal Bank of Scotland veteran Pierre Ferland as its new chief executive.

    • 22 Feb 2018
  • They think it's Moldova, it is now: Trans-Oil offering not so slick

    Trans-Oil, a Moldovan agro-industrial firm, failed to generate enough interest in its debut bond offering on Wednesday, becoming the second CEEMEA issuer in as many weeks to fall foul of tougher market conditions.

    • 22 Feb 2018
  • Indonesia sukuk gives fillip to nascent green market

    The Government of the Republic of Indonesia’s green sukuk is a game changer for the region, giving a boost to a green sovereign bond market that has so far had scant issuance globally.

    • 22 Feb 2018
  • Two more Deutsche bankers at risk

    Two more Deutsche Bank staff put at risk of redundancy in the bank's major investment banking cuts round have emerged — a director in African origination and an analyst working in project finance.

    • 22 Feb 2018
  • Chinese issuers return to the bond market

    Chinese issuers are back following the Lunar New Year break. Far East Horizon and Redco Properties Group are both wooing bond investors, effectively reopening the dollar debt market in Asia.

    • 22 Feb 2018
  • Lat Am borrowers still shy of primary despite sov success elsewhere

    US market volatility has kept Latin American primary bonds silent for nine straight business after what had been a record start to the year. But even though EM borrowers from other parts of the world are this week pricing deals, Lat Am bankers are in no hurry to bring new debt issuance from the region while the volatility persists.

    • 22 Feb 2018
  • UOB issues sterling first as OCBC lines up in euro covereds

    United Overseas Bank issued its debut covered bond in sterling on Wednesday, and the first from a Singaporean bank. Despite being its maiden deal, UOB was able to match the spread of more established sterling issuers. At the same time, Overseas Chinese Banking Corporation (OCBC) has mandated for a euro covered bond benchmark.

    • 21 Feb 2018
  • Premiums still up for African sovs as Kenya opens books

    Kenya looked to have adopted the same pricing strategy as its African peers on Wednesday, opening books on a dual tranche 2028 and 2048 bond with a chunky concession, much like Egypt and Nigeria last week.

    • 21 Feb 2018
  • Turkey’s Ziraat bank launches $1bn refi

    Ziraat Bank launched a $1bn loan to refinance a facility signed in April last year, with pricing in line with Turkish peer Akbank’s new loan.

    • 21 Feb 2018
  • Moldova’s Trans-Oil opens with chunky 10% handle

    Moldova’s Trans-Oil opened books on the first ever Eurobond from the country on Wednesday, but the small size is likely to mean it flies under the radar of most investors.

    • 21 Feb 2018
  • Georgia Capital hits the road

    Georgia Capital (formerly BGEO Investments), the Georgian holding company representing the investment business of BGEO Group, is embarking on a roadshow for a five year dollar bond.

    • 21 Feb 2018
  • Price fight is on in EM after volatility

    The new bond issues may be flowing in emerging markets, but after weeks of volatility, the era of easy execution is over.

    • 21 Feb 2018
  • Military action in Syria weighs on Akbank trade

    A Turkish military strike in Syria on Tuesday hit investor appetite for Akbank’s subordinated tier two offering, with the raid causing several accounts not to come into the book at all, according to a lead manager.

    • 21 Feb 2018
  • Belarus brings bond after stellar 2017 new issue performance

    The Republic of Belarus has released initial price thoughts for a $600m 12 year bond after the country’s last deal, printed in June 2017, climbed 11 points since pricing.

    • 21 Feb 2018
  • Gazprom looks to raise Swiss francs

    Gazprom is looking to enter the Swiss franc market for the fifth time, mandating four banks to arrange meetings for a benchmark bond. After Moody’s upgraded the Russian company to investment grade, the arrangers are particularly confident of Swiss interest.

    • 21 Feb 2018
  • Sebi cracks whip on banks for retail IPO work

    The Securities and Exchange Board of India (Sebi) is cracking the whip on banks managing IPO applications for retail accounts, saying investors may have to be compensated under certain conditions.

    • 21 Feb 2018
  • Rupiah debt gets entry into bond index

    Indonesian rupiah-denominated debt will be eligible for the Bloomberg Barclays Global Aggregate Bond Index for the first time from June 1.

    • 21 Feb 2018
  • PBoC touts bond reform amid deleveraging, opening up

    The People’s Bank of China has laid out its next moves to upgrade the domestic bond markets, including better market standards, clearer default rules and further opening to foreign investors — steps that could make regulators less active in the corporate debt market.

    • 21 Feb 2018
  • VPBank Finance’s $200m borrowing opens in general

    VPBank Finance is tapping international loan market liquidity for an up to $200m three year facility, which has two lenders at the helm.

    • 21 Feb 2018
  • Moody’s strikes Suriname with downgrade

    South America’s smallest nation, Suriname, suffered a rating downgrade late on Tuesday, due to Moody’s fears of a further erosion in the country’s fiscal metrics.

    • 21 Feb 2018
  • Far East Horizon cooks up dollar and dim sum bonds

    Chinese financial services provider Far East Horizon is pursuing the sale of a dollar-denominated and offshore renminbi bond.

    • 21 Feb 2018
  • MUFG Securities names new Asia CEO

    MUFG Securities Asia has appointed Royal Bank of Scotland veteran Pierre Ferland as its new chief executive officer, effective on February 20.

    • 21 Feb 2018
  • HG Infra preps Rp4.6bn India listing

    HG Infra Engineering is planning to launch its Rp4.7bn ($72.4m) IPO in India at the end of February.

    • 21 Feb 2018
  • Chinese New Year round-up: Safe relaxes onshore rules on FX forwards, HSBC completes RMB remittance first, US blocks Chinese bid to buy stock exchange

    China’s FX watchdog loosens its grip on FX forward settlement, HSBC becomes the first foreign bank to handle an individual RMB remittance transaction following a rule change in January and the Securities and Exchange Commission (SEC) stopped an attempt by Chinese investors to acquire the Chicago Stock Exchange.

    • 21 Feb 2018
  • HSBC misses RMB business target for 2017

    HSBC's annual results show the bank's focus on RMB business has yet to translate into revenue growth.

    • 21 Feb 2018
  • Slovenia opens tender, plans new euro bond

    The Republic of Slovenia is once again in the market with a liability management exercise that will enable it to tidy its debt structure by buying back up to $650m of its outstanding dollar bonds, as it continues its bid to consolidate its outstanding dollar debt into one bond maturing 2024.

    • 20 Feb 2018
  • First Turkish AT1 breaks ground but there's more to do

    Albaraka Turk scored a solid first last week when it issued Turkey’s first Basel III compliant additional tier one bond, but while this marks progress, it will take one of the country’s larger banks to establish a true benchmark.

    • 20 Feb 2018
  • GlobalCapital Bond Awards Poll — vote now!

    We are excited to announce that the GlobalCapital Bond Awards Poll is now open.

    • 20 Feb 2018
  • ADCB updates MTN programme as FAB waits in the wings

    It could be a clash of the Abu Dhabi banking titans as Abu Dhabi Commercial Bank is updating its MTN programme — a possible precursor to a bond issue — while First Abu Dhabi Bank is poised with a trade.

    • 20 Feb 2018
  • ECA financing on the rise in the Middle East

    Demand for export credit agency financing is growing among firms operating in the Middle East as banks clamp down on lending amid low oil prices over recent years.

    • 20 Feb 2018
  • Akbank looks to guide T2 with 6% handle

    Turkey’s Akbank has the sole attention of EM investors on Tuesday as it looks to price its second Basel III compliant tier two transaction.

