• Turkey slapped with double downgrade

    Two ratings agencies lowered Turkey’s credit rating on Friday evening, but the beleaguered nation’s asset prices have largely shrugged off the news, despite predictions of a recession.

    • 20 Aug 2018
  • Fitch strikes down Ecuador on financing worries

    Fitch Ratings has downgraded Ecuador from B to B- on the back of its rapidly rising debt burden, even though the country finally has a finance minister popular with bond investors.

    • 20 Aug 2018
  • Shriram Transport parks $350m loan in syndication

    India's Shriram Transport Finance Corp is tapping the loan market for a $350m five year borrowing, its first dollar-denominated fundraising.

    • 20 Aug 2018
  • MTN Nigeria stays local for loan

    Telecoms company MTN Nigeria has signed a Nr200bn ($554m) seven year loan from local and international banks, as lenders remain in talks with other borrowers for hard currency transactions from the country.

    • 20 Aug 2018
  • Bhagat leaves StanChart's capital markets team

    Gaurav Bhagat, Standard Chartered’s head of capital markets for financial institutions group in South Asia, has left the bank.

    • 20 Aug 2018
  • Quiet end to August in sight for Asia’s bond market

    Singapore Telecommunications and a Hangzhou local government financing vehicle both hit the dollar bond market on Monday, already putting Asia’s debt market ahead of the one dollar issuance last week. But bankers say there is little more to come.

    • 20 Aug 2018
  • Chailease seeks $250m loan in general

    Chailease International Finance Corp is turning to the loan market for an up to $250m borrowing, just a few months after sealing renminbi-denominated and Japanese yen facilities.

    • 20 Aug 2018
  • Qutoutiao targets $300m with ADS listing

    Tencent Holdings-backed Qutoutiao has filed draft documents for a Nasdaq IPO, with plans to raise up to $300m.

    • 20 Aug 2018
  • Lei Shing Hong Credit back for $300m

    Hong Kong’s mortgage financing provider Lei Shing Hong Credit has returned to the offshore loan market for a $300m three year borrowing.

    • 20 Aug 2018
  • The week in renminbi: BOC named clearing bank for Labuan, Dagong banned by second regulator, Central bank said to be curbing FTZ outflows

    Bank of China becomes the RMB clearing bank for a financial centre in Malaysia, a Chinese credit rating agency is in trouble with two regulators after breaching rules in the exchange and interbank bond markets, and the People’s Bank of China reportedly blocks RMB flowing out of free trade zones (FTZs).

    • 20 Aug 2018
  • Abagian gets bigger role in Morgan Stanley

    Morgan Stanley’s Alex Abagian has been named as a co-head of Asia Pacific equity capital markets, according to people familiar with the matter.

    • 20 Aug 2018
  • SA firm Sabvest gets liquidity boost after share sale

    Sabvest, the South African investment holding company, has substantially boosted its liquidity after two investment vehicles sold out of the stock.

    • 17 Aug 2018
  • Nafmii bans domestic rating agency

    Dagong Global Credit Rating, one of China’s largest credit rating agencies, has been banned from rating bonds in the interbank market for one year because it was providing consulting services to companies as it was rating them, the National Association of Financial Market Institutional Investors (Nafmii) announced today.

    • 17 Aug 2018
  • Paiho Shih returns for $120m refi

    Taiwan’s Paiho Shih Holdings has returned to the offshore loan market, seeking a $120m refinancing loan through KGI Bank.

    • 17 Aug 2018
  • China people & markets round-up: JP Morgan seeks onshore private fund licence, China holds less US Treasuries, SGX sets new USDCNH futures record

    The asset management arm of JP Morgan targets the private fund market in the mainland, China downsizes holdings of US Treasuries in June, and the Singapore Exchange (SGX) sets a new single-day trading record for USDCNH futures contracts.

    • 17 Aug 2018
  • China policy round-up: A-shares available for foreigners in China, US-China trade talks to resume, MoF asks local governments to sell special bonds

    Regulator allows foreign nationals in China to buy A-shares, Beijing and Washington walk back to the negotiation table, and the Chinese finance ministry guides local governments to borrow and spend on infrastructure in the third quarter.

    • 17 Aug 2018
  • KBS to hit road for Singapore’s third US Reit

    KBS Realty Advisors is preparing to float its second Reit in Singapore backed by US commercial properties, bankers close to the deal said.

    • 17 Aug 2018
  • OCBC scores with Sing dollar AT1

    Oversea-Chinese Banking Corp (OCBC) reopened Singapore’s alternative tier one market this week, managing to raise S$1bn ($726.87m) from the first such deal in 14 months.

    • 17 Aug 2018
  • CooTek lines up $100m NYSE listing

    Chinese mobile internet company CooTek is planning a $100m IPO of American Depository Shares (ADS), according to a draft prospectus filed with the US Securities and Exchange Commission on Thursday.

    • 17 Aug 2018
  • It’s a nexus, not a doom loop

    The sovereign credit crisis spurred lawmakers to undertake a number of major initiatives designed to sever the ‘doom loop’ — the link between sovereign and bank credit risk. Recent events in Italy and Turkey show the limits of these policies, but not their impotence.

    • 16 Aug 2018
  • Lat Am September plans left in doubt

    The drought in Latin American new issuance stretched to six weeks by Thursday, but DCM bankers are now more concerned by prospects for September after contagion from Turkey hit Lat Am assets this week.

    • 16 Aug 2018
  • PDVSA 2020s recover as market digests court ruling

    Venezuelan state oil company PDVSA saw its 8.5% 2020s drift back upwards this week after taking a hit on the back of a US court ruling that caused some concern about bondholders’ ability to claim their collateral.

    • 16 Aug 2018
  • Lat Am issuers have nothing to fear

    Another month, another set of headlines to scare even the most resolute of EM investors. Yet it is nearly time for Latin American primary markets to make a comeback, and issuers shouldn't let their plans get derailed.

    • 16 Aug 2018
  • Turkey crash takes out EM

    Emerging market currencies and bond yields were battered this week as old school contagion — the like of which has been absent for many years — infected the market as the Turkish lira crashed. But there is hope that a bounce back for many of these countries could be imminent, as it was after the 2013 taper tantrum. Francesca Young reports.

    • 16 Aug 2018
  • Analysts keep cool over Turkish risks for European banks

    Banks with major exposures to Turkey were getting hammered after a loss of financial market confidence pushed the country towards a crisis at the beginning of the week. But analysts suggest that any fears of contagion into the European banking sector are overdone.

    • 16 Aug 2018
  • The Pained Trader: Turkey shoot

    The Pained Trader has a ringside seat at the crisis of the day.

