• Euro long-end heats up for SSAs with more to come

    The engine driving the SSA euro market has found a new gear as borrowers and investors turn their attention to the hitherto underserved long end of the curve. The overwhelming demand they received this week is likely to encourage more borrowers to follow.

    • 09:00 PM
  • Brazilian borrowers should step up to fill Lat Am void

    Latin America's primary bond market has had its slowest start for nine years despite strong appetite for emerging market debt. This has presented an unexpected opportunity for issuers, and those from Brazil are best placed to take advantage.

    • 09:00 PM
  • Estonian covered bond law opens door for Luminor Bank

    The Estonian parliament’s recent approval of covered bond legislation paves the way for the first Baltic deal, which could come from Luminor Bank, but whether it is initially secured on a pool of pan-Baltic mortgages remains to be seen.

    • 06:45 PM
  • Awe-inspiring week for EM as syndicates stunned by demand

    The strength of demand for emerging market new issues this week was a surprise to many on the sell-side. Every deal from the CEEMEA region flew, with each pulling off a spectacular result.

    • 06:15 PM
  • FMO securitizes to help migrant entrepreneurs

    FMO, the Dutch development bank, is constructing an innovative programme using synthetic securitization techniques to finance entrepreneurs from disadvantaged groups in Africa, the Middle East and eastern Europe.

    • 06:00 PM
  • Lebanon offers candidate to lead World Bank

    A Lebanese former investment banker and advocate of public-private partnerships (PPPs) has been nominated to challenge Donald Trump’s candidate for the role of president of the World Bank Group.

    • 06:00 PM
  • EuroChem mandates for bond tender and new issue

    Russian fertiliser producer EuroChem has mandated banks for a tender offer and new issue — the first from a Russian company that is not owned by the state in a year.

    • 01:30 PM
  • Türk Telekom sells $500m as secondaries rally

    Türk Telekom launched its $500m six year bond on Thursday at 7%, capping an extraordinary week in the CEEMEA bond markets. The company's outstanding paper had rallied following the release of initial price guidance for the bond, such was the demand for exposure to the credit.

    • 01:00 PM
  • Mumtalakat pulls off ‘unbelievable’ print

    Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, sold its $600m five year sukuk on Wednesday at a level that was so tight it even took the deal’s lead managers by surprise.

    • 12:15 PM
  • Homeplus to kick-start Korea’s real estate trust market with jumbo IPO

    South Korean discount store chain Homeplus Stores is set to cash in on its properties as it readies a mammoth IPO for Homeplus Real Estate Investment Trust. The listing is being flagged by bankers on and off the deal as the spark needed to bring life to a languishing Korean Reit market. Jonathan Breen reports.

    • 12:00 PM
  • CCB, Citic keep Asia bank capital on a roll

    China Construction Bank (CCB) and China Citic Bank International this week priced Basel III-compliant tier two deals, raising $2.35bn between them. The deals represent only the latest supply from Asia’s bank capital market, which is gearing up for a busy year. Addison Gong reports.

    • 12:00 PM
  • CStone keeps cool head to seal $285m Hong Kong IPO

    CStone Pharmaceuticals will list Hong Kong’s first biotech IPO of 2019 next week, getting things moving with a deal that bankers said is a sign of a maturing market after 2018's rush of deals.

    • 12:00 PM
  • Shriram Transport opens Indian high yield bonds

    Shriram Transport Finance Co raised $400m from first dollar bond on Wednesday, becoming the first Indian high yield borrower to tap the offshore market in just over a year.

    • 11:00 AM
  • Fujian Yango makes 'very odd' change to bond terms

    China’s Fujian Yango Group Co this week set out a dramatic rise in the coupon on an outstanding bond, in a bid to avoid an investor put in April. The move left market participants confused, with one calling it ‘very odd’.

    • 10:45 AM
  • Asia, don’t forget about ME

    Over the past year, Asian investors have become pickier about which Gulf credits they buy, and it has felt to some in emerging market bonds that marketing Middle East issuers to them can be futile. But a storming success for Mashreqbank this week demonstrated that engaging Asian investors is worth the jet lag.

    • 10:30 AM
  • Hong Kong or London? I’ll take the expat life

    There are just five more weeks until the UK is due to leave the European Union. Is now the time for this old China hand to make his return?

    • 10:30 AM
  • Singapore Power plugs in for $600m fund raise

    Singapore Power, a government owned electricity and gas distributor, grabbed investor attention on Wednesday and raised $600m from a rare trip to the international bond market.

    • 10:00 AM
  • Can’t stop, won’t stop: China’s HY bond deluge continues

    Chinese high yield borrowers have come to the market in droves this week. That continued on Wednesday, when three deals raised a total of $1.275bn.

    • 09:45 AM
  • Top Glove nabs $200m from debut equity-linker

    Malaysia-based firm Top Glove Labuan tapped the equity-linked market for the first time on Wednesday, raising $200m after printing a five year non-call three exchangeable bond.

    • 07:15 AM
  • Brazil pension reform impresses but markets calm

    Brazil’s first attempt to reduce the pension burden at the heart of its fiscal problem impressed analysts on Wednesday, though it did little to lift bond prices with many investors having already taken a bullish view on the prospects of reform.

    • 02:45 AM
  • Saudi Electricity Co to raise Islamic loan from domestic lenders

    State-owned electricity company, Saudi Electricity Co (SEC) said on Wednesday that it will raise a Sr15.2bn ($4.05bn) loan from a consortium of domestic lenders.

    • 20 Feb 2019
  • Govt debt restructuring 'harder' with EU-Singapore deal

    An investor protection deal between the EU and Singapore, approved by the European Parliament last week, would make sovereign debt restructurings harder for governments to manage, according to industry observers.

    • 20 Feb 2019
  • Bumper book for Egypt as ‘everything flies’

    Egypt’s triple tranche $4bn bond drew a huge book of over $19.5bn on Tuesday in a deal that bankers away from the mandate said was a huge success, underscoring the phenomenal market conditions available to issuers.

