• Allegro Z2bn deal closes as 'lessons learned' in local market

    Poland e-commerce platform Allegro has completed its Z2bn dividend recap refinancing, receiving healthy oversubscription with the participation of local lenders. But some in the market said that co-operation between international and local lenders in Poland has not been all sunshine and rainbows.

    • 04:45 PM
  • Lenders not fit for fintech, LMA survey finds

    Bankers have come under increasing pressure to integrate financial technology into their syndicated lending businesses. But they are ill equipped to deal with the work of integrating new systems, according to a survey conducted by the Loan Market Association (LMA).

    • 01:45 PM
  • Standard Bank draws book over $2bn for T2

    Standard Bank printed a $400m 10 year non-call five tier two bond on Wednesday from a book of more than $2bn in a deal that even rival syndicate bankers called a roaring success.

    • 01:30 PM
  • Chinese firms delay loans, wait for trade war to settle

    The offshore loan market has been quiet this year as Chinese companies have either cut or postponed their fundraising plans. Having stocked up well with debt at the end of last year, and with the onshore market offering new opportunities, many borrowers are simply happy to sit by and wait as the US-China trade war rages on.

    • 12:30 PM
  • NLMK prints with tightest ever spread to sovereign

    Novolipetsk Steel (NLMK) placed a $500m seven year bond on Wednesday inside its own curve and at its tightest ever spread to the Russian sovereign, according to a lead manager on the deal.

    • 12:15 PM
  • Dubious financial statements are one of several problems facing the rating sector

    China has made great strides in developing its bond market. But bankers and credit analysts admit there are still major problems with the accuracy of financial accounting. Rebecca Feng reports.

    • 12:15 PM
  • Mulsanne tests IPO pricing flexibility amid US-China turmoil

    Mulsanne Group Holding broke new ground this week by pricing its IPO below the initial marketed range, debuting a mechanism introduced to the Hong Kong stock market just last year. The move could become more common in the city if US-China trade tensions continue to ramp up market volatility, according to equity capital markets bankers. Jonathan Breen reports.

    • 12:00 PM
  • Mabpharm opens $195m HK IPO, Hansoh kicks off PDIE

    Biopharmaceuticals company Mabpharm launched bookbuilding for its up to HK$1.53bn ($195m) flotation, while Hansoh Pharmaceutical Group set pre-marketing in motion for its Hong Kong listing.

    • 12:00 PM
  • Ivory Coast to close loan at €300m-€400m

    Ivory Coast will finalise a seven year loan imminently, according to bankers. The deal reflects healthy appetite for sovereign borrowing in the region.

    • 11:45 AM
  • TDB Mongolia pulls deal after extended book build

    The Trade and Development Bank of Mongolia (TDBM) postponed its proposed dollar bond on Thursday, after opening the order book for the three year notes on Tuesday.

    • 11:30 AM
  • GlobalCapital Bond Awards 2019 : the winners

    GlobalCapital revealed the winners of its 2019 Bond Awards at its annual Bond Awards Dinner at the Jumeirah Carlton Tower in London on May 22. The complete results are below. GlobalCapital congratulates all the winners and nominees.

    • 11:15 AM
  • ADBC issues, lists dim sum on five locations

    Agricultural Development Bank of China (ADBC), one of the three policy banks in China, sold a Rmb3bn ($434m) dim sum bond with a Rmb200m retail portion on Thursday. The issuer added another Rmb1bn offering during bookbuilding thanks to ultra high demand.

    • 10:45 AM
  • Lau at SMBC succeeds Lipton as APLMA chairman

    The Asia Pacific Loan Market Association named a new chairman at the annual general meeting in Hong Kong on Wednesday.

    • 10:15 AM
  • Third time’s a charm for Kaisa

    High yield property company Kaisa Group Holdings sold its third dollar bond of the year on Wednesday, riding on the high of its recent rating from Moody’s to raise $400m.

    • 10:00 AM
  • Investors eat up LGFV bonds as YSCO lands $600m

    Yiwu State-owned Capital Operation Co, a Chinese local government financing vehicle (LGFV), nabbed $600m on Wednesday in a deal that was led by 14 banks.

    • 08:15 AM
  • In an unfamiliar setting, a familiar problem for banks

    It was the best of times, it was the worst of times. It was the age of financial technology, it was the age of carrying your money around in a duffel bag. It was the epoch of cashless payment systems and disruption, it was the epoch of an old man riding an elephant over a mountain to the nearest bank branch.

    • 08:00 AM
  • Meten looks stateside for ADS offering

    English-language training provider Meten International Education Group filed an application with the US Securities and Exchange Commission on Wednesday for its proposed offering of American Depository Shares (ADS).

    • 08:00 AM
  • Chinese financials raise $1.15bn of senior debt

    Chinese issuers were out in force again in the bond markets on Wednesday, with financial companies ICBC International Holdings and Avic International Leasing Co raising $1.15bn between them.

    • 07:30 AM
  • Europe’s Home Credit eyes $1bn Hong Kong listing

    Consumer lending giant Home Credit is planning an IPO in Hong Kong that could raise about $1bn, according to a source familiar with the matter.

    • 07:00 AM
  • SG moves London banker to head Asia syndicate team

    Société Générale has moved one of its London bankers to Hong Kong to take over as head of the Asia Pacific debt capital markets syndicate team.

    • 04:30 AM
  • People news in brief: May 23, 2019

    SG moves London banker to run Asia syndicate team — Citi loses head of India DCM — ANZ loans banker to relocate to Singapore — MSCI names Korea client head.

    • 04:00 AM
  • Ultrapar to bring LM deal to ambivalent market

    Holding company Ultrapar, one of the five largest conglomerates in Brazil, planned to sell a new bond to finance existing debt on Wednesday into a market showing no consistent sense of direction.

    • 02:30 AM
  • Jamaica’s solo cat bond to cover cyclones or earthquakes

    Jamaica has gone beyond an existing programme with other countries in its region in order to beef up its defences against natural disasters by deciding to work with the World Bank to prepare a catastrophe bond. The deal may also have ramifications for the sustainability of its debt.

    • 22 May 2019
  • Investors nervously await Nord Stream 2 sanctions detail

    US Energy Secretary Rick Perry said on Tuesday that a sanctions bill restricting companies involved in Russia's Nord Stream 2 project would come in the “not too distant future”. That left investors wondering how and if this will affect their portfolios as bond bankers dredged up memories of when Nord Stream 1 was on track to print its own international bond through BNP Paribas before capital markets sanctions were imposed on Russia in 2014.

    • 22 May 2019
  • NLMK leads say 30bp NIP on offer at initial talk

    Novolipetsk Steel (NLMK)’s $500m seven year bond drew a book in excess of $1.5bn on Wednesday morning allowing leads to tighten initial guidance, which they said offered a 30bp new issue concession.

    • 22 May 2019
  • Suzano carves through volatility for fourth bond in nine months

    Brazil’s Suzano tapped international bond investors for the fourth time since September on Tuesday, capitalising on a dearth of recent supply from Latin America and favourable sentiment towards the pulp and paper sector.

    • 22 May 2019
  • Televisa pushes pricing tight on bond return

    Mexican media company Televisa returned to dollar bond markets after a three and a half year hiatus on Tuesday and was able to increase the size of a planned trade despite offering minimal concession.

    • 22 May 2019
  • Indiabulls hooks $350m maiden bond

    Indiabulls Housing Finance raised $350m in its debut dollar transaction on Tuesday.

    • 22 May 2019
  • Ukraine government ructions pose bond refi puzzle

    Ukraine’s president Volodymyr Zelensky caused upheaval as soon as he took office on Monday, calling for a snap election which may delay the country’s IMF funding, raising a question over the country's ability to refinance upcoming bond maturities.

    • 22 May 2019
  • Mulsanne IPO falls victim to US-China tensions

    Chinese clothing company Mulsanne Group Holding has priced its Hong Kong IPO below the indicative range, citing volatile markets fueled by the US-China trade war.

    • 22 May 2019
  • Updated: Green market blossoms as Hong Kong raises $1bn

    Hong Kong scored with a $1bn debut green bond this week, after investors poured more than $4bn into the transaction’s final order book. The deal was a strategic attempt by the government to encourage the development of green financing in the city, but the impact remains to be seen. Morgan Davis reports.

    • 22 May 2019
  • Goldwind seeks $475m green loan for Argentina projects

    Xinjiang Goldwind Science and Technology is tapping the offshore loan market for a $475m green loan to support its windfarm projects in Argentina.

