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Technology

Byte Me: the dangerous road to AI in credit

A few years ago, artificial intelligence was only the hipster’s choice for ‘most important tech innovation in finance’. But AI is fast supplanting blockchain as The Next Big Thing in capital markets. There is a theory that cool things are no longer cool once finance types start to like them. So, in that spirit here’s ByteMe’s guide to the perils of an AI dystopia.

Lewis McLellan, January 24, 2019
Asia

Kowepo and Basel power up Swissie green bonds

Korea Western Power (Kowepo) chose an appropriate week to launch the first ever green bond in Swiss francs from an emerging market issuer – and not just because sustainability was high on the agenda at Davos. The deal also came in a week in which representatives from the IFC and the Swiss Secretariat for Economic Affairs (SECO) met in Bern to discuss the results of a consultation on impact investing among more than 100 members of the Association of Swiss Sustainable Finance (SSF).

GlobalCapital, January 24, 2019
Hybrid

Accor taps deep demand to fund tenders

French hotel company Accor launched new hybrid and senior bond issues on Thursday after announcing the deals at the end of last week. The new deals finance tender offers for some of the company’s existing hybrid and senior notes.

Nigel Owen, January 24, 2019
Senior Debt

US lenders struggle to fill supply hole

US and regional banks took advantage of strong market conditions this week, but could not stop high-grade dollar FIG supply enduring its worst start to a year since 2016.

David Rothnie, January 24, 2019
Corporate Bonds

Corporates in the dark as rally continues

High grade corporates are champing at the bit to access the dollar market as credit spreads continue to rally and investors continue to put money to work.

David Rothnie, January 24, 2019
Corporate Bonds

Vonovia builds on market demand for property paper

Germany’s largest residential property company Vonovia attracted €4.5bn of demand for its latest deal on Thursday, as the property sector continues to be one of the more popular in the corporate bond market.

Nigel Owen, January 24, 2019
Corporate Bonds

IBM €5bn jumbo pushes corporate bond boundaries

IBM returned to the euro corporate bond market for the first time since 2017 on Thursday, to sell its largest ever deal in the euro market and to push into a maturity not seen from a corporate issuer so far in 2019.

Nigel Owen, January 24, 2019
Equity IPOs

US shutdown unleashes purgatory on IPO market

Regardless of when the US government shutdown ends, it will likely have wrought chaos on this year’s IPO market. Staff at the US Securities and Exchange Commission (SEC) have already been locked out of their offices for more than 34 days, frustrating a multitude of issuers that are waiting for the regulator to comment on their registration documentation. Sam Kerr reports.

Sam Kerr, January 24, 2019
Senior Debt

KBC jumps on rally with tight holdco

KBC Group was able to approach fair value with a senior bond offering on Monday, as the positivity of the previous few sessions had encouraged less frequent issuers like it and Sydbank to try the market.

Jasper Cox, January 24, 2019
Corporate Bonds

Auchan checks out but with premium pricing for retail

French supermarket chain Auchan attracted plenty of demand for its third consecutive January new issue but it had to pay a hefty new issue premium to ensure the deal got done. The supermarket sector is one of several retail sectors priming investors for poor annual results.

Nigel Owen, January 24, 2019
Asia

Japan’s QE: bad for banks, good for DCM in Europe

Japanese banks are unlikely to enjoy any let-up from razor-thin net interest margins in 2019. This is worrying for their long-term sustainability, but it’s potentially a bonanza for DCM specialists in Europe and the US.

Jasper Cox, January 24, 2019
Bank Capital

Investors waltz back to edgier FIG deals

Financial firms from southern Europe raised debt from the capital markets this week, suggesting a thaw in the frosty attitude towards the EU’s weakest lenders. The issuers were able to profit from other banks being in blackout and a feeling that valuations are now too low, writes Jasper Cox.

Jasper Cox, January 24, 2019

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