    • 16 Aug 2018
  • Turkey fin min investor call tries to reassure

    Within a fortnight, the Republic of Turkey is planning to announce “additional sources of financing” to fill a $2.5bn gap in its 2018 external bond funding plans, Berat Albayrak, the country's finance minister, said on an investor conference call on Thursday afternoon. Albayrak also said Turkey is not in talks with the International Monetary Fund (IMF) and ruled out capital controls.

    • 16 Aug 2018
  • Turkey’s five year CDS spread tightens as US feud continues

    The cost of buying credit default swaps on Turkish five year government debt has stopped its upward trajectory and eased lower, even as the country’s standoff with the US continues.

    • 16 Aug 2018
  • Turkish borrowers facing tough redemption schedule

    The collapse in the Turkish lira has stoked fears as to how the nation’s borrowers will repay their foreign currency debt just as the country's foreign exchange reserves are shrinking.

    • 16 Aug 2018
  • EM on tenterhooks over Turkey finance minister call

    Turkey’s finance minister, Berat Albayrak, is holding an investor call at 2pm London time today. Over 5,000 participants are registered for the call and will be looking to see if the politician can bring calm to the crisis engulfing Turkish and wider emerging markets.

    • 16 Aug 2018
  • Deripaska’s VTB sanctions buster plan ‘difficult’ for OFAC, says former chief

    The US Office of Foreign Asset Control (OFAC) has an unprecedented decision to make on whether to accept a reported offer from EN+ owner Oleg Deripaska to sell shares in the company to VTB Bank. The aim of the deal is to reduce the oligarch’s majority stake in the aluminium conglomerate, which, it is hoped, will result in sanctions against it being removed.

    • 16 Aug 2018
  • Chinese healthcare platform 111 eyes $200m US IPO

    Integrated online healthcare provider 111 filed draft documents on Wednesday for a potential $200m issue of American Depository Shares (ADS).

    • 16 Aug 2018
  • China’s Tesla poised to electrify IPO investors

    China’s answer to Tesla is set to make a splash with its New York IPO. Nio is preparing a multibillion-dollar listing that will test investor appetite for the booming electric car industry. John Loh reports.

    • 16 Aug 2018
  • Emerging market worries strike Asian bonds, but anchors help Chinese issuers close deals

    Asia’s offshore bond market has ground to a halt. Global market volatility, driven by in part by geopolitical risk, has left borrowers on the sidelines, waiting for what will they hope will be a more stable market in September. In the meantime, the only sign of resilience in the region comes from China, where local banks can be leaned on to anchor deals. Morgan Davis reports.

    • 16 Aug 2018
  • StanChart picks new head of syndicate, and heads of DCM of west and east

    Standard Chartered has appointed a new head of syndicate, as well as a new head of DCM West and DCM East.

    • 16 Aug 2018
  • Foreign autos fashion single tranche trades in China ABS

    Geely and BNP Paribas’s auto finance joint venture hit the Chinese securitization market with a bang this week, as domestic investors oversubscribed for its single tranche sale by three times. The deal came a week before Mercedes is scheduled to launch a similarly structured transaction, its first in China this year.

    • 16 Aug 2018
  • Dubai’s Emirates NBD seeks loan rollover

    Dubai’s Emirates NBD is looking to roll over its $1.7bn loan signed in 2016, joining fellow Emirates lender Abu Dhabi Commercial Bank in the dollar loans market.

    • 16 Aug 2018
  • People and markets news in brief: August 16, 2018

    Deutsche Bank taps Ngan for ECM — Citi names first BRI head — Li emerges at Citic — Morgan Stanley promotes in SEA — Nomura hires for Korea DCM

    • 16 Aug 2018
  • StanChart rejigs global capital markets unit

    Standard Chartered has rearranged its primary and secondary debt business, creating a global credit markets team that will be run by Henrik Raber, its long-time capital markets head.

    • 16 Aug 2018
  • RCom: tender is the night

    India’s Reliance Communcations (RCom) tender and exchange offer, unveiled last week, would clear the issuer’s books of its $300m 6.5% 2020 bond. But since RCom defaulted on a payment for the notes last November, it is in no position to offer investors such paltry tender and exchange terms.

    • 16 Aug 2018
  • BOC Aviation, Digital China seek offshore borrowings

    Chinese companies BOC Aviation and Digital China have launched offshore loans into general syndication, seeking $500m and $100m, respectively.

    • 16 Aug 2018
  • Tata Motors closes $237.6m loan for bond buyback

    India’s Tata Motors has closed the senior syndication of an offshore loan worth $237.6m, helping the company fund the buyback of bonds due in 2020.

    • 16 Aug 2018
  • Turkey relief brings no respite to Lat Am

    Some Latin American bond bankers said that a soft day in the region on Wednesday was even more worrying than Monday’s havoc as spreads continued to widen despite Turkish assets rebounding somewhat.

    • 16 Aug 2018
  • Buy-backs pitched to troubled Turkish banks

    EM bond investors are watching Turkish banks closely, as some of the banks have heavy maturities falling due in the next year and capital ratios are being battered by the huge drop in the lira. But DCM bankers are telling these issuers that the lower levels may mean there are opportunities for buy-backs.

    • 15 Aug 2018
  • Sanctions future holds key for domestic bound Gazprom

    Gazprom may have stepped away from the international capital markets but its liquidity position remains strong enough to keep it afloat for the foreseeable future, provided the diplomatic situation between Russia and the US does not worsen.

    • 15 Aug 2018
  • Emirates Airlines loan syndication takes flight

    Dubai’s Emirates Airlines is syndicating a 12 year loan, less than six months after wooing bond investors to print a sukuk inside fair value.

    • 15 Aug 2018
  • Ferrexpo reloads bigger revolver

    Iron ore firm Ferrexpo has more than doubled the size of its revolving pre export finance facility to $400m and has extended the maturity by an extra year, but lenders say Ukraine’s loan market remains only partially open.

    • 15 Aug 2018
  • Mayhem in EM as Turkey crashes

    Good old fashioned contagion has led the worsening situation in the Turkish market battering the rest of emerging markets this week as a plummeting lira and spiking Turkish CDS levels spooked buyers across CEEMEA and Latin America. Even western Europe has been feeling the heat as investors start to fret about Turkish exposure.

    • 15 Aug 2018
  • BOC Aviation launches $500m into general

    BOC Aviation, the aircraft leasing group under Bank of China, has launched a $500m five year borrowing into general syndication, with a group of ten banks at the helm.

    • 15 Aug 2018
  • Amid volatile market, Asian deals on hold

    Asia’s offshore bond market ran to a near stand-still this week, with just one issuer selling a dollar bond. While the typical summer lull is to blame for at least some of the quiet, bankers were divided on whether the crisis in Turkey has made things worse for Asian issuers.