    • 22 May 2019
  • TDB Mongolia drags bookbuilding into second day

    Bookbuilding for the Trade and Development Bank of Mongolia’s (TDBM) three year notes was carried over into a second day on Wednesday, giving investors more time to stew over the risks facing the embattled bank.

    • 22 May 2019
  • China looks long with perp options

    Three Chinese borrowers sold perpetual notes on Tuesday, raising a combined $900m from the rare structure.

    • 22 May 2019
  • ANZ loans banker to relocate to Singapore

    Nelly Harapoff, a director in ANZ’s loan syndication team in Sydney, will be relocating to Singapore.

    • 22 May 2019
  • Portugal set for Panda debut

    Portugal mandated Bank of China and HSBC on Tuesday to place its first renminbi bonds on the China interbank bond market

    • 21 May 2019
  • EM borrowers should nurture loans, not abandon them

    Loan bankers are coming to the painful realisation that emerging markets borrowers will be increasingly drawn to the bond market this year. Conditions there are becoming ever more attractive, perpetuating a decline in global loan volumes. But those companies abandoning loans for bonds should bear in mind the advantages of the loans market, not least its resilience.

    • 21 May 2019
  • NLMK to keep planned benchmark small

    NLMK, the Russian steel producer, is likely to keep its approaching benchmark small and tightly priced, according to an investor who met with the borrower on Monday.

    • 21 May 2019
  • Kuwait International Bank lines up debut AT1 sukuk

    Kuwait International Bank hit screens on Tuesday morning announcing a roadshow for its first ever bond — an unrated additional tier one sukuk with a five year call date.

    • 21 May 2019
  • Latvia taps 2049s for €300m flat to curve

    Latvia re-opened its 2049 line on Monday, bringing the total to €1bn with a tap that came almost flat to its curve and completed its funding programme for the year.

    • 21 May 2019
  • UniCredit's head of CEE loans retires

    UniCredit's London-based head of corporate loan syndication for central and eastern Europe, Russia and the CIS has retired.

    • 21 May 2019
  • Indonesia’s AFI seeks $50m offshore borrowing

    Andalan Finance Indonesia, an auto finance company, is in the offshore loan market seeking a $50m deal.

    • 21 May 2019
  • Asia’s bond transparency: a laudable step

    The decision by bond syndicates in Asia to reveal their orders for new deals will be a clear step forward for the market — but only if the practice becomes widespread.

    • 21 May 2019
  • Trade war trajectory should spur Chinese firms into action

    Financial markets have grown increasingly uncertain since the US government threatened earlier this month to impose a fourth round of tariffs on China. Chinese companies are beginning to lose sway with their investors: they need to get on with their fundraising plans before the trade war heats up any further.

    • 21 May 2019
  • China launches cross-market bond ETFs

    The People’s Bank of China (PBoC) launched a pilot programme on Monday to set up ETFs that can include bonds in the interbank market as well as bonds traded on stock exchanges, as part of an effort to connect the two markets.

    • 21 May 2019
  • Haitong UniTrust opens books for long-awaited IPO

    Haitong UniTrust International Leasing Corp has finally begun bookbuilding for an IPO, more than two years after it first announced plans to list on the Hong Kong Stock Exchange.

    • 21 May 2019
  • Huachen misses coupon as Wintime woes worsen

    Chinese issuer Huachen Energy has skipped a dollar bond coupon, as its troubled parent company Wintime Energy slips further into a liquidity crisis.

    • 21 May 2019
  • JPM fund nets $328m from Celltrion Healthcare block

    JP Morgan’s private equity arm has bagged W390.7bn ($327.5m) after selling a chunk of shares in South Korean firm Celltrion Healthcare, according to a source close to the deal.

    • 21 May 2019
  • Xinyi Energy prices HK IPO amid ‘very choppy markets’

    Xinyi Energy Holdings has come through tough market conditions to finalise its Hong Kong IPO, pricing the deal towards the bottom of the guidance range.

    • 21 May 2019
  • Korea’s SK Biopharma eyes 2019 listing

    South Korean company SK Biopharmaceuticals is planning to launch an IPO by the end of 2019 and could net proceeds of up to around W1tr ($838.5m), according to a source close to the deal.

    • 21 May 2019
  • Colombian Gran Tierra offers healthy concession

    Gran Tierra Energy, the Canada-listed oil and gas company that mostly operates in Colombia, ventured into bond markets for the second time on Monday to sell $300m of debt at a pick-up to its existing notes.

    • 21 May 2019
  • Oversubscribed Z2bn Allegro loan to close by mid-week

    Polish e-commerce platform Allegro is set to close a Z2bn (€470m) dividend recapitalisation deal this week after heavy oversubscription, according to bankers.

    • 20 May 2019
  • Lead bank lauds Russian Rail’s green credentials after investor scepticism

    Russian Rail’s debut green Eurobond last week met with strong demand, but some investors had reservations about buying green bonds from a company owned by the Russian state and used to transport fossil fuels. Antonio Keglevich, UniCredit’s head of sustainability bond origination, responded to the criticism.

    • 20 May 2019
  • Latvia back for more at 30 years

    Latvia was in market on Monday for a tap of a 30 year bond, returning to the line it opened three months ago. The deal enjoyed strong demand, allowing leads to slice 6bp from the spread.

    • 20 May 2019
  • Oceanwide rolls investors over ahead of bond maturity

    Oceanwide Holdings Co has priced a new $280m two year bond to replace in part an imminent maturity, paying one of the highest yields Asia has seen so far this year.

    • 20 May 2019
  • Lesso prepares to go early for $800m refi

    China Lesso Group Holdings, a manufacturer of home building materials, is preparing to refinance two loans with 2020 maturities, inviting existing lenders to join the mandated lead arranger and bookrunner group.

    • 20 May 2019
  • Former CSRC chairman under investigation

    Liu Shiyu, former chairman of the China Securities and Regulatory Commission (CSRC), is under investigation after turning himself in to the nation’s corruption watchdog, according to a statement on Sunday.

    • 20 May 2019
  • Hansoh Pharma starts pre-marketing for $1bn listing

    Hansoh Pharmaceutical Group has won approval from the Hong Kong Stock Exchange for a new listing worth up to $1bn.

    • 20 May 2019
  • MSCI names new Korea client head

    MSCI has poached Tay Kim from Franklin Templeton Investment Trust Management to lead client coverage for the firm in South Korea.

    • 20 May 2019
  • Citi loses India DCM head

    Neville Fernandes has left his position as the head of debt capital markets for India at Citi.

    • 20 May 2019
  • Mabpharm kicks off $195m Hong Kong IPO

    Biopharmaceutical company Mabpharm has launched the deal roadshow for its IPO and is targeting proceeds of up to HK$1.53bn ($194.7m).

    • 20 May 2019
  • The week in renminbi: Wang Yi talks to US secretary of state, Huawei comforts employees, PBoC said to keep renminbi stable

    In this round up, China’s foreign minister talked to Mike Pompeo on Saturday, HiSilicon launched ‘extreme survival contingency plan’ and the Chinese central bank told reporters it would keep renminbi rate reasonable

    • 20 May 2019
  • PKO Bank Hipoteczny SA gears up for green

    PKO Bank Hipoteczny has published its green covered bond framework which complies with the International Capital Market Association’s Green Bond Principles, the Climate Bonds Initiative’s standard for residential buildings and has a second party opinion from sustainability rating agency, Sustainalytics.

    • 17 May 2019
  • Slovenska Sporitelna to roadshow euro covered bond

    Slovenska Sporitelna is planning to market its first internationally syndicated Aaa-rated euro covered bond, which could be sold in benchmark size. The expected deal follows Slovak Vseobecna uverova banka’s (VUB) €500m five year which was one of the best performing trades this year.

    • 17 May 2019
  • Garanti refi book exceeds $1bn

    Garanti Bank has closed its loan refinancing at $783m-equivalent after receiving an orderbook of over $1bn. The borrower has welcomed 14 new lenders, as banks demonstrate their commitment to troubled Turkey.

    • 17 May 2019
  • Indonesia closes record-setting Samurai

    The Republic of Indonesia raised ¥177bn ($1.6bn) from a six tranche bond sale in Japanese yen on Thursday, making it the largest public Samurai bond deal from an Asian country.

    • 17 May 2019
  • Would-be Mongolian debut pulled after book closed

    Mongolian conglomerate Tavan Bogd Trade pulled its debut dollar bond transaction on Thursday after the order book was closed. The high yield borrower had offered investors 12% for the three year bullet, but ultimately decided to postpone the final sale.

