UBS

Economic conditions are ripe for the mergers and acquisitions that drive capital markets. Into this mix comes a potential US tax reform more radical than any for decades. This is bound to tilt boardroom decisions about strategy — if nothing else, US CEOs could suddenly have more cash back at HQ than they know what to do with. Jon Hay and Sam Kerr report.

Dealogic could be one of the last leveraged loan deals to close in 2017. With allocations of its dividend recapitalisation loans due on Friday, the deal is likely to cap what has been an all-time record year of issuance in the European leveraged loan market.

China Everbright Bank has appointed CICC as the lead financial adviser and placing agent for an H-share placement that could be worth around HK$21bn ($2.7bn).

European banks were outgunned again in corporate finance in 2017 but there is cause for optimism for next year, writes David Rothnie.

Leveraged loan investors are still at the table in a week many expected to be quiet. Double-B rated borrowers like Nomad Foods, the UK frozen food producer, found strong demand after slashing margins and selling add-ons.

The Basel III reforms will create a 4% capital shortfall across the banking sector that could be covered in close to three years, according to analysts at UBS.

Hong Kong-based infrastructure company CK Infrastructure sold its first euro corporate bond issue on Tuesday, despite having owned a variety of utilities and infrastructure companies across Europe for more than seven years. The response was solid if not overwhelming.

Indian hospital operator Shalby launched bookbuilding for its up to Rp5.05bn ($78.4m) IPO on Tuesday after putting a portion of stock in the hands of anchor investors.

French insurance broker Financière CEP and UK frozen food producer Nomad Foods have launched refinancing offerings to increase the size of existing debt.

Alpha Holding, which specialises in consumer and SME lending in Mexico and Colombia, has named leads for a dollar bond.

EN+ Group, the Russian power and metals company controlled by Oleg Deripaska, rose more than 2% in Moscow trading on Monday morning after posting its first results since its $1.5bn IPO in early November.

UBS wrapped up its total funding for 2017 with a $4.3bn trade that cemented a record year for dollar FIG supply.