    • 15 Aug 2018
  • Updated: Foreign auto names switch gear to single tranche ABS

    Geely and BNP Paribas’s auto finance joint venture hit the Chinese securitization market with a bang on Tuesday, as domestic investors oversubscribed its single tranche sale by three times. The deal came a week before Mercedes is scheduled to launch a similarly structured transaction, which will be its first in China this year.

    • 15 Aug 2018
  • RHB sale fetches $149m for Abu Dhabi shareholder

    An overnight sell-down in Malaysia’s RHB Bank raised MR609.9m ($148.9m) for its Middle Eastern shareholder on Tuesday. The deal finally went ahead after a period of election-related uncertainty.

    • 15 Aug 2018
  • China Everbright tees up $1.3bn rights issue, Chong Hing follows

    China Everbright International hit the market on Tuesday with news of a billion-dollar rights issue, sending its stock price tumbling

    • 15 Aug 2018
  • Sell-off dampens Lat Am September hopes

    A broad emerging markets sell-off triggered by worries over Turkey's economic future could spoil what should be a busy September for Latin America primary markets, fear DCM bankers.

    • 15 Aug 2018
  • Erdogan’s Turkey a warning for Brexit Britain

    Markets don’t like governments engaging in unnecessary economic self-harm, and after numerous warnings and cautions on its unsustainable economic policies, investors are now abandoning Turkey —Brexit Britain should beware.

    • 14 Aug 2018
  • HSBC loses head of EMEA sustainable bonds

    HSBC’s head of sustainable bonds, EMEA debt capital markets, has left the bank.

    • 14 Aug 2018
  • Details emerge on $300m Petrofac loan financing

    The UK’s Petrofac has turned to bilateral financing to reduce its reliance on its existing revolving credit facility, with three banks providing the oil and gas services company with separate credit lines.

    • 14 Aug 2018
  • Turkey exposes European stocks but contagion unlikely

    The market chaos caused by investor panic over Turkey hit the shares of European companies this week, but the risk of a systemic crisis is low, said analysts.

    • 14 Aug 2018
  • Turkey makes ‘dead man bounce’ but investors still asking for more

    The Turkish lira rebounded strongly on Tuesday morning in London while sovereign CDS rallied 40bp — but investors are still calling for more action and concerns remain high that without a big rate rise from the Turkish Central Bank, the selling will shortly resume.

    • 14 Aug 2018
  • Payment receivables ABS give Turkish banks lifeline

    Diversified payment receivables securitizations, a deal structure used extensively by Turkey’s big banks, could be a vital route to help these institutions access more hard currency term funding as the crisis in the country deepens. But these deals have increasingly relied on development institutions in recent years, rather than private demand.

    • 14 Aug 2018
  • Middle East loans market tees up busy year end

    The Middle East loans market will end the year on a high, with a swathe of borrowers looking to raise funds following the Eid celebrations, according to multiple bankers in the region.

    • 14 Aug 2018
  • Beijing Construction closes bond with strong anchor demand

    Beijing Construction Engineering Group (BCEG) raised $600m from a quick transaction on Monday, following the approach of other recent Chinese issuers by relying on anchor orders to close the deal.

    • 14 Aug 2018
  • Louis Dreyfus Asia closes $600m revolver

    Singaporean commodity company Louis Dreyfus Asia has boosted its three year revolver to $600m after attracting 20 participants during syndication.

    • 14 Aug 2018
  • Digital China launches $100m into general

    Chinese information technology company Digital China Group is tapping the offshore loan market for a $100m deal.

    • 14 Aug 2018
  • MUFG Bank hires Harlalka as India markets head

    MUFG Bank has named ex-Royal Bank of Scotland executive Gyan Harlalka as head of global markets for India.

    • 14 Aug 2018
  • Veolia keeps it short in Panda comeback

    After a two year absence in the Panda bond market, Veolia Environnement made its return last week to raise Rmb1bn ($145.6m). Instead of placing another three year bond, the French corporate issuer cut the tenor to just one year — a move that paid off for the borrower, said bankers.

    • 14 Aug 2018
  • CreditAccess Grameen prices $162m India IPO

    CreditAccess Grameen has raised Rp11.3bn ($161.7m) after pricing its flotation in India at the best terms for the issuer, a banker on the deal said.

    • 14 Aug 2018
  • India’s Mrs. Bectors Food eyes $114m listing

    Mrs. Bectors Food Specialities is planning to float for as much as Rp8bn ($114.4m), having filed a draft prospectus with the Indian regulator.

    • 14 Aug 2018
  • Morgan Stanley promotes SEA bankers

    Morgan Stanley has made two senior appointments in its southeast Asia investment banking team, according to a memo seen by GlobalCapital Asia.

    • 14 Aug 2018
  • EM fallout shouldn’t scare Lat Am issuers

    Another month, another set of headlines to scare even the most resolute of EM investors. Yet it is nearly time for Latin American primary markets to make a comeback, and issuers shouldn't let their plans get derailed.

    • 14 Aug 2018
  • Hyundai Oilbank gets the nod for $1.8bn IPO

    South Korea’s securities regulator waved through Hyundai Oilbank’s billion-dollar IPO plans at a preliminary screening on Monday.

    • 14 Aug 2018
  • China’s Nio greases wheels for $1.8bn US listing

    Nio, a Chinese electric car company, has started sounding out investors for its IPO on the New York Stock Exchange with an indicative size of $1.8bn.

    • 14 Aug 2018
  • Ex-BNP banker to lead Korea DCM at Nomura

    Nomura has hired Jin-goo Kim as head of debt capital markets for Korea.

    • 14 Aug 2018
  • Analysts probe IFRS 9 impact amid Turkey crisis

    The currency crisis in Turkey has prompted analysts to hone in on the balance sheets of European banks, as they look for the first signs of an increase in income volatility following the introduction of the new IFRS 9 accounting standard.

    • 13 Aug 2018
  • Petrofac reduces revolver requirements with new loans

    The UK’s Petrofac has signed $300m of new bank facilities, as the emerging markets focused oil and gas services company looks to cut back on the use of its existing revolving credit facility.

    • 13 Aug 2018
  • Turkey five year CDS jumps as Erdogan defiant

    The cost of insuring Turkish government debt has shot up as Turkey’s president Recep Tayyip Erdogan has refused to give way in a dispute with the United States.

    • 13 Aug 2018
  • Markets lose faith in Turkey amid crisis

    Equity and debt markets are preparing for a full blown crisis in Turkey and even though its currency pulled back from its early-week lows, investors are worrying about debt defaults.

