• GetBack offers up to 60% discount on Polish IPO

    The bookrunners on Polish debt collection agency GetBack’s Z1.1bn (€259m) IPO in Warsaw are marketing the deal at an eye-popping discount to its closest peer.

    23 Jun 2017

  • Fashion group SMCP to try IPO again

    French fashion group SMCP is ready to pursue a listing again, after canning its IPO plans last year in favour of a sale to China’s Shandong Ruyi Technology Group Co.

    23 Jun 2017

  • HKEX and LME take a shine to gold

    The Hong Kong Exchange (HKEX) has announced that it will introduce trading on RMB and dollar-denominated gold futures from July 10.

    23 Jun 2017

  • CS asset finance boss follows Henrion to M&G’s new consumer fund

    Vaibhav Piplapure, the head of EMEA asset finance at Credit Suisse, is following former CS solutions head Jerome Henrion to run M&G’s new consumer assets fund.

    23 Jun 2017

  • Econ committee sets out three tiers of covered bonds

    The European Parliament’s economic and monetary affairs committee (Econ) has voted on an own-initiative report on covered bond harmonisation and outlined a three tier approach to the asset class. The committee proposing distinguishing between premium covered bonds (PCBs), ordinary covered bonds (OCBs) and European Secured Notes (ESNs). The new categorisations are supposed to prevent regulatory cliff effects.

    23 Jun 2017

  • Success for Ireland as Allied Irish rises 5% after €3bn IPO

    Shares in Allied Irish Banks rose 5% when they began trading on Friday after an excellent response to its €3bn IPO, in which the leads gave nearly a third or investors zero allocations.

    23 Jun 2017

  • BNG prints sterling tap ahead of ‘competing supply’

    Bank Nederlandse Gemeenten has raised £150m with a tap of a March 2022 line, ahead of more supply in the currency next week, according to a BNG funding official.

    23 Jun 2017

  • ECB makes bid for clearing powers

    The European Central Bank on Friday submitted a recommendation to allow it to regulate “clearing and payment systems”, both within the European Union and in other countries.

    23 Jun 2017

  • Pfandbrief consolidation continues

    Amalgamation of the German covered bond sector looks set to endure as Berlin Hypothekenbank (Berlin Hyp) will potentially subsume Deutsche Hypothkenbank, a subsidiary of NordLB which it is considering selling. In a separate development, the cover pools of Westdeutsche ImmobilienBank (WestImmo) will be fused with those of Aareal Bank.

    23 Jun 2017

  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the funding progress various European supranationals and agencies have made in their funding programmes.

    23 Jun 2017

  • Final week of June promises to be another busy one for corporate bonds

    The final fortnight of June has been seen as the last busy window for new issuance before the summer. This week lived up to its billing with over €11bn-equivalent of new deals priced and syndicate desks see no reason for conditions to change next week.

    23 Jun 2017

  • Raiffeisen to reopen the AT1 market after Popular write-down

    Austria’s Raiffeisen Bank International (RBI) could give investors their first chance to invest in a new additional tier one (AT1) deal, after two weeks in which the asset class went through its first write-down and coupon suspension.

    23 Jun 2017

  • Safran's treasurer happy to bag tight pricing with short tenors

    Most new bond issues in Europe this week have been multi-tranche offerings, with issuers benefitting from investor appetite to buy longer tenors for greater returns. Safran, however, bucked that trend with a pair of short dated floating rate notes.

    23 Jun 2017

  • Federal-Mogul develops taste for euro high yield

    US vehicle parts manufacturer Federal-Mogul cruised through its second fixed rate deal in the euro high yield market this week.

    23 Jun 2017

  • UBS rejigs Apac M&A top brass as Harding-Jones exits

    UBS has appointed new leadership for its M&A advisory division for Asia Pacific, following the exit of Alison Harding-Jones.

    23 Jun 2017

  • Neo-Green Pharmaceutical prepares HK listing

    Neo-Green Pharmaceutical Technology Development, a traditional Chinese medicine company, has announced plans to float in Hong Kong, having filed a draft prospectus with the regulator.

    23 Jun 2017

  • Turk Eximbank make quick comeback for €300m

    Turk Eximbank, which wrapped up a €412m refinancing in March, has turned its attention to the Asian loan market for a fresh money €300m borrowing.

    23 Jun 2017

  • Apple screen maker GIS nets $207m from GDR sale

    Taiwan’s General Interface Solutions, a manufacturer of screens for Apple products, priced a block of Global Depository Receipts on Thursday, raising $207m after hedge funds flocked to the deal.

    23 Jun 2017

  • Times Property builds $160m dual currency loan

    Chinese real estate developer Times Property has hit the loan syndications market for a dual currency financing, about two months after issuing an offshore bond.

    23 Jun 2017

  • Kaisa puts history behind with exchange/new money priced

    Kaisa Group Holdings has priced the new money portion of an exchange offer, swapping old variable rate bonds with four new sets of fixed rate notes. While bankers on the deal said that the company achieved its goals with the liability management exercise, some away from the trade said the issuance size was smaller than expected.