    • 20 Feb 2019
  • Mumtalakat books in excess of $2.5bn

    Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, has tightened price guidance for its five year sukuk with order books for the deal already over $2.5bn.

    • 20 Feb 2019
  • Pemex bonds plunge further

    Pemex's bonds were again the most under-performing in Latin America markets on Tuesday as investors continue to punish the company for last Friday’s apparently underwhelming government support package.

    • 20 Feb 2019
  • CPI Property seeks further diversification with dollars

    CPI Property Group, which owns real estate in Berlin and central and eastern Europe, has mandated four banks for a roadshow to market its first dollar bond.

    • 20 Feb 2019
  • Muscat's Meethaq taps syndications market for first time

    Bank Muscat's Islamic banking arm, Meethaq, has requested proposals from banks for its debut loan syndication.

    • 20 Feb 2019
  • Middle East opens the floodgates

    Middle East issuers are expected in the bond market in droves, with Egypt and Mashreqbank leading the charge this week.

    • 20 Feb 2019
  • Citic Bank sells tier two as legacy treatment falls

    China Citic Bank International has priced a $500m Basel III-compliant tier two deal inside fair value, as the lender looks to switch out of a legacy tier two that not only has a high interest rate but has also lost most of its capital recognition over time.

    • 20 Feb 2019
  • PBoC opens first central bank bills swap

    The People’s Bank of China (PBoC) made good on its promise to swap perpetual bonds for government bills on Wednesday, kicking off a Rmb1.5bn ($222m) swap that forced the central bank to start issuing bills again after a long hiatus.

    • 20 Feb 2019
  • Great wall of supply: China property bond spree continues

    China property names continued their bombardment of the dollar market on Tuesday, as four more bond issuers raised a combined total of $2bn.

    • 20 Feb 2019
  • Morgan Stanley picks ECM co-head in Asia Pacific

    Morgan Stanley has named Magnus Andersson as the co-head of ECM for Asia Pacific. His predecessor, Mille Cheng, has become vice chairman of Asia Pacific global capital markets.

    • 20 Feb 2019
  • Home Credit Vietnam slashes margin on loan comeback

    Home Credit Vietnam has launched an up to $60m loan into general syndication after two year absence.

    • 20 Feb 2019
  • Brazilian borrowers should step up

    Latin America's primary bond market has had its slowest start for nine years despite strong appetite for emerging market debt. This has presented an unexpected opportunity for issuers, and those from Brazil are best placed to take advantage.

    • 19 Feb 2019
  • No need to panic over UK banks' China exposure

    The UK banking sector has more links to China than the equivalent sectors in the US, Japan, the euro area and South Korea do combined. Analysts are warning that China's growth is slowing, and HSBC’s poor results have been linked to this. But those espousing that view are overstating the connection.

    • 19 Feb 2019
  • Cross-border recognition of assets is key to pan-Baltic covered bond success

    Covered bonds offer a way for Baltic banks to develop a new seam of long-term standalone wholesale funding. But a successful conclusion to this project will depend on whether investors are convinced there is an effective mechanism for cross-border recognition of assets.

    • 19 Feb 2019
  • Cyprus limits size for 15 year

    Cyprus printed a first 15 year benchmark on Tuesday, pushing out its curve and receiving orders of over €8bn. Despite the strong demand, the borrower elected to keep the size of the deal to €1bn, despite leads announcing on Tuesday morning that the size would be up to €1.5bn.

    • 19 Feb 2019
  • Luminor to test pan-Baltic covered bonds under Estonian law

    Parliamentary approval of Estonian covered bond legislation opens the way for Luminor Bank to make the first steps towards establishing a pan-Baltic covered bond market, according to the bank’s head of treasury, Max Ehrengren.

    • 19 Feb 2019
  • Enthusiasm for Brazil equities may be premature

    Investors should beware the surge in Brazilian equities that coincided with the election of its new president Jair Bolsonaro last year.

    • 19 Feb 2019
  • Estonia kicks out Danske Bank

    The Estonian Financial Services Authority this week ordered Danske Bank to leave the country. The Danish lender replied that it would exit the Baltics and Russia as a whole. Meanwhile, the Estonian regulator and its Danish counterpart are under investigation for a possible breach of European Union law in relation to Danske’s money laundering scandal.

    • 19 Feb 2019
  • Emirates Development Bank to lead Middle East charge

    Bond volumes from the Middle East are likely to outstrip last year’s, thanks to some jumbo-sized new issues. But before the giants awake, a debut borrower is set to emerge next week.

    • 19 Feb 2019
  • Big size and generous pricing expected for Egypt triple trancher

    The Arab Republic of Egypt has released initial price guidance for its triple tranche bond at levels that have caught investors’ attention. A large deal is expected.

    • 19 Feb 2019
  • Mashreqbank beats pricing expectations

    Mashreqbank printed its $500m five year dollar bond on Tuesday, with orders for the deal topping $1.8bn and leads reporting strong Asian demand for the note.

    • 19 Feb 2019
  • Investec heralds South Africa loan spree but uncertainty looms

    A number of top tier South African banks are expected to hit the loan market in the coming months, and bankers are welcoming what are some of the most attractive credits on the continent. But the country faces a number of dilemmas, which threaten to thump its credit ratings, writes Mariam Meskin.

    • 19 Feb 2019
  • China's big banks seek wealth management solution

    Chinese regulators have given the country’s biggest banks initial permission to set up wealth management arms, addressing a $3.2tr industry that inspires fear of shadow asset growth. But bankers admit they are still confused by exactly what the next steps will be.

    • 19 Feb 2019
  • Reit listings: Homeplus a minus for SGX

    South Korean supermarket chain Homeplus Stores is nearing a $1.5bn real estate investment trust listing. The deal deserves attention in its own right. But it also serves as a stark reminder that Singapore, once the quintessential Reit listing venue in Asia, has fallen from grace.

    • 19 Feb 2019
  • China Forestry eyes $150m loan through Singapore entity

    China Forestry Group has returned to the offshore market, raising its second international loan through a Singaporean subsidiary.