    • 17 May 2019
  • China market and policy round-up: more tariffs on the way, China and Singapore renew currency swap, April economic data disappoints

    In this round up, trade tension carried on intensifying as both sides rolled out more punitive moves, the People’s Bank of China and the Monetary Authority of Singapore signed a three year currency swap agreement and April’s industrial production and retail sales growth declined.

    • 17 May 2019
  • Chinese SOE, FIs serve up IG bond feast

    The market welcomed a dose of investment grade rated corporate and financial supply on Thursday. State-owned enterprise (SOE) Shougang Group saw its bond rally in the aftermarket, while onshore brokerage Huatai Securities and China Ping An Insurance Overseas also managed to price deals tightly.

    • 17 May 2019
  • Xinyi Energy keeps power on for its $564m IPO

    Chinese solar farm group Xinyi Energy Holdings has faced minimal impact from the ongoing US-China trade war as it nears the end of bookbuilding for a HK$4.4bn ($564m) IPO on the Hong Kong Stock Exchange.

    • 17 May 2019
  • Luckin Coffee adds extra shot to US IPO

    Luckin Coffee has raised $561m from its Nasdaq listing after boosting the size of the original American Depository Shares (ADS) offer and closing the deal a day early, according to a banker on the mandate.

    • 17 May 2019
  • AAA Oils seeks A&E for part of $800m loan

    AAA Oils and Fats (AAAOF), a trading subsidiary of palm oil processor and distributor Apical Group, is seeking to amend and extend the revolving credit facility tranche of a $800m borrowing from 2017.

    • 17 May 2019
  • Volatility pushes Lat Am borrowers away from dollars

    DCM bankers said they were sitting on mandates for Latin American bond issuers as another week of volatility in global markets kept the region’s primary markets quiet.

    • 16 May 2019
  • Chile beats volatility to find peso demand

    Chile attracted more international investors than ever before into a local currency deal this week as it braved a volatile market to raise $1.5bn-equivalent of new money and a further $420m through an exchange of old bonds.

    • 16 May 2019
  • TDB USD500m 4.875% May 24

    • 16 May 2019
  • NEPI EUR500m May 23 3.125%

    • 16 May 2019
  • Kenya USD900m 7% May 27, $1.2bn May 32 8% amortisers

    • 16 May 2019
  • Russian Rail pulls off country’s first green, though some baulk

    Russian Railways launched the first international green bond from its home country on Thursday, a €500m eight year bond. While many emerging market investors were keen to look at the paper, despite the US considering a new round of Russian sanctions, several green investors disliked the company’s ESG enough to not participate.

    • 16 May 2019
  • World Bank boss vows to expose hidden debt

    The new president of the World Bank used one of his first public speeches this week to call for comprehensive transparency over countries’ “hidden” debt burdens that make it harder to resolve a financial crisis.

    • 16 May 2019
  • EIB debuts climate bond in zloty

    The European Investment Bank (EIB) has moved its new Climate Awareness Bond (CAB) documentation beyond the eurozone with the sale of a Polish zloty bond to a single Japanese investor.

    • 16 May 2019
  • MAF CEO says green format helped pricing

    Majid Al Futtaim (MAF) brought the world’s first benchmark green corporate sukuk to market last week. Chief executive Alain Bejjani said the format had helped the leads price the deal tighter and that they would return to the green market.

    • 16 May 2019
  • Ceske Drahy ends three year bond market absence

    Ceske Drahy, the Czech national railway company, hit screens on Thursday announcing a euro benchmark, returning to the bond market for the first time in three years.

    • 16 May 2019
  • Philippines returns to Panda bonds, shrugs off trade war with bigger, tighter issue

    The Republic of the Philippines made a triumphant return to the Panda bond market this week, raising Rmb2.5bn ($363m) from a deal that was tighter and larger than its debut last year. Rebecca Feng reports.

    • 16 May 2019
  • Russian Railways green bond orders top €1.4bn

    Books for Russian Railways’ eight year euro green bond had breached the €1.4bn mark by lunchtime on Wednesday, allowing leads to tighten pricing. A banker away from the note said the levels offered looked fair.

    • 16 May 2019
  • Kenya tightens pricing on twin trancher

    Kenya hit screens on Wednesday with a dual tranche bond. Investors said initial price thoughts looked generous and so the leads were able to cut the yield by more than had been expected during execution.

    • 16 May 2019
  • Standing strong: HKEx avoids worst of US-China storm

    The latest chapter in the US-China trade war resulted in some serious market turmoil this month. But Hong Kong seems to have avoided the worst of the volatility: the city’s stock exchange approved four applications and each issuer has hit the road. Will investors bite? Gina Lee and Jonathan Breen report.

    • 16 May 2019
  • Asian issuers ramp up tender, exchange offers

    Bond exchanges and tender offers are rising in popularity among Asian issuers, as funding officials race to beat a mountain of maturities next year. Addison Gong reports.

    • 16 May 2019
  • JH Edu Tech seeks HK listing as AB InBev hits the road

    Chinese private education provider JH Educational Technology has set the ball rolling for its Hong Kong IPO, filing a prospectus with the city’s stock exchange, while brewing giant AB InBev has kicked off pre-marketing for a multi-billion-dollar float of its Asian assets.

    • 16 May 2019
  • Frasers Centrepoint eyes S$437m from equity issue

    Frasers Centrepoint Asset Management, manager of Frasers Centrepoint Trust, is planning a sale of up to S$436.8m ($308m) in new trust units.

    • 16 May 2019
  • Nepi shakes off Viceroy report with bond

    Nepi Rockcastle, a Johannesburg- and Amsterdam-listed real estate fund, printed a €500m four year bond on Wednesday. In doing so, it seemed to shake off concerns about the company raised by research firm Viceroy in November, though investors still had questions during the marketing of the bond.

    • 16 May 2019
  • Pujiang builds book for $109m IPO

    Chinese construction materials provider Pujiang International Group has begun bookbuilding for its HK$852m ($109m) IPO.

    • 16 May 2019
  • Prasac, PLN prepare offshore loan comebacks

    Two southeast Asian companies, Prasac Microfinance Institution and Perusahaan Listrik Negara (PLN), are preparing new offshore borrowings.

    • 16 May 2019
  • UnionBank launches $150m loan after 23 year hiatus

    Union Bank of the Philippines has returned to the offshore loan market, having been absent for more than 20 years.

    • 16 May 2019
  • Oman to raise $2.85bn while 'still in the eye of the storm'

    Oman, one of the most fiscally challenged sovereigns in the Gulf, is set to raise a $2.85bn commodity linked pre-payment facility. Natixis and Société Générale are expected to lead the transaction, according to bankers.

    • 16 May 2019
  • Chinese borrowers keep market momentum moving

    Chinese issuers kept up their bond issuances on Wednesday, despite having to contend with the backdrop of the US-China trade war. Three borrowers raised a combined $840m, proving that investors are still buying a range of credits.

    • 16 May 2019
  • Investors snap up Thai Exim for diversity bond play

    The Export-Import Bank of Thailand played to investors’ need for diversity on Wednesday, marketing a $300m-capped transaction at a very tight rate.

    • 16 May 2019
  • An odd perk in an old contract

    I overheard some young bankers in the Captain’s Bar the other day bragging about their expat packages and how many free first class flights they get here and there every year.

    • 16 May 2019
  • Chile taps three peso tranches

    Chile raised around $1.5bn-equivalent of new peso debt on Wednesday in its fourth Euroclearable local currency deal.

    • 16 May 2019
  • Prasac to return to offshore market for $130m

    Cambodia’s Prasac Microfinance Institution is in talks with two banks for its offshore loan comeback.

    • 16 May 2019
  • Russian Railways fixes maturity for green bond debut

    Russian Railways has told investors that it is focusing on an eight year tenor for its euro green bond, with pricing for the benchmark expected "as early as tomorrow." The deal will be the first international green bond from the country.

    • 15 May 2019
  • Investors weigh up risk of Turkey missile controversy

    Investors appear to be split over whether or not Turkey will follow through with its proposed purchase of a Russian S-400 missile system, in the face of likely sanctions from the US if it does.

    • 15 May 2019
  • Kenya leaves 'juice on the table' with new twin trancher

    The Republic of Kenya has released initial price guidance for its latest bond issue, which two emerging markets bond investors deemed generous.