    23 Jun 2017

  • Adani navigates rough seas to dock $500m deal

    India’s Adani Ports and Special Economic Zone fought rocky markets on Thursday afternoon in Asia to seal a 10 year and one month $500m bond.

    23 Jun 2017

  • RMB round-up: PBoC says Chinese banks must compete globally, CSRC promises reform after MSCI inclusion, HKEX plans CNH, USD futures launch on July 10

    The governor of People’s Bank of China says Chinese banks must face international competition, the China Securities Regulatory Commission (CSRC) considers changes in Stock Connect daily trading quotas after MSCI’s A-share inclusion, and the Hong Kong Exchange plans to launch CNH and dollar gold futures on July 10.

    23 Jun 2017

  • Nord Anglia tightens amid commitments rush

    International schools operator Nord Anglia has tightened pricing and accelerated the deadline on its $1.22bn-equivalent euro term loan, while up to six leveraged loans are due to close syndication at the end of the week.

    23 Jun 2017

  • Shimao bows to market turmoil, falls short of size goal

    China’s Shimao Property Holdings braved the volatile market on Thursday to close a $450m deal, but fell short of meeting its ambitions for a larger size.

    23 Jun 2017

  • Jinmao goes for price over size in choppy market

    China Jinmao Holdings Group sold a senior perpetual bond in a busy market on Thursday, and against a weak market backdrop after reports that the China Banking Regulatory Commission was ordering checks on lenders' loan exposures.

    23 Jun 2017

  • The lowdown: PBoC clarifies Bond Connect rules

    On Thursday, People’s Bank of China provided some clarity on the operational details of the upcoming Bond Connect. The rules make clear who will be permitted to use the bond link and which electronic platforms investors will be able to trade on. Here’s our summary of the scheme’s key features.

    23 Jun 2017

  • China bulls and bears: embrace the inevitable

    MSCI’s decision on June 21 to include A-shares in its Emerging Markets Index has, once again, unleashed furious debate between those seeing it as another case of global institutions bending the rules to appease China and those always viewing the China glass as half full. But neither view has much to offer in explaining the Mainland’s growing integration in global financial markets.

    23 Jun 2017

  • Chinese trio to hit the road for dollar bonds

    Qinghai Provincial Investment Group Co, Guangdong Hengjian Investment Holding Co and China Logistics Property Holdings Co are expected to meet Reg S investors early next week.

    23 Jun 2017

  • Asiamoney Offshore RMB Poll 2017: Can anyone catch HSBC in RMB?

    Offshore and cross-border RMB business has long been a badge of merit, and HSBC leads the pack. But with the currency in a period of prolonged volatility and capital controls making a return, the market is entering a phase of renewal.

    23 Jun 2017

  • Road King sets terms for highway unit IPO

    Road King Infrastructure, the Hong Kong-listed developer of highways and property, has announced the terms for the IPO of RKE International, its Chinese toll road assets division, which could value the business at up to HK$8.5bn ($1.1bn).

    23 Jun 2017

  • Korean investor duo land $221m from BGF Retail block

    A pair of South Korean high net worth investors have bagged a combined W252bn ($221.2m) after offloading a block of shares in local firm BGF Retail.

    23 Jun 2017

  • Rare Hong Kong name plots return to dollars

    Hong Kong property company Lai Sun Development Co is planning a return to the dollar debt market after a more than four year hiatus.

    23 Jun 2017

  • Motherson scopes out euro bond return

    Samvardhana Motherson Automotive Systems Group is seeking €300m from a seven year bullet.

    23 Jun 2017

  • LatAm issuers plan ahead despite oil sell-off

    Pampa Energía’s peso-linked bond plans and Banorte’s proposed perpetual paper are the picks of Latin America’s bond pipeline, as the region’s issuers ready another wave of corporate issuance, despite a weaker market.

    22 Jun 2017

  • IPOs: stirred, but not shaken

    It wouldn't be a proper IPO season without a few duds.

    22 Jun 2017

  • Argentina stuns bond markets with century splash

    Argentina had market participants choking on their churrasco this week with a century bond that triggered mixed reactions but sent a clear message about the bond market’s extraordinary ability to back any story it likes the sound of. Oliver West reports.

    22 Jun 2017

  • Lehman ABS alumnus lands at PACE shop

    Sei-Hyong Park, who formerly worked in Lehman Brothers' securitization division, is now at Property Assessed Clean Energy (PACE) platform Renew Financial.

    22 Jun 2017

  • CFE CFO hails flexible Formosa after debut

    DCM bankers say that Taiwan’s Formosa market could offer compelling funding options for several Latin American bankers after Mexican utility CFE became the first Lat Am corporate to issue in it this week.

    22 Jun 2017

  • Green market doesn't need govvies

    Market participants are clamouring for sovereigns to join France and enter the green bond market. It would likely help the market, but would it help the environment?

