• Yes Bank pockets Rp19bn from QIP

    India’s Yes Bank has raised Rp19.3bn ($271.2m) after issuing a block of primary shares.

    • 16 Aug 2019
  • People moves in brief

    Bank of America Merrill Lynch hires fintech chief — Perella Weinberg builds European restructuring team — UniCredit finds SSA trading boss.

    • 15 Aug 2019
  • Salvini snaps to send Italian capital markets into a spin

    An impressive rally in Italian risk assets has been completely overturned this week, as Italy descended into political chaos. Some market participants now fear a repeat of last year, when Italian issuers were frozen out of debt and equity markets as the country’s government fought with the European Commission over its annual budget targets. Tyler Davies and Sam Kerr report.

    • 15 Aug 2019
  • US companies pile into converts as economic outlook worsens

    US corporates are turning to convertible bonds to finance themselves while it is still possible to achieve attractive terms, before the economic outlook deteriorates, leading to the best two weeks of issuance volume in 2019.

    • 15 Aug 2019
  • ‘Core Europe' IPOs to offer Brexit dodge

    The EMEA IPO calendar for the rest of the year is set to be filled with companies from continental Europe, as Brexit uncertainty looks set to delay UK listings. But global volatility could yet scupper all plans.

    • 15 Aug 2019
  • Temasek trims Intouch stake with jumbo Thai block trade

    Thailand’s largest block trade in six years has seen Singaporean state-owned investment fund Temasek Holdings bagging more than $500m from a sale of Intouch Holdings stock. The vendor took advantage of a surge in the Intouch’s stock price and plans to return and clean up its remaining stake. Jonathan Breen reports.

    • 15 Aug 2019
  • Italian banks: it's all political

    Political chaos in Italy disguises the progress made turning around the country’s banking sector.

    • 15 Aug 2019
  • India seeks bookrunner bids for Fagmil, TCIL divestments

    The Indian government has sent out a pair of request for proposals for banks to lead the IPOs of FCI Aravali Gypsum and Minerals India (Fagmil) and Telecommunications India (TCIL).

    • 15 Aug 2019
  • Asia people news in brief: August 15, 2019

    More changes for Deutsche — HSBC equities veteran joins HK property developer — Loans banker Fung joins StanChart— Chung to leave Maybank

    • 15 Aug 2019
  • Medical marijuana firm lists on London Stock Exchange

    Freyherr International Group, the Slovenian medical marijuana company, has priced its IPO on the London Stock Exchange.

    • 14 Aug 2019
  • ECM settles in for long trade war despite tariff delays

    Equity capital markets bankers and investors are coming to terms with the idea that there may not be a trade deal to end tensions between the US and China this year, despite the former delaying some of its latest tariffs on Chinese goods until the end of the year.

    • 14 Aug 2019
  • Indonesia SOE Kimia Farma plans rights issue

    Indonesian state owned pharmaceutical company Kimia Farma is planning to raise capital through a rights issue of new shares, according to a stock exchange filing.

    • 14 Aug 2019
  • Brace for more Burford-style rows if QE ramps up

    Burford Capital, the litigation funder, is under pressure over how it accounts for an obscure type of asset and how it finances its business using debt. In many respects it is a unique case, but it is a debacle fuelled by quantitative easing. With more of that on the way, pushing investors into ever more esoteric asset classes in the quest for yield, there will be plenty more businesses under scrutiny.

    • 13 Aug 2019
  • Unicorns should listen to bears and raise equity capital

    Recession fears are rising again as GDP slows, global trade tensions rise and overvalued stock markets become more volatile. Big tech should take advantage of high price to earnings ratios to raise equity capital now and to prepare for tougher days ahead.

    • 13 Aug 2019
  • EM IPOs more likely to list in 2020 as pipeline moved back

    A number of highly anticipated emerging market IPO issuers are understood to have shifted listing plans to next year instead of the last quarter of 2019.

    • 13 Aug 2019
  • Shareholders back Omnia’s R2bn rights offer

    Omnia Holdings, the South African chemicals company, has fixed the terms for its R2bn ($136m) rights issue to reduce debt, after securing underwriting from its top shareholders.

    • 13 Aug 2019
  • India seeks bookrunners for Fagmil divestment

    The Indian government has sent out a request for proposals for banks to lead the IPO of FCI Aravali Gypsum and Minerals India (Fagmil).