    • 13 Aug 2018
  • Albanesi a good buy despite graft scandal, say analysts

    Developing markets investment bank Exotix believes that Argentine power company Albanesi’s 9.625% 2023s are “money good”, despite a rapid fall in bond prices after the company’s CEO was arrested.

    • 13 Aug 2018
  • Telecom Egypt hits screens with $500m loan syndication

    Telecom Egypt has launched a $500m five year loan into syndication, with next week’s Eid al-Adha celebrations expected to stretch out the process until around the end of September.

    • 13 Aug 2018
  • Much ADO about nothing… so far

    Berlin property company ADO Properties had planned to issue its second corporate bond in recent weeks, following a successful investor update. However, a high profile bribery case in Israel has put the deal on hold for now.

    • 13 Aug 2018
  • MMI launches $205m refi into general

    Singaporean hard-drive manufacturer MMI International is seeking a $205m loan, mainly to refinance an old borrowing sealed in 2015.

    • 13 Aug 2018
  • CIMC plans Hong Kong flotation for vehicle unit

    China International Marine Containers plans to spin-off its vehicle manufacturing arm through a listing on the Main Board of the Hong Kong Stock Exchange.

    • 13 Aug 2018
  • Beijing Properties seals $250m with China bank bid

    Beijing Properties sold a two year bond last week after getting demand from some of the Chinese banks who joined the deal. That allowed the leads to launch the bond with little worry it would drag on over the weekend.

    • 13 Aug 2018
  • India's Sansera Engineering pre-markets $216m IPO

    Auto components maker Sansera Engineering has begun pre-deal investor education for an IPO that could raise up to Rp15bn ($215.9m), according to a source close to the deal.

    • 13 Aug 2018
  • Philippines’ UnionBank preps $188m rights issue

    Union Bank of the Philippines (UnionBank) has won stock exchange approval for a rights issue of up to Ps10bn ($187.6m).

    • 13 Aug 2018
  • Weidai files IPO amid P2P crackdown

    Chinese peer-to-peer lender Weidai is seeking an IPO on the New York Stock Exchange, even as the troubled sector continues to reel from tightening regulations.

    • 13 Aug 2018
  • The week in renminbi: PBoC won’t fight trade war with currency moves, CBIRC ramps up support for the real economy, ex-central bank head calls for ‘low key’ RMBi

    The People’s Bank of China says it will not weaken the RMB amid rising trade tensions with the US, the banking and insurance regulator wants more lending to small businesses, and the former boss of the Chinese central bank argues that RMB internationalization should keep a low profile.

    • 13 Aug 2018
  • GlobalCapital SRI Awards 2018: the nominations

    The nominations for GlobalCapital's Sustainable and Responsible Capital Markets Awards 2018 have been revealed, as a result of our worldwide market poll, conducted in July.

    • 11 Aug 2018
  • Green bond head changes at Rabobank

    Rabobank's head of sustainable markets has left the bank, to take up a job in Brazil. He will be replaced by a colleague who has worked in sustainability for many years.

    • 10 Aug 2018
  • RCom offers bondholders shoddy deal

    Reliance Communications’ 2020 bond, which the company defaulted on last year, suffered a tumultuous week, hitting a new low after the telecoms company offered to buy back the $300m senior notes at a steep discount.

    • 10 Aug 2018
  • China people & markets round-up: Surprise uptick in FX reserves, record month for SGX’s RMB futures, China sells more to Belt and Road

    China’s foreign exchange reserves grow in July, renminbi derivatives in Singapore hit a new high as trade war escalates, official data shows a pick-up in exports from China to Belt and Road countries.

    • 10 Aug 2018
  • China policy round-up: Regulator vows more goodies for QFII, RQFII, Beijing hits back over trade, PBoC rep lashes out again at the finance ministry

    The securities watchdog promises more relaxations for inbound investors, officials levy new tariffs on US goods as state media takes aim at critics at home, and a senior central bank official criticises the Ministry of Finance for not doing its job.

    • 10 Aug 2018
  • Pan Jit International seeks $190m borrowing

    Taiwanese semiconductor producer Pan Jit International and its subsidiary Pan Jit Asia International are seeking a $190m-equivalent borrowing in two currencies.

    • 10 Aug 2018
  • China’s Ever Sunshine Lifestyle eyes HK listing

    Ever Sunshine Lifestyle Services Group is planning a Hong Kong IPO, according to a draft prospectus it filed in the city on Thursday.

    • 10 Aug 2018
  • Vietnam plans $209m Vinalines stake sale

    The Vietnam government is set to reduce its stake in Vietnam National Shipping Lines (Vinalines) through an IPO of at least D4.9tr ($208.9m).

    • 10 Aug 2018
  • Dodla Dairy to milk investors with India IPO

    Dodla Dairy submitted a listing application to the Indian regulator on Thursday, eyeing the sale of both new and existing shares.

    • 10 Aug 2018
  • Brazilian duo wrap up liability management deals

    Andrade Gutierrez, the Brazilian construction firm, wrapped up its debt restructuring this week with a well-received bond exchange as Brazilian high yield names keep investors on their toes in the absence of new issuance.

    • 09 Aug 2018
  • Argentina adds concerns to risk-averse Lat Am

    Investor concerns over a growing corruption scandal in Argentina brought a new bout of volatility to Latin American bonds this week, with market participants on both the buy-side and sell-side appearing to have written off the prospect of new issuance in September.

    • 09 Aug 2018
  • Ain’t nothing but a number

    Yields on Turkey’s sovereign debt hit 20% this week, stoking fears of a debt crisis. But breaking the purported psychological importance of the 20% ceiling does not add much to the well-established litany of issues facing the country’s economy.

    • 09 Aug 2018
  • UniCredit grilled over Yapi as Turkey crisis deepens

    UniCredit’s senior management team had to fend off a barrage of questions about the bank’s exposure to Turkish bank Yapi Kredi this week, as yields spiked on Turkish local currency debt and the lira slid further against the dollar. UniCredit’s equity stake is accounted at €2.5bn, but worth less than €1.2bn in today’s market.

    • 09 Aug 2018
  • Investor fears rise as US-Russia diplomatic tensions ratchet up

    A pair of US sanctions against Russia could have potentially disastrous consequences for local and international bond investors, especially if a planned ban against the purchase of new sovereign debt takes effect, writes Lewis McLellan.

    • 09 Aug 2018
  • Turkey drama shines light on robust CDS liquidity

    Emerging market sovereigns are regarded as stalwarts of the credit default swaps (CDS) market. Their liquidity is dependable, and participants can usually trade in large size with relatively low transaction costs and little price impact.