    • 20 Feb 2018
  • Canara Bank hires five for Rp45bn QIP

    Indian state-owned Canara Bank has appointed a five-strong syndicate group to run a potential Rp45bn ($695.7m) qualified institutional placement (QIP), according to a senior banker on the deal.

    • 20 Feb 2018
  • Idea Cellular calls investors for Rp35bn share sale

    Idea Cellular has raised Rp35bn ($541.8m) from a qualified institutional placement (QIP) as it prepares for a mega merger with the Indian unit of network carrier giant Vodafone.

    • 20 Feb 2018
  • PNB Housing looks to IFC to anchor debut Masala

    India’s PNB Housing Finance is preparing to make its debut in the offshore rupee bond market and has turned to the International Finance Corp (IFC) to make sure the deal goes off without a hitch.

    • 20 Feb 2018
  • Give me a hand: A night of poker with old friends

    Are poker skills correlated with deep insights into the financial markets? I certainly hope not.

    • 20 Feb 2018
  • IRFC has 'fingers crossed' for $250m 10 year loan

    Indian Railway Finance Corp has approached offshore lenders for a financing of up to $250m-equivalent in Japanese yen. But the company may struggle to generate demand from maturity-shy Japanese lenders, said a banker familiar with the deal.

    • 20 Feb 2018
  • Flemingo Travel eyes Rp24bn in fresh capital from IPO

    Flemingo Travel Retail has filed a draft red herring prospectus with India’s stock market regulator. The company plans to go public using a mix of new and existing shares.

    • 20 Feb 2018
  • Argentine bank seeks to increase bond shelf

    Banco Supervielle, the Argentine lender, is looking to increase the size of its existing bond shelf from $800m to $2.3bn, according to a regulatory filing.

    • 20 Feb 2018
  • Peru stock exchange plots green bond initiative

    The UK Embassy in Peru and Bolsa de Valores de Lima (BVL), the Lima Stock Exchange, have launched plans for what would be the first green bond market in South America, following a similar initiative in Mexico.

    • 20 Feb 2018
  • Energean's flotation offers pure play on Mediterranean energy

    Energean, the oil and gas exploration company focused on the Eastern Mediterranean, plans to go public on the London Stock Exchange next month to finance the development of gas fields off the coast of Israel.

    • 19 Feb 2018
  • EN+ restructures leadership as Deripaska set to step down

    Oleg Deripaska is to step down from his role as president of EN+, the Russian aluminium and hydropower company, which floated for $1.5bn in London and Moscow in November, and as president of its affiliate Rusal, as part of a pre-planned organisational change in which he will shift focus to other business interests.

    • 19 Feb 2018
  • MidEast trade finance experts see opportunities in political climate

    A hardening of the US attitude to Iran, tensions with Turkey and the Qatari crisis may be closing some doors for trade in the Middle East but experts are convinced it is opening others, with China's One Belt, One Road initiative pushing countries such as China, India and Russia towards the region.

    • 19 Feb 2018
  • ZSE to bring refi bond

    Slovakia’s largest distribution operator Západoslovenská energetika (ZSE) has named two banks to arrange a new euro deal of a medium maturity.

    • 19 Feb 2018
  • SGX promises Nifty successor products

    Singapore Exchange on Monday revealed that it would replace its Nifty products with suitable successors by August to ensure that investors could maintain exposure to Indian markets.

    • 19 Feb 2018
  • Pemex buying back $1.8bn in tender

    Mexican state-owned giant Pemex will buy back $1.8bn of old bonds in the second leg of a liability management exercise funded by its recent bond issue.

    • 19 Feb 2018
  • Albaraka Turk brings first Turkish AT1

    Albaraka Turk, the Turkish subsidiary of Bahrain’s Albaraka Banking Group, has issued the first ever additional tier one capital bond from Turkey, doing so in private placement format.

    • 19 Feb 2018
  • Türk Eximbank seeks $300m loan, outside Akbank

    Türk Eximbank is in the market for a $300m loan to refinance debt and support exporters.

    • 19 Feb 2018
  • LatAm takes break but DCM bankers sanguine

    New issue markets in Latin America took a pause this week, but DCM bankers covering the region were not overly concerned as recent deals issued amid the volatility began to gain ground.

    • 15 Feb 2018
  • Volatility takes toll on Lat Am LM efforts

    Two Latin American companies on the path to recovery from precarious situations have found themselves somewhat stuck in their liability management efforts because of tougher conditions in new issue markets.

    • 15 Feb 2018
  • Fitch sees Mexico downside risks despite improvement

    As investors turn their eyes to Mexico’s forthcoming presidential elections, Fitch said the country’s economic and fiscal resilience would be tested this year.

    • 15 Feb 2018
  • Kexim plots public dollars, prints Swissie

    Export-Import Bank of Korea (Kexim) is planning a return to the dollar bond market in the first half of this year, but the policy bank has reduced its overall funding target. It also went to the Swiss franc market this week.

    • 15 Feb 2018
  • End of EM bull run feared as markets see red

    Three new issues from the CEEMEA market this week marked the end of the heyday of easy money for emerging market bonds, as EM bond fund outflows were on track to hit their highest level since those prompted by the election of US president Donald Trump in 2016. Francesca Young reports.

    • 15 Feb 2018
  • Hope returns to SA as Ramaphosa ends Zuma era

    Emerging market investors were optimistic after Cyril Ramaphosa was voted in as president of South Africa on Thursday, following the long awaited resignation of Jacob Zuma, though the administration has its work cut out to revive the country’s anaemic economy.

    • 15 Feb 2018
  • UOB considers debut sterling covered bond

    United Overseas Bank has mandated joint leads for a covered bond roadshow in the UK with a view to potentially issuing its sterling debut. Singapore peer DBS Bank undertook a roadshow in the UK two years ago but did not follow up with a deal.

    • 15 Feb 2018
  • Nigeria brings cheap bond, reprices curve

    The Federal Republic of Nigeria has released price guidance for its dual tranche bond that rival syndicate bankers and investors are calling “exceptionally” cheap.

    • 15 Feb 2018
  • CEE loan pipeline heats up with PXFs

    Deal flow in Central and Eastern Europe (CEE) is picking up, according to international loan bankers, with more pre-export finance facilities from Russia and some anticipated event driven transactions in the rest of the region.

    • 15 Feb 2018
  • Headache for Kenya as Moody’s upsets with one notch downgrade

    Kenya will have its work cut out to reassure investors after Moody’s cut its credit rating by a notch on Tuesday. Rival bankers said the clash is poor planning, but the leads on Kenya’s upcoming roadshow said investors should be doing their own credit work, reopening the debate about the relevance of ratings agencies in emerging markets.

    • 15 Feb 2018
  • Fitch sees fiscal test for Mexico

    As investors turn their eyes in earnest to Mexico’s forthcoming presidential elections, Fitch said that the country’s economic and fiscal resilience would be tested this year.

    • 15 Feb 2018
  • Idea Cellular on track with Rp35bn QIP

    India's Idea Cellular opened books for a qualified institutional placement of up to Rp35bn ($547.4m) after getting final approval for the deal from its board of directors on Wednesday.

    • 15 Feb 2018
  • Ganfeng Lithium seeks greenlight for HK IPO

    Ganfeng Lithium Co, the world’s largest producer of lithium metals, has filed a draft IPO prospectus with the Hong Kong Stock Exchange.

    • 15 Feb 2018
  • Active managers eye chance to prove themselves amid volatility

    Volatility is still the talk of equity markets after last week's global sell-offs. Prices have stabilised but markets are expected to remain turbulent, raising questions as to whether these conditions will lead to a fundamental shift in how equity investors manage their portfolios.

