UBS
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Banco Popular Español became the first peripheral bank to launch senior debt in just under two months on Thursday, paying around 20bp of new issue concession to tap its outstanding February 2020 bonds. -
Julius Baer became the first foreign bank to issue a Singapore dollar-denominated additional tier one (AT1) this week. By doing so, the Swiss lender has joined a growing number of banks that are satisfying their capital needs through the country’s bond market, writes Rev Hui.
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Bank of East Asia (BEA) has proposed to buy back its outstanding Basel III additional tier one notes for cash and plans to issue a new offering as part of the lender’s liability management practice.
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The Asia ex-Japan bond market sprung to life on November 12 with China Huarong Asset Management, China State Construction Engineering Corp and Beijing Properties opening books for dollar bonds, while Korea Housing Finance Corp (KHFC) opted for a covered bond and Malaysia’s Axiata Group, a sukuk.
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Anheuser-Busch InBev, the Belgian-Brazilian brewer, submitted a final recommended offer for SABMiller on Wednesday, having raised a record $75bn loan to support the transaction.
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The Singapore dollar bond market is welcoming a new participant this week with Swiss lender Julius Baer going live on November 11 with an additional tier one trade – the first time a foreign bank is issuing an AT1 in the Lion City.
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The new qualified domestic institutional investor (QDII2) scheme may be the missing link that allows global money managers to really tap into China's potential for outward investment. A necessary condition to that strategy, however, is a corporate structure that until recently was barred to asset managers — the wholly foreign-owned enterprise (WFOE).
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Koninklijke KPN, the Dutch telecoms company, sold a quarter of its stake in Telefónica Deutschland for €805m on Monday night, but the deal failed to get covered, leaving Citigroup and UBS long.
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FIG bankers are expecting some issuers to bring forward plans to print tier two early next year as investors show they are ready to take on higher beta paper.
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Banque Fédérative du Crédit Mutuel (BFCM) sold its first Swiss franc bond since 2014 on Monday, as international visitors to the market increase.
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UBS met strong demand for its first holdco level senior debt in euros on Monday, with market participants divided on how its pricing compared to opco levels.