    22 Jun 2017

  • BNP Paribas EUR750m 1% Jun 24 non-preferred

    22 Jun 2017

  • Land NRW EUR750m 1.55% Jun 2048

    22 Jun 2017

  • Cyprus €850m 2.75% Jun 24

    22 Jun 2017

  • Sovereigns deaf to clamour for green bonds

    Calls are growing louder for sovereigns to pull their weight and assume a leading role in the development of the green bond market. But, as was demonstrated at panels in Euromoney’s Global Borrowers & Bond Investors Forum this week, many of them are reluctant to take up the SRI baton, write Lewis McLellan and Sharon Kimathi.

    22 Jun 2017

  • SFIL USD1bn 2% Jun 20

    22 Jun 2017

  • Deutsche Pfandbriefbank EUR300m 2.875% Jun 27 tier two

    22 Jun 2017

  • Clydesdale GBP300m 3.125% Jun 25

    22 Jun 2017

  • Arion Bank EUR300m 0.75% Jun 20

    22 Jun 2017

  • Allied Irish flies to €3bn but IPOs lose idyllic tone

    Europe’s IPO market took a couple of knocks this week when one flotation was pulled and another traded sharply down on its debut, partly because investor sentiment has cooled. But there was still enough vigour in the market to ensure a successful conclusion to the €3bn re-privatisation of Allied Irish Banks (AIB), write John Loh and Jon Hay.

    22 Jun 2017

  • French regulator lays out vision for revamped ESMA

    The French markets regulator, the Autorité des Marchés Financiers (AMF), has laid out its vision for enhanced powers at the European Securities and Markets Authority (ESMA) to make sure that Europe’s supervisors apply consistent standards.

    22 Jun 2017

  • British Telecommunications EUR575m 0.5% June 22, EUR575m 1% June 24, EUR1.15bn 1.5% June 27

    22 Jun 2017

  • US derivatives market prepares for repo rate to replace Libor

    A global committee of banks has voted to replace Libor as the reference rate for some financial products with a broad Treasury repo financing rate, in a move that will ring in the changes for US derivatives markets.

    22 Jun 2017

  • Coentreprise de Transport d’Electricite EUR500m 0.875% Sept 24, EUR1.2bn 1.5% July 28, EUR1.22bn 2.125% July 32

    22 Jun 2017

  • BP’s €1.5bn beats oil bear move

    On Wednesday BP became the third UK issuer to sell bonds in euros this week. The €1.5bn dual tranche deal followed oil entering bear market territory on Tuesday.

    22 Jun 2017

  • Danaher Europe Finance EUR250m Euribor+30 June 22, EUR600m 1.2% June 27

    22 Jun 2017

  • People Moves in Brief — June 22, 2017

    BNPP hires for structured syndicate - UBS ECM banker heads to client - Barclays poaches Smith for HY

    22 Jun 2017

  • LBOs to fly as activists poised to bring more M&A to Europe

    As the shareholder acceptance deadline for German pharmaceuticals firm Stada’s €4.1bn buyout loomed on Thursday, there has been talk in the market about the rising influence of activist investors in Europe. Historically a largely US phenomenon, some market participants think Europe is set to experience a surge in shareholder activism of its own, shaking up the corporate landscape and inviting further leveraged buyouts, writes Max Bower.

    22 Jun 2017

  • Longer tenors in demand as big names offer choice of three

    British Telecommunications and Coentreprise de Transport d’Electricité launched triple tranche bond deals on Tuesday, with demand skewed towards the longer tranches.

    22 Jun 2017

  • Zur Rose covers $259m Swiss IPO

    Zur Rose Group had a flying start with the launch of its Sfr252m ($259m) IPO on the SIX Swiss Exchange on Thursday, as books were covered within four hours to the full deal size, including the greenshoe.

    22 Jun 2017

  • BPCE targets clients in first Samurai social impact bond

    BPCE was this week looking to become the first bank to issue a Samurai social impact bond, in an innovatively structured transaction that will go towards financing clients rather than projects. Bankers involved in the deal say it could be the first step towards broadening the role of retail banks in the social bond market.

    22 Jun 2017

  • Cyprus and State of NRW steal the show in euros

    Though this week was expected to be something of a write-off for SSA issuance, thanks to Euromoney’s Global Borrowers & Bond Investors forum, a pair of issuers pulled off well-received transactions.

    22 Jun 2017

  • Deutsche hires Goldman banker Rousseau to head EMEA M&A

    Deutsche Bank has poached one of Goldman Sachs’ top M&A bankers in Europe amid a revamp of its corporate and investment bank by its new management team.

    22 Jun 2017

  • STMicro gets $1.5bn with ‘fairly priced’ CB as market revives

    The spate of equity linked issuance since the market reopened in mid-May quickened on Thursday with the launch of the largest “real CB” in EMEA for more than two years: a $1.5bn deal for STMicroelectronics, one of the region’s most prolific issuers.

    22 Jun 2017

  • Investors cut orders as covered inflection point feared

    Covered bond investors have begun to push back on aggressively priced deals, and with spreads close to the tightest in a decade there is a growing belief that they will widen.

    22 Jun 2017

  • Delivery Hero attracts huge demand

    Investors have piled into the €866m IPO of Rocket Internet-backed Delivery Hero, with the deal covered across the price range just two days into bookbuilding, according to bankers.