    • 14 Feb 2018
  • Egypt grabs $4bn with hefty book

    The Arab Republic of Egypt printed its $4bn triple tranche bond on Tuesday from a book that peaked at $12.5bn, despite another EM issuer — Russia's GTLK — having to postpone because of market volatility. A rival syndicate banker called the note cheap, but necessarily so.

    • 14 Feb 2018
  • Bank Sohar’s $300m loan to be oversubscribed

    Bank Sohar, the Omani bank, is expected to sign an oversubscribed three year loan for $300m by the end of February. Demand for the facility has been high from international banks despite the country’s rising budget deficit.

    • 14 Feb 2018
  • GTLK pulls deal, blames market volatility

    GTLK, Russia’s state transport leasing company, on Tuesday postponed its dollar Reg S seven year amortising bond, blaming “broader market volatility” for the move. But investors looking at the note said the postponement was more a sign of the buyside becoming more discerning.

    • 14 Feb 2018
  • EM investors turn picky as volatility bites

    The recent bout of volatility has claimed its first victim in the emerging markets after Russia’s State Transport Leasing Company (GTLK) postponed its proposed seven year dollar bond.

    • 14 Feb 2018
  • San Miguel Pure Foods eyes $1.5bn follow-on

    Philippine food and beverage conglomerate San Miguel Pure Foods Co is planning to tap the local equity capital markets for up to $1.5bn, according to an exchange filing on Wednesday.

    • 14 Feb 2018
  • Debt bankers shrug off Macau’s rating upgrade

    Fitch upgraded Macau’s long term foreign currency issuer rating to AA from AA- on Tuesday on the back of strengthened financials, but the boost is unlikely to spur more bond issuance from the region, said bankers.

    • 14 Feb 2018
  • Non-call events weigh on market watchers as rates rise

    A Chinese company’s decision to pay an extra 300bp in coupon to defer payments on its onshore perpetual notes has not only shocked the domestic bond market, but also inevitably raised concerns offshore. Bankers and investors are now paying much closer attention to the onshore/offshore dynamics.

    • 14 Feb 2018
  • Baidu's iQiyi sets ball rolling for US IPO

    Baidu-backed video streaming platform iQiyi has filed documents with the US market regulator for a listing of American Depository Shares (ADS), according to the Chinese parent company’s quarterly earnings report released on Tuesday.

    • 14 Feb 2018
  • Shenzhen Stock Exchange to woo tech IPOs

    The Shenzhen Stock Exchange (SZSE) may adjust its profitability and share structure requirements for IPOs as technology-oriented listings come to the fore.

    • 14 Feb 2018
  • Tianli Education plans Hong Kong IPO

    Tianli Education International Holdings filed a draft IPO prospectus with Hong Kong’s stock exchange on Tuesday, joining the ever-growing group of Chinese education firms listing in the city.

    • 14 Feb 2018
  • Camposol pulls tender but Lat Am not dead

    Peruvian agricultural company Camposol has cancelled a tender offer for existing notes after market conditions led it to delay a new bond sale, but Lat Am bankers are not overly pessimistic about prospects for primary markets.

    • 14 Feb 2018
  • JPM nails world first with RMB clearing mandate

    JP Morgan has become the first non-Chinese financial institution to get an official renminbi clearing bank licence, joining Bank of China's New York branch as the second such firm in the US, the People’s Bank of China said on February 13.

    • 14 Feb 2018
  • Turkish IPOs hold fast despite EM outflows

    The two Turkish IPOs priced this year are trading roughly in-line with their listing prices, despite recent outflows from emerging market ECM. But it is too early to judge whether this represents a positive outlook for Turkish ECM this year, according to sources.

    • 13 Feb 2018
  • Public bonds would be better for Qatar National Bank

    Qatar National Bank (QNB) has picked up $2.38bn of bonds via private placements (PPs) in the last fortnight. But the size of the deals are such that they would have been better printed as public Eurobonds.

    • 13 Feb 2018
  • 'Books covered' for GTLK, final yield unmoved from talk

    GTLK, Russia’s state transport leasing company, is adding to the flurry of Russian bonds printed since the start of this year, but leads have been unable to crunch the final yield tighter from initial price thoughts.

    • 13 Feb 2018
  • Dubai Holding’s telecom business seeks $572m refi

    Investment holding company Dubai Holding’s telecom business — Emirates International Telecommunications (EIT) — is looking to refinance a previous facility with a Dh2.1bn ($572m) club loan.

    • 13 Feb 2018
  • Egypt brings single-B bellwether bond

    The Arab Republic of Egypt is providing the first big test of the resilience of emerging market debt since last week's volatility with a triple tranche dollar bond. Bankers eyeing the trade say the book size, and amount of price revision, will be a real indicator of investor appetite for riskier EM debt now the shine has come off the market.

    • 13 Feb 2018
  • Republic of Belarus back for dollar test

    The Republic of Belarus, which issued one of the best performing bonds of 2017, is looking to return with a 10 year dollar benchmark.

    • 13 Feb 2018
  • Deutsche CEEMEA DCM banker at risk

    Deutsche Bank has put the role of a CEEMEA DCM banker at risk.

    • 13 Feb 2018
  • Singapore eyes first Bangladeshi IPO in Summit Power

    Singapore is set to host its first IPO from Bangladesh, with Summit Power looking to hit screens in early March, said bankers close to the deal.

    • 13 Feb 2018
  • MS names new heads of Apac FIG and financial sponsors group

    Morgan Stanley has appointed Simon Herrmann as head of Asia Pacific financial institutions group and Mohamed Atmani to head the region’s financial sponsors group, according to internal memos seen by GlobalCapital Asia.

    • 13 Feb 2018
  • Lenovo plugs in for $1bn new money borrowing

    Chinese smartphone and laptop maker Lenovo Group has approached lenders in the offshore loan market for a $1bn fundraising.

    • 13 Feb 2018
  • Korea postpones widening of foreign investor capital gains tax

    South Korea’s Ministry of Strategy and Finance (MOSF) has decided to suspend its plan to lower the threshold for capital gains tax on foreign shareholders of local stock.

    • 13 Feb 2018
  • Ronshine squeezes $100m tap through narrow window

    Ronshine China Holdings became the only Asian issuer to sell a dollar bond this week in the run-up to Chinese New Year. But the company ended up bagging a mere $100m from its tap, despite rumours it was eyeing as much as $225m.

    • 13 Feb 2018
  • Vingroup mulls $1bn housing unit spin-off

    Vingroup is considering the spin-off and listing of its residential business Vinhomes in a deal that could be worth around $1bn, according to a source familiar with the matter.

    • 13 Feb 2018
  • GMR Infrastructure picks banks for IPO of airport arm

    India’s GMR Infrastructure has mandated three banks for the spin-off and listing of its airports unit, according to sources close to the matter.

    • 13 Feb 2018
  • Argentine aluminium producer weighs up bond sale

    Aluar, the Argentine aluminium producer, will look into the possibility of issuing local or international debt after the company’s board of directors approved a $300m bond shelf.

    • 13 Feb 2018
  • CSN cuts tender offer size

    Brazilian steel producer CSN (Companhia Siderúrgica Nacional) has more than halved the size of a planned tender offer after completing a smaller than intended bond issue last week amid market volatility.

    • 13 Feb 2018
  • CCB, Citic CLSA lead Jiangxi Bank's Hong Kong IPO

    Jiangxi Bank has filed a draft prospectus for its Hong Kong IPO, with the Chinese lender appointing two firms as sponsors.