    • 19 Feb 2019
  • Shining bright: Ronshine triumphs with swap, new bond

    Ronshine China Holdings priced the new money portion of its exchange offer after building an order book that covered the deal almost 16 times over. The liability management exercise helped the issuer close the gap between its curve and that of similarly-rated Chinese property developer peers.

    • 19 Feb 2019
  • Emami Group nabs $223.5m from share sale

    The controlling shareholders of India’s Emami Group sold a 10% stake in the company to pay off debt this week.

    • 19 Feb 2019
  • Yuzhou scores hat trick with $500m bond return

    Yuzhou Properties Co sold its third dollar bond deal of the year this week, bringing its total issuance for 2019 to $1.5bn.

    • 19 Feb 2019
  • Jinxin Fertility makes plan for Hong Kong listing

    China’s Jinxin Fertility Group is planning to float on the Hong Kong Stock Exchange, according to a draft prospectus submitted to the bourse.

    • 19 Feb 2019
  • Hyundai AutoEver revs up $137m IPO

    Hyundai AutoEver Corp has kicked off investor education for an IPO that could raise up to W154.4bn ($137.2m), according to a source close to the deal.

    • 19 Feb 2019
  • Brazilian bank hires ex-finance minister to lead asset management

    BTG Pactual has appointed Brazil’s most recent finance minister to become CEO of its asset management business following the hire of a BlackRock veteran to lead its equities business.

    • 19 Feb 2019
  • Cyprus to push out curve

    The Republic of Cyprus has come to market for a euro Reg S benchmark, looking to follow up on its record breaking effort in late 2018 and extend its curve from 10 to 15 years.

    • 18 Feb 2019
  • EU Parliament calls for ‘brown’ category in green Taxonomy

    Members of the European Parliament are planning to add a controversial ‘non-sustainable’ category to the Taxonomy of Sustainable Economic Activities proposed last year by the EU Commission. Two Brussels sources have told GlobalCapital the Parliament's vote on the issue, scheduled for Wednesday February 20, has been postponed after heavy pressure from corporate lobbyists.

    • 18 Feb 2019
  • Russia rumoured to be lining up Eurobond

    Russia may be back in the debt market again as soon as March, according to rumours among emerging markets syndicate bankers. However, the sovereign’s reception in the market is uncertain because of a renewed push for further sanctions in the US senate.

    • 18 Feb 2019
  • Kenya in talks to tap loan market for refi

    The Kenyan sovereign is in talks with banks to refinance a $1bn term loan set to expire in March.

    • 18 Feb 2019
  • New names join swelling Middle East pipeline

    A pair of Middle Eastern borrowers hit screens announcing bond roadshows on Monday, marking the end of a period of scanty supply for what is expected to be the busiest region in emerging markets bonds this year.

    • 18 Feb 2019
  • Russian ECM poised for revival

    Russian equity capital markets issuance is likely to return soon, potentially in the first quarter, as issuers and bankers in the country prepare to sell stakes in publicly listed Russian companies through accelerated bookbuilds.

    • 18 Feb 2019
  • The week in renminbi: China and US continue talks this week, January credit growth beats expectations, ICBC gets licence to set up wealth management subsidiary

    In this round-up, trade talks between China and the US will continue in Washington DC after no deal was reached last week in Beijing, total credit growth came above market consensus and Industrial and Commercial Bank of China received a green light to set up a wealth management subsidiary.

    • 18 Feb 2019
  • NTPC returns with $300m Samurai loan

    National Thermal Power Corp (NTPC) has become the latest Indian corporation to tap the Samurai loan market, taking advantage of the cheap pricing and abundant liquidity on offer from Japanese banks.

    • 18 Feb 2019
  • GMR Infra forms board for airports spin-off

    India’s GMR Infrastructure has put together a sub-committee from its board of directors to oversee a possible spin-off of its airports unit.

    • 18 Feb 2019
  • Ronshine gets 'great' bid for new money after bond exchange

    Ronshine China Holdings announced the results of an exchange for its outstanding 2021 bond on Monday, at the same time as kicking off bookbuilding for $200m of new funding.

    • 18 Feb 2019
  • Korea's Homeplus Reit eyes yield-hungry investors

    South Korea’s Homeplus real estate investment trust (Reit) is planning to start bookbuilding for its $1.5bn IPO on February 28, after seeing a decent response from investors, according to a source.

    • 18 Feb 2019
  • Corrected: Hansoh Pharma eyes Q1 pre-marketing for $1bn IPO

    Hansoh Pharmaceutical Group is planning to launch investor education for its $1bn Hong Kong IPO before the end of March.

    • 18 Feb 2019
  • NN IP replace LarrainVial link-up with Lat Am office

    Dutch asset manager NN Investment Partners will open a new office in Montevideo, Uruguay on February 25 to service Latin American and US offshore clients, the company said on Friday.

    • 18 Feb 2019
  • AMLO underwhelms with Pemex support

    Pemex bond prices slid further on Friday after analysts said Mexican president Andrés Manuel López Obrador’s measures to support the state oil giant would not be enough to prevent continued deterioration in its credit quality.

    • 18 Feb 2019
  • Citi China names markets, securities services heads

    Citi China has made two internal promotions in its markets and securities services business division, according to a Friday press release.

    • 15 Feb 2019
  • Cinda AMC goes conservative on bond size

    China Cinda Asset Management Co raised $1bn from a foray into the bond market, going for the lower-end of its size target despite what bankers on the deal called an ‘overwhelming’ response from investors.

    • 15 Feb 2019
  • Jiangxi LGFV debuts in dollar bonds

    Jiangxi Railway Investment Group Corp, a Chinese local government financing vehicle, has made its debut in the dollar bond market, raising $300m.

    • 15 Feb 2019
  • Cifi locks up ultra-tight price for $300m deal

    Cifi Holdings (Group) Co returned to the bond market with a $300m transaction. The four year bond’s tight price stood in stark contrast to the two year notes Cifi paid up to sell in December.