    22 Jun 2017

  • Intesa offers to cherry pick parts of Veneto and Vicenza

    Intesa Sanpaolo announced on Wednesday that it was willing to acquire parts of struggling Italian lenders Veneto Banca and Banca Popolare di Vicenza. But the Italian national champion ruled out buying the banks’ subordinated bonds, non-performing loans and high-risk performing loans.

    22 Jun 2017

  • Compass cooks up tasty combo for investors

    Compass Group, the UK food service company, offered investors a choice of main courses on Monday, combining a €750m seven year bond with a £300m 12 year. Demand was plentiful for both and the new issue premiums were minimal.

    22 Jun 2017

  • Apax, others sell down €297m in Altran

    Altran Technologies’ founding shareholders and investor Apax Partners raised €297m on Wednesday after pricing an accelerated equity sale within the lower half of expectations.

    22 Jun 2017

  • Macro risk subsides but single name still harbours vol

    A year ago this week the credit markets were digesting the shock of a ‘leave’ vote in the Brexit referendum. What followed was a period of extreme volatility and it seemed that 2017 was set for more of the same, writes Gavan Nolan.

    22 Jun 2017

  • Danaher raises €850m with triple-cooked pricing

    Danaher Corp, the US healthcare technology group, issued a €850m dual tranche bond on Monday and the latest reverse Yankee issuer found strong demand for both tranches, resulting in minimal new issue concessions.

    22 Jun 2017

  • The Pained Trader: Start me up

    The Pained Trader ‘enjoys’ welcome drinks with a new set of colleagues.

    22 Jun 2017

  • SFIL has dollar market to itself for first deal

    Société de Financement Local (SFiL), a French agency, sold its inaugural dollar trade this week, issuing into an otherwise quiet market.

    22 Jun 2017

  • MTN Leaks: Heat-raves

    From the cobbled streets by a Mayfair tavern, to a breezy rooftop at one of London’s most prestigious hotels — there was plenty of schmoozing and boozing to be had this week.

    22 Jun 2017

  • Deriv traders settle with CFTC on cow-spiracy charges

    The Commodity Futures Trading Commission (CFTC) on Wednesday said that cattle derivatives traders tied to a Memphis-based Futures Commission Merchant (FCM) “secretly” increased their positions by paying four cattle feed yards to buy and hold hundreds of futures on their behalf.

    22 Jun 2017

  • Reckitt Benckiser shows it’s the daddy in dollars

    Reckitt Benckiser racked up $16bn in orders as it printed a four tranche bond to fund its purchase of US baby food maker Mead Johnson in an otherwise subdued week for corporate issuers in the US.

    22 Jun 2017

  • Spruce closes energy efficiency and solar loan portfolio sale

    Spruce Finance, which finances residential energy efficiency projects and solar installations in the US, sold a $250m loan portfolio to an undisclosed North American bank on June 21.

    22 Jun 2017

  • Belarus defies doubters with dollar return

    Recession and lingering sanctions concerns failed to prevent Belarus hammering down on price on its return to the dollar bond market after a six year absence.

    22 Jun 2017

  • FCA Bank prices Italian auto deal with negative yield

    FCA Bank has continued the trend of issuing auto ABS notes with an effective negative yield after pricing a deal backed by Italian auto loans.

    22 Jun 2017

  • BNPP hires for asset finance and securitization syndicate

    BNP Paribas has hired a banker for its AFS syndicate operation, which covers asset-backed products, infrastructure, whole loans, project finance, reserve-based finance and other areas.

    22 Jun 2017

  • European railway issuers on track for green MTNs

    Two European railway operators, Eurofima and SNCF Réseau, plan to sell green bonds through the private placement market in the near future.

    22 Jun 2017

  • Nigeria prints first diaspora bond but sells off

    Nigeria’s debut diaspora dollar bond sold off sharply in secondary trading as the decline in oil prices weighed on investor sentiment.

    22 Jun 2017

  • CFTC allows for trading on DME in the US

    The US Commodity Futures Trading Commission (CFTC) has given permanent approval for trading on the Dubai Mercantile Exchange (DME) to take place remotely from inside the US.

    22 Jun 2017

  • RATP steams into green market

    Régie Autonome des Transports Parisiens (RATP), the Paris transport authority, printed its inaugural green bond on Thursday, selling a €500m no-grow into a thrice oversubscribed book and pulling the price in 5bp from guidance.

    22 Jun 2017

  • Ferrovie dello Stato €1bn only arrival on quiet Thursday

    Ferrovie dello Stato Italiane was the only issuer in the corporate bond market on Thursday. The Italian railway operator's eight year €1bn deal followed a European roadshow last week and took a similar path to other deals this week.

    22 Jun 2017

  • Spread compression sparks single asset CMBS issuance

    Single asset single borrower CMBS issuance has picked as spread tightening increases the attractiveness of CMBS financing compared to balance sheet loans.

    22 Jun 2017

  • The FIG Idea: assume the recovery position

    When Banco Popular lost the market's confidence, it ran out of road. Realistic assumptions for recovery rates on bad assets plunged to super-conservative levels. Confidence is the greatest form of solvency, its withdrawal a precursor to insolvency.