    • 13 Feb 2018
  • Yildiz Holding restructures $1bn loan

    Turkish food giant Yıldız Holding has restructured the equivalent of $1bn in short term loans into one long term syndicated loan, as part of its efforts to facilitate its growth plans for this year.

    • 12 Feb 2018
  • Renaissance Capital launches algo unit

    Russian investment bank Renaissance Capital on Monday revealed that it had set up an algorithmic trading unit to take advantage of volatility in financial markets.

    • 12 Feb 2018
  • Kenya to push out international funding to 2048

    Kenya has mandated banks for its first Eurobond since 2014, and is looking to extend its curve by 24 years to join the handful of sub-Saharan African borrowers that have tapped the 30 year part of the curve.

    • 12 Feb 2018
  • Kexim prints in Swiss francs as market proves 'resilient'

    The Export-Import Bank of Korea (Kexim) printed in Swiss francs on Monday. That was a sign, said bankers in Zurich, that the market is more resilient than others in times of broader volatility, and could welcome more emerging market names in the coming months.

    • 12 Feb 2018
  • Kexim eyes dollar bond return

    The Export-Import Bank of Korea (Kexim) is plotting its return to the dollar bond market in the first half of this year, but the policy bank has reduced its overall funding target.

    • 12 Feb 2018
  • Top Glove loan cruises to oversubscription

    A $310m two-part borrowing to support Malaysian surgical glove maker Top Glove Corp’s acquisition of Aspion is oversubscribed, with a handful of banks committing to the deal.

    • 12 Feb 2018
  • IPO roundup: Spandana preps $150m deal, Indostar eyes $300m

    Indian micro-finance lender Spandana Sphoorty Financial is in the process of mandating banks for a potential $150m IPO, according to a banker at a firm pitching for the deal.

    • 12 Feb 2018
  • Ronshine tap offers glimmer of activity before CNY

    Those bankers and investors who hoped for a small burst of activity before Chinese New Year were left disappointed on Monday, when Ronshine China Holdings became the only issuer from Asia ex-Japan to launch a dollar bond.

    • 12 Feb 2018
  • Sino-Ocean keeps Panda party going

    Sino-Ocean Property Holdings has extended the streak of Panda bonds issued since the start of 2018. The real estate issuer sealed a Rmb3bn ($476.2m) three year deal – its second Panda in two weeks – at the wide end of the price guidance range last Thursday.

    • 12 Feb 2018
  • Pemex to add $1.8bn to new 30 year via exchange

    Mexican state-owned oil giant Pemex will more than double the size of its 30 year bond issued on February 1 after receiving a strong response to an exchange offer.

    • 12 Feb 2018
  • Aster DM Healthcare nets eight IPO anchor investors

    Aster DM Healthcare has brought in eight investors including Caisse de dépôt et placement du Québec and First State Investments to anchor its Rp9.8bn ($152.7m) IPO in India.

    • 12 Feb 2018
  • The week in renminbi: China sets date for oil futures launch, Philippines wins approval for Panda debut, offshore investors hold more Chinese bonds

    China unveils plans to kick start RMB-denominated oil futures next month, the Philippines gets regulatory greenlight for its Panda bond issuance, and foreign ownership of bonds in the interbank bond market rises again in January.

    • 12 Feb 2018
  • Nostrum takes out $400m for refi

    Nostrum Oil & Gas, the Kazakh independent oil and gas company listed in London, nipped into a busy bond market on Thursday to raise $400m to complete the refinancing of its bonds due 2019.

    • 09 Feb 2018
  • Huami weathers US equity rout as shares pop on debut

    A tightly allocated book helped Huami Corp weather the storm in equity markets, with the New York Stock Exchange-listed company closing 2% higher on its debut.

    • 09 Feb 2018
  • Golden Eagle hunts for $500m facility with five

    Chinese department store operator Golden Eagle International Trading is back in the overseas loan market after a gap of three years for a $500m financing.

    • 09 Feb 2018
  • Funding arbitrage encourages Sinochem to cook up dim sum

    Sinochem Hong Kong (Group) Company has raised Rmb1bn ($158m) from a dim sum bond, reviving the sector for corporate issuers from the Mainland. Although market sentiment was not ideal, the issuer still managed to achieve a ‘good saving’ compared to both its onshore funding level and the likely funding cost it would face with a dollar deal.

    • 09 Feb 2018
  • Qingdao Haier mulls debut D-share listing in Germany

    Mainland consumer electronics giant Qingdao Haier is considering launching a flotation of Chinese D-shares on the Frankfurt-based China Europe International Exchange (Ceinex).

    • 09 Feb 2018
  • Golden Energy pays Asia’s highest bond coupon this year

    Indonesia’s Golden Energy and Resources nabbed $150m from a visit to the bond market but the market volatility cost the company, forcing it to pay the highest coupon for a dollar bond in the region so far this year.

    • 09 Feb 2018
  • Fantasia secures $300m as refi pressure builds

    Fantasia Holdings Group Co managed to take advantage of a stock market rebound that proved to be short-lived on Thursday, raising $300m from a 364-day trade. The company has around $1.6bn of onshore and offshore bonds maturing in the coming months, but managed to convince investors it has a plan to deal with this looming maturity risk.

    • 09 Feb 2018
  • HK watchdog clamps down on crypto exchanges, ICOs

    Hong Kong’s markets regulator has sounded off another warning on cryptocurrencies, taking action against a number of exchanges and issuers of initial coin offerings (ICOs).

    • 09 Feb 2018
  • Canara Bank adds Rp10bn to fundraising goal

    Indian state-owned Canara Bank is looking to raise up to Rp45bn in fresh capital. It increased the target by Rp10bn this week and plans to use methods including a qualified institutional placement and rights issue.

    • 09 Feb 2018
  • Aekyung Industry readies W232bn flotation

    South Korean firm Aekyung Industry Co is preparing to launch an IPO that could be up to W231.9bn ($213.3m), according to filing with the Korean market regulator on Thursday.

    • 09 Feb 2018
  • Credit Suisse equity-linked head rejoins Morgan Stanley

    Eva Zhong, who ran Credit Suisse’s equity-linked business in Asia, is rejoining Morgan Stanley to take up a senior equity capital markets role, sources close to the move said.

    • 09 Feb 2018
  • RMB round-up: PBoC to reform bond markets, FX reserves up for twelfth straight month, Cambodia considers RMB for China trade

    The People’s Bank of China eyes bond market reforms, China’s FX reserves stand at $3.16tr after another month of growth, and Cambodia moves closer to replacing the dollar with the renminbi for trades with China.

    • 09 Feb 2018
  • Volatility strikes twice to complicate Lat Am deal rush

    Four Latin American issuers ventured into cross-border markets on Thursday after a deceptively calm Wednesday, only to be faced with a wave of volatility that had investors worried and led to wider pricing.

    • 08 Feb 2018
  • Unifin continues microfinance run in tough conditions

    Mexican non-bank lender Unifin made its second bond market outing of the year on Thursday with a senior unsecured deal that came at the wide end of initial price thoughts.

    • 08 Feb 2018
  • Investors smoke peso debut but DR pays up in dollars

    Bankers said that the Dominican Republic’s Dominican peso bond sale was the highlight of a busy but choppy day in Latin American primary debt markets, though market volatility cost the sovereign heavily in dollars.

    • 08 Feb 2018
  • Duo makes seven from Russia this year, blasts away US Treasury fears

    Credit Bank of Moscow and Domodedovo Airport (DME) brought the total Eurobond tally of Russian issuers this year to seven this week. Those latest two issuers jumped in shortly after Directive 1 sanction fears were quashed by the US Treasury.