    • 15 Feb 2019
  • PH Resorts launches $199m follow-on

    Philippine-based PH Resorts Group (PHR) has opened bookbuilding for a potential Ps10.4bn ($198.8m) follow-on offering of common shares.

    • 15 Feb 2019
  • China policy round-up: Trade talks deadline could be delayed, NDRC looks at bond defaults, Tianjin receives funding from BOC

    In this round up, US president Donald Trump hinted at a potential delay of the March 1 deadline for a trade deal with China, the National Development and Reform Commission required its local units to zoom in on the potential for bond defaults and Bank of China (BOC) said it will lend Rmb300b to the Tianjin government.

    • 15 Feb 2019
  • China market round-up: FX reserves exceed expectations, MSCI adds Chinese securities, StanChart collaborates with Linklogis

    In this round-up, foreign currency reserves beat market expectations in January, MSCI added 12 securities to its China Index and Standard Chartered signed an MoU with a Chinese supply chain financing provider.

    • 15 Feb 2019
  • Adira Dinamika launches $250m into general

    Adira Dinamika Multi Finance has launched a $250m three year term loan into general syndication. The deal was led by five lenders.

    • 15 Feb 2019
  • Aftermarket leaves BTG price discovery looking solid

    BTG Pactual’s new tier two bonds, the only new issue from Latin America this week, traded pretty much in line with reoffer in the days following pricing, suggesting leads had done a reasonable job of price discovery.

    • 14 Feb 2019
  • Quiet Lat Am could be missing best conditions

    Brazilian lender BTG Pactual was the sole Latin American borrower to venture into dollar markets this week as some syndicate bankers began to worry that the region’s issuers are missing the best of conditions.

    • 14 Feb 2019
  • Codelco’s bond tender falls below target

    Chilean copper miner Codelco looks unlikely to be able to repurchase the $1.907bn of bonds that it was hoping to cancel via a tender offer after investors holding just over half of that amount agreed to sell their paper after the early-bird period expired.

    • 14 Feb 2019
  • Turkey USD2bn 5.8% Feb 22 sukuk

    • 14 Feb 2019
  • Latvia EUR700m 1.875% Feb 49

    • 14 Feb 2019
  • Uzbekistan USD500m 4.75% Feb 24, $500m 5.375% Feb 29

    • 14 Feb 2019
  • EFSF and AFD price in strong euro mart as pipeline builds

    The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.

    • 14 Feb 2019
  • People moves in brief

    Santander hires European ABS trading head – Créd Ag shuffles CIB – Liquidnet appoints president

    • 14 Feb 2019
  • Aramco mandate rumours surface, but deal still distant

    Saudi Aramco is rumoured to have mandated banks for a bond planned later this year, but bankers and investors believe there is still a long road before a deal emerges.

    • 14 Feb 2019
  • Credit Bank of Moscow joins Russia resurgence in euros

    Credit Bank of Moscow printed a €500m five year bond on Tuesday, taking advantage of positive sentiment towards Russian bonds that existed early in the week before new talk of fresh US sanctions on Russia later dented enthusiasm for the country’s credit.

    • 14 Feb 2019
  • Uzbekistan makes first leap into capital markets

    Uzbekistan opened a new chapter in emerging market bonds on Wednesday, printing a $1bn dual tranche deal. Market participants are expecting a swathe of other issuers from the country to follow the sovereign into the capital markets, although soggy trading on Thursday has stiffened investor resolve to hold firmer on pricing on subsequent Uzbek deals, writes Francesca Young.

    • 14 Feb 2019
  • Uzbekistan: a brief reminder of better times

    In the emerging markets over the past year the art of bond investing has often felt like perfecting the skill of mitigating disaster — of knowing when to catch a falling knife or jump on a rebound before everyone else does.

    • 14 Feb 2019
  • Vakifbank sells second covered bond of 2019

    Vakifbank has found competitive funding with a privately placed covered bond, its second of the year, sold via sole lead manager Credit Suisse, even though the publicly syndicated Turkish covered bond market has been closed for some time.

    • 14 Feb 2019
  • Uzbekistan bonds struggle after ‘super tight’ pricing

    Uzbekistan printed its $1bn dual tranche five and 10 year bond on Wednesday to great investor excitement, but the bubble was punctured on Thursday when both traded down in the secondary market. That was despite orders as big as $300m from one international EM account, according to Uzbekistan’s deputy prime minister and finance minister, Jamshid Kuchkarov.

    • 14 Feb 2019
  • Turkey returns to sukuk, sets up corporate comeback

    The Turkish sovereign’s third bond of the year, a sukuk, was priced with no new issue premium on Wednesday, paving the way for Türk Telekom to come to market.

    • 14 Feb 2019
  • CStone opens hot with 2019’s first HK biotech IPO

    CStone Pharmaceuticals has launched Hong Kong’s first biotechnology IPO of the year — and bankers are watching it closely. The up to HK$2.38bn ($304m) deal has received a strong early response, a good sign for the growing pipeline of biotech issuers hoping to put a difficult 2018 behind them. Jonathan Breen reports.

    • 14 Feb 2019
  • Dexin China eyes $220m Hong Kong listing

    Chinese property developer Dexin China has launched bookbuilding for an IPO that could raise up to HK$1.73bn ($220.3m).

    • 14 Feb 2019
  • PV Gas preps loan amid buoyant bid for SE Asia

    PetroVietnam Gas Joint Stock Corp has picked Mizuho as sole mandated lead arranger and bookrunner for a $200m borrowing. It is the latest sign of a boom in southeast Asia’s offshore loan market that is leaving bankers divided on pricing, tenors and covenant packages.

    • 14 Feb 2019
  • Chinese developers push out maturity in strong market

    After a quiet start to February, property developers from China are making the most out of a liquid bond market, pricing dollar bonds way inside of initial guidance and still watching their bonds trade well in the aftermarket. The rush shows no signs of slowing down. Addison Gong reports.