    • 09 Aug 2018
  • Global lenders stay loyal to Turkish banks as EM buyers flee

    Global banks are, for the moment at least, standing by their Turkish clients despite deepening financial problems in the country. The yield on Turkey’s 10 year sovereign bond hit almost 20% this week, driven to this vertiginous height by diplomatic tensions with the US and an economy riddled with problems. Silas Brown and Lewis McLellan report.

    • 09 Aug 2018
  • Volkswagen triple dips amid hot summer demand across Europe

    Volkswagen (VW) took advantage of the positive tone in a quiet corporate bond market to build huge order books for both euro and sterling transactions on consecutive days. The strength of the bid from UK investors was behind the overall success of those transactions, while the borrower also found a pool of demand in Russian roubles.

    • 09 Aug 2018
  • HK biotech IPOs exhibit symptoms of overvaluation

    Hong Kong saw its second biotechnology listing this week, as BeiGene floated on the city’s stock exchange. But two days after listing it was under water and was followed by a double-digit dive by Ascletis Pharma, the sector’s debut issuer. The state of both stocks are a warning sign for future biotech issuers to rein in valuations, say ECM bankers. Jonathan Breen reports.

    • 09 Aug 2018
  • Sibur IPO talk premature, says CFO

    Russian petrochemicals company Sibur is not close to making a decision on whether to go public, despite media reports in the last fortnight to the contrary, its CFO told GlobalCapital.

    • 09 Aug 2018
  • Lenders fear rules may crush China RE loans

    Chinese property companies have seen their funding options restricted in a variety of markets, leaving the offshore loans markets the only avenue for them to raise new funds. But loans bankers, who have long operated in an uneasy grey area for such deals, are worried they will be next in the firing line. Pan Yue reports.

    • 09 Aug 2018
  • BIDV closes $150m refi

    Joint Stock Commercial Bank for Investment and Development of Vietnam has closed an offshore borrowing worth $150m. After the company deciding not to exercise a greenshoe option, lenders faced a large scale-back.

    • 09 Aug 2018
  • Philippines goes larger on Samurai return

    The Republic of the Philippines attracted more investor demand than expected on its return after eight years to the Japanese yen bond market. Its outstanding dollar bonds outperformed in secondary trading as the new deal was being marketed.

    • 09 Aug 2018
  • Brazilian retailer wraps tender

    Brazilian shopping centre operator General Shopping e Outlets do Brasil will buy back $48.297m of its perpetual bonds in a move considered credit positive by Moody’s.

    • 09 Aug 2018
  • Tuspark leans on 14 bookrunners for $350m bond

    Tsinghua University Science Park, or Tuspark, raised $350m from its bond sale on Wednesday, notably helped by 14 bookrunners.

    • 09 Aug 2018
  • Autumn IPO pipeline takes shape in HK

    In a quiet week for Asia’s equity capital markets, three issuers filed preliminary documents ahead of their planned share debuts in Hong Kong due to take place in the autumn.

    • 09 Aug 2018
  • Shinhan prints rare AT1 from holdco to spark premium talk

    Shinhan Financial Group Co’s debut dollar Basel III additional tier one (AT1), priced on Tuesday, sparked a debate between Asian bankers, analysts and investors. The deal was rare, being issued through the bank’s holding company rather than using the opco structure which is much more common in Asia. That left many wondering what premium, if any, issuers must pay for holdco deals, writes Addison Gong.

    • 09 Aug 2018
  • Quebec hires four for Panda sale

    The Canadian province of Quebec has mandated four banks, including two international firms, to underwrite its first bond in China, a finance official at the provincial government told GlobalRMB.

    • 09 Aug 2018
  • Connects offer HKEX a boost amid global volatility

    Hong Kong Exchanges and Clearing (HKEX) boasted record revenues in the first half of year, as MSCI inclusion helped push northbound equity investment to new heights.

    • 09 Aug 2018
  • Turkish yields scale new heights as fears intensify

    Fallout from a diplomatic incident drove yields on Turkish sovereign paper to almost 20% this week. While yields have come off their highs, the picture remains bleak for the beleaguered nation.

    • 08 Aug 2018
  • UBS poaches from BNPP for CEEMEA DCM

    UBS has nabbed a banker from BNP Paribas for its emerging markets DCM team.

    • 08 Aug 2018
  • Vedanta Resources seeks $1.1bn loan to back delisting

    Credit Suisse and Standard Chartered are providing a $1.1bn loan to back the delisting of Indian metal and mining company Vedanta Resources from the London Stock Exchange.

    • 08 Aug 2018
  • Shinhan AT1 pricing raises 'holdco premium' debate

    Shinhan Financial Group Co on Tuesday issued its debut dollar Basel III additional tier one deal at the holding company level, becoming one of the very few Asian issuers to have done so. But bankers, analysts and investors were split on whether and how much the holdco premium was because of a lack of precedents in Asia.

    • 08 Aug 2018
  • Colombia minfin takes office but bankers pessimistic on bond return

    Alberto Carrasquilla Barrera returned for his second stint as Colombian finance minister on Tuesday. While investors are happy with his return, and are keen to boost their exposure to the country’s bonds, debt issuance is likely to be limited.

    • 08 Aug 2018
  • América Móvil notifies investors of hybrid call

    Mexican telecommunications company América Móvil will redeem €900m of its euro hybrid bonds when they become callable on September 6, it has told investors.

    • 08 Aug 2018
  • Intiland fails to build bond in dollar market

    High yield property company Intiland Development flopped in the offshore market on Tuesday, failing to price what would have been its debut dollar deal.

    • 08 Aug 2018
  • DBS scores syndicate hire from Chinese rival

    Debt syndicate banker Angie Li has joined DBS from Guotai Junan International after two years at the Chinese firm.

    • 08 Aug 2018
  • Updated: Geely-BNPP JV to debut in China securitization

    A Shanghai-based joint venture between carmaker Geely and BNP Paribas is to enter the Chinese auto loans securitization market for the first time next week. The company will test demand with a Rmb1.94bn ($284m) deal, selling just one tranche to investors in the interbank bond market.

    • 08 Aug 2018
  • Maanshan Iron lays groundwork for $500m CB

    Maanshan Iron & Steel is seeking shareholder approval to raise up to $500m from a debut convertible bond — the first time in 25 years it is tapping equity investors for funds.

    • 08 Aug 2018
  • ASK Investment sets ball rolling for India IPO

    ASK Investment Managers has filed a draft prospectus with India’s securities regulator as it plans to go public through an IPO of new and existing stock.