    • 08 Feb 2018
  • Keep Qatar and carry on

    Ever since six Arab countries led by Saudia Arabia and the UAE ostracised Qatar last summer, banks have been agonising over the feud.

    • 08 Feb 2018
  • RusHydro opens Eurorouble bond market to take Rb20bn

    RusHydro, the Russian hydroelectric power generator, issued the first local currency Eurobond of 2018 with a three year note on Thursday. Bond bankers said that internationally cleared local currency bonds would gain increasing traction this year.

    • 08 Feb 2018
  • New frontier in EM as Trans-Oil plans first Moldovan bond

    Moldovan agro-industrial holding company Trans-Oil Group is looking to make its capital markets debut. The deal will be the first ever from a Moldovan corporate — and with no outstanding bonds from the sovereign, investors will have a lot of price work to do.

    • 08 Feb 2018
  • Banks stick by Qatar on QNB funding despite Gulf spat

    Qatar National Bank (QNB) has signed a $3.5bn loan with 21 international banks, with one of those also selling over $2.3bn of MTNs for the issuer, showing that banks’ jitters about supporting Qatari entities in the wake of the dispute between the sultanate and six other Arab states have partly been assuaged. Bianca Boorer and Virginia Furness report.

    • 08 Feb 2018
  • First ever Moldovan corporate bond mandated

    Moldovan agro-industrial holding company Trans-Oil Group is looking to make its capital markets debut. The deal will be the first ever from a Moldovan corporate, and the first chance investors have had to buy Moldovan risk since 1997.

    • 08 Feb 2018
  • CBM defies UST rise as Russians rush in

    Credit Bank of Moscow printed a $500m five year bond from a book in excess of $1.1bn on Wednesday, quelling fears of EM new issues shutting down in face of US Treasury yield rises. Domodedovo Airport looks next to print in dollars from the country while the State Transport Leasing Company has also mandated for a bond.

    • 08 Feb 2018
  • Mezz gains popularity amid rising valuations

    Leverage finance bankers are bracing themselves for a rise in mezzanine financing in Asia, buoyed by talk that part of the HK$32bn loan to back a record-breaking Hong Kong property deal will be financed with junior debt.

    • 08 Feb 2018
  • RusHydro gains momentum in Eurorouble

    RusHydro, the Russian hydroelectric power generator, kicked off local currency Eurobonds for 2018 with a three year note on Thursday. DCM bankers said that internationally cleared local currency bonds will gain increasing traction this year.

    • 08 Feb 2018
  • Israel Electric cuts through vol to price with zero NIP

    Israel Electric (IEC) shrugged off any concerns of contagion from the equity market rout earlier this week to print $1bn with no new issue premium on Wednesday.

    • 08 Feb 2018
  • GLP ‘surprised’ market with BRI Panda pricing

    GLP has raised Rmb1.2bn ($191m) from a nine year Panda bond on the Shenzhen Stock Exchange. The size of the Belt and Road branded deal was expanded, surprising some in the market.

    • 08 Feb 2018
  • Shaken but not deterred: Lat Am quake cover drives largest World Bank cat bond

    The World Bank has priced $1.36bn of catastrophe bonds to provide earthquake protection to Mexico, Chile, Colombia and Peru, despite bondholders losing their principal on Mexico’s last cat bond after a quake in September.

    • 08 Feb 2018
  • Fujian, Shangrao LGFVs snap up combined $500m

    Local government financing vehicles (LGFVs) from Fujian and Jiangxi braved the offshore debt market this week, after share prices across Asia and the US recovered from a bout of volatility. The two companies raised $500m between them.

    • 08 Feb 2018
  • Daegu Bank finds fortune favours the bold

    South Korea’s Daegu Bank pulled off a bold $300m bond on Wednesday, choosing to price a deal with a generous new issue premium rather than delay the sale any further.

    • 08 Feb 2018
  • Aster DM prepares float, ICICI Sec listing approved

    Aster DM Healthcare is finally set to launch its Rp9.8bn ($152.7m) IPO, having once again scaled back the deal size and changed the syndicate.

    • 08 Feb 2018
  • Vincom employees net $198m from block sale

    A group of employees from Vincom Retail have raised Dong 4.51tr ($197.5m) after they sold a block of the company’s shares, upsizing the offer on the back of strong institutional demand.

    • 08 Feb 2018
  • Agile spin-off pockets $524m from Hong Kong listing

    A-Living Services raised HK$4.1bn ($524.4m) from its IPO this week. It priced the deal below the midpoint of guidance, but it was well-received across all tranches.

    • 08 Feb 2018
  • Lat Am bankers heard prepping Thursday deals

    Bond market participants said on Wednesday said that Latin American issuers could return in force on Thursday after another day of calm in markets.

    • 08 Feb 2018
  • Electronics manufacturer IMI sets price for Ps5bn rights

    Philippines-based Integrated Micro-Electronics (IMI) is planning to tap its shareholders for Ps5bn ($97.3m) of fresh capital. The company has priced its rights issue at an attractive discount to win them over.

    • 08 Feb 2018
  • GlobalCapital Loan Awards 2017: the full results

    GlobalCapital revealed the winners of its 2017 Loan Awards at its annual Loans and Leveraged Finance Awards Dinner at Gibson Hall in London on February 7. The full results are below: GlobalCapital congratulates all the winners and nominees.

    • 07 Feb 2018
  • QNB signs $3.5bn loan with 21 banks at lower pricing

    Qatar National Bank has signed a $3.5bn loan with 21 international banks, showing that banks' jitters about supporting Qatari entities in the wake of the dispute between the sultanate and six other Arab states have partly been assuaged.

    • 07 Feb 2018
  • Sabic in talks with banks about loan financing

    Saudi Basic Industries Corp (Sabic), a diversified chemicals producer, is looking to raise a large syndicated loan with international banks, according to sources close to the potential deal.

    • 07 Feb 2018
  • CBM brings barometer trade

    Rival bankers are keenly watching Credit Bank of Moscow’s trade as a barometer for the market this week. A sell-off in US Treasuries seemed to imply a higher borrowing cost for the issuer, though with price revisions to come, it is too early to say by how much.

    • 07 Feb 2018
  • Israel Electric on track with dollar deal

    Israel Electric revised pricing downwards on its 10.5 year bond issue on Wednesday as it looks to push out its curve.

    • 07 Feb 2018
  • HKEX locks-in index options after-hours trading

    Hong Kong Exchanges and Clearing (HKEX) has committed to allowing trading of popular equity index options in its after-hours trading session, after similar futures contracts enjoyed success in a lengthier session.

    • 07 Feb 2018
  • EM primary market resumes after equity rout

    Despite abundant rates volatility, two emerging market lenders braved the markets on Wednesday, adding further evidence that the asset class remains resilient amid the broader market sell-off.

    • 07 Feb 2018
  • Sunshine breaks through clouds to close $165m tap

    Sunshine 100 China Holdings became the first Asian issuer to turn to the international bond market this week, tapping a three non-call two year bond as other issuers shied away from the market following a global collapse in stock prices.

    • 07 Feb 2018
  • ICICI Securities wins approval for Rp30bn IPO

    India’s capital markets regulator has given ICICI Securities the greenlight to hold an IPO, which is expected to raise at least Rp30bn ($467m).

    • 07 Feb 2018
  • China Taiping picks one for HK$500m club

    State-owned insurer China Taiping Insurance Holdings is raising a HK$500m loan from the offshore market, according to sources.

    • 07 Feb 2018
  • Three brave Asian bonds as sentiment shifts

    Three Asian debt issuers launched dollar bonds on Wednesday, taking advantage of a respite from the market turmoil that all but shut the debt market earlier this week.

