Nomura

A surge in shareholder activism is providing banks with a lucrative new source of revenue, but they have to tread carefully or risk losing treasured corporate relationships, writes David Rothnie.

KfW and SFIL printed $4.25bn of debt on Tuesday, with both deals looking as if they paid a few basis points over fair value. That marks a return to new issue premiums in the dollar market for sovereigns, supranationals and agencies.

The sovereigns, supranational and agency market poured into dollars on Monday with two issuers announcing price thoughts for deals and a third potentially due on screens after investor meetings.

Nomura’s growth plan in its latest restructuring depends on sweeping away regional fiefdoms while finding greater consistency. History suggests this could be a tall order, writes David Rothnie.

The International Swaps and Derivatives Association has appointed three new directors to its board, from Eurex, DBS Bank and Nomura.

Bank of China sold another blockbuster Belt and Road transaction on Wednesday, raising $3.8bn across eight tranches of notes in five currencies across five bank branches, It was the largest transaction sold under the BRI label.

Nomura has put at risk a number of senior bankers in its Americas investment banking operation and refurbished its management team as part of a $1bn plan to cut costs. Senior names in M&A, leveraged finance, Latin America and risk solutions are leaving.

China’s Yuexiu Property Co raised HK$1.1bn ($140.2m) from an exchangeable bond sale on April 8, attracting an order book that was more than three times oversubscribed.

Three Chinese property companies battled in the primary market on Monday with competing supply. While high yield issuers have been able to sell bonds at ultra-tight prices of late, the weight of supply has started to force issuer’s to pay more to borrow.

CPI Property Group hit screens on Monday, announcing a call to promote a new subordinated euro bond.

The executive chairman of Nomura’s Middle East and North Africa business is among those set to leave the firm as part of a big restructuring. Senior bankers in EMEA capital solutions and convertibles are at risk of redundancy

Frédéric Giovansili has joined Tikehau Capital as deputy CEO of its asset management platform, Tikehau Investment Management. He moves from Nomura.