MUFG

MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie.

MSCI picks up Nick Mihic — Algomi co-founder Stuart Taylor joins MUFG — Vinod Vasan changes roles at UBS

Ford Automotive Finance (China), Dongfeng Nissan Auto Finance Co and domestic Chinese originator BYD Auto Finance Co competed head-to-head in the onshore auto loan asset backed securities market this week, but a strategy of targeting different investors helped bankers manage the competing supply, Addison Gong reports.

Mercuria, the Swiss commodity trading firm, has signed a $1.7bn credit facility for its US business, with the company reducing the size of the deal being refinanced but continuing the trend of trading firms of adding to their US banking groups.

Stuart Taylor, who helped set up bond market data business Algomi, has joined MUFG's global markets business as head of electronic trading.

Engie, the French electricity and gas company, and UK transport firm National Express enjoyed bumper demand for hybrid capital issues on Thursday, as some market participants argued the coronavirus pandemic had changed the way hybrids are seen by issuers.

Beijing Hyundai Auto Finance decided to try a revolving structure for its Rmb4bn ($597m) return to the asset-backed securitization market in China, getting an around two times subscribed book.

Commodities trading company Glencore Agriculture is making its loan debut in Asia, seeking $300m from the syndication market as a way to establish itself in the region and show its independence from its parent. The thin pricing on offer means only banks keen to build a relationship with the company in the hope of getting ancillary business will jump in, writes Pan Yue.

MUFG Securities Asia has hired Shailesh Venkatraman for a newly-created position leading DCM origination for south and southeast Asia.

JP Morgan's Raj Kapadia has joined MUFG as international head of capital markets, as the firm increases its leveraged finance focus. It has also set up a new group to advise clients at the C-suite level on market and macroeconomic developments, led by Tom Joyce, a hire from Deutsche Bank.

South Korea’s Woori Bank sold its first Kangaroo bond on Thursday, raising A$400m to help fund its response to the coronavirus pandemic.

Two Middle Eastern borrowers are tapping the Asian loan market as part of a new syndication strategy, taking advantage of the slow primary supply in Asia.