    • 08 Aug 2018
  • Bear-ly moving: SSAs crawl towards Panda debuts

    Sri Lanka and Turkey are preparing to sell their first Panda bonds, enticed by falling funding costs in China's bond markets. But given they both have lower credit ratings than previous sovereign Panda issuers, they may face an uphill battle as regulators scrutinise their finances.

    • 08 Aug 2018
  • AlAhli gets approval for MSCI fund IPO

    The Saudi Capital Markets Authority has approved a resolution allowing NCB Capital to raise funds for a new Saudi ETF, linked to the MSCI index, via an IPO.

    • 07 Aug 2018
  • Bondholders offer Mozambique bond refi

    Mozambique’s bondholders have presented a restructuring proposal to the government, following their rejection of Mozambique’s proposed package in March.

    • 07 Aug 2018
  • Turkish soda firm lands large loan

    We Soda, a soda ash producer fully owned by Turkish industrial conglomerate Ciner Group, has signed three seven year term loans totalling $1.66bn-equivalent in the biggest Turkish corporate loan in half a decade.

    • 07 Aug 2018
  • Chilean corps remain resilient despite sovereign pressure

    Chile’s corporate issuers are well placed to stand firm as Latin America’s best-rated sovereign experiences a gradual decline in its stellar credit quality, said Moody’s on Monday.

    • 07 Aug 2018
  • BNPP takes from HSBC for Asia syndicate

    BNP Paribas has hired a new banker for its Asia syndicate team in Hong Kong.

    • 07 Aug 2018
  • Tencent-backed Weimob eyes Hong Kong IPO

    Chinese firm Weimob is seeking the greenlight to float in Hong Kong, having filed a draft prospectus with the city’s bourse on Monday.

    • 07 Aug 2018
  • Shyam Metalics paves way for $132m India IPO

    Shyam Metalics and Energy submitted an application to the Indian securities regulator for a Rp9.1bn ($132.2m) flotation on Monday.

    • 07 Aug 2018
  • SK Broadband makes quick connection to $300m bond

    South Korean internet provider SK Broadband Co. hit the dollar bond market on Monday, taking advantage of the stable backdrop for a $300m trade.

    • 07 Aug 2018
  • Hong Kong's new biotech listings deserve time to flourish

    Hong Kong has had its first taste of a pre-revenue biotechnology stock with the listing by Ascletis Pharma. Unfortunately, the company got caught up in a wave of volatility and the shares have not fared well. It was not a good start for biotech but the sector should not be judged by this one deal, as it was just the first from a bulging IPO pipeline.

    • 07 Aug 2018
  • New energy bonds hit after GCL-Poly sale falls through

    GCL New Energy’s $500m offshore bond plummeted by more than three points in secondary trading on Monday, after its parent company failed to dispose of an asset in Zhejiang. The price plunge also had a knock-on effect on other Chinese new energy bonds.

    • 07 Aug 2018
  • Haidilao builds steam for $1bn August IPO launch

    Haidilao International Holding plans to launch its $1bn IPO in Hong Kong by the end of the month, according to bankers working on the deal.

    • 07 Aug 2018
  • Junshi Biosciences seeks $500m Hong Kong IPO

    Shanghai Junshi Biosciences is eyeing a $500m IPO in Hong Kong, having filed a draft prospectus with the city’s stock exchange.

    • 07 Aug 2018
  • China Industrial launches $510m debut loan

    China Industrial Securities International Financial Group, a subsidiary of Industrial Securities, has launched a debut loan of up to HK$4bn ($510m).

    • 07 Aug 2018
  • Majority takes cash-bond option in Andrade restructuring

    Owners of Brazilian engineering and construction firm Andrade Gutierrez’s defaulted bonds have overwhelmingly approved an exchange that pushes out the maturity and increases interest payments, the company said on Monday.

    • 07 Aug 2018
  • High yields draw investors’ return to emerging markets

    Investors are returning to emerging market assets, stemming the tide of outflows from a sector battered by an international trade dispute and strong dollar — but perhaps only briefly.

    • 06 Aug 2018
  • Turk Eximbank a bellwether for country risk as lenders stay true to Turkish banks

    Turkish banks are gearing up for a round of loan refinancing at a time when the country is a risky economic hunting ground. But bank lenders are confident the loan market will support Turkish banks, albeit at wider margins.

    • 06 Aug 2018
  • Policy turn drives Ford’s ABS home

    The lending arm of Ford’s China operation took advantage of bullish sentiments in the onshore market on August 2, sealing a Rmb4.5bn ($662.3m) securitization. Bankers say Ford managed to price below Nissan, which offered a similar ABS recently, thanks to a major policy announcement that emerged last week.

    • 06 Aug 2018
  • NT$10bn needed to fund World Peace

    Taiwanese electronic components distributor World Peace Group is back in the market for a NT$10bn ($327m)-equivalent dual-currency loan. Meanwhile, a Foxconn subsidiary is seeking to refinance an old deal.

    • 06 Aug 2018
  • Asia primary bond market set for final flurry before summer respite

    Primary bond issuance in Asia-ex Japan has carried on well into the summer, albeit with little participation from high yield borrowers. But bond bankers expect a climax this week before the market quietens down until September.

    • 06 Aug 2018
  • Philippines SEC seeks comment on draft ICO regulations

    The Philippines securities regulator is looking for public feedback on a proposed set of rules governing initial coin offerings (ICOs), a cryptocurrency-linked fundraising method that is still largely unregulated.

    • 06 Aug 2018
  • Zhen Ding returns for $300m refi

    Zhen Ding Technology Holdings is back for a $300m loan to refinance an old borrowing sealed in 2016.

    • 06 Aug 2018
  • The week in renminbi: PBoC props up RMB with old rule, regulator greenlights new CGB futures, FSDC sets the tone before leadership summer meeting

    China’s central bank brings back reserve requirement for FX forwards to support the RMB, the securities watchdog welcomes the launch of two year government bond futures, and a top financial regulatory body says it wants more support for the real economy before China’s leaders meet in Beidaihe.

    • 06 Aug 2018
  • Updated: China Everbright Water plans dual-listing

    China Everbright Water has mooted a dual-listing of its shares on the Main Board of the Hong Kong Stock Exchange, in a deal bankers say could raise $200m.

    • 06 Aug 2018
  • New Apac markets boss begins at BNP Paribas

    Pascal Fischer has been started his new post of head of global markets in Asia-Pacific at BNP Paribas, based in Hong Kong.

    • 06 Aug 2018
  • Albanesi bonds find buyers after CEO shock

    Argentine electricity generation company Albanesi’s bonds found support in secondary markets at the end of the week after a 17 point drop following the arrest of its chief executive.

