Borrowers 2012

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  • Swiss Re: innovating through the crisis

    Perpetual capital instruments have been rare from financial institutions of late, but Swiss Re has managed to sell two benchmark sized deals this year. Katie Llanos-Small asks how the borrower navigates the troubled markets, and what the value is in hybrid capital.

  • Spain’s Ono defies periphery credentials

    Grupo Corporativo Ono is not just any high yield issuer. In the last two crisis-ravaged years the Spanish cable operator has been able to attract support from both European and US accounts. Ono’s emphasis on maintaining a good relationship with its bondholders has been key to its success. Stefanie Linhardt reports.

  • Spain’s 2013 burden likely to force 2012 bailout

    Spain drew plaudits for its approach to funding in the first half of the year. It front-loaded its borrowing programme in style to take advantage of the European Central Bank’s Long Term Refinancing Operations, running bigger auctions than it had ever known. But it may all have been in vain. Bankers now suspect that Spain will have to go cap in hand to Europe for assistance before the year is out. Ralph Sinclair reports.

  • Snam: nought to €11bn in seven months

    Italy’s gas transport network Snam made a successful arrival in 2012 as a leading utility borrower. Particularly impressive, Jon Hay discovers, is that it only started the process in January.

  • SG glides through the transformation

    With ‘address balance sheet’ writ large at the top of its agenda, Société Générale has been a busy player in the debt capital markets this year — both as a purchaser and as an issuer. Tom Porter finds out how it’s gone.

  • SEK rides Nordic wave

    Swedish Export Credit Corp was one of the agencies to suffer the most after fellow Nordic export credit agency Eksportfinans fell from grace last year. Tessa Wilkie finds out how it has fared since.

  • Russian Railways looks east for diversity

    Russian Railways is on a mission to upgrade and build new infrastructure ahead of the 2014 Winter Olympics in Sochi, Russia. Its funding needs are big, but unlike the hydrocarbon companies in Russia, this company cannot simply look to the high oil price to finance its projects. Francesca Young reports.

  • Philippines faces offshore funding dilemma

    The Philippines is on the cusp of an investment grade rating, and has used the bullishness over its future to secure increasingly tight pricing on its international bonds. But the government is now in a quandary over how to raise more funds offshore without putting upward pressure on the peso, writes Jun Ebias.

  • NordLB pilots impressive funding year

    Norddeutsche Landesbank has been at the forefront of issuing activity this year, having conducted a number of innovative on and off-balance sheet transactions. Its head of funding tells Bill Thornhill that his funding strategy will be increasingly focused on asset-based transactions and will move away from the more expensive issuance of senior unsecured debt.

  • Know your buyer: Svenska Handelsbanken’s success mantra

    The banking industry has given investors some nasty surprises in recent times. Rogue trading at UBS and JP Morgan, Libor fixing at Barclays and others, accusations of money laundering at HSBC and the breaking of trade sanctions at Standard Chartered. All the while the eurozone debt crisis has been a source of constant volatility and anxiety. But amid the chaos, Svenska Handelsbanken has been a bastion of stability, writes Will Caiger-Smith.

  • JBIC goes it alone — in style

    Japan Bank for International Cooperation is a rarity in the international debt market: a top-rated issuer in its own right, which comes with a bond guarantee from an Asian sovereign. The agency made the most of that in 2012, selling a tightly-priced deal after being carved out of its old parent, reports Matthew Thomas.

  • Jafza gets sukuk refinancing in early to silence doubters

    Jebel Ali Free Zone silenced Dubai’s debt doubters in June by refinancing a $2bn sukuk — one of the largest single refinancings due from Dubai in 2012 — six months early. The borrower’s financing strategy stands out as an example to others in the region of how to soothe market nerves. Michael Turner reports.

  • Isbank blazes trail for Turkey’s big banks

    As one of Turkey’s big five, Isbank has helped establish the banking sector’s renowned reputation for tight loan prices and lucrative ancillary business. But this summer, the bank set itself apart from its peers by kicking off a downward trend in loan pricing and announcing plans to revisit the bond market. Michael Turner reports.

  • Hang Lung: building for the future

    Hong Kong developer Hang Lung Properties has funded itself for years through dollar loans. But amid a wave of issuance from property companies in the middle of the year, it decided to make its global bond debut. It now wants to be a regular in the market but has no plans to invite ratings analysts to the party, writes Matthew Thomas.

  • Hana out to beat rivals in Dim Sum, Kangaroo

    Hana Bank has explored the global bond market this year in search of better yields, issuing baht, Samurai and dollar bonds. It is now setting itself up to become the main Korean commercial bank to open up new markets, as Jun Ebias reports.