    • 14 Feb 2019
  • HKAA ends long hiatus with dollar bond return

    Hong Kong’s Airport Authority (HKAA) raised $500m from a dollar bond sale on Wednesday, ending a hiatus of nearly 16 years from the market.

    • 14 Feb 2019
  • Indonesia returns to green notes with sukuk

    The Republic of Indonesia was back in the dollar market this week with its regular sukuk issuance. But with a trade that mirrored its 2018 Islamic financing transaction, the sovereign added a green tranche, allowing it to tap a niche set of investors in an effort to raise $2bn. Morgan Davis reports.

    • 14 Feb 2019
  • Driving miss crazy: Uber and a bank gig

    It can be rough living in one of the world’s most expensive cities. Tai Tai and I are fortunate enough to afford a lovely home with plenty of room for my Scotch collection, but I know most people in Hong Kong aren’t so lucky.

    • 14 Feb 2019
  • Chow Tai Fook, Vingroup expand senior group

    China’s Chow Tai Fook and Vietnam’s Vingroup have returned to the offshore loan market, with both borrowers inviting banks to join senior syndication.

    • 14 Feb 2019
  • Right Lane pays up for dual currency loan return

    Right Lane, a wholly-owned subsidiary of Chinese conglomerate Legend Holdings, has paid a higher margin than previously for a $300m-equivalent dual currency borrowing. It is the latest in a series of Chinese and Hong Kong companies that have hiked margins on their return to the loan market this year.

    • 14 Feb 2019
  • RHB squeezes investors with tightly priced bond

    Malaysia’s RHB Bank ended its dollar bond market hiatus on Tuesday, offering a $300m bond that got big demand despite its ultra-tight pricing.

    • 14 Feb 2019
  • Xiaomi the money: MSCI approves dual-class stocks

    MSCI is to add nine stocks with dual-class voting structures to its global benchmark, it said this week. Chinese technology companies Meituan-Dianping and Xiaomi Corp are among the new names included.

    • 14 Feb 2019
  • Vingroup returns for $300m through Deutsche Bank

    Vingroup Joint Stock Company has made a quick return to the offshore loan market, attempting its third borrowing in 12 months.

    • 14 Feb 2019
  • Dexin China eyes $220m from HK listing

    Chinese property developer Dexin China kicked off bookbuilding on Thursday for an IPO that could raise up to HK$1.73bn ($220.3m).

    • 14 Feb 2019
  • Ecuador could rally further after IMF announcement

    The International Monetary Fund and Ecuador confirmed this week that they were discussing a potential financial arrangement, and the positive reaction in the sovereign’s curve could have further to run.

    • 14 Feb 2019
  • Turkey tightens as books for sukuk over $3.5bn

    The Republic of Turkey has tightened price guidance for its three year sukuk to 5.9% area, with books for the deal in excess of $3.5bn.

    • 13 Feb 2019
  • Uzbekistan guides for ‘most exciting EM bond since Saudi’

    The Republic of Uzbekistan has released initial price guidance for its dual tranche five and 10 year dollar bonds and a rush of investors showed how desperate they are for a piece of it.

    • 13 Feb 2019
  • Investors flock after Uzbekistan pathfinder

    Uzbekistan's bond market debut, which is expected to be priced as early as Wednesday, has captured the attention of emerging market investors.

    • 13 Feb 2019
  • Sunac sells $800m bond, Century Sunshine postpones

    Sunac China Holdings priced a large three year callable bond, taking advantage of the abundant liquidity in the market following Chinese New Year. But investors appeared to hold back when it came to less familiar names.

    • 13 Feb 2019
  • KDB’s tight bond pricing a ‘pleasant surprise’

    Korea Development Bank has raised $1bn from a dual-tranche bond that came inside its secondary curve, as investors flocked to high quality, investment grade rated credits.

    • 13 Feb 2019
  • If it ain’t broke: Indonesia repeats green, sukuk combo

    The Republic of Indonesia returned to the bond market in style this week, using a tried-and-tested formula by adding a green tranche to a $2bn sukuk.

    • 13 Feb 2019
  • Panda guidelines: bankers give cautious praise

    Chinese regulators published a draft of new rules for corporate Panda bond issuers at the start of February. Bankers say the rules have done little to address one of the biggest headaches for potential issuers, but they do represent a step forward.

    • 13 Feb 2019
  • PBoC goes tight on second CNH bill auction

    The People's Bank of China held the tender of its second offshore renminbi issuance in Hong Kong on February 13. Both the Rmb10bn three-month note and the Rmb10bn one-year note were priced significantly lower than the first auction in November.

    • 13 Feb 2019
  • China's Risun nears investor talks for $200m IPO

    Chinese chemicals company Risun Group is kicking off pre-IPO investor education next week. The company wants to raise up to $200m before its listing application expires in May, according to a source.

    • 13 Feb 2019
  • Stabilisation profits: sharing is caring

    Clawback columnist Philippe Espinasse turns his attention to one of the ECM world’s best-guarded secrets: the profits banks can make from stabilisation.

    • 13 Feb 2019
  • E&O eyes up to MR550m from rights

    Malaysian property developer Eastern & Oriental (E&O) is looking to raise as much as MR550m ($134.8m) from a rights issue and a private placement that will partially fund its latest project.

    • 13 Feb 2019
  • BTG tightens, increases size on T2 return

    Though a paucity of direct comparable bonds made it difficult to precisely judge the pricing on BTG Pactual’s tier two deal on Tuesday, DCM bankers said that the Brazilian lender had shown investors were willing to bet on high yield paper but keep discipline on price.

    • 13 Feb 2019
  • Green knowledge is not an efficient market

    Biofuels have swollen thanks to policies to combat climate change — even though often, they do not help the problem and can make it worse. This is a shocking record, born of ignorance, both accidental and wilful.

    • 12 Feb 2019
  • Chinese banks will go where the West fears to tread

    Chinese state banks take a lot of criticism for the amount of lending they do in Africa. But what the detractors fail to acknowledge is the lack of competition from Western banks, especially from US houses. As borrowing needs across Africa grow, the question must be asked: if the Chinese banks don't lend to Africa, which ones in the West will?