    • 15 May 2019
  • PLN returns to offshore market for $1bn loan

    Indonesian power company Perusahaan Listrik Negara has returned to the offshore market seeking a $1bn borrowing.

    • 15 May 2019
  • JH Educational Technology seeks Hong Kong listing

    Chinese private education provider JH Educational Technology has filed an application to list on the Hong Kong Stock Exchange.

    • 15 May 2019
  • Mexim heads offshore for $300m Islamic loan

    Export-Import Bank of Malaysia is tapping the offshore loan market for a $300m Islamic borrowing.

    • 15 May 2019
  • Trade war worries can’t keep SDIC at bay

    China’s State Development and Investment Corp (SDIC) launched a $1bn transaction on Tuesday, split between a green bond and a conventional bond. Investors shook off trade war worries to swarm both portions of the deal with orders.

    • 15 May 2019
  • Frontage launches $205m Hong Kong spin-off

    Chinese drug services provider Frontage Holdings Corp has kicked off bookbuilding for its IPO, vying for proceeds of up to HK$1.60bn ($204.6m).

    • 15 May 2019
  • Mulsanne starts fitting investors for $150m IPO

    Menswear clothing company Mulsanne Group Holding has kickstarted bookbuilding for its listing on the Hong Kong Stock Exchange.

    • 15 May 2019
  • Avianca enters triple-C turbulence after refi take-off delay

    Colombian airline Avianca is taking longer than expected to refinance a $550m senior unsecured bond coming due in less than a year, triggering ratings agency S&P into cutting the borrower's credit rating, driving up the yield on the note.

    • 15 May 2019
  • Investors must prep for prolonged US-China hostility

    Equity investors who base their trading on the daily news flow emanating from the US and China, are going to have to accept the possibility that the relationship between the two countries will sour.

    • 14 May 2019
  • Erdoğan’s power to fix Turkey sell-offs will wane

    Investors are clear that president Recep Tayyip Erdoğan is once again to blame for another tumultuous week in Turkish assets. The country’s fate in the capital markets is in his hands. Investors have been quick to forgive in the past but their patience is not infinite.

    • 14 May 2019
  • Alpha Bank issues first Romanian covered bond

    Alpha Bank’s subsidiary in Romania has issued its inaugural covered bond (CB) — the first from the country. The ground-breaking deal represents an important milestone in the development of the Romanian capital market and helps diversify the bank’s funding.

    • 14 May 2019
  • NLMK roadshows as Russian window stays open

    Novolipetsk Steel (NLMK), a Russian steelmaker, is embarking on a roadshow to market a dollar benchmark bond with a five to seven year maturity as issuers and investors brush off the risks of further US sanctions on the country.

    • 14 May 2019
  • Finablr reduces price to cover IPO

    Banks working on the IPO of Finablr, the financial holding company that owns Travelex, had to reduce the price of the IPO and extended the books to 3pm on Tuesday, in order to price the transaction.

    • 14 May 2019
  • ESR Cayman gets going on $1.5bn IPO

    Logistics real estate platform ESR Cayman has been given the green light for a listing on the Hong Kong Stock Exchange.

    • 14 May 2019
  • KoRail travels to Switzerland for bond deal

    Korea Railroad Corp turned west on Monday, marketing a six year bond to Swiss investors.

    • 14 May 2019
  • Xinyi Energy charges up $564m Hong Kong IPO

    Xinyi Energy Holding, a Chinese solar power producer, has hit the road to begin drumming up interest in its up to HK$4.4bn ($564m) IPO, according to a term sheet seen by GlobalCapital Asia.

    • 14 May 2019
  • Indonesian bonds caught in US-China crossfire

    Long-dated dollar bonds issued by Indonesian companies have been taking a beating in the secondary market, with the country's high yield sector also expected to suffer from the negative impact of an ongoing trade war between two of the world's biggest economies.

    • 14 May 2019
  • Twenty-six China A-shares pass MSCI index review

    Index provider MSCI has confirmed, following this month's semi-annual review, that it will raise the inclusion factor of Chinese A-shares from 5% to 10%, effectively increasing the weight of A-shares in its MSCI Emerging Market Index from 0.72% to 1.46%.

    • 14 May 2019
  • Pemex provides relief, not solution on tough day

    Mexican state-owned oil company Petróleos Mexicanos (Pemex) was the highlight of a difficult start to the week for Latin American bonds. But though news of a new $8bn loan allowed it to outperform the market, analysts warned its troubles were far from over.

    • 14 May 2019
  • Middle East FIG MTNs flow

    MTNs from Middle Eastern banks have flowed freely over the last week, with borrowers printing a range of currencies to take advantage of basis swap opportunities, amid little competition from European financials, say bankers.

    • 13 May 2019
  • EM loan mart anticipates extended decline, bonds to reap benefits

    Emerging market loan volumes continue to suffer with year-to-date volumes down 60% from the same period in 2018. Global economic slowdown and the fear of trade wars, combined with the increasing appeal of the bond market, are dampening the prospects of recovery in the syndicated loan market in 2019.

    • 13 May 2019
  • Finablr banks make final push to get deal covered

    There has been no covered message sent on the IPO of Finablr, the financial holding company which owns Travelex, though the deal is set to close today, Monday May 13. The banks are still working hard to close the book on schedule.

    • 13 May 2019
  • Gran Tierra pipes up with roadshow announcement

    Gran Tierra Energy, the Canada-listed oil and gas company that mostly operates in Colombia, held investor meetings and calls on Friday as it plots its second-ever international bond deal.

    • 10 May 2019
  • Largest Saudi IPO in years prices in Riyadh

    Arabian Centres Company (ACC), the owner and operator of Saudi retail malls, has priced its IPO at the bottom of its original range, winning local support for one of the largest deals from the Kingdom in years.

    • 10 May 2019
  • Philippines adds euros to coffers after hiatus

    The Republic of the Philippines returned to the euro bond market on Thursday, after a more than 10 year hiatus.

    • 10 May 2019
  • Chinese HY duo snaps up taps despite volatile market

    Shandong-based coal miner Yankuang Group Co was able to price a $500m tap almost 30bp inside where the existing notes were trading on Thursday, while E-House (China) Enterprise Holdings, a real estate services firm, also added $100m to an outstanding bond.

    • 10 May 2019
  • China market and policy round up: trade tension reaches new height, FX reserves dip, record high QFII quotas granted in April

    In this round up, China-US trade tension peaked with US president Donald Trump’s market-moving tweet, Chinese FX reserves dipped in April and the amount of Qualified Foreign Institutional Investors (QFII) quotas approved in April surpassed that of all of last year.

    • 10 May 2019
  • AB InBev starts brewing $5bn APAC IPO

    Belgian brewer Anheuser Busch InBev has taken the first step toward floating its Asia Pacific operations on the Hong Kong Stock Exchange.

    • 10 May 2019
  • PDVSA set to make payment on secured bond

    Venezuelan government-owned oil giant Petróleos de Venezuela (PDVSA) is likely to make a $71m interest payment on its 2020 notes, the only external bond on which the country has not yet defaulted.

    • 09 May 2019
  • Chile plots pesos as Lat Am bankers hold pipeline hopes

    Latin American bond bankers believe primary market activity will pick up next week after a volatile week led some banks to postpone previously scheduled mandate announcements.

    • 09 May 2019
  • EM buyers drive Paraguayan zero coupon trade

    Paraguay tapped bond investors on Thursday to finance its portion of the transcontinental road, raising $732.3m of amortising notes with an average life of 8.9 years and using a zero coupon structure to reflect project payment flows.

    • 09 May 2019
  • Strength of CEE’s local banks to offset GDP slowdown

    Growth is expected to slow across central and eastern Europe this year, but the region has a trick up its sleeve: a well developed local banking system that in the 30 years since the fall of the Iron Curtain has evolved into a self-sufficient source of financing for the region.

    • 09 May 2019
  • Majid Al Futtaim USD600m 4.638% May 2029 sukuk

    • 09 May 2019
  • Predicting Trump and Xi a mug’s game

    The US was set to raise tariffs on $200bn of Chinese goods, as GlobalCapital went to press, after talks between the two economic powers appeared to break down. Few people predicted it, most having prematurely stopped worrying about the US-China trade war and its impact on markets.

    • 09 May 2019
  • EM threats lose power as bonds battle on

    It should not have been a good week for CEEMEA bonds. Fears of an escalating trade war between the US and China, a re-run of mayoral elections in Istanbul that many are calling the end of democracy in Turkey, South Africa national elections and the spectre of US sanctions on Russia would normally have killed the primary market. But issuers kept on printing and bonds rallied, writes Francesca Young, with next week's pipeline filling up.