    • 13 Aug 2019
  • Further shake-up for Deutsche Bank Asia biz

    Deutsche Bank has made more changes to its Asia investment bank, including job cuts and new postings for senior bankers, as it shifts the focus of its business.

    • 13 Aug 2019
  • BAML hires Vos from Barclays for fintech

    Gerardus Vos is joining Bank of America Merrill Lynch as head of financial technology investment banking for Europe, the Middle East and Africa.

    • 12 Aug 2019
  • FCA enters into Burford short-seller dispute

    The UK’s Financial Conduct Authority is looking into the movements in litigation finance firm Burford Capital’s share price last week. Burford is alleging evidence of "illegal market manipulation".

    • 12 Aug 2019
  • Thomas Cook bonds, shares tank on £150m recap news

    Thomas Cook's shares and bonds fell on Monday after the company disclosed that it is in talks to raise £150m of capital from its creditors and largest shareholder to keep trading over the winter period.

    • 12 Aug 2019
  • French IPOs on track but PE threat lurking

    The IPOs of private equity-owned French glassware maker Verallia and of state-owned Française des Jeux (FDJ), the national lottery operator and sports betting company, are both attracting healthy interest in pre-marketing, but sources have expressed some concern that one deal could be taken off the table.

    • 12 Aug 2019
  • HSBC equities veteran joins HK property developer

    A former co-head of Asia Pacific equity capital markets HSBC Alexis Adamczyk has started work at Far East Consortium International, just months after leaving the bank.

    • 12 Aug 2019
  • India invites bookrunner bids for TCIL divestment

    The Indian government has issued a request for proposals (RFP) for bookrunners to run the listing of Telecommunications India (TCIL).

    • 12 Aug 2019
  • China’s SDIC wins approval for London IPO

    SDIC Power Holdings will be the second Chinese company to list in London through the Stock Connect scheme with Shanghai, after a China regulator approved the deal.

    • 12 Aug 2019
  • BAML hires equity-linked head of EMEA

    Juan Rodriguez Andrade will join Bank of America Merrill Lynch next month to lead equity-linked business for Europe, the Middle East and Africa.

    • 09 Aug 2019
  • Burford bonds and shares in muddy water after short seller attack

    Burford Capital’s debt and equity securities rebounded on Thursday, after the firm rebutted claims from short seller Muddy Waters Research that it was "arguably insolvent". The episode brought some rare excitement to the sterling retail bond market, but is perhaps emblematic of its decline over the past few years. Meanwhile, investors appeared undecided over whether Muddy Waters’ claims about the litigation funder were correct.

    • 09 Aug 2019
  • ECM turns bearish on September after equity and rates volatility smash the fragile summer peace

    ECM participants have been reminded how quickly the mood in equity markets can turn after a volatile week and are assessing the impacts on their autumn pipelines.

    • 09 Aug 2019
  • Yes Bank eyes Rp19bn from QIP

    India's Yes Bank is aiming to raise up to Rp19.4bn ($275m) from a qualified institutional placement, according to a source familiar with the matter.

    • 09 Aug 2019
  • JPM adds to Japan, Korea ECM teams

    JP Morgan has hired veteran banker Yuka Uehara to its Japan equity capital markets team, and brought on Jinsoo Ha to lead ECM in South Korea, according to an internal memo seen by GlobalCapital Asia.

    • 09 Aug 2019
  • Banks pin growth hopes on Gallic push

    Big banks and boutiques alike are ramping up operations to boost revenues in France, Europe’s most competitive investment banking market. But is there enough business — and talent — to go around? By David Rothnie.

    • 08 Aug 2019
  • Strong demand for €52.3m block in Italian NPL servicer

    Shares in doValue, Europe’s largest corporate servicer of non-performing loans (NPLs), were snapped up during a €52.3m accelerated share sale on Wednesday night, sold by Eurocastle.

    • 08 Aug 2019
  • Blinded by the white knights?

    There is a limit to what central banks can do to stop people in capital markets from reacting to their fears.

    • 08 Aug 2019
  • Spandana Sphoorty seals Rp12bn IPO at top end

    Indian non-bank microloan provider Spandana Sphoorty has wrapped up its IPO, just about covering the deal thanks to a strong showing from institutional investors. It is set to be priced at the top of guidance, according to a banker on the deal.

    • 08 Aug 2019
  • Dual-class shares get Stock Connect fillip

    The Hong Kong, Shanghai and Shenzhen stock exchanges have agreed to include Hong Kong listed dual-class shares in the Stock Connect trading programme. This could just be what the HKEX’s two lonely weighted voting rights (WVRs) stocks, Xiaomi Corp and Meituan Dianping, need, said bankers and analysts. Jonathan Breen reports.