    22 Jun 2017

  • Isbank fights through tough market to $500m

    Isbank raised $500m with the 10th deal from a Turkish financial this year with a tidy though somewhat lacklustre trade. While EM bankers suggested it was evidence of some Turkish bank fatigue among investors, the leads said the trade was symptomatic of the weaker market backdrop.

    22 Jun 2017

  • Falling oil, sanctions fail to blight Russia bond market return

    Falling oil prices and the imposition of new US sanctions failed to dampen investor demand for Russia’s Eurobond return on Tuesday.

    22 Jun 2017

  • Liquid Telecom, Naspers line up as shine comes off African debt

    South African internet group Naspers and pan-African fibre cable provider Liquid Telecom are looking to add to what has been the busiest month for African issuance since July 2014. But an oil-related sell-off this week may mean tougher conditions for Liquid Telecom in particular next week.

    22 Jun 2017

  • Dutch and UK RMBS deals hit market

    European mortgage investors saw more issuance activity this week, driven by a variety of deals from the Netherlands and the UK.

    22 Jun 2017

  • BNZ secures solid covered outcome despite concerns

    Bank of New Zealand (BNZ) issued an oversubscribed €750m seven year covered bond this week, meeting its size and spread ambitions despite concerns about the outlook for spreads.

    22 Jun 2017

  • H-shares set for rally as MSCI OKs Chinese stocks

    Stocks on the Hong Kong and China equity markets trade at a wide difference to each other, driven largely by tight capital controls in the Mainland. But MSCI’s decision this week to include A-shares in its Emerging Markets index could bring the two markets closer, and give a fillip to H-shares in the process. Jonathan Breen reports.

    22 Jun 2017

  • Nationwide reels in spread and investors for 15 year covered

    Nationwide Building Society issued a larger than expected €1bn 15 year covered bond at an optically cheap spread this week, through close to one interpretation of fair value. The huge book supported a 10bp tightening through the process, even though some investors withdrew their orders.

    22 Jun 2017

  • XL hits euro market for first time since Catlin takeover

    Insurer XL Group set terms for €500m of subordinated notes in a 30 year non-call 10 deal on Thursday, taking advantage of low rates in the euro market.

    22 Jun 2017

  • CNH, Bond Connect drive MoF offshore auction demand

    China's Ministry of Finance completed its first semi-annual auction of the year of offshore renminbi (CNH) bonds on Thursday, in a deal that surprised analysts with the strength of its demand.

    22 Jun 2017

  • China’s push to internationalise debt goes to Luxembourg

    The Luxembourg Stock Exchange (LuxSE) signed an agreement this week with the Shanghai Stock Exchange (SSE) for a green bond index, the latest move by China to boost its green credentials and entice international investors. Morgan Davis reports.

    22 Jun 2017

  • GLP, Hutchison M&A loans keep bankers on their toes

    The Asian M&A market is heating up, providing loans bankers with some welcome relief following a relatively quiet first half. Promising opportunities from the potential spin-off of Hutchison Global Communications (HGC) and the sale of Singapore’s Global Logistic Properties have set the stage for more activity. Shruti Chaturvedi reports.

    22 Jun 2017

  • Belarus starts pricing for dual tranche dollar market return

    Belarus returned to the eurobond market for the first time in more than six years on Thursday, releasing initial price thoughts for a dual-tranche dollar deal.

    22 Jun 2017

  • Markit switches to holdco for bank CDS indices

    From September IHS Markit will include UK and Swiss banks at the holding company level in its credit default swap (CDS) indices, but the index provider is still consulting on whether or not to include non-preferred senior debt.

    22 Jun 2017

  • Kepler Cheuvreux gains another convert in ECM mission

    Kepler Cheuvreux has welcomed Swedbank into its European ECM fold as it continues to face off against global investment banks. It has created a model that is tough for others to replicate, writes David Rothnie.

    22 Jun 2017

  • Naspers plans bond as shine comes off African debt

    South Africa-based media group Naspers is looking to add to what has been the busiest month for African issuance since July 2014 but an oil-related sell-off this week suggests that the company may have missed the golden window.

    22 Jun 2017

  • Indian ECM in limelight with IPOs galore

    Central Depository Services (CDSL) closed its Rp5.2bn ($81.4m) IPO on Thursday amid a storm of demand, with orders for 170 times the float.

    22 Jun 2017

  • Commercial banks prepared for length in Schuldschein market

    Increasing numbers of commercial banks are investing in seven year Schuldschein loans, as attractive pricing and allocation is luring the lenders further along the credit curve.

    22 Jun 2017

  • Federal Bank to bag Rp25bn from QIP

    India’s Federal Bank is set to raise up to Rp25bn ($386.9m) after tapping the equity market via a qualified institutional placement.

    22 Jun 2017

  • China Re returns for $700m tap of popular notes

    China Reinsurance Finance Corp added $700m to its existing 2022 bonds through a tap on Wednesday, hitting its $1.5bn regulatory cap.