    • 09 May 2019
  • Spectre of trade war re-emerges to haunt markets

    Global equity markets suffered their worst days of the year this week after an apparent breakdown in trade talks between the US and China, causing investors to sell and volatility to spike and possibly wrecking equity issuance plans, write Sam Kerr and Ross Lancaster.

    • 09 May 2019
  • Istanbul election rerun ‘prolongs recession and erodes credibility’

    The Turkish lira this week tumbled to levels it had not seen since last October’s economic crisis after Turkey’s electoral commission (YSK) annulled the results of Istanbul’s municipal elections that had been won by the opposition. Investors said they are concerned that economic reforms will be put on hold and are worried that higher interest rates will prolong the country’s recession.

    • 09 May 2019
  • Ramaphosa set for re-election, banks hope to get back to deals

    Opinion polls indicate that South Africa’s incumbent African National Congress party and president, Cyril Ramaphosa, will win the country’s hotly contested general election, held on Wednesday, with a reduced majority. Bankers expect financing business to return to normal soon, after pausing in the run-up to the election.

    • 09 May 2019
  • Sovcomflot bags second loan for LNG ships

    Sovcomflot, the Russian shipping company, has signed a 10 year loan facility with three international lenders. Russian syndicated loan volumes remain low, but Sovcomflot is widely regarded by bankers as one of the stronger and more established Russian borrowers.

    • 09 May 2019
  • Gold Fields prints as SA goes to the polls

    Gold Fields, a South Africa-headquartered mining company, sold its $1bn dual tranche bond on Wednesday at a spread that looked historically tight to comparable issuer, AngloGold. It attracted $3bn of orders despite national elections on the same day.

    • 09 May 2019
  • Chinese property companies prepare to tap offshore loans, but deal sizes aggressive

    A number of Chinese real estate companies have returned to the offshore loan market after struggling to raise money in the second half of 2018. Although some bankers said they are more willing to lend than they were last year, they are also complaining about the size of some deals. Pan Yue reports.

    • 09 May 2019
  • African pair line up dollar deals

    Two African borrowers are set to hit the road for dollar bonds, extending a run of deals from the continent after a slow start to the year.

    • 09 May 2019
  • Luckin enjoys extra strong backing for Trump-resistant IPO

    US president Donald Trump caused turmoil in global financial markets this week, after threatening to ramp up tariffs on Chinese goods. But although Trump stirred up trouble, Chinese start-up Luckin Coffee was not put off from brewing a US IPO. With heavy-hitting institutional investors already piling in to the offering, the company looks on track to raise more than half a billion dollars. Jonathan Breen reports.

    • 09 May 2019
  • MGM China turns to bond for attractive funding

    Casino operator MGM China Holdings priced a larger-than-expected $1.5bn 144A/Reg S deal this week, and both tranches rallied in the secondary market despite a broader risk-off sentiment.

    • 09 May 2019
  • Headhunter's Nasdaq float breaks Russian IPO duck

    Headhunter Group, the Russian recruitment software firm, priced a $220m IPO on Wednesday in the first new listing from a Russian issuer since November 2017.

    • 09 May 2019
  • Chinese regulator outlines new NPL rules

    The China Banking and Insurance Regulatory Commission is planning to impose tighter rules on the recognition of non-performing loans (NPLs), forcing banks to provide more transparent data about the health of their assets.

    • 09 May 2019
  • Hong Kong grows green market with dollar bond

    The Hong Kong government is meeting with international investors this week in an effort to court attention for its debut green bond. The transaction has been expected for more than a year, with Hong Kong and green enthusiasts hoping that a sovereign deal can launch the city as a hub for sustainable financing. Morgan Davis reports.

    • 09 May 2019
  • EM bond strategy is fight not flight

    A decade ago any threat of volatility anywhere within the CEEMEA bond markets would shut them down. Not anymore. Nowadays scares barely even shut those parts of the market that they most affect, as this week’s bumper bond crop shows.

    • 09 May 2019
  • Making memes: How one banker spends his time

    When I was a young debt banker, I hated Jimmy Carter. I was a cigar-chomping, ambitious yuppie with a Patek and a Rolodex that could choke an elephant, while he was a peanut-farming pinko with a charisma deficit.

    • 09 May 2019
  • Eagle Hospitality drags out Singapore IPO

    Eagle Hospitality Trust extended bookbuilding for its Singapore IPO twice because of market jitters following US president Donald Trump’s tweet this week about Chinese trade tariffs, according to a source close to the deal.

    • 09 May 2019
  • CCB Leasing opts for price over size in 10 year tranche

    CCB Financial Leasing Corp sold a $700m dual-tranche transaction on Wednesday, without paying a new issue premium on either tranche, and pushing the pricing on the $200m 10 year some 10bp inside its curve.

    • 09 May 2019
  • GSX Techedu files lesson plan for $250m IPO

    Chinese online tutorial platform GSX Techedu is seeking approval for an American Depository Shares (ADS) listing on Nasdaq, as fellow Chinese company DouYu waits for more stable market conditions before commencing pre-marketing for its own $500m ADS offering.

    • 09 May 2019
  • Paraguayan infra deal set for Thursday pricing

    A securitization that repackages Paraguayan government infrastructure financing is expected to be priced on Thursday after the bookrunner set initial price thoughts the day before.

    • 09 May 2019
  • Chile set to tap trio of peso bonds

    Latin America’s best rated sovereign, Chile, will begin investor meetings on Thursday as it plots its third Euroclearable local currency deal.

    • 09 May 2019
  • Lesson one for GSX Techedu $250m IPO

    Chinese online tutorial platform GSX Techedu is seeking approval for an American Depository Shares (ADS) listing on Nasdaq.

    • 09 May 2019
  • EIB planning to launch new development bank

    The European Investment Bank is preparing to launch a new entity — potentially called the European Bank for Sustainable Development — that will focus on sustainable projects outside the EU, GlobalCapital understands.

    • 09 May 2019
  • Xinyi Energy replugs IPO

    Xinyi Energy Holdings, an owner and operator of Chinese solar farms, has received a boost on its second attempt at listing on the Hong Kong Stock Exchange.

    • 09 May 2019
  • Natixis loses Asian sustainability director

    Chaoni Huang has left her job leading Natixis’ sustainability efforts in Asia Pacific.

    • 09 May 2019
  • French bid to widen EU green Taxonomy received well

    The attempt by France to broaden the European Union’s proposed Taxonomy of Sustainable Economic Activities away from the “green niche” has made a good start. Financial officials from all the EU governments discussed the idea on Tuesday, with many member states being “very supportive”, according to sources close to the situation.

    • 09 May 2019
  • Bosnia and Herzegovina rails against delays to EU accession

    Senior Bosnia and Herzegovina officials vented frustration at the stalled process of EU accession talks yesterday (Wednesday), warning that Europe’s foot-dragging was stymying growth and investment and threatened to undermine belief in the process.

    • 08 May 2019
  • Russia to EBRD: talk or we walk

    Five years after the EBRD decided to stop funding new projects in Russia, the country has started to hint it might walk away from the multinational bank and find other funding sources unless it opens negotiations

    • 08 May 2019
  • Europe risks driving Ukraine to Russia through neglect

    Ukraine’s president-elect Volodymyr Zelensky appears to have planted his flag firmly in favour of European integration but there are warnings that Russia will step into the gap if the bloc does not reciprocate

    • 08 May 2019
  • CEE ‘behind the curve’ on green bonds

    Climate change may be climbing to the top of the EU and EBRD’s agenda, but the outlook remains clouded in CEE, where green bond issuances remain intermittent. However, countries in emerging Europe are being encouraged to respond to their obligations by using green financial instruments

    • 08 May 2019
  • EIB planning to launch new development bank

    GlobalMarketscan reveal that the European Investment Bank is preparing to launch a new entity — potentially called the European Bank for Sustainable Development — that will focus on sustainable projects outside the EU.

    • 08 May 2019
  • Baltic countries target single index classification

    The EBRD is working with Latvia, Estonia and Lithuania to have the Baltic region classified as a frontier market initially and is working on a pan-area covered bond framework

    • 08 May 2019
  • Yapi Kredi loan flies as banks stick with troubled Turkey

    Yapı Kredi Bank signed its spring loan refinancing on Thursday, having wrapped up the deal at $1.03bn. Bank of America Merrill Lynch and UniCredit are coordinators of the deal, which has 49 banks participating. The political uncertainty triggered by the decision to re-run the municipal elections in Istanbul has not dented international lenders’ appetite for financing Turkey’s banks.