    • 07 Feb 2018
  • JinkoSolar launches $100 ADS fundraising

    JinkoSolar Holding Co set out plans to raise $100m on Wednesday, after opening the order book for a follow-on offering of American Depository Shares alongside a private placement of the shares, according to a deal term sheet.

    • 07 Feb 2018
  • Lat Am credit resilient but DR drops amid pipeline doubts

    Secondary markets for Latin American bonds have held up well in the context of a storm of hefty sell-offs across global equity markets, but volatility is likely to make new issuance tougher as a raft of high yield borrowers line up deals.

    • 07 Feb 2018
  • CAF cuts cool figure in euros to beat volatility

    Bankers observing South American development bank CAF’s return to euro markets on Tuesday suggested that the multilateral had done well to push through equity market volatility with its largest ever euro deal.

    • 07 Feb 2018
  • Updated: CMP sells Belt and Road Panda in Shenzhen

    China Merchants Port Holdings sealed its first Panda deal on the Shenzhen Stock Exchange on Monday, raising Rmb500m ($79.5m) from a three year bond. The red chip issuer will take the proceeds offshore to finance its Belt and Road Initiative-linked purchase of the Hambantota port in Sri Lanka.

    • 07 Feb 2018
  • Panda bonds aren’t fit for purpose. Time to cut the red tape.

    Panda bond issuance has so far been dominated by overseas-incorporated Chinese names. That bolsters volumes, but it does little to help the market fulfil its role of boosting RMB internationalisation. Policymakers have the chance to fix it — but only if they are bold enough to let markets play a bigger role.

    • 07 Feb 2018
  • The HLEG’s report: L’union fait la force

    In the week Belgium announces its first green bond roadshow, the national motto (Eendracht maakt macht in Dutch) aptly captures the real importance of the European Commission’s new roadmap on sustainable finance, which lays out a panoply of actions Europe could take to green its financial system. That is: unity makes strength.

    • 06 Feb 2018
  • Bear market jitters are a self-fulfilling prophecy

    After a year of predictions that a bear market is coming off the back of monetary policy normalisation, people shouldn’t be surprised that investors are a little jumpy.

    • 06 Feb 2018
  • BlueBay names sole head of EM debt

    BlueBay Asset Management has appointed Polina Kurdyavko as sole head of its emerging market debt team, a role she formerly shared with David Dowsett, who becomes a strategic advisor at the firm.

    • 06 Feb 2018
  • MLP Care IPO prices, shareholders will make up shortfall

    MLP Care, the Turkish company that owns the Medical Park chain of private hospitals, priced its IPO on Tuesday after extending the bookbuild and slashing the price range.

    • 06 Feb 2018
  • Kosmos Energy refis $1.5bn RBL

    US oil and gas company Kosmos Energy, which operates in Africa, has refinanced a reserve-based lending facility signed in 2015.

    • 06 Feb 2018
  • Digi Communications adds five banks to bridge loan

    Digi Communications’ Hungarian subsidiary has refinanced part of a €200m bridge loan provided by Citigroup and ING in October last year, which was used to fund the acquisition of a subsidiary of fellow Hungarian communications company Invitel.

    • 06 Feb 2018
  • EM resilient in face of global equity sell-off

    The Institute of International Finance (IIF) on Monday reported $4bn of outflows from emerging market bond funds since January 30, but even in the face of a global equity sell-off, the asset class has been largely resilient — for now.

    • 06 Feb 2018
  • Talk is cheap, but no longer effective in hindering Russia

    Last week’s chatter in the bond markets about the US applying a new round of sanctions on Russia served to highlight how little investors feel threatened by this kind of talk. Now the US has to take action to affect Russia.

    • 06 Feb 2018
  • Vincom employees net $198m from block sale

    A group of Vincom Retail employees sold a block of the company’s shares on Monday, raising D4.51tr ($198.1m) after they bumped up the size of the offer, according to a source close to the deal.

    • 06 Feb 2018
  • HDFC eyes Masala bond as pipeline swells

    Housing Development Finance Corp (HDFC) is among a swathe of Indian issuers preparing to sell offshore rupee bonds in the coming months, a funding official said.

    • 06 Feb 2018
  • Light Year, Pacific Millennium plan HK listings

    Mainland firms Light Year Holdings and Pacific Millennium Packaging Group are seeking approval to float in Hong Kong. They both filed draft IPO prospectuses with the city’s bourse on Monday.

    • 06 Feb 2018
  • Asian bonds on hold after equity market carnage

    Asian bond issuance has ground to a halt this week, with new deals put on hold and bankers urging caution amid volatility across the equity and bond markets.

    • 06 Feb 2018
  • IOB sends out feelers to banks for $156m QIP

    Indian Overseas Bank, a state-owned lender, plans to hire three firms to help it raise Rp10bn ($156m) from a qualified institutional placement, according to a request for proposals.

    • 06 Feb 2018
  • Updated: Sino-Ocean lines up second Panda in two weeks

    As China's domestic bond market continues to suffer from a deleveraging campaign, Sino-Ocean Property Holdings is again turning to the Panda market for funding – less than two weeks after it last tapped the asset class.

    • 06 Feb 2018
  • Ascendas India block comes up against global stock rout

    The mayhem reverberating through global equity markets pushed shares of Ascendas India Trust down to a new 52-week low, after the firm raised S$100m ($76m) from an overnight placement.

    • 06 Feb 2018
  • Del Monte eyes $324m from Philippines spin-off

    Food and beverage company Del Monte Pacific is looking to spin off and list its Philippine subsidiary through a secondary share offering. The company wants to raise as much as Ps16.7bn ($324.1m), according to a filing on Tuesday.

    • 06 Feb 2018
  • Singapore, Malaysia join hands for stock trading link

    Singapore and Malaysia's market watchdogs are setting up an equity trading link between their bourses. They are planning to go live by the end of the year.

    • 06 Feb 2018
  • CAF set to price euro benchmark

    South American development bank Corporación Andina de Fomento (CAF) is due to price its first benchmark of 2018 after announcing initial price thoughts for a euro-denominated seven year.

    • 06 Feb 2018
  • Prime Energia plots bond with affiliate

    Chilean company Prime Energía is looking to raise $575m of seven year bonds via a debut deal to be issued in conjunction with another company owned by the same group.

    • 06 Feb 2018
  • QNB to increase loan due to oversubscription

    Qatar National Bank is expected to increase its loan to around $3.25bn, after it received commitments exceeding its launch amount.

    • 05 Feb 2018
  • Relief as US Treasury releases Russia sov sanctions report

    The US Treasury has said that Russia’s bond market is too important to global financial stability to sanction under Directive 1, which is the “most positive scenario for Russian financial instruments,” according to analysis by Danske Bank.

    • 05 Feb 2018
  • Qatar National Bank sells second, larger PP

    Two days after locking in a $1bn private placement, Qatar National Bank has sold a second two year floating rate note, this time for $1.38bn.

    • 05 Feb 2018
  • The price is (not always) right

    In the latest Clawback, columnist Philippe Espinasse takes a closer look at two new IPO guidance letters released by the Hong Kong bourse.

    • 05 Feb 2018
  • Agile spin-off bags $524m from Hong Kong flotation

    A-Living Services has priced its Hong Kong IPO below the midpoint of guidance. The company raised HK$4.1bn ($524.2m) after the deal was well-received across all tranches.