    • 08 Aug 2019
  • HK unrest, trade war tensions trigger turmoil in Asia

    Rising tensions between the US and China, coupled with a mass strike in Hong Kong at the start of the week, caused a sell-off not just in the city’s stocks market but also across Asian bonds. While sentiment has recovered slowly, the market turbulence is set to keep equity and bond bankers on their toes. Jonathan Breen, Morgan Davis and Addison Gong report.

    • 08 Aug 2019
  • Sirius Minerals down to last chance as investors shun risky mining project

    UK mining company Sirius Minerals has put its hopes of survival on getting a high yield bond away in September after it postponed a deal earlier this week. But investors are skeptical about the firm's chances. Sirius will run out of money by the end of September and its $3.8bn financing package will turn void on October 30.

    • 07 Aug 2019
  • ECM investors fret over IPO supply

    Equity capital markets investors may be grappling with a rough week for major equity indices but they are still ready to invest in new listings. However, there is a possibility the sellers won’t come.

    • 07 Aug 2019
  • Snap issues maiden convertible bond after share rally

    Snap, the US technology company behind Snapchat, has issued a $1.1bn convertible bond due in 2026, after the stock began to trade above its IPO price again following a strong set of first half results a fortnight ago

    • 07 Aug 2019
  • Spandana Sphoorty guns for every bite on last day of IPO

    The bookrunning lead managers of Spandana Sphoorty Financial’s Indian IPO were seeking out all avenues of demand on Wednesday, with the deal barely a third covered by midday and set to close at the end of the trading day.

    • 07 Aug 2019
  • Sirius difficulties: miner “on knife-edge” as crucial bond offering postponed

    UK mining company Sirius Minerals delayed its $500m high yield bond on Tuesday,aiming to try again in September. The clock is ticking on the fertiliser mine project in the Yorkshire Moors. Sirius has until October 30 to entice investors or its whole financing package will collapse.

    • 06 Aug 2019
  • Russian IPOs on ice as listed market shrinks

    Ready and willing equity investors are facing another year of frustration in Russia, with the country's IPO activity set to underwhelm until 2020.

    • 06 Aug 2019
  • China’s Venus Medtech looks south for IPO

    Chinese biotechnology company Venus Medtech (Huangzhou) is seeking approval to list in Hong Kong, having filed a draft prospectus with the city’s bourse on Monday.

    • 06 Aug 2019
  • AMTD debuts high after sealing $174m US IPO

    Hong Kong-based AMTD International's stock surged by over 20% on its debut on the New York Stock Exchange, after the IPO was priced above the mid-point of guidance.

    • 06 Aug 2019
  • BAML makes senior ECM hire from Credit Suisse

    Bank of America Merrill Lynch has hired James Palmer to act as chairman of its equity capital markets business for Europe, the Middle East and Africa.

    • 05 Aug 2019
  • ECM bankers thankful for summer lull as stocks sell off

    Equity capital markets bankers were glancing at a sea of red across global equities on Monday, but they were grateful that volatility has only flared up during a traditionally quiet period for new issuance.

    • 05 Aug 2019
  • ‘Challenging’ environment prompts Flint exit from HSBC

    John Flint quit his position as CEO of HSBC on Monday after less than two years in the job, as the bank warned of difficult global conditions in its second quarter results. The bank’s chair Mark Tucker implied the desire for change related to a problem with Flint’s execution of the bank’s strategy, rather than the strategy itself, but the departure has also raised questions about HSBC’s Chinese operations.

    • 05 Aug 2019
  • Spandana Sphoorty starts bookbuilding for IPO

    Indian microloan provider Spandana Sphoorty Financial kicked off a two-day bookbuilding for its up to Rp12.01bn ($169.9m) IPO on Monday morning.

    • 05 Aug 2019
  • Hang Seng dives as strike brings Hong Kong to a halt

    Hong Kong’s Hang Seng Index (HSI) fell by nearly 3% on Monday as a mass strike gripped the city, bringing chaos to public transport and local infrastructure.

    • 05 Aug 2019
  • Equities battered by fresh tariff talk from Trump

    Global equity indices plummeted on Friday morning after US president Donald Trump announced that the US would tax $300bn of Chinese goods in a fresh round off tariffs.

