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  • FIG
    US banks having been piling back into the dollar market after publishing their results for the first quarter of 2017, while upcoming elections in the UK and France have helped subdue supply in euros.
  • Theresa May stunned the UK on Tuesday by calling a snap general election, but equity capital markets remain calm and the next wave of IPOs is becoming more visible, with two more new deals announced this week.
  • China Orient Asset Management International Holdings is deciding whether to increase the size of its $300m loan after attracting a blowout response in syndication.
  • Leveraged finance is once again Europe’s most vigorous corporate capital raising market this week, as investment grade markets remain slumbrous. Five high yield bond issues were mandated on Tuesday, the first day after the Easter holiday, and two cross-border leveraged loan repricings also came to market.
  • The Indian government has launched its first divestment of the 2017/18 fiscal year, a sale of National Aluminium Company shares, and investors have jumped at the offer.
  • Standard Chartered has created a new unit to house its private financial markets business, to bring more focus to its debt product structuring and distribution.
  • Korea Resources Corporation, or KoRes, wrapped up its annual return to the dollar bond market with a $425m five year transaction. However, bankers said the issuer paid up due to tensions on the Korean peninsula and an unexpected imminent UK election.
  • Investor confidence in the Cypriot banking sector has been driven in large part by the decisive way in which the industry has tackled the problem of non-performing loans (NPLs), which at the peak of the crisis threatened to spiral out of control.
  • Citi has made two new hires from rival banks for its newly-formed resources, infrastructure and utilities group in Australia and New Zealand.
  • Stock Connect investors are demanding a multi-broker delivery versus payment (DVP) solution to limit counterparty risk issues that have thrown up by the different settlement cycles, Cindy Chen, country head of securities services at Citi, told GlobalRMB. Brokers are lining up to the join platforms despite the competitive challenges.
  • India’s Rural Electrification Corp has extended the deadline for its latest request for proposals for a $200m syndicated facility by a week to next Monday.
  • Wednesday proved yet another robust day for Asian bonds, with rubber company Halcyon Agri Corporation, Industrial and Commercial Bank of China’ Singapore branch and Chinese developer Times Property Holdings out for funds in the primary market.