Macquarie Group
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◆ Macquarie Group's first euro senior deal in almost two years ◆ Aussie name likely lured investors ◆ S-Bank issuing euro FRN
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◆ Strong market sentiment backs new deal and potential FIG issuance as spreads tighten ◆ Views on NIP differ but SG's outcome was unanimously 'very good' ◆ Austrian and Australian issuers on the way
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◆ Improved tone lures local lenders in size ◆ Yankee arb possible again ◆ European trio steps up Yankee printing on Thursday
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Foreign banks take advantage of favourable funding conditions in dollars before US money centre banks return to market
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More issuance is on the horizon as Bausparkasse Schwäbisch Hall and ING-DiBa mandate deals and non-eurozone banks eye funding too
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The group has taken steps to cope with this year’s new issuance drought and difficult syndication conditions
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Differentiating itself from the competing FIG supply, the Dutch bank revives long dated bank issuance in euros
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Slim windows available as Macquarie slips in with Sfr note
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Aussie firms eye diversification as TFF comes to an end
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Hong Kong’s stock exchange has rejected an IPO application from Aim Vaccine, a leading Chinese vaccine maker. The deal is being sponsored by China Securities, CICC, Goldman Sachs and Macquarie.
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PizzaExpress is looking to raise sterling bonds to refinance its capital structure, after bondholders took control of it last year from Chinese private equity group Hony Capital.
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Macquarie sold its first group level bond in the Swiss franc market on Thursday, harnessing an “astonishing” number of investors to twice increase the size and land inside its euro curve.
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Macquarie announced the mandate on Wednesday for its first group level Swiss franc bond, to be sold in the coming days.
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Biopharmaceutical company HutchMed (China) pocketed HK$4.17bn ($537.1m) this week from its Hong Kong IPO.
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Biopharmaceutical company HutchMed (China) kicked off the roadshow for its HK$4.68bn ($602.7m) Hong Kong IPO on Friday, placing more than half of the shares in its third listing with cornerstone investors.
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ANZ dropped into the sterling market this week in search of tier two paper, which will help it meet its total loss-absorbing capacity (TLAC) requirements. With the TLAC deadline fast approaching, Australian firms are expected to make use of the attractive funding conditions to ramp up their subordinated issuance.
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A trio of senior borrowers paid minimal new issue premiums in euros this week as Swedbank and AIB Group tapped a sweet spot of demand for bail-inable debt, while Macquarie got attractive pricing compared to its dollar curve.
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Macquarie shed over a third of its order book on Wednesday as it priced its third euro deal in 18 months at what was deemed a “very tight” level. It was joined in the senior market by Swedbank, which was issuing its first callable non-preferred bond.
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Monde Nissin has covered the Philippines’ largest ever IPO on the first day of bookbuilding, after securing pre-launch demand from a high profile line-up of cornerstone investors.
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Macquarie is set to extend its euro curve this week, after mandating banks for its third sale of group level debt in the currency in the last 18 months.
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The Philippines’ equity capital markets got another boost this week as Monde Nissin Corp was swamped by investors placing pre-launch bids for its upcoming billion-dollar IPO, set to be the country’s largest ever listing. The market is shaping up to be one of the busiest in southeast Asia this year, tapping into growth in the consumer sector. Jonathan Breen reports.
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Macquarie Bank ended a seven year absence from the sterling market on Wednesday morning, having postponed its comeback transaction a week earlier.
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The Australian Prudential Regulation Authority (Apra) hit Macquarie Bank with a A$500m ($378.4m) capital charge on Thursday, having uncovered serious faults in the firm's risk management practices. The announcement came a day after the bank paused its return to the sterling bond market.
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Macquarie Bank paused its sterling return on Wednesday morning, the day after it announced the deal.
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Macquarie is preparing to syndicate the first sterling deal from an Aussie borrower in almost three years, having mandated banks to arrange a new operating company level benchmark.
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Bank of Nova Scotia returned to the dollar market with its first new trade in five months this week, after reporting its fiscal first quarter earnings. It was followed by Truist Financial selling an inaugural social bond.
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Stephen Taylor, previously head of equity capital markets at Macquarie, has joined Houlihan Lokey's ECM advisory team.
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Yankee issuers stormed into the US dollar market to lock in record low levels of funding, despite this week’s turmoil in Washington, DC.
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Macquarie achieved a decade low print for a five year Australian dollar floater this week, as the lack of supply from financial issuers in 2020 has sent spreads grinding downwards.
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Deal arrangers expect that next week will be the last real window for issuance in 2020, with investors set to close down activity from the middle of December.
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New Oriental Education & Technology Group is set to raise HK$10.1bn ($1.3bn) as it guides investors toward final pricing for its secondary offering in Hong Kong.
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New Oriental Education & Technology Group, one of China’s largest private education companies, has kicked off bookbuilding for a Hong Kong secondary listing worth around $1.4bn.
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United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.
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A pair of Asian banks tapped the Australian dollar bond market for a combined A$1.25bn ($880m) on Tuesday. A number of banks have visited the Aussie market in recent weeks to great success, and more are set to follow.
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The booming IPO market for special purpose acquisition companies (Spacs) is continuing with a new London-based blank cheque company focused on education technology.
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JHBP (CY) Holdings, a holding company for China’s Genor Biopharma, hit the road for its Hong Kong IPO on Wednesday. It is aiming to raise up to HK$2.9bn ($371.2m).
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Cathay Media and Education Group is set to wrap up bookbuilding for its Hong Kong IPO two days early, on the back of strong demand from institutional investors, according to a source close to the deal.
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China’s Archosaur Games set in motion its HK$2.17bn ($280.5m) IPO on Tuesday, joined by Cathay Media and Education Group and poultry producer Shandong Fengxiang.
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Online casino gaming company DoubleDown Interactive has set the terms for its Nasdaq IPO, preparing the first South Korean listing on a US bourse in nearly a decade.
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Two recent policy changes from the Reserve Bank of Australia (RBA) spurred a pair of foreign banks to scoop A$3.2bn ($2.2bn) from the bond market this week. An expansion of repo-eligibility and a term funding facility for domestic banks have freed up the funds to drive the bumper deals, according to a banker at one of Australia's big four banks.
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Online casino gaming company DoubleDown Interactive is planning a Nasdaq IPO, the first by a South Korean company in nearly a decade.
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Sumitomo Mitsui Banking Corp sold its largest every Australian dollar deal on Tuesday, scooping up A$2.4bn ($1.6bn) of senior unsecured paper through its Sydney branch.