    22 Jun 2017

  • China duo keep liability management on the boil

    Multi-billion-dollar exchange plus new money offerings from China Evergrande and Kaisa Group took centre stage in Asia DCM this week, keeping liability management as the market's hot topic. The deals are considered a win-win for issuers, which can lock in relatively cheap funding, and for investors, which are compensated by an exchange premium, while also allowing Chinese borrowers to pre-empt regulatory hurdles, writes Addison Gong.

    22 Jun 2017

  • EU nears IFRS 9 deal, clashes on transition

    Final talks on the EU’s mitigation measures for banks applying IFRS 9 will start in September, ahead of the new standard coming into force in January 2018. But the Parliament and member states still disagree about how to calculate the capital relief offered to banks.

    22 Jun 2017

  • Bosses and holidays just don't mix

    There is nothing better than lounging by the sea with a refreshing cocktail in one hand and a good book in the other — a perfect antidote to all the stress that comes from working in the banking industry.

    22 Jun 2017

  • A more discerning buy-side questions Isbank risk

    Isbank opened books on Thursday for the 10th deal from a Turkish financial this year, offering a higher than usual new issue premium in the process to account for softer market conditions. While the deal is expected to be well absorbed, for some on the buyside, the risks of an Isbank tier two are too much.

    22 Jun 2017

  • Helvetia goes green in bullish Swiss sub-IG

    Swiss management firm Helvetia Environnement Groupe (HEG), a BB- rated debut borrower, raised Sfr75m ($77m) with a five year green bond on Wednesday, in under two hours. A series of sub-investment grade issuers have made an impression on the Swiss market recently — a sign, Swiss bankers believe, of Swiss lenders’ growing ease with lower-rated credits.

    22 Jun 2017

  • Asia people and markets news in brief, June 22, 2017

    StanChart hires for ASEAN M&A — ANZ adds to Taiwan team — ING names Apac chief economist — Bond Connect expected on July 3

    22 Jun 2017

  • Retail takes home 40% of Xin Point’s HK$855m flotation

    Xin Point Holdings, the Chinese automotive components supplier, has raised HK$855m ($110m) after its Hong Kong IPO was priced at the top of the range, with high level of demand coming in from retail investors.

    22 Jun 2017

  • PBoC eases FX restriction for Bond Connect investors

    Foreign investors using the Bond Connect will not be required to exchange their renminbi back to foreign currencies even after selling their bonds, if they intend to re-invest that money in onshore Chinese bonds, according to new interim rules for Bond Connect published by PBoC on June 21.

    22 Jun 2017

  • Barclays poaches Smith from HSBC HY syndicate

    As Barclays’ head of leveraged capital markets leaves, the bank has engaged in a hiring effort to keep its leverage finance business “on top of the game”, sources told GlobalCapital.

    22 Jun 2017

  • Kaisa nears finish line for exchange/new money deal

    Kaisa Group Holdings, the only Chinese developer to default on offshore debt back in 2015, started taking bids on Thursday for the new issuance portion of an exchange offer. Four sets of fixed rate notes will be sold to replace the company’s outstanding variable rate senior bonds.

    22 Jun 2017

  • REC flips on green bond switch

    India’s Rural Electrification Corporation (REC) has mandated banks for a green dollar bond, a first for the company.

    22 Jun 2017

  • Gunvor Singapore wraps up dual trancher at $1.129bn

    A syndicated loan for Gunvor Singapore has been allotted, with more than 20 banks joining the mandated lead arrangers and bookrunners at the end of general syndication.

    22 Jun 2017

  • Chinese property bonds front and centre on Thursday

    Property names China Jinmao Holdings Group and Shimao Property Holdings, along with India’s Adani Ports and Special Economic Zone, launched new dollar deals on Thursday.

    22 Jun 2017

  • UBS ECM banker joins CompareEuropeGroup as CFO

    A senior equity capital markets banker has left UBS to become chief financial officer of an internet startup.

    22 Jun 2017

  • Foreign investor access is catalyst for reform, says Asifma

    The upcoming Bond Connect will not only further open up China’s fixed income market, but also speed up the country’s financial market reform, Mark Austen, CEO of Asia Securities Industry & Financial Markets Association (Asifma), told GlobalRMB in a wide-ranging interview.

    22 Jun 2017

  • Foreign buyers take one fifth of Chile peso deal

    Chile re-opened its domestic 2021s and 2035s on Wednesday as it looks to attract more international investors into its peso-denominated bonds.

    22 Jun 2017

  • Strong bid for Santander auto ABS

    Santander Consumer USA priced its latest Drive subprime auto ABS offering at tight spreads on Wednesday, brushing aside some of the negative headlines around its lending practices and the declining performance of subprime car loans.

    21 Jun 2017

  • GM Building single asset CMBS launched

    A $1.35bn single asset CMBS transaction backed by the iconic GM Building in Manhattan came to market on Wednesday.

    21 Jun 2017

  • AIB IPO heads for home, Evry and Lecta squirm

    Allied Irish Banks again tightened guidance on its London and Dublin IPO this evening, moving the lower and upper limits to €4.30 to €4.50 a share.