    • 06 Aug 2018
  • Eskom $1bn 6.35% Aug 28, $500m 8.45% Aug 28

    • 03 Aug 2018
  • Nafmii quizzes Portugal’s finances over Panda

    Portugal will need to disclose more information about its finances to proceed with its planned Panda bond issuance in China, according to a document published on the regulator’s website but later pulled.

    • 03 Aug 2018
  • Jackpot! Sands China adds $5.5bn to coffers from debut bond

    Macau gaming leader Sands China made waves in the debt market on Thursday with its mammoth $5.5bn triple-tranche bond debut.

    • 03 Aug 2018
  • China people & markets round-up: RMB futures fly high in July, Bond Connect volume down, draught for investment quotas

    Trading volume for RMB futures contracts are up in Hong Kong and Dubai, activity on Bond Connect slows down in July after a strong uptick in the previous month, and the FX watchdog shuts the door on new inbound and outbound investment quotas.

    • 03 Aug 2018
  • BOC Macau rakes in $300m from swift floater

    Bank of China's Macau branch has raised a modest amount from a swift floating rate transaction to give investors comfort about the bond’s secondary performance.

    • 03 Aug 2018
  • Wuhan Real Estate grabs $430m as LGFV recovery gathers pace

    Chinese local government financing vehicle (LGFV) Wuhan Real Estate Development & Investment Group found enough support to print a $430m bond on Thursday, only the second issuance from the sector in months.

    • 03 Aug 2018
  • China policy round-up: MofCom eases foreign investors rules on A-shares holdings, China scrutinises foreign service providers, London Connect is on schedule for a 2018 launch

    The Ministry of Commerce (MofCom) relaxes restrictions on foreign investors buying A-shares, the People's Bank of China requires more details on the business operations of foreign service provider in the Mainland, and Chinese premier Li Keqiang confirms London Connect will launch this year.

    • 03 Aug 2018
  • Safe scoops senior hire from CSRC

    China’s State Administration of Foreign Exchange (Safe) picked a former assistant chairman from the China Securities Regulatory Commission (CSRC) as its new deputy head, among other senior hires. The central bank, meanwhile, also added two new deputy governors to its line-up.

    • 03 Aug 2018
  • PFC plugs in for $300m comeback bond

    India’s Power Finance Corp raised $300m from a 10 year bullet bond on Thursday. While the issuer was able to pull off a tight price for its second issuance in less than a year, many investors were unconvinced about the credit's worth.

    • 03 Aug 2018
  • Four former Credit Suisse loans bankers join rival firms

    Four former Credit Suisse loans bankers who left the bank earlier this year have resurfaced in the market, according to sources.

    • 03 Aug 2018
  • Minsheng Leasing back for $300m loan

    Minsheng Financial Leasing, a subsidiary of China Minsheng Bank, has returned to the loan market for a $300m three year borrowing.

    • 03 Aug 2018
  • Natixis names senior leadership in Apac IBD

    Natixis has made three senior appointments in Hong Kong to support its growing investment banking activities in Asia Pacific.

    • 03 Aug 2018
  • Chinese leadership greenlights loosening stance

    China’s top policy bodies got behind a loosening of the policy stance to give China’s lagging economy a boost, as Trump’s trade war continues to push the renminbi lower and creating more uncertainty on China’s growth prospects.

    • 03 Aug 2018
  • Shangde Qizhi Education seeks greenlight for HK listing

    Shangde Qizhi Education Group has set the ball rolling for a Hong Kong IPO, having filed a draft prospectus with the city’s bourse on Thursday.

    • 03 Aug 2018
  • BeiGene prices second HK biotech IPO near top

    BeiGene priced its IPO in Hong Kong near the top end of guidance on Thursday, raising HK$7.1bn ($903m) from the city’s second biotechnology flotation.

    • 03 Aug 2018
  • Nervous Lat Am showing no primary life

    Lat Am bankers remain bearish on new issuance prospects for August despite quite busy secondary markets and as US investment-grade corporates and Asian credits flock to market.

    • 02 Aug 2018
  • Oi bonds drift as investors await index decision

    Having rocketed 13 points upon issuance last week, Brazilian telecom Oi’s new bonds dropped slightly in secondary in recent days as the buy-side waits to see whether they will be included in bond indices.

    • 02 Aug 2018
  • Andrade pushes out bond exchange deadline

    Brazilian engineering and construction firm Andrade Gutierrez has amended the terms of its bond exchange offer after discussions with the largest holders of its old notes.

    • 02 Aug 2018
  • Eskom plugs South Africa back into bonds

    South Africa state-owned utility Eskom’s return to the international bond markets on Thursday was hailed as proof of the faith investors have in Cyril Ramaphosa, the country's president. And it could well mark the beginning of the country’s rehabilitation in the debt capital markets as Eskom is widely thought of as South Africa’s biggest and most public financial problem. Francesca Young reports.

    • 02 Aug 2018
  • Still hope for Russia ECM as EN+ given brief reprieve

    Hopes rose this week of a revival for Russia’s equity capital markets when the US Treasury extended a key sanctions licence until October, allowing aluminium conglomerate EN+ to continue with a plan that would remove sanctions on the company.

    • 02 Aug 2018
  • Views split on attractiveness as Eskom guides for dual trancher

    Eskom has released initial price guidance for its $1.5bn dual tranche bond but analysts and syndicate officials seem divided as to whether the premium offered over the sovereign is enough to make it a compelling purchase. But having set modest sizes for the notes, the large majority expect the trade to go well.

    • 02 Aug 2018
  • Fresh sanctions batter Turkey’s debt and equity markets

    The US has imposed sanctions on two senior officials in the Turkish government, prompting debt and equity markets to sell off and driving Turkish lira to over five to the dollar for the first time in history.

    • 02 Aug 2018
  • People and markets news in brief: August 2, 2018

    Veteran loans banker joins rival — HSBC names new India CEO — SBI Caps pulls out of debt syndication

    • 02 Aug 2018
  • Indian firms eye chunky loans to reduce offshore funding costs

    Indian companies are seeking chunky loans this year, with Tata Steel and Reliance Industries looking for $3.1bn and $2.7bn respectively. Bankers, who say Indian borrowers are still able to enjoy attractive pricing, expect more companies to take the opportunity for a cheaper refinancing. Pan Yue reports.

    • 02 Aug 2018
  • HDFC Bank tastes success with $2.2bn equity raise

    India’s most valuable lender, HDFC Bank, showed why it deserves the title this week, as it bagged $2.2bn from a dual-tranche fundraising that combined soaring demand for its shares at home and abroad. John Loh and Jonathan Breen report.