    • 05 Feb 2018
  • Drug manufacturer AGP guns for $25m Pakistan IPO

    Pakistan-based pharmaceutical company AGP is set to launch bookbuilding for a Prp2.8bn ($25.2m) offer-for-sale on the country’s stock exchange this week, according to a statement by financial services company JS Global Capital.

    • 05 Feb 2018
  • Aster DM Healthcare rejigs IPO size, syndicate yet again

    Aster DM Healthcare is set to launch its Rp9.8bn ($152.7m) IPO in India next week, after only its latest attempt to scale back the deal size and change the syndicate group.

    • 05 Feb 2018
  • Not just property: China dollar bond pipeline building steadily

    Chinese companies in sectors from construction to technology are preparing to tap the dollar bond market. Despite rates continuing to push higher, particularly in the long-end of US Treasuries, more and more debut issuers are eyeing deals.

    • 05 Feb 2018
  • Cogo seals $595m rights, Ganfeng Lithium seeks nod for HK IPO

    China Overseas Grand Oceans Group (Cogo) has raised HK$4.7bn ($595.2m) from a rights issue of over a billion new shares, despite the deal being undersubscribed by shareholders.

    • 05 Feb 2018
  • Terms emerge for Indorent’s $100m syndicated loan

    Pricing details are out for a $100m facility for car rental service provider CSM Corporatama, better known as Indorent.

    • 05 Feb 2018
  • Greenland pushes out maturities with $700m bond

    Chinese property company Greenland Holding Group raised $700m last week, returning to the bond market to refinance a pair of short-dated deals it sold in the first half of 2017.

    • 05 Feb 2018
  • HKEX gives IPO issuers more flexibility on price range

    The Hong Kong Stock Exchange is giving IPO hopefuls more flexibility to price outside of indicative price ranges set during marketing, bringing its listing rules more in line with the US.

    • 05 Feb 2018
  • The week in renminbi: CFETS kicks off Thai baht trading, top Chinese official assures Hong Kong of its RMBi role, CCB opens New Zealand branch

    China launches onshore trading for Thai baht, NPC chairman says Hong Kong remains important to China’s effort to promote the renminbi, and China Construction Bank opens a new branch in Auckland.

    • 05 Feb 2018
  • Improved Camposol digging for investor demand

    Peruvian agricultural company Camposol could return to bond markets this week as it looks to capitalise on an improved rating to refinance expensive debt issued during darker days.

    • 05 Feb 2018
  • Gran Tierra plots capital markets land-grab

    Canada-listed oil and gas company Gran Tierra Energy, which has the majority of its operations in Colombia, is planning a debut 144A/Reg S bond offering which will come due in 2025, the company said.

    • 05 Feb 2018
  • Enerjisa covered 4.8 times and prices at bottom, MLP covered

    Enerjisa, the Turkish utilities company owned by E.On and Sabanci, has attracted sizeable interest for its IPO, which was covered 4.8 times and priced at the bottom of the range.

    • 02 Feb 2018
  • RusHydro returns to eurorouble market

    RusHydro, the Russian hydroelectric power generator, will meet investors next week for a Eurorouble bond.

    • 02 Feb 2018
  • RMB round-up: China signs $12.8bn deals with UK, RMB up one in payments, Aberdeen adds Rmb5.3b RQFII quotas

    China agreed to $12.8bn of deals with the UK during the British prime minister’s state visit, RMB returns as the fifth most used global payments currency, and Aberdeen Asset Management grabs Rmb5.3bn ($842.8m) new renminbi qualified foreign institutional investor (RQFII) quotas.

    • 02 Feb 2018
  • Cinda AMC goes conservative on size

    China Cinda Asset Management Co raised a smaller than anticipated $2.5bn from a four-tranche deal on Thursday, despite having an order book that was about 6.6 times covered at its peak.

    • 02 Feb 2018
  • Indorent revs up $100m syndicated loan

    Car rental service provider CSM Corporatama, better known as Indorent, has reached out to lenders for a $100m syndicated loan, said bankers who received a preliminary email asking them to attend a roadshow.

    • 02 Feb 2018
  • Chinese issuers delve into short-dated bonds

    China Logistics Property Holdings Co (CNLP) and Future Land Holdings Co both sold bonds with less than one year tenors on Thursday, sidestepping the Chinese regulator’s tight handle on offshore fundraising.

    • 02 Feb 2018
  • Times Property Holdings block goes for HK$834m

    Schiavona International Holdings has raised HK$833.5m ($106.6m) after offloading a block of shares in real estate developer Times Property Holdings, according to a source close to the deal.

    • 02 Feb 2018
  • Nazara Tech seeks green light for Indian IPO

    Mobile gaming company Nazara Technologies is planning to float on India’s stock exchanges through an offer-for-sale (OFS) of secondary equity, and has filed a draft prospectus with the market regulator.

    • 02 Feb 2018
  • GLP goes long with Belt and Road Panda

    Singapore's GLP will approach Chinese investors on Monday with a nine year Panda bond, one of the longest-dated deals ever to feature in the asset class.

    • 02 Feb 2018
  • India seeks InvIT boost as NHAI picked for share sale

    India plans to monetise its highway assets by packaging them into infrastructure investment trusts (InvITs) for IPOs, the government said during its annual budget presentation.

    • 02 Feb 2018
  • CMP gets official approval to market Belt and Road Panda

    It has now become common for bond issuers to stress their 'Belt and Road' credentials. But China Merchants Port has become one of the first issuers to get the official blessing to use the term.

    • 02 Feb 2018
  • Pemex book booms as Lat Am defies doubts

    Mexican state-owned oil giant Pemex attracted a huge book for its eagerly-anticipated dollar market return on Thursday as bond investors pile into the region’s credits despite major elections looming.

    • 01 Feb 2018
  • Lat Am sovs to keep ticking as DR eyes local currency

    Caribbean sovereign the Dominican Republic could become the first Latin American issuer to seek local currency bonds in the international markets this year as bankers say that timing could not be better for traditionally hard to execute deals.

    • 01 Feb 2018
  • Gol flies to tap as Asian buyers ask for time

    Brazilian low-cost airline Gol increased the size of a tap of its newest bonds on Tuesday after opting for a two day execution to allow Asian investors to participate.

    • 01 Feb 2018
  • Crédito Real makes Swiss splash at attractive cost

    Mexican non-bank lender Crédito Real sold its inaugural Swiss franc bond on Wednesday, achieving attractive pricing compared to its US dollar curve, according to the company’s head of investor relations.

    • 01 Feb 2018
  • Unclear future for Russian issuance as US sanctions talk returns

    Some of the wealthiest and most influential businesspeople in the Russian Federation received an expected, but still unpleasant, piece of news on Monday with the publication of a US Treasury Department list that is expected to precede new sanctions, write Sam Kerr and Bianca Boorer.

    • 01 Feb 2018
  • Romania raises €2bn with 0bp-1bp concession

    Romania issued €2bn of new debt with a dual tranche offering on Thursday, taking the largest portion of funds with a new 20 year bond.

    • 01 Feb 2018
  • Russia sov sanctions unlikely, say investors

    Despite the impending US Treasury recommendations on Russian sovereign debt, Russian OFZ’s hit their highest cash price since 2015 this week, suggesting investors are betting heavily that the report will come to nothing.

    • 01 Feb 2018
  • EU law to steer markets to green future

    Europe’s financial system turned a corner this week, as the European Commission declared it would introduce legislation to redirect markets towards sustainability and equip them to face the threat of climate change, writes Jon Hay.

    • 01 Feb 2018
  • QNB sells $1bn PP as Gulf banks continue innovative funding run

    Qatar National Bank has added to a busy run of funding with a $1bn two year private placement that it sold to a single investor, according to sources. The region's banks have tapped the Islamic and Taiwanese markets and issued in Aussie dollars.