    21 Jun 2017

  • Fairfax aids Atlas Mara as UBN rights looms

    Atlas Mara, the London-listed company co-founded by Bob Diamond that invests in African financial services, announced a $200m equity capital raising on Wednesday, most of which will be taken up by Fairfax Africa Holdings Corp.

    21 Jun 2017

  • Apax, shareholders launch €300m Altran block

    Apax Partners and other shareholders are tonight selling a block of about €300m of shares in Paris-traded Altran Technologies.

    21 Jun 2017

  • Bowen steps down from CFTC, citing ‘intolerable’ situation

    Sharon Bowen, commissioner at the Commodity Futures Trading Commission (CFTC), on Tuesday announced she would be stepping down from her role, while communicating her frustration at the Trump administration’s failure to confirm new candidates.

    21 Jun 2017

  • Multi-tranche deals keep coming but Safran changes the structure

    Two more dual tranche bond deals were priced in euros on Wednesday. BP followed a similar path to previous issues this week, printing eight year and 12 year tranches. However Safran, the French defence company, printed two year and four year floating rate notes.

    21 Jun 2017

  • Garanti’s Dutch subsidiary scores oversubscribed loan

    GarantiBank International (GBI), a Dutch subsidiary of Turkiye Garanti Bankasi, has signed a $250m loan that was oversubscribed by 19 banks, according to a banker on the deal.

    21 Jun 2017

  • Manutencoop builds HY comeback to pave PE stakeholders’ exit

    Putting litigation problems behind it, Italian buildings manager Manutencoop Facility Management SpA returned to the high yield bond market on Wednesday to fund a buyout, in which its cooperative parent will buy private equity firms out of its shareholder structure.

    21 Jun 2017

  • SFiL raises $1bn at three years in dollar debut as State of NRW goes long in euros

    French agency Société de Financement Local (SFiL) raised $1bn with its first ever dollar bond on Wednesday, while the German State of North Rhein-Westphalia pushed out its curve to 2048.

    21 Jun 2017

  • BP overcomes bear market in oil for €1.5bn

    On Wednesday BP became the third UK issuer to sell bonds in euros this week. The €1.5bn dual tranche deal followed oil entering bear market territory on Tuesday.

    21 Jun 2017

  • Scout24 trades up after Deutsche Telekom exit

    An overnight share sale in Scout24, the Berlin-based digital classified advertising group, was priced at a 6% discount on Tuesday, raising €331.7m for the vendors.

    21 Jun 2017

  • Standards slipping in US non-prime mortgage lending, says Moody’s

    Representations and warranties and enforcement frameworks have been weak in non-prime US residential mortgage-backed securities, said Moody’s this week, in contrast to recent prime jumbo transactions.

    21 Jun 2017

  • Hua Nan Futures joins Singapore Exchange

    Taiwan's Hua Nan Futures has become a derivatives trading member of the Singapore Exchange (SGX), taking the number of eligible derivative members on the venue to 56.

    21 Jun 2017

  • Italy's Canatta: PIMCO's talking Balls

    Maria Canatta, director of Italy’s public debt, has hit back over comments about the country's government bonds made by Andrew Balls, PIMCO’s chief investment officer of global fixed income risk.

    21 Jun 2017

  • Dunlop signs £45m direct lending deal with Permira for buyout

    Permira Debt Managers has sole-financed Liberty Hall Capital Partners’ $135m acquisition of UK aircraft tyre company Dunlop with a £45m loan, after closing its third direct lending fund at €2.1bn this week.

    21 Jun 2017

  • Finnish minnow enjoys resilient demand

    The Mortgage Society of Finland's deal on Tuesday was not among them however, coming as it did with a a wider spread than usual.

    21 Jun 2017

  • Demand drives Mercedes deal to new post-crisis tight

    Mercedes-Benz Bank priced its latest auto ABS offering this week, Silver Arrow 8, with the deal notching yet another record for post-crisis spreads.

    21 Jun 2017

  • UK RMBS buyers hungry for Optimum second lien offering

    UK RMBS investors are eagerly eyeing a debut securitization from Optimum Credit, Castell 2017-1 PLC, which is backed wholly by second lien mortgages.

    21 Jun 2017

  • Green hue spreads over SSAs but sovereigns resist

    Régie Autonome des Transports Parisiens (RATP), the Paris transport authority, is coming to market for a 10 year green bond on Thursday.

    21 Jun 2017

  • Sibanye Gold glitters in bond markets

    South Africa’s Sibanye Gold attracted more than $2bn of demand for a debut dual-tranche Eurobond on Tuesday.

    21 Jun 2017

  • Nigeria's diaspora bond prices inside IPTs, then widens

    Nigeria priced sub-Saharan Africa’s first diaspora bond comfortably inside initial indications on Tuesday after two days of bookbuilding. However, the bonds, which were printed at 5.625%, had widened to nearly 6% by midday Tuesday and have stayed around that level.

    21 Jun 2017

  • Popular casts shadow on Deutsche Pbb's T2 debut

    Deutsche Pfandbriefbank (Pbb) was unable to build a large order book for its first public sale of tier two debt on Wednesday, having encountered a more “challenging’ environment” following Banco Popular’s resolution which wiped out investors in both additional tier one and in tier two.