    • 12 Feb 2019
  • Credit Bank of Moscow hedges bets with Reg S/144A euro bond

    Credit Bank of Moscow has tightened price guidance for its euro five year bond, with books in excess of €800m for the Reg S/144A note — an unusual format for a euro deal, but one designed to provide a fall back option of switching to dollars if pricing for the bank’s inaugural euro bond was deemed unfavourable after feedback.

    • 12 Feb 2019
  • Uzbekistan to offer dual tranche fives and 10s, 'very strong early interest'

    Uzbekistan has told investors that it is focused on a dual tranche five and 10 year transaction and that indications of interest received so far are in excess of $1.5bn.

    • 12 Feb 2019
  • Emirates Development Bank to make capital markets debut

    Emirates Development Bank is lining up to make its debut in bond markets, eyeing a $750m benchmark in February.

    • 12 Feb 2019
  • Latvia opens books on 30 year

    Latvia came to market on Tuesday morning for a 30 year euro benchmark, reawakening a dormant Central and Eastern European bond market.

    • 12 Feb 2019
  • BTG sets price talk for sub debt return

    Brazilian bank BTG Pactual will look to price a 10 year non-call five subordinated tier two note on Tuesday after wrapping up investor meetings in Asia on Monday.

    • 12 Feb 2019
  • Lat Am multilateral chooses Switzerland for debut deal

    Bolivia-headquartered multilateral lender Fonplata sold its first ever bond on Monday, raising Sfr150m ($150m) of five year money from Swiss investors.

    • 12 Feb 2019
  • Turkey makes sukuk return, another borrower waiting in wings

    Turkey has picked banks for its third benchmark of the year and its first since 2017 to be issued using sukuk documentation. Bankers say another Turkish borrower could mandate before the end of the week.

    • 12 Feb 2019
  • China’s Zhenro, Aoyuan score with dollar bonds

    Chinese real estate companies Zhenro Properties and China Aoyuan Group reopened the Asian offshore bond market with a bang, as cash rich investors flocked to their transactions.

    • 12 Feb 2019
  • India offshore bonds: prepare for a tough year

    Indian debt issuers have started 2019 with a bang, rolling out more than $3bn of bonds in January. Will the country eclipse the dismal dollar bond volumes it managed last year? Don’t bet on it. As a divisive election looms, it is more likely that Indian issuance will disappoint for a second year running.

    • 12 Feb 2019
  • JP Morgan names new head of Apac banking

    Filippo Gori's rise up the ranks in JP Morgan's Asian team continued this week, when he was picked to succeed Nicolas Aguzin as head of Asia Pacific banking.

    • 12 Feb 2019
  • Mapletree Industrial taps 'herd', sells $148m of new units

    Singapore-listed Mapletree Industrial Trust (MIT) has bagged S$201m ($147.9m) after upsizing an overnight unit placement on the back of strong early demand.

    • 12 Feb 2019
  • Tian Lun Gas closes HK$2bn refi

    China Tian Lun Gas has closed an oversubscribed loan worth HK$2bn ($255m) after attracting 13 lenders in general syndication.

    • 12 Feb 2019
  • Chow Tai Fook invites MLABs for loan comeback

    Chow Tai Fook has made a quick comeback to the offshore loan market, eyeing a smaller deal after closing a $1.3bn fundraising last March.

    • 12 Feb 2019
  • India cuts stake in Axis Bank

    The Indian government is offloading 50.76m shares in Axis Bank through an offer-for-sale, trimming its stake in the private sector lender as the end of the financial year looms.

    • 12 Feb 2019
  • Latvia coming for 30 year euros

    The Republic of Latvia hit screens on Monday to announce a 30 year euro benchmark — breathing life back into what has been a rather quiet Central and Eastern European bond market.

    • 11 Feb 2019
  • Bahrain Mumtalakat picks banks for rare benchmark

    Bahrain Mumtalakat Holding Company, the Bahraini sovereign wealth fund, has picked five banks to run a roadshow promoting a dollar sukuk benchmark.

    • 11 Feb 2019
  • Loan market gears up after slow start to year

    An influx of RFPs and mandates is keeping loan bankers busy as they try to overcome the global downturn of activity in 2018.

    • 11 Feb 2019
  • The week in renminbi: Trade talks resume, China’s interbank system passes New Year test, foreign investment law set to pass

    In this round-up, China and the US will talk in Beijing at the end of the week, China’s interbank payment and settlement system survived the Lunar New Year red packet frenzy and a draft of the foreign investment law will be submitted in early March.

    • 11 Feb 2019
  • Sino Biopharma keeps flat margin for $700m refi

    Sino Biopharmaceutical has turned to banks for a $700m refinancing loan. It is offering the same price as it paid for the original deal, a club loan sealed in 2016.

    • 11 Feb 2019
  • After holiday return, investors pile onto China property bonds

    Chinese property issuers led the reopening of Asia’s offshore bond market following a week-long holiday in the Mainland to celebrate the Lunar New Year. Investors responded to the new deals with enthusiasm.

    • 11 Feb 2019
  • Pinduoduo closes $1.38bn follow-on

    Pinduoduo, a Nasdaq-listed Chinese e-commerce company, has raised $1.38bn from a follow-on offering.

    • 11 Feb 2019
  • SMBC brings $125m loan from Bharat Oman Refineries

    India’s Bharat Oman Refineries, a joint venture between Bharat Petroleum Corp and Oman Oil Co, has returned to the offshore loan market with a $125m deal that breaks a four-year absence.

    • 11 Feb 2019
  • Banks and investors ignoring biofuel risks

    The harmful climatic effects of biofuels, which policymakers have long promoted as a solution to climate change, are increasingly being pointed out, although the financial industry remains largely unaware of them. A report by ShareAction has highlighted the risks investors and banks are running by financing the burning of wood as a fuel.