    • 02 Aug 2019
  • Investors sell Mondi stock after listing reorganisation

    In an otherwise barren summer week for equity block trades in Europe, UBS led the sale on Thursday night of R1.4bn ($95.4m) of stock in Mondi, the Anglo-South African paper and packaging company, on behalf of a group of shareholders left out of a recent reorganisation of Mondi’s listing.

    • 02 Aug 2019
  • CapitaLand trust pockets S$154m from placement

    CapitaLand Retail China Trust raised S$154.3m ($112.6m) on Thursday from a placement of new units, done alongside a preferential offering to existing shareholders.

    • 02 Aug 2019
  • JPM cashes in $400m from rare cash-settled Tencent EB

    JP Morgan has bagged $400m from a rare cash-settled exchangeable bond, with Tencent Holdings as the reference stock, according to a source close to the deal.

    • 02 Aug 2019
  • LSEG signs Refinitiv deal for better data offering

    The London Stock Exchange Group’s purchase of market data and infrastructure firm Refinitiv for around $27bn will help it make a push in data, as well as allow it to expand its index business in fixed income, the stock exchange provider believes.

    • 01 Aug 2019
  • People moves in brief

    BNP Paribas hires UK advisory head — Créd Ag’s credit unit chief moves to markets role — AIIB hires ICBC loan syndicator.

    • 01 Aug 2019
  • ‘Hawkish cut’ rouses emerging market ‘sheep’

    The US Federal Reserve delivered what one syndicate banker termed a “hawkish cut” on Wednesday, as US Federal Reserve chairman Jerome Powell indicated there is no hurry to follow the 25bp interest rate cut with further monetary loosening. Emerging market bonds and US equities sold off as the mood darkened, with fears that further selling will be triggered. Sam Kerr, Lewis McLellan and Francesca Young report.

    • 01 Aug 2019
  • BAML's DACH ECM head retires

    The head of equity capital markets for the German speaking region at Bank of America Merrill Lynch has left the bank and retired after more than two decades in the investment banking industry.

    • 01 Aug 2019
  • Aston Martin shares burn $1bn since IPO as results smash stock

    Aston Martin’s £79m loss in the first half of 2019 drove its shares down to £4.98 by Wednesday’s close — a huge 73.8% fall from its £19 IPO price last October, making it one of the worst performing UK IPOs of the past decade.

    • 01 Aug 2019
  • BNP Paribas takes Nomura’s McNaught for UK advisory

    Andrew McNaught will lead BNP Paribas’ UK advisory team from the end of the month, as the French bank plans to develop its corporate operations in the country “further, faster”.

    • 01 Aug 2019
  • SG pays for restructuring, cost savings pay off for BNPP

    The focus was on costs in the second quarter results of BNP Paribas and Société Générale’s investment banks, announced this week. BNP Paribas managed to keep a lid on expenses and could boast of "positive jaws", but SG took on a big charge from its restructuring.

    • 01 Aug 2019
  • Blocks bankers consider making deals while the sun shines

    Equity Capital Markets bankers are considering the possibility of bringing selected block trades to market in this week and next, in order to avoid what could be a volatile market in September.

    • 01 Aug 2019
  • LG Display’s hot CB a sign of strong H2 activity

    LG Display tapped the convertible bond market for W813.6bn ($687.8m) this week, its first equity-linked outing since the global financial crisis. Although the deal came at a troubling time for the issuer, its popularity has set the stage for a strong second half for the market. Jonathan Breen reports.

    • 01 Aug 2019
  • Banks run to stand still in PE coverage race

    Banks are racing to expand their sponsors coverage teams as they fight to remain relevant to private capital providers at a time of disintermediation in investment banking. By David Rothnie.

    • 01 Aug 2019

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 255,554.16 1146 8.47%
2 Citi 232,791.64 969 7.71%
3 Bank of America Merrill Lynch 199,027.99 814 6.59%
4 Barclays 184,008.42 751 6.10%
5 HSBC 144,676.82 801 4.79%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 31,283.69 132 7.81%
2 Credit Agricole CIB 27,347.56 115 6.83%
3 JPMorgan 23,350.32 62 5.83%
4 Bank of America Merrill Lynch 22,698.09 61 5.67%
5 UniCredit 19,891.92 110 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,160.55 49 10.10%
2 Morgan Stanley 7,744.92 38 9.59%
3 Goldman Sachs 6,966.15 37 8.62%
4 Citi 5,856.44 44 7.25%
5 UBS 4,820.17 25 5.97%