UBS

UBS is reorganising its investment bank, trying to save $90m a year, it revealed on Tuesday, alongside a dismal set of third quarter results for underwriting and advisory.

Rabobank shrugged off a little price sensitivity this week to launch a green non-preferred senior bond at a spread that FIG bankers said was as much as 5bp through fair value.

Bank of America became the first big US bank to emerge from third quarter earnings blackout and tap the dollar bond market this week.

Mapletree Commercial Trust has raised S$458m ($335m) from a placement of new units, pricing the issue at the top of guidance after a strong turnout from new and existing investors.

India's Vedanta, Syndicate Bank make loan comeback — Shanghai Sinnoil defaults on $400m loan — Fullerton allocates $250m among 17 banks — Lesso closes $1.1bn refi — Indorent holds non-deal roadshows

Russian potash producer Uralkali hit the market on Tuesday, tightening pricing on a $500m bond issue, the borrower's first international deal since 2013. DCM bankers are confident Russian issuance will continue to fill the market throughout the fourth quarter, as Norilsk Nickel began a roadshow.

Three issuers spanning the CEEMEA region released initial guidance for dollar deals on Tuesday morning in London — one each from Russia, Abu Dhabi and Togo. All three bonds are expected to be printed later on Tuesday.

Powerlong Real Estate Holdings pulled off a top-up placement on Monday night, raising HK$791.6m ($100.9m) after pricing the deal toward the bottom of guidance.

SoftwareOne Holding, the KKR-backed IT services company, is making good progress on its IPO on the SIX Swiss Exchange, despite market sentiment being hit by the poor aftermarket performance of TeamViewer, the German software company that listed in Frankfurt last month.

Shanghai Sinooil Energy Holding Hong Kong, a subsidiary of state-owned China Energy Reserve and Chemical Group, has defaulted on a $400m offshore loan.

One of the lessons from the Credit Suisse spy scandal is that there is a dearth of talent capable of leading Europe’s banks through their most challenging period. A succession crisis looms, writes David Rothnie.

UBS has appointed Sarah Mackey as head of leveraged finance for Europe, the Middle East and Africa.