    • 08 Feb 2019
  • Akbank launches refi as market splits over Turkey outlook

    Akbank is kicking off the first set of refinancings of the year for Turkish banks, launching its syndication with a smaller volume and tighter margins than last year’s deal. But lenders are divided on whether the deal represents an achievement for the Turkish bank, or betrays an outlook festooned with risk. Mariam Meskin reports.

    • 08 Feb 2019
  • Chalet Hotels' share price swings on debut

    Shares of Chalet Hotels, a high-end hotel group in India, initially soared 5% on their debut on the domestic stock exchange on Thursday, before paring some of the gains.

    • 08 Feb 2019
  • Pinduoduo seeks $1bn-plus from follow-on

    Just six months after listing on the Nasdaq, Chinese start-up Pinduoduo is back in the equity market to raise around $1bn from a follow-on offering.

    • 08 Feb 2019
  • Raters, investors ‘should cooperate’ on ESG

    Rating agencies and investors are realising they have more in common than they thought when it comes to environmental, social and governance (ESG) factors. And they are more inclined now to work together than find fault.

    • 07 Feb 2019
  • CAF shows SSA credentials with large print amid Venezuela turmoil

    Corporación Andina de Fomento (CAF) laminated its SSA membership card this week as it tightened pricing while equalling its largest ever dollar benchmark for size — despite political turmoil in one of its shareholders.

    • 07 Feb 2019
  • EMs ‘losing appetite’ to mount challenge to Malpass role at World Bank

    No candidate from an emerging or developing country has come forward to challenge US politician David Malpass for the presidency of the World Bank Group.

    • 07 Feb 2019
  • Private finance for development ‘small and getting smaller’

    Governments of low income countries will need private capital to finance infrastructure projects if they are to meet the Sustainable Development Goals by 2030, according to a report from the International Monetary Fund. Phil Thornton reports

    • 07 Feb 2019
  • Trapped Venezuela investors could enter ‘uncharted territory’

    US sanctions have brought secondary markets in Venezuelan sovereign bonds and those of state oil company PDVSA to a standstill, leaving investors unable to trade. As a result, the bonds may be withdrawn from the JP Morgan Emerging Markets Bond Index.

    • 07 Feb 2019
  • Gazprom USD1.25bn 5.15% Feb 26

    • 07 Feb 2019
  • Uzbekistan drops DB, embarks on roadshow

    The roadshow for Uzbekistan’s debut dollar denominated 144A/Reg S benchmark started this week, but with only two of the three international banks originally picked for the mandate still present on it.

    • 07 Feb 2019
  • Russia aims to strengthen domestic capital markets

    Russian president Vladimir Putin’s suggestion that he will extend the country’s capital amnesty by a year is good news for the country’s capital markets and a step forward in making the country less dependent on international, and primarily western, investors.

    • 07 Feb 2019
  • Fintech M&A forecast for another big year

    Global fintech M&A is forecast to have another stellar year after providing multi-billion dollar lending opportunities in the last 12 months, with the UK expected to continue leading the way despite Brexit uncertainty.

    • 07 Feb 2019
  • Mashreqbank mandates banks to roadshow dollar deal

    Mashreqbank, the largest privately owned bank in the United Arab Emirates, is embarking on a roadshow to market a dollar benchmark five year fixed rate Reg S senior unsecured bond.

    • 07 Feb 2019
  • Gazprom sells first dollars since sanctions, inside curve

    Gazprom, the Russian state oil and gas company, printed its $1.25bn 5.15% 2026s on Wednesday, with a book that peaked at over $5bn and with pricing estimated at 5bp-10bp inside its own curve, according to lead managers. The bond was the first from Russia in dollars since the US sanctions imposed on the country last April.

    • 07 Feb 2019
  • Brazil optimism hamstrings Gol tender

    Brazilian airline Gol found it difficult to prise its bonds out of investors’ hands with a tender offer in January, receiving only 14% take-up. CFO Richard Lark said it indicated investors’ positive sentiment towards Brazilian credit in general and Gol in particular.

    • 07 Feb 2019
  • GlobalCapital Syndicated Loan and Leveraged Finance Awards 2018: the winners

    GlobalCapital revealed the winners of its 2018 Loan Awards at its annual Syndicated Loans and Leveraged Finance Awards Dinner at the Jumeirah Carlton Tower in London on February 6. The complete results are below. GlobalCapital congratulates all the winners and nominees.

    • 06 Feb 2019
  • Venezuela’s lifelines dropping one by one

    Investors are waiting feverishly for regime change in Venezuela. With US sanctions having stopped trading in the sovereign bonds and those of state oil company PDVSA, investors are unable to alter their exposure to the country.

    • 06 Feb 2019
  • Gazprom guides with 15bp NIP, Credit Bank of Moscow to follow

    Gazprom, the Russian state oil and gas company, has released price guidance for its seven year dollar benchmark bond, offering a 15bp new issue concession, according to investors. Credit Bank of Moscow is also queued for a return to the international bond markets next week in euros. Russian issuers are re-emerging after some of the US sanctions were lifted last month, improving sentiment.

    • 06 Feb 2019
  • CAF ‘playing it safe’ amid Venezuela turmoil, say investors

    Corporación Andina de Fomento (CAF) may be playing it safe with its first dollar benchmark of the year, according to investors, amid uncertainty over the political future of Venezuela — one of its shareholders and the country in which it is headquartered.

    • 06 Feb 2019
  • CAF to wake dollar market

    Corporación Andina de Fomento (CAF) will break the silence of the public sector dollar market this week, after circulating initial price thoughts on Tuesday for its first benchmark of the year in the currency.

    • 05 Feb 2019
  • Former head of Lloyds loan markets moves on

    Lloyds Bank's former head of loan markets, who subsequently became its global head of industrials and manufacturing, has left the bank.

    • 05 Feb 2019
  • Green loans: a tricky rise to the top?

    As climate change climbs the agenda, banks are finding themselves under increasing pressure to bolster their commitments to social responsibility. That is helping green loans take off in the Middle East and Africa — slowly. Some bankers are confident that banks will see the importance of sustainable financing, but others are unconvinced, pointing to a range of obstacles.