    • 02 Aug 2018
  • Asian SRI moves beyond green as Lotte sells bond

    It’s not easy being green, but some bond issuers are finding it easier to be sustainable. Global issuers have embraced green bonds, using the funds raised to benefit environmentally-friendly projects. But as more issuers and investors look to align their finances with socially responsible investment options, some issuers are finding the green label to be limiting. Welcome the sustainability bond, writes Morgan Davis.

    • 02 Aug 2018
  • China Tower pulls off $6.9bn Hong Kong IPO

    Mainland telecommunications infrastructure giant China Tower raised HK$54.3bn ($6.9bn) this week after getting its mammoth float across the line at the bottom of guidance.

    • 02 Aug 2018
  • ‘Not a comeback’: LGFVs rally, but for how long?

    Chinese local government financing vehicle (LGFV) bonds are making a comeback in both the primary and secondary markets offshore, as the government suggests a shift in priorities from deleveraging to maintaining economic growth. But will the rally last — and for how long? Addison Gong reports.

    • 02 Aug 2018
  • HDFC AMC seals $408m IPO as CreditAccess sets terms

    HDFC Asset Management Co has raked in Rp28bn ($407.9m) from its IPO after a big show of demand from institutional and non-institutional investors.

    • 02 Aug 2018
  • GAM stops redemptions in absolute return fund

    GAM Investments said it had suspended all subscriptions and redemptions in its unconstrained/absolute return bond funds, following “a high level of redemption requests”.

    • 02 Aug 2018
  • FMO in Georgian lari first amid ‘de-dollarisation’ push

    FMO has printed an onshore Georgian lari bond for the first time, with proceeds helping a drive to de-dollarise Georgia’s economy.

    • 02 Aug 2018
  • HDFC launches $750m deal into general

    Housing Development Finance Corporation has launched a $750m loan into general syndication, after attracting one extra bank at the senior level.

    • 02 Aug 2018
  • IPOs — swipe left

    As Asian exchanges increasingly embrace the US model for new listings — the introduction of variable voting rights being a case in point — disintermediated IPOs may perhaps soon be the next fad, writes Clawback.

    • 02 Aug 2018
  • 'Desperate' Lat Am bankers holding little hope for primary market

    Debt capital markets bankers covering Latin America say that it hard to convince the region’s issuers to return to bond markets even as investor sentiment seems to be stabilising.

    • 02 Aug 2018
  • Ecuador bond rally could tempt it to break self-imposed abstention

    A rapid improvement in Ecuador’s bond yields could tempt it into a new issue, said Nomura on Tuesday, despite the government’s stated desire to stay out of bond markets this year.

    • 01 Aug 2018
  • Saudi wealth fund PIF excites loan bankers with big debut

    Public Investment Fund, the sovereign wealth fund that invests for the government of Saudi Arabia, is seeking global bank lenders for a debut loan.

    • 01 Aug 2018
  • Eskom sets timing for $1.5bn bond, confirms two tranches

    Eskom, the South African state-run power company, has said it could print its dollar bond as early as tomorrow and has confirmed that it will sell both standalone and government-guaranteed tranches. Investors have a wide range of views on fair value.

    • 01 Aug 2018
  • EM investors turn attention to September ahead of dry August

    EM bond markets around the world have been forced by difficult conditions to shut down early for summer. The only trade due this week, from South Africa's Eskom, will have to attract investors that are ready to hunker down and wait for September.

    • 01 Aug 2018
  • SBI Caps withdraws from debt syndication, resolution

    India's SBI Capital Markets will no longer provide debt syndication or resolution services for private sector companies.

    • 01 Aug 2018
  • KWG goes for price over size with $350m outing

    KWG Group Holdings raised $350m from a three non call two year bond on Tuesday, but an aggressive tightening of 32.5bp resulted in the order book dropping by half from its peak.

    • 01 Aug 2018
  • Wilmar wraps up bigger $1.8bn loan

    Singapore’s Wilmar International has bumped up the size of its dual-tranche borrowing to $1.8bn after attracting 24 participants during syndication.

    • 01 Aug 2018
  • HDFC Bank nets $2.2bn from dual-tranche share sale

    India’s HDFC Bank has raised $2.22bn through a qualified institutional placement and a concurrent sale of American Depository Shares (ADS).

    • 01 Aug 2018
  • CreditAccess Grameen sets terms for $165m IPO

    CreditAccess Grameen is poised to raise Rp11bn ($165m) from its IPO in India, which will kick off next Wednesday.

    • 01 Aug 2018
  • Holy cow: European accounts throw weight behind Mengniu Dairy

    China Mengniu Dairy Co found exceptional support from European investors for its $500m refinancing exercise on Tuesday.

    • 01 Aug 2018
  • Kookmin guarantee appeals to Lotte's bond investors

    Lotte Property and Development Co debuted in the sustainable bond market on Tuesday with a floating rate three year note. While the sustainability label drew some attention to the $200m transaction, it was the issuer’s Kookmin Bank guarantee that swayed investors.

    • 01 Aug 2018
  • In China, there is a lesson in stocks for bond index providers

    Bond index providers are racing to include Chinese bonds in their benchmarks. But before taking the leap, they should study a recent decision on A-share inclusion — and the sceptical response it got from investors.

    • 01 Aug 2018
  • MUFG hires new Asia, Oceania exec

    MUFG Bank has named Manoj Bhatia as head of global subsidiary banking for Asia and Oceania, effective August 1.

    • 01 Aug 2018

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 37,598.23 170 9.44%
2 HSBC 34,028.88 217 8.55%
3 JPMorgan 26,223.43 127 6.59%
4 Standard Chartered Bank 24,311.57 151 6.11%
5 Deutsche Bank 21,898.85 77 5.50%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 11,343.89 36 17.74%
2 HSBC 7,749.23 19 12.12%
3 JPMorgan 6,116.80 30 9.57%
4 Deutsche Bank 5,950.19 7 9.31%
5 Bank of America Merrill Lynch 4,165.66 17 6.51%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 14,691.58 46 11.05%
2 Standard Chartered Bank 13,765.00 47 10.35%
3 JPMorgan 11,619.88 47 8.74%
4 Deutsche Bank 11,156.18 26 8.39%
5 HSBC 9,244.84 41 6.95%

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 UniCredit 4,103.45 23 14.66%
2 ING 2,532.09 20 9.04%
3 Credit Agricole CIB 2,151.31 8 7.68%
4 MUFG 1,818.52 8 6.50%
5 Credit Suisse 1,802.80 1 6.44%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 AXIS Bank 5,129.62 95 22.25%
2 HDFC Bank 2,824.94 59 12.25%
3 Trust Investment Advisors 2,596.16 83 11.26%
4 ICICI Bank 1,758.86 60 7.63%
5 AK Capital Services Ltd 1,501.06 69 6.51%