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Senior Debt

BBVA bags €1bn of non-preferred debt in quieter market

BBVA launched a senior non-preferred bond in the euro market this week as activity slowed after a busy period for new FIG issuance. The €1bn trade attracted orders of €1.8bn and gave investors a small new issue premium, according to a syndicate banker.

David Freitas, September 24, 2019
EM Middle East

Investors face deluge of Middle East paper

Bankers brought a flood of Middle East bond supply to market on Tuesday, with four separate issuers — the Kingdom of Bahrain, DP World, National Bank of Fujairah and Islamic Development Bank — all announcing guidance for deals. The notes follow an already heavy week of supply from the Gulf, with Abu Dhabi having printed a $10bn triple trancher on the same day.

Francesca Young, September 24, 2019
Regulatory Capital

BPM tops up tier two and tightens pricing 'as much as possible'

Banco BPM spied a chance on Tuesday to issue a tier two bond to beef up its capital buffers. The Italian lender launched a 10 year non-call five deal at a 4.25% coupon — 37.5bp tighter than the initial price thoughts.

David Freitas, September 24, 2019
Equity IPOs

Investors in Europe’s hottest IPO have fears confirmed

Bookrunners on TeamViewer, the German remote access software company closed the books on the IPO on Tuesday and confirmed that many investors will get very little of their orders because of high levels of demand for the transaction.

Sam Kerr, September 24, 2019
Covered Bonds

No NIP for Noe’s covered bonds, but Prima gives premium

Hypo Noe and Prima banka Slovensko competed for investors’ attention with similar sized covered bonds in the same seven year tenor on Tuesday. The Austrian transaction was priced with barely any concession and the higher rated Slovakian transaction was the first debut deal to price with a negative yield and the first from Central and Eastern Europe with a negative yield.

Bill Thornhill, September 24, 2019
Africa

South Africa goes big but briefly sags in secondary

South Africa made its largest ever trip to capital markets on Monday, raising $5bn across two tranches. However, the size may have been too ambitious as the bonds suffered early in the secondary market. Although they have since recovered, some investors may be deterred from jumping into the rest of the week’s slew of deals.

Lewis McLellan, September 24, 2019
FIG People and Markets

‘A hell of a ride’: long-standing treasury official bids farewell to Commerzbank

Norbert Doerr is set to leave his position as head of capital management and funding at Commerzbank, after 12 years working within the German lender’s treasury team.

Tyler Davies, September 24, 2019
Asia

Natixis leads way with green/brown capital tilt

Natixis has become the first bank to introduce a green weighting factor to its internal capital model, so that the way it prices loans is skewed to favour environmentally sound assets and disadvantage polluting ones. The ground-breaking move brings to fruition an 18 month project and anticipates what some believe may one day be demanded by regulators.

Jon Hay, September 24, 2019
Asia

Topsports kicks off roadshow for $1.2bn Hong Kong IPO

Chinese sportswear retailer Topsports International Holdings has opened books for its up to HK$9.4bn ($1.2bn) Hong Kong listing.

Jonathan Breen, September 24, 2019
Asia

KBank rides unmet demand for $800m tier two

Strong investor appetite for Thai bank capital deals helped Kasikornbank beat expectations with its $800m Basel III-compliant tier two bond.

Addison Gong, September 24, 2019
Asia

AB InBev Asia unit takes $5bn from Hong Kong IPO

Budweiser Brewing Company Apac has raised HK$39.2bn ($5bn) after pricing its IPO at the bottom of guidance, and partially using an increase option. It was the company’s second attempt at listing in Hong Kong.

Jonathan Breen, September 24, 2019
Asia

China Pacific Insurance plans London GDR listing

Shanghai-based China Pacific Insurance Co (CPIC) has received the green light from its board to list in the UK using the London-Shanghai Stock Connect, becoming only the second Mainland company to do so.

Rebecca Feng, September 24, 2019

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