    • 01 Feb 2018
  • Republic of Poland EUR1bn 1.125% Aug 26

    • 01 Feb 2018
  • Poland builds confidence in green as sovereigns queue

    The Republic of Poland exceeded its own and its leads’ hopes when it issued its second green bond this week. Piotr Nowak, undersecretary of state at Poland's finance ministry, told GlobalCapital that with 41% of green accounts participating, the sovereign had succeeded in diversifying its investor base.

    • 01 Feb 2018
  • Russian pair mandate for dollar bonds

    Two Russian issuers forged ahead with plans to issue Eurobonds this week, despite increasing noise around Russian sanctions that threaten to push spreads wider.

    • 01 Feb 2018
  • SPD Bank to fire up London ops next week

    Shanghai Pudong Development Bank is set to open its newly authorised UK branch for business next week, with initial plans for wholesale banking and vanilla securities trading.

    • 01 Feb 2018
  • Barclays cuts hit EMEA levfin head, ECM vice-chair, other senior bankers

    The round of redundancies at Barclays Investment Bank has hit more senior figures, including the head of EMEA leveraged finance, a vice-chairman in ECM, the COO of EMEA banking, as well as other managing directors across the origination businesses.

    • 01 Feb 2018
  • Books €3bn at last update for Romania

    Republic of Romania offered investors a rare opportunity to buy sovereign debt from central and eastern Europe with a three digit spread on Thursday.

    • 01 Feb 2018
  • Domodedovo Airport adds to Russia supply

    Moscow’s Domodedovo Airport (DME) has named leads for dollar roadshows, potentially adding to the $2bn of supply from Russian issuers so far this year.

    • 01 Feb 2018
  • QNB sells $1bn bond to single investor

    Qatar National Bank has added to its run of funding with a $1bn two year private placement, according to sources.

    • 01 Feb 2018
  • Galaxy Surfactants goes for the top with India IPO

    Indian specialist chemical producer Galaxy Surfactants closed books for its IPO on Wednesday and is set to raise Rp9.4bn ($146.9m) after the deal was multiple times covered by institutional investors.

    • 01 Feb 2018
  • Yango falls victim to yield spike, high leverage

    Chinese property developer Yango Group Co was forced to call off a $250m bond this week, amid heavy Asian dollar bond supply and a spike in US Treasury yields. But while market conditions played their part in the underwhelming demand for the deal, the issuer’s credentials were also called into question. Addison Gong reports.

    • 01 Feb 2018
  • Huami, Ping An Good Doctor lead China tech IPO march

    The first of China’s much-anticipated pipeline of technology-centric IPOs this year is starting to materialise.

    • 01 Feb 2018
  • Sub-one year bonds spill over into Asia equity-linked market

    Asia’s equity-linked market joined in the sub-one year bond party this week, as issuers and investors both found something to like in the structure. Two Chinese property developers successfully priced nearly identical 363-day deals, though they had slightly different results in the aftermarket. John Loh reports.

    • 01 Feb 2018
  • Yunnan Energy fires up $200m three year bullet

    Yunnan Provincial Energy Investment Group is out with its first borrowing in the international loan market.

    • 01 Feb 2018
  • People news in brief: February 1, 2018

    Credit Suisse’s Naqvi to step down – Nomura creates China IB role

    • 01 Feb 2018
  • India plans to merge and list public insurance trio

    The Indian government plans to merge three public sector general insurance companies into a single entity and float it on the stock exchange, finance minister Arun Jaitley said during the annual Union Budget on Thursday.

    • 01 Feb 2018
  • Evergrande tears up old plan, rings changes for mammoth CB

    China Evergrande Group attempted the largest Asian convertible bond in nearly two decades this week. But after investors baulked, the company pulled off one of the starkest changes of direction to a live deal GlobalCapital Asia has ever seen, relaunching with a new structure, a smaller deal size and a bigger bookrunning group, writes Jonathan Breen.

    • 01 Feb 2018
  • JM Financial pockets $102m in QIP with zero discount

    Indian brokerage JM Financial is set to bag Rp6.5bn ($101.8m) from a qualified institutional placement with no discount to its market price, as investors jostled for the shares.

    • 01 Feb 2018
  • Sharjah makes its name with Panda debut

    Chinese investors welcomed the first Panda bond issuer from the Middle East with caution this week. The government of the Emirate of Sharjah sold a Rmb2bn ($317.2m) three year bond in the upper half of the coupon range.

    • 01 Feb 2018
  • FAB starts public funding run in sukuk

    First Abu Dhabi Bank will follow Dubai Islamic Bank to the sukuk market as GCC banks look to tap into the enormous pool of Islamic liquidity in the region.

    • 01 Feb 2018
  • Can M Grass overcome its local government cooking the books?

    A green construction company in the Chinese region of Inner Mongolia has expressed interest in selling a dollar green bond. But the deal will have to overcome damning revelations that the local government released false economic data.

    • 01 Feb 2018
  • Zhongtai pushes out short term dollar bond

    Chinese issuers are continuing to circumvent regulatory approval for offshore fundraising by going down the short-term note issuance route, with Zhongtai Securities becoming the latest name to hit the market.

    • 01 Feb 2018
  • Voila! France eyes debut Panda bond

    France is hoping to add its name to a growing list of sovereigns in China’s Panda bond market, having discussed the possibility with at least two of the country’s biggest state-owned banks.

    • 01 Feb 2018
  • StanChart scoops new Panda licence

    Chinese regulators have given Standard Chartered the nod to become a joint lead underwriter on corporate Panda bonds, allowing it to take a senior position on deals that it was previously forced to play a junior role on. StanChart is only the second foreign bank to win the approval.

    • 01 Feb 2018
  • Dominican Republic touts local currency deal

    Caribbean sovereign the Dominican Republic will hit the road this Friday as it looks for a first international bond sale of the year, with the sovereign considering a local currency component.

    • 01 Feb 2018
  • Crédito Real sells lowest rated Lat Am FIG swissie

    Unregulated Mexican non-bank lender Crédito Real sold its inaugural Swiss franc bond on Wednesday, which is the lowest-rated deal in the currency from a Latin American financial institution.

    • 01 Feb 2018

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 17,767.41 52 13.75%
2 HSBC 12,609.22 58 9.76%
3 JPMorgan 9,925.38 40 7.68%
4 Standard Chartered Bank 8,217.29 45 6.36%
5 Deutsche Bank 7,715.91 23 5.97%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 6,966.21 15 18.50%
2 HSBC 4,464.24 7 11.86%
3 Deutsche Bank 4,144.09 3 11.01%
4 JPMorgan 3,634.02 11 9.65%
5 Bank of America Merrill Lynch 3,462.62 12 9.20%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 7,216.33 17 17.39%
2 Standard Chartered Bank 4,724.26 13 11.38%
3 JPMorgan 3,911.33 13 9.43%
4 HSBC 3,876.07 12 9.34%
5 Bank of America Merrill Lynch 2,765.80 5 6.67%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 ING 3,668.64 29 9.01%
2 UniCredit 3,440.98 25 8.45%
3 Sumitomo Mitsui Financial Group 3,156.55 13 7.75%
4 Credit Suisse 2,801.35 8 6.88%
5 SG Corporate & Investment Banking 2,478.18 21 6.09%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 AXIS Bank 761.34 18 14.55%
2 Standard Chartered Bank 435.32 5 8.32%
3 Trust Investment Advisors 415.64 12 7.94%
4 JPMorgan 366.31 3 7.00%
5 Citi 280.89 2 5.37%