    • 08 May 2019
  • Foreign lenders committed to Turkish banks despite Istanbul re-run

    The political uncertainty triggered by the decision to re-run the municipal elections in Istanbul has not dented international lenders’ appetite for financing Turkey’s banks, market participants tell GlobalMarkets

    • 08 May 2019
  • PrivatBank ‘confident’ of resisting nationalisation unwind

    A Ukrainian bank believes it can overturn a court ruling against its nationalisation that was seen as good news for the oligarch who used to own it and who is a supporter of the incoming president.

    • 08 May 2019
  • West lagging in race to finance Uzbek reforms

    As Uzbekistan takes its first steps towards opening up to international investors, Europe and US are trailing behind their Russian and Chinese counterparts.

    • 08 May 2019
  • Kazakhstan privatisation on track with KMG listing in 2020

    Emerging markets investors are looking ahead to a series of privatisations in Kazakhstan following the economic reforms unveiled by outgoing president Nursultan Nazarbayev that should be implemented by his successor

    • 08 May 2019
  • Uzbek banks open doors to foreign money

    After being off limits to foreign investors for many years, Uzbekistan has raced to catch up for lost time by seeking investments by European banks and international financial institutions

    • 08 May 2019
  • The heart of the New Silk Road

    After decades of self-imposed isolation, Uzbekistan is embarking on a range of projects with the help of Chinese assistance — and finance — to slowly start to stitch a recently remote country back into the global economy

    • 08 May 2019
  • Uzbekistan: coming in from the cold

    After years of isolation, Uzbekistan has started to forcefully address its economic challenges and exploit its inherent advantages in a way that offers the potential to make this resource-rich market a stronger player in the global economy

    • 08 May 2019
  • Investors attracted by lure of Uzbek capital markets

    Four decades after declaring independence, a successful Eurobond issue and major reforms show Uzbekistan is finally growing up and engaging with the world on its own terms

    • 08 May 2019
  • Uzbekistan is reforming and opening up to the world

    Since late 2016, Uzbekistan has embarked on large-scale institutional, economic and social reforms under President Mirziyoyev’s administration.

    • 08 May 2019
  • Russian Railways to join EM green bond train

    Russian Railways is embarking on a roadshow to market its first green bond, which DCM bankers say is the first international green bond from the country. It it entering the market despite a round of US sanctions seeming to be on the way.

    • 08 May 2019
  • MAF prints green sukuk with zero NIP

    Majid Al Futtaim (MAF), a shopping mall developer based in the Middle East, sold a 10 year green sukuk on Tuesday flat to its outstanding curve.

    • 08 May 2019
  • Investors irritated as Erdogan tanks Turkey again

    Investors are aghast that Turkey’s national election board has cancelled the results of the Istanbul mayoral race, which the country's president Recep Tayyip Erdogan’s ruling party lost in March, and ordered a rerun. The country’s currency and CDS took a hit on Tuesday and is still reeling.

    • 08 May 2019
  • Barclays’ head of private loan sales Broughton to join ANZ Bank

    Emma Broughton, who quit Barclays last month, will join ANZ Bank in June.

    • 08 May 2019
  • Piramal and CPPIB to launch India’s debut green InvIT

    India’s Piramal Enterprises and the Canada Pension Plan Investment Board (CPPIB) are planning to co-sponsor an India-based infrastructure investment trust (InvIT).

    • 08 May 2019
  • Updated: PBoC again opts for curious timing with third bills issuance

    The People’s Bank of China (PBoC) sold a three month Rmb10bn ($1.48bn) tranche and a one year Rmb10bn tranche in Hong Kong on May 15, Hong Kong Monetary Authority (HKMA) said on Wednesday. The central bank has again chosen an interesting time for the announcement and the tender.

    • 08 May 2019
  • Woori turns Formosa green

    Woori Bank turned to Taiwan this week for its latest dollar transaction, raising $450m from the first sustainability-labelled Formosa deal.

    • 08 May 2019
  • CAR drives away with $200m of new money amid market jitters

    Chinese car rental company CAR has wrapped up a liability management exercise, pushing its maturity curve out to 2022 despite fears in the credit market about the US-China trade war.

    • 08 May 2019
  • Zhongding cuts price for €200m refi

    China’s industrial and automotive parts manufacturer Zhongding Group has cut the price for its €200m loan refinancing.

    • 08 May 2019
  • Sinopharm Leasing joins Bocom, CCB in offshore loans

    Sinopharm Holding (China) Finance Leasing is tapping the offshore loan market for a $200m borrowing.

    • 08 May 2019
  • DouYu's $500m IPO still buffering after Trump's tariff threat

    Chinese e-sport streaming platform DouYu is waiting for more stable market conditions before commencing pre-marketing for its $500m IPO of American Depository Shares (ADS).

    • 08 May 2019
  • Paraguayan rides solo in Lat Am pipe amid volatility

    Just one Latin American issuer has announced bond issuance plans as another day of market volatility had bankers pondering whether the favourable conditions that have prevailed almost uninterrupted since mid-January might be in danger.

    • 08 May 2019
  • Russia losing ground in Central Asia as key rival pumps in cash

    Russia is at risk of being permanently marginalised in markets in Central Asia that until recently it viewed as part of its sphere of influence.

    • 07 May 2019
  • Investors hesitant on Zelensky ahead of Eurobond issue

    Investors are looking for clearer signals of the policies that former comic Volodymyr Zelensky will enact after winning power as Ukraine’s new president a month ago ahead of an expected return to the Eurobond market

    • 07 May 2019
  • Istanbul election re-run ‘prolongs recession and erodes Turkey’s credibility

    Investors have told GlobalMarkets that the decision to re-run the municipal elections in Istanbul will deliver fresh economic uncertainty in Turkey as further delays to much-needed reforms will add to drops in the currency and bonds

    • 07 May 2019
  • Balkans to Brussels: invest more or give way to China

    The finance minister of Bosnia and Herzegovina has used an interview with GlobalMarkets to send a strong warning to the European Union to increase investment in the Balkan region or risk falling behind China

    • 07 May 2019
  • Basel rules ‘curbing infra investment in emerging markets’

    Hopes of attracting private finance to fill the funding gap for much-needed infrastructure projects in developing and emerging countries are being threatened by new rules aimed at making banks safer.

    • 07 May 2019
  • Local banking strength in CEE to offset growth slowdown

    The success of the commercial banking system in central and eastern Europe in taking over from development banks in providing finance will support the region ahead of a forecast slowdown in economic growth

    • 07 May 2019
  • High yield marches on through softer market with United, Cirsa

    Three new high yield issues were launched into marketing in Europe on Tuesday, including a pay-if-you-can bond, even though the market was a bit weaker after President Donald Trump’s sabre-rattling about raising trade tariffs on China.

    • 07 May 2019
  • Erdoğan’s erratic actions leave investors on edge

    Turkey’s national election board has cancelled the results of the Istanbul mayoral race that president Recep Tayyip Erdoğan’s ruling party lost in March and ordered a rerun. This is widely thought of internationally as a blow to democracy, and in Istanbul citizens have taken to the streets in protest. But Erdoğan’s behaviour has been so unpredictable in the past year that there is hope the rerun in June will be free and fair enough for investors to breathe easy. It seems a bet made more in hope than expectation.

    • 07 May 2019
  • Market eyes EBRD role in cat bonds for western Balkans

    Catastrophe bonds could be a useful tool for countries in the western Balkans to insure against the impact of weather related disasters — especially if bodies such as the EBRD and UN play a role

    • 07 May 2019
  • Romania, France support bolder versions of EU’s sustainable economy taxonomy

    Romania and France are pushing for a bolder taxonomy within the EU's Sustainable Finance Action plan as EU finance officials meet in Brussels today. The latest draft, put forward by Romania, sees the taxonomy covering all economic activities, grading them from green to brown.

    • 07 May 2019
  • Equity investors see golden opportunities in Uzbekistan

    A decision by Uzbekistan to open its capital markets to outside investors is set to see a roll out of privatisations of non-core businesses such as banks and mining companies

    • 07 May 2019
  • Economists warn CEE against adopting modern monetary theory

    Modern monetary theory has become a rallying cry for the left in the United States where its advocates say it can unlock state spending without sparking inflation. But economists in the CEE warn it would have dire impacts in the EBRD region

    • 07 May 2019
  • EBRD urged to intervene over ‘damaging’ North Macedonia hydro project

    Hydropower power projects have proved to be very controversial across the West Balkans and one project in North Macedonia has put the EBRD into conflict with environmental campaigners

    • 07 May 2019
  • Trade war can still wreck equities in 2019

    Equity investors are too complacent about the prospects of the wheels coming off of trade talks between China and the US. Such optimism could wreck equity capital markets for the year if negotiations sour,

    • 07 May 2019
  • Can Orbanism echo its success in Hungary in the wider region?