  • For banks, volatility becomes the norm

    Amid another gruelling year for European banks, treasurers and funding teams are hunkering down for more tough times ahead. But that does not rule out opportunities to shine, writes Katie Llanos-Small.

  • EM borrowers hope to carry bond impetus into final quarter

    Emerging market borrowers know that investors are fawning over them this year — they have the EM fund inflows and bond volumes to prove it. Francesca Young considers how long the love affair can last between EM borrowers and investors, and what it means for the final quarter of this year.

  • EIB faces tough task if funding requirement increases

    The European Investment Bank has suffered at the hands of investors worried by its potential involvement in Europe’s sovereign debt crisis. In response, the supranational has attacked its funding task with aggression and vigour as it tries to regain some of the spread widening it has endured in the last couple of years. But as Stefania Palma reports, that has not been an easy task in every market and challenges lie ahead.

  • EFSF bolts on stabilisers to smooth rough ride

    The European Financial Stability Facility by its very nature is a borrower with a tough task. If markets were calm and easy to access there would be no need for the institution in the first place. But, as Ralph Sinclair discovers, the European bail-out supranational is still vying to convince investors it is as safe a bet as any in the SSA market.

  • EAA shakes off overcrowding fears

    Erste Abwicklungsanstalt has benefited from a flight to quality among investors to perceived safe haven names. The issuer still needs to provide a pick-up over its peers in the State of North Rhein-Westphalia but fears of overcrowding in the German agency sector have been largely unfounded. Craig McGlashan reports.

  • Draghi unveils OMT just in time

    Despite a rampant start to funding this year, issuance activity is set to rise just as Spain, Italy and the European sovereign debt crisis threaten to derail markets once again. The key question is: will the European Central Bank’s Outright Monetary Transactions scheme be enough to hold back a tide of disruptive volatility? Ralph Sinclair reports.

  • Covered bonds fit well with Nationwide’s duration ambitions

    Nationwide Building Society has become a regular issuer across the wholesale markets, looking for greater diversification and duration in its funding. It has even moved its funding team down to London to help with the process. Joe McDevitt finds out about its progress.

  • Corporates: not just flavour of the month

    Corporate borrowers have never had it so good in the bond markets, with heavy inflows into the sector as investors chase yield and stability. Although the eurozone crisis continues to rumble on, Nina Flitman finds that corporate issuers’ pragmatic approach to financing should see them maintain their most-favoured status in the credit markets.

  • Conservative Repsol determined to remain investment grade

    After Argentina’s dramatic expropriation in April of Repsol’s prized YPF business, the Spanish oil group has been in recovery mode. In the face of Spanish sovereign downgrades, the traditionally cautious firm has fought to maintain its investment grade status. As Nina Flitman discovers, it has an arsenal of measures at its disposal in its quest to reduce its debt.

  • CBA takes volatility in its stride

    Even in one the world’s strongest banking systems Commonwealth Bank of Australia has distinguished itself. Leading its peers in deposits and home lending, the borrower has shrugged off market uncertainty to broaden its investor base and take full advantage a valuable new funding tool. Steven Gilmore reports.

  • Cades: pragmatism pays off

    All’s well that ends well. At least that will be what France’s Caisse d’Amortissement de la Dette Sociale will be hoping, having seen its bonds recover over the summer after a ropy first half during which it was battered by sovereign downgrades, eurozone crises and elections. Tessa Wilkie reports.

  • BEA finds offshore alternative

    Bank of East Asia has a big deposit base and does not rely on the wholesale markets for funding. That gives it the flexibility to access new markets, and to fund itself away from the rush of issuers selling dollar bonds, as Louisa Burwood-Taylor reports.

  • Asian debt markets: giving with one hand, taking with the other

    Asian banks and companies have enjoyed a rapturous reception in the bond market for much of the year, benefiting from their safe-haven status. But the rise in bond volumes has come amid a fall in bank lending, and the outlook for funding markets over the next year is far from certain. Matthew Thomas reports.

  • Apax times Orange Switzerland LBO to perfection

    Amid terrible conditions in the capital markets Orange Switzerland’s leveraged buy-out re-opened the LBO sector in late December 2011 after a deal drought of five months. Stefanie Linhardt reports on how the acquisition succeeded despite the volatility to become a success story in the high yield and LBO worlds.

  • ADB watches levels move tighter

    Asian Development Bank has long enjoyed its position as one of the few triple-A rated, internationally-respected issuers from Asia. But the supranational lender went one step further this year, pushing pricing on some of its dollar issues down to record levels. Matthew Thomas reports.

Publisher: Oliver Hawkins

Telephone: +44(0)20 7779 7304

Commercial director of events: Daniel Elton

Telephone: +44 (0)20 7779 7305

 

Publisher, special projects: Ashley Hofmann

Telephone: +44 (0)20 7779 8740