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GlobalCapital understands that Commerzbank has ended its primary dealership with the Netherlands, where it was a market maker for Dutch bills. -
A research paper published on Monday by the Bank for International Settlements sets out how grave the peril of climate change is. It asserts the necessity of central banks grasping this problem as central to their responsibilities — but also admits that they will be unable to “preserve financial stability in the age of climate change”.
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Martin Weber, a former managing director at Goldman Sachs, has joined a boutique emerging markets-focused investment bank in Dubai.
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Morgan Stanley more than doubled its revenue from fixed income sales and trading in the fourth quarter of last year, completing a stellar set of earnings for US banks in that business after a year in which they appear to have cemented their dominance in Europe.
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Société Générale has redoubled its commitment to equity capital markets under a new structure designed to ensure it remains a force in investment banking when consolidation comes, writes David Rothnie.
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It has been an extraordinary week in the CEEMEA new issue market where barely any deal was printed without a huge order book and a flat or negative new issue premium. Though a slew of expected sovereigns have so far stayed away, bankers said they expected them to step up to the plate soon.
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Turkey lender TSKB printed its $400m five year senior bond on Wednesday inside its own curve. The sale drew a $3.9bn book, allowing a big tightening from initial guidance to pricing. Following the clear success of the deal, other Turkish banks are expected to follow, starting with Isbank which was straight in with its own subordinated bond on Thursday.
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ARA Asset Management, a Singapore-based asset manager focused on Reits, has bought a majority stake in Venn Partners, a secured asset specialist investing in UK and Netherlands assets, in a deal which will boost the firm’s firepower in the mortgage and CRE debt markets.
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Emerging markets telecommunications firm Veon, formerly Vimpelcom, printed a $300m tap of its $700m 4% April 2025s on Wednesday from a book of more than $1bn and paying a new issue premium of only 5bp, according to a syndicate official on the tap.
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Turkiye Sinai Kalkinma Bankasi (TSKB) has released price guidance on the first benchmark Turkish bank bond since March last year. Books had reached over $2.2bn by midday and the market has been told to expect a $400m deal.
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The CEEMEA primary market is up and running at full pelt this week with all thoughts of the US-Iran crisis having vanished. So many bonds were out in the market on Tuesday that one investor said that a deal needed to be “exceptional” to garner his attention.