    Hungary has again demonstrated a willingness to tread its own path. Moves such as bank nationalisation, building barriers and increased protectionism have incurred the wrath of Brussels but have been copied by other EU member states

    • 07 May 2019
  • China’s focus means Bosnian economy no longer feeling left behind

    The governor of the central bank of Bosnia and Herzegovina hopes global investors will understand the opportunities and will seek to exploit them but so far, the main source of that attention has come from China

    • 07 May 2019
  • Banking on Bosnia’s financial strength

    The strength of Bosnia and Herzegovina’s banking sector is one of the tiny country’s overlooked successes, posting despite double digit growth in income and in return on equity

    • 07 May 2019
  • Capital market reform — Hungary’s quiet revolution

    Interventions by the Budapest Stock Exchange and Hungary’s financial regulators have enabled the country’s capital markets to play a lead role in attracting homegrown innovators and foreign investors

    • 07 May 2019
  • Hungary’s banks thrive in era of nationalization

    Since Viktor Orban came to power in Hungary, more than half of the share of the banking sector is controlled by the government. But the sector is healthier, more profitable and showing an appetite to expand into the wider region

    • 07 May 2019
  • Securing the economic potential of Bosnia and Herzegovina

    Bosnia and Herzegovina (BiH) is a middle-income country with a huge potential for growth, but unfortunately, it is the news and discussions about the politics that most of the time dominate the economic reform debate.

    • 07 May 2019
  • Investing in Bosnia opens up access to wider markets

    Welcome to Sarajevo, the capital of Bosnia and Herzegovina. I want to use this opportunity to point out immediately that Bosnia and Herzegovina represents much more than “post-war”, “complex structure”, “standstill in the process of government setup” and “programme with the IFI institutions”, which are the images which are sometimes used in the foreign media. Please allow me to explain why I have a different point of view which allows me to look at my country through the lens of accelerated and better progress in the future.

    • 07 May 2019
  • Moldova dares to hope

    Moldova starts from a low base in terms of economic growth, but bold financial legislation and efforts to attract investors are beginning to pay dividends

    • 07 May 2019
  • The ECBC’s 29th plenary session: using covered bonds to benefit the real economy

    The first ever European Covered Bond Council plenary meeting in central and eastern Europe was dominated by discussions of the product’s geographical expansion, the implications of the new Covered Bond Directive and the role that covered bonds can play in the development of green and sustainable finance.

    • 07 May 2019
  • Building a Pan-Baltic covered bond market

    In a roundtable discussion organised and chaired by GlobalCapital at the ECBC’s 29th plenary meeting in Riga, covered bond market participants heard from the people responsible for the Pan-Baltic Covered Bond Framework and were able to understand both how this market is being built and what the prospects for issuance are

    • 07 May 2019
  • Czech Railways roadshows euros

    Czech Railways (České dráhy), the 100% state-owned Czech national railway operator, is embarking on a European roadshow for a seven year bond.

    • 07 May 2019
  • MAF draws $3bn book for green sukuk

    Majid Al Futtaim, a shopping mall developer based in the Middle East, has set the spread for its green sukuk, with the deal attracting about $3bn of orders for $600m of paper.

    • 07 May 2019
  • It’s time for Asian issuers to remember euro bonds

    With South Korea and the Philippines heading to euros for new bond transactions, more issuers from Asia should take courage and consider funding in the needlessly neglected currency.

    • 07 May 2019
  • Shimao returns for second offshore loan in a year

    China’s Shimao Property Holdings has returned to the offshore loan market for a new borrowing, with a size of between $700m and $1bn.

    • 07 May 2019
  • Developer Eagle Hills Diyar signs loan for Bahraini project

    Eagle Hills Diyar, a real estate developer headquartered in Abu Dhabi, has signed a 10 year $374m-equivalent loan, in dollars and Bahraini dinars, with a selection of Middle Eastern banks. The proceeds will be used to fund three buildings in its waterfront development in Bahrain.

    • 07 May 2019
  • Fourth time’s a charm for Haitong UniTrust spin-off

    Haitong UniTrust has launched pre-deal investor education for its Hong Kong IPO, as the Chinese financier looks to make it fourth time lucky for its deal.

    • 07 May 2019
  • Luckin Coffee covers books for $510m US IPO

    Luckin Coffee has covered books after the first day on the road for its up to $510m Nasdaq IPO. And to add to the proceeds, the firm is concurrently selling ordinary shares to merchant firm Louis Dreyfus Co.

    • 07 May 2019
  • Hong Kong mandates for long-awaited green bond

    The Hong Kong government is readying its highly anticipated debut green bond, kicking off investor meetings this week.

    • 07 May 2019
  • Lat Am stays quiet but Trump tweets put bankers on edge

    There was little action in Latin American bonds on Monday as the UK took a bank holiday, but broader volatility in global markets sent most spreads in the region slightly wider and was enough to make some DCM bankers nervous.

    • 07 May 2019
  • Standard Life raises $202.5m with HDFC Life sell-down

    Standard Life has raised $202.5m after completing a sale of 36m shares in Indian insurer HDFC Life Insurance.

    • 07 May 2019
  • PBoC lowers rate for SMEs after trade hiccup

    The People’s Bank of China (PBoC) will lower the reserve requirement ratio for small and medium sized firms, it said on Monday morning. The central bank announced the move amid worsening trade negotiations with the US.

    • 06 May 2019
  • The week in renminbi: Trump tweets tariffs threat, Bond Connect hits record high traffic, state council sets rule for government investments

    In this round-up, US president Donald Trump threatened more tariffs days before the eleventh round of trade talks, Bond Connect gained 134 new foreign institutional investors in April thanks to Chinese bond inclusion, and China’s State Council standardised government investment.

    • 06 May 2019
  • Pakistan bonds boosted amid hopes of IMF support

    The Islamic Republic of Pakistan’s sovereign bonds were among the best performers in high yield Asian debt in dollars last week, as the country neared an agreement with the International Monetary Fund (IMF) for a bailout.

    • 06 May 2019
  • Eagle Hospitality sweetens Singapore IPO

    Eagle Hospitality Trust has cut the floor of the initial price guidance for its Singapore IPO, hiking up the yield for investors while delaying the end of its roadshow, according to a source close to the deal.

    • 06 May 2019
  • Tencent's long end rallies on China IG demand

    Tencent Holdings has seen an impressive rally in the secondary market for its recently issued dollar bonds, a reflection of strong investor appetite for investment grade supply amid underwhelming issuance volumes in 2019.

    • 06 May 2019
  • Greenland pays up for loan return

    China’s real estate company Greenland Holdings has returned to the offshore loan market after a two year absence, offering a juicier price this time.

    • 06 May 2019
  • Investors flock to $285m Leong Hup IPO

    Malaysian poultry producer Leong Hup International has closed its books for a long-anticipated MR1.18bn ($285m) IPO, which was more than ten times subscribed.

    • 06 May 2019
  • Transaction banking buoys HSBC’s IB

    HSBC’s global banking and markets division registered a small rise in income in its first quarter results announced on Friday. Transaction banking lines helped outweigh revenue declines in trading and the global banking business.

    • 03 May 2019
  • Medco readies acquisition with $650m bond

    Indonesia’s Medco Energi Internasional wrapped up a $650m bond outing on Thursday, closing off an acquisition financing exercise linked to a bridge loan from earlier in the year.

    • 03 May 2019
  • So-Young pockets $179m from US IPO, Yunji trims deal

    The shares of Chinese plastic surgery social network So-Young International surged on their first day trading on the Nasdaq, after the firm priced its hot IPO at the top of guidance.

    • 03 May 2019
  • Suning makes quick loan comeback for $300m

    China’s Suning Financial Services, a subsidiary of home appliance company Suning Holding Group, is tapping the offshore loan market with a $300m borrowing.

    • 03 May 2019
  • China policy and market round-up: trade talks continue, PMI falls, CBIRC promises more

    In this round-up, the trade negotiation between China and the US finished its tenth round, China PMI fell in April after previously rebounding and the chairman of the banking and insurance regulator promised more reform.