    • 05 Feb 2019
  • Further 'consolidation of Erdogan power' as Isbank to become Treasury property

    Turkish President Tayyip Erdogan said on Tuesday that Isbank will become the property of the country's finance ministry, in what a US-based investor said he saw as a 'further consolidation of Erdogan power'.

    • 05 Feb 2019
  • Latam Airlines scoops $600m at sevens

    Latam Airlines returned to the bond market for the first time in almost two years, printing $600m of seven year paper.

    • 05 Feb 2019
  • RenCap head of Russia IB returns after stint at Magnit

    Renaissance Capital has hired Petr Molchanov as head of investment banking for Russia and CIS. Molchanov held the role before, but left last year to take up the job of chief investment officer at Magnit, a Russian retailer.

    • 05 Feb 2019
  • Paraguay shaves new issue premium on long-end no-grow

    Paraguay came to market on Monday for a 30 year bond on Monday, picking three banks to run the books for its longest bond ever.

    • 05 Feb 2019
  • Bond king retires after a pauper’s year

    Portfolio manager Bill Gross, regarded as a legend of the fixed income investment world, announced his retirement on Monday, after a torrid year for the global unconstrained bond fund he managed at Janus Henderson Investors.

    • 04 Feb 2019
  • Nasdaq signs up to offer Saudi equity products

    Nasdaq Dubai has entered into a licensing agreement to offer derivatives based on the FTSE Russell Saudi Arabia equity indices.

    • 04 Feb 2019
  • RenCap picks up new VP in Egypt

    Renaissiance Capital has hired a new vice president of financial services research at its branch in Cairo.

    • 04 Feb 2019
  • Uzbekistan hits road for debut

    Uzbekistan landed on screens on Monday morning, announcing a roadshow to promote its debut in the Eurobond market.

    • 04 Feb 2019
  • EGA refis amid 'friendly' conditions

    Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside of the oil and gas sectors, has kicked off the year with a $6.5bn term loan facility, as market conditions remain “borrower friendly”.

    • 04 Feb 2019
  • Goldman defers former execs’ pay over 1MDB

    Goldman Sachs has held off from rewarding some retired executives compensation until “more information is available” on the 1Malaysia Development Berhad scandal.

    • 04 Feb 2019
  • Gol bondholders reluctant to tender 2022s

    Brazilian airline Gol Linhas Aéreas Inteligentes received just $13.46m of tenders for its outstanding 2022s after having launched a buy-back for all $91.533m.

    • 03 Feb 2019
  • US extends Venezuela trading ban to sovereign bonds

    Investor hopes that the US Office of Foreign Assets Control (OFAC) would retract a ban on US persons buying PDVSA debt were dashed on Friday, when the department made the situation worse for bondholders by adding Venezuelan sovereign bonds to the trading ban.

    • 03 Feb 2019
  • Barclays picks another ex-Deutsche FX banker

    Barclays has made two hires in its FX trading and distribution team. This included appointing another FX specialist who used to work for Deutsche Bank.

    • 01 Feb 2019
  • Towngas steams ahead with $300m hybrid

    Hong Kong’s Towngas has priced a rare dollar perpetual bond, taking $300m from a deal that saw investors pump in more than $4bn in orders.

    • 01 Feb 2019
  • Chengdu LGFV snaps up $250m from debut

    Chengdu Economic and Technological Development Zone State-Owned Assets Investment, a Chinese local government financing vehicle (LGFV), raised a larger-than-expected $250m from its inaugural appearance in the offshore market that was over two months in the making.

    • 01 Feb 2019
  • China market round-up: Green light for RMB bond index inclusion, the PBoC plans Rmb20bn bills sale in Hong Kong, China sees falling industrial profits

    In this round-up, Bloomberg Barclays confirmed the upcoming inclusion of Chinese bonds in its indices, the People’s Bank of China will auction CNH bills in mid-February, and industrial profits in China confirmed poor ending for the economy in 2018.

    • 01 Feb 2019
  • China policy round-up: China plans merger of investment programmes, US charges Huawei, JPM to offer Hong Kong funds onshore

    In this round-up, the China Securities Regulatory Commission (CSRC) issued plans to merge two long-standing access schemes for foreign investors, the United States Justice Department unveiled charges against Huawei just as trade talks were set to begin, and JP Morgan (JPM) received approval to offer Hong Kong funds in China.

    • 01 Feb 2019
  • BFI Finance makes comeback for $55m loan

    BFI Finance Indonesia has returned to the loan market for a $55m three year facility.

    • 01 Feb 2019
  • Green bond players size up chances of 2019 growth

    Green bond watchers are putting out their forecasts for issuance this year, hoping for a return to growth after a disappointing 2018. The year has started decently, with at least $6bn issued so far, including this week’s debut issue from Telefónica, hailed as the first from the telecoms sector.

    • 01 Feb 2019

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 8,725.56 37 9.96%
2 HSBC 8,688.39 59 9.92%
3 JPMorgan 7,681.40 33 8.77%
4 BNP Paribas 4,848.46 15 5.54%
5 Goldman Sachs 4,425.92 20 5.05%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 1,663.44 4 15.44%
2 Morgan Stanley 1,595.10 4 14.81%
3 JPMorgan 1,278.49 5 11.87%
4 Scotiabank 1,050.85 4 9.76%
5 Citi 1,002.40 5 9.31%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 5,004.96 11 16.66%
2 JPMorgan 4,300.70 9 14.32%
3 BNP Paribas 3,386.07 6 11.27%
4 HSBC 3,174.96 10 10.57%
5 Goldman Sachs 2,205.44 3 7.34%

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 AXIS Bank 85.65 1 100.00%
Subtotal 85.65 1 100.00%
Total 85.65 1 100.00%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Standard Chartered Bank 510.75 4 16.00%
2 State Bank of India 401.68 3 12.59%
2 Citi 401.68 3 12.59%
4 MUFG 330.94 3 10.37%
4 Barclays 330.94 3 10.37%