    • 03 May 2019
  • Investors breathe life into HDFC block sale

    Indian life insurer HDFC Life Insurance (HDFC Life) has launched its second sell-down within two months.

    • 03 May 2019
  • Malaysia’s Serba Dinamik serves up rare bond

    Energy services group Serba Dinamik Holdings raised $300m from a three year wakala sukuk on Thursday, before watching the bond quickly trade up in the secondary market.

    • 03 May 2019
  • Zai Lab nets $200m from ADS offering

    China’s Zai Lab has priced a follow-on sale of 7.8m American Depository Share (ADS), its second since its listing on the Nasdaq.

    • 03 May 2019
  • Venezuela crisis sparks new EM sanctions concerns

    Emerging market bankers and investors have been reacting to this week's attempt by the Venezuelan opposition to unseat president Nicolás Maduro, with some worrying that Russia's support for the government once again raises the risk of sanctions against that country.

    • 02 May 2019
  • Argentina bonds, peso hit by political risk

    The risk of a Cristina Fernández de Kirchner winning the presidential election in Argentina has spooked investors, causing the currency to sell off and bond prices to slump. But the weakening economy is bolstering support for president Mauricio Macri’s rivals, causing what investors are calling a “toxic feedback loop”.

    • 02 May 2019
  • Saudi Telco rings up $1.25bn inside SEC

    Saudi Telecom Co printed a $1.25bn 10 year sukuk on Thursday from book of more than $4.5bn, with a spread just inside fellow state-owned corporate Saudi Electric Co.

    • 02 May 2019
  • Exotic EM issuers grow on green landscape

    The International Finance Corp and asset manager Amundi are expecting an explosion of emerging market green bonds in the next two years — led by bank issuers — as more debuts join repeat borrowers.

    • 02 May 2019
  • Uzbekistan the new frontier as Central Asia privatisations lure global money

    Uzbekistan is now the focus of emerging and frontier markets, as international investors, buoyed by the success of Kazakhstan’s privatisation programme, clamber to be in the first wave of opportunities the country is to offer, writes Sam Kerr.

    • 02 May 2019
  • Market awaits SA election results, but FIs to remain 'safe'

    Analysts expect the African National Congress (ANC) to win South Africa's general elections next Wednesday. Although a number of deep-rooted domestic problems have the potential to throw the country into an economic crisis, bankers expect FIs to remain "safe" in the worst of scenarios.

    • 02 May 2019
  • Mubadala signs over-subscribed $2bn revolver refi

    Abu Dhabi’s sovereign wealth fund, Mubadala, has refinanced a $1.75bn loan, increasing it to $2bn after receiving heavy oversubscription.

    • 02 May 2019
  • Saudi Telecom books around $3.5bn as guidance tightened

    Saudi Telecom Company has tightened price guidance for its debut international sukuk, a dollar 10 year that has already drawn a book of around $3.5bn.

    • 02 May 2019
  • SQM and Marfrig to hit market for dollar paper

    Two Latin American borrowers are expected to come to market for dollar bonds on Thursday, having both completed roadshows. The dovish tone of the US Federal Reserve will have bolstered the deals "at the margin", said an investor.

    • 02 May 2019
  • Finablr sets range after founder wows on roadshow

    Finablr has set a range on its London IPO, valuing the business at a more conservative multiple than many had expected when the roadshow began. That will please prospective buyers, some of whom were also impressed with an appearance from the company’s billionaire owner, BR Shetty.

    • 02 May 2019
  • Paraguay's Bioceanico highway consortium hits screens for first deal

    The consortium constructing Paraguay’s portion of the Bioceanico highway, which will connect the Pacific and Atlantic oceans across South America, hit screens on Wednesday announcing a bond to finance construction.

    • 02 May 2019
  • Poland's Allegro to raise €470m as local bank gets top spot

    Allegro, the Polish e-commerce platform, is raising Z2bn (€470m) in a dividend recapitalisation, according to bankers. The deal, one of the biggest CEE loans in this year’s pipeline, is being led by three local and international lenders, although some market participants said the Polish banks would be capable of providing all the money.

    • 02 May 2019
  • Viva HK biotech! Retail hooked as IPO hits $1.5bn

    Viva Biotech Holdings has pulled off an impressive HK$1.52bn ($194m) Hong Kong IPO, striking retail gold as the local public swamped the deal, grabbing half of the stock for themselves. The high level of retail interest is a rarity for IPOs in the city and something that is often unwanted, bringing potential wild price swings to a stock soon after listing, say some bankers. But others foresee enough institutional demand to swallow any bulk selling in the first days of trading. Jonathan Breen reports.

    • 02 May 2019
  • Alam Sutera adds $125m to its coffers

    Indonesian property developer Alam Sutera tapped its 6.625% 2022 notes on Tuesday, raising $125m from the trade.

    • 02 May 2019
  • ADCB, UNB and Al Hilal create UAE's third largest lender

    Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) have officially merged, and acquired Al Hilal Bank. The merger creates the third largest lender in the United Arab Emirates, and comes amid a boom in banking M&A across the Gulf.

    • 02 May 2019
  • China’s Nasdaq faces teething problems after regulator is swamped by applications

    Although the Shanghai Stock Exchange (SSE) has received 98 applications from companies hoping to launch an IPO on its new tech board, a lengthy and complicated approval process has revealed some of the problems facing potential listing candidates. Meanwhile, there are doubts over some of the investors preparing to buy into the market. Rebecca Feng reports.

    • 02 May 2019
  • China’s Duiba raises $667m from Hong Kong listing

    Duiba Group raised $667m after concluding its second attempt at listing on the Hong Kong Stock Exchange.

    • 02 May 2019
  • Indonesian auto finance firms back for loans

    Two Indonesian auto finance companies, Indomobil Finance Indonesia and Chandra Sakti Utama Leasing (CSUL), have returned to the offshore loan market.

    • 02 May 2019
  • Tianjin debt crisis deepens as Tewoo loses IG

    The Tianjin government’s waning support for local corporations was brought into focus this week, when Fitch downgraded Chinese dollar bond issuer Tewoo Group by a hefty six notches. It was the latest warning sign of the debt-servicing ability of the city’s struggling state-owned enterprises (SOEs). Addison Gong reports.

    • 02 May 2019
  • Philippines gets ratings boost from S&P

    S&P upgraded the Philippines’ rating to BBB+ from BBB on April 30, as the sovereign conducted a roadshow for a proposed euro bond.

    • 02 May 2019
  • Casual Friday forces bankers to think fast

    I remember a time when dressing in casual clothes was something that horrified bankers, not excited them. Not anymore.

    • 02 May 2019
  • Further delays for NSE IPO after Sebi ruling

    The Securities & Exchange Board of India (Sebi) dealt a fresh blow to India’s National Stock Exchange’s long-delayed IPO plans this week.

    • 02 May 2019
  • HK-listed duo eye Shanghai tech board IPOs

    Software company Kingsoft Corp plans to spin off and list Beijing Office Software on Shanghai’s new technology board, pulling its initial plan to float the subsidiary on the Shenzhen Stock Exchange’s junior ChiNext board.

    • 02 May 2019
  • Yingde Gases closes $300m borrowing

    China’s Yingde Gases Group has received a strong response in the loan market for its $300m three year facility.

    • 02 May 2019
  • Three time’s a charm for Impro Precision?

    Components manufacturer Impro Precision Industries this week began its third attempt to float on the Hong Kong Stock Exchange.

    • 02 May 2019
  • Millicom, high yield and EM-focused, plans sustainable bond

    Millicom International Cellular, the emerging markets-focused telecoms group, is planning to issue its first sustainable bond. It published a Sustainability Bond Framework on Tuesday and will issue with a high yield rating.

    • 01 May 2019
  • Saudi Telecom homes in on 10 year bond

    Saudi Telecom Company was on track to print its debut benchmark dollar Reg S/144A sukuk on Thursday, and after a week of roadshowing is leaning towards making it a 10 year bond, GlobalCapital understands.

    • 01 May 2019
  • Venezuela turmoil grips Lat Am bonds

    A coup attempt in Venezuela has rekindled hopes among investors that president Nicolás Maduro will cede control to the opposition regime. The development drew the spotlight away from Argentina’s spiralling currency.

    • 01 May 2019
  • Jefferies poaches two from ING for EM sales and trading

    Jefferies is nearing the completion of its EM sales and trading team started 2.5 years ago, with two more hires in London.

    • 01 May 2019