    21 Jun 2017

  • Issuers say ‘blood, sweat and tears’ of MREL is over

    Speaking at Euromoney’s Global Borrowers conference on Tuesday, a panel of bank issuers said that investors had come to grips with the transformation of the senior asset class for the minimum requirement for own funds and eligible liabilities (MREL). The future of subordinated debt, meanwhile, remains in flux.

    21 Jun 2017

  • Investors positive on Kommunalkredit following S&P rating

    Kommunalkredit, which recently had its public sector covered bonds rated A with S&P, has received positive investor feedback whilst marketing its social covered bond this week.

    21 Jun 2017

  • AT1 and T2 have ‘more or less the same credit risk’ says Swisscanto’s Björk

    Panellists on the ‘A New Narrative for Capital’ discussion at Euromoney’s Global Borrowers Conference on Tuesday expressed divergent views on the difference between additional tier one (AT1) and tier two bonds.

    21 Jun 2017

  • Nigerian banks attempt Etisalat Nigeria takeover after failed restructuring

    Etisalat has been given until Friday to transfer all its shares in Etisalat Nigeria to a syndicate of 13 Nigerian banks, after talks on restructuring a $1.2bn loan from 2013 fell through.

    21 Jun 2017

  • STS postponed as ABS pipeline fills to brim

    The implementation date for the European Union’s simple transparent and standardized (STS) securitization framework has been moved back to January 2019, after concerns were made by the Maltese presidency over the timeline between finalisation of the rule and its implementation.

    21 Jun 2017

  • Hyundai Mipo clears out of robotics arm via $309m sale

    South Korean shipbuilding company Hyundai Mipo Dockyard sold its entire stake in Hyundai Robotics for W352.2bn ($309.0m) through a rapidly covered block on Wednesday night.

    21 Jun 2017

  • Polish IPOs hit screens in busy week for ECM

    Activity in Europe’s equity capital markets continued apace this week as Orange and BT Group priced another opportunistic block and exchangeable bond combo, while the IPO pipeline was brisk as CEE, and especially Polish, issuers hit the road.

    21 Jun 2017

  • China Medical System seals $300m facility

    Pharmaceutical company China Medical System Holdings has signed a $300m three year fundraising with a single lender.

    21 Jun 2017

  • Multi-tranche flavour in corps but window may close

    Multi-tranche deals have been the issuance strategy of choice this week in the corporate bond market. Six of the seven issuers who have brought deals to the European markets in the first three days of this week have opted for such structures, and Reckitt Benckiser is expected to add its name to that list.

    21 Jun 2017

  • CGIF’s new guarantee for construction risk in SE Asian greenfield projects

    The financing of greenfield infrastructure projects in Southeast Asia has recently been boosted by the arrival of a new facility to guarantee bond investors against all risks during the construction period. The innovative solution was augmented on May 24 by the signing of a collaboration agreement between the Credit Guarantee & Investment Facility (CGIF), and Surbana Jurong Private Limited (SJ). The initiative is designed to boost the use of local currency-denominated project bonds to finance greenfield infrastructure projects in the Asean markets. GlobalCapital discussed the new facility with Kiyoshi Nishimura, CEO of CGIF.

    21 Jun 2017

  • Eris Life eyes top end pricing for Rp17bn IPO

    Eris Lifesciences is set to price its Indian IPO at the top of guidance to raise Rp17.4bn ($269.3m), after books closed multiple times subscribed, according to a banker on the deal.

    21 Jun 2017

  • EM diverges: Argentina sells century bond as Africa sells off

    It is tale of the haves and have nots in EM this week as Argentina’s surprise 100 year bond received a $10bn book but Nigeria’s diaspora bond underwhelmed and prompted a widening of the sub-Saharan African sector.

    21 Jun 2017

  • China's Gome electrifies investors with tap

    Gome Electrical Appliances Holdings priced a tap on Tuesday, adding $100m to the original $400m notes on the back of 6x demand. Investors’ eagerness for paper allowed the issuer to price inside both its existing notes and secondary.

    21 Jun 2017

  • Active investors to drive A-share inclusion inflows

    The MSCI's decision to include A-shares in its emerging market index will drive capital inflows to Chinese equities not just from index trackers but also from active fund managers. But some warn that the pace of investments could be threatened by shrinking offshore RMB (CNH) liquidity.

    21 Jun 2017

  • Brightoil falls victim to HY market headwinds

    Chinese resource-based energy company Brightoil Petroleum (Holdings) pulled what could have been its debut international bond on Tuesday — the second borrower to cancel a deal recently — as heavy high yield supply as a result of two potentially huge exchange offers, as well as the underperformance of recent paper, weighed on investors’ minds.

    21 Jun 2017

  • Taiwanese investors snap up Kexim dollar Formosa

    Export-Import Bank of Korea (Kexim) brought the latest batch of dollar Formosa bonds from South Korea on Tuesday, selling a $400m five year floating rate note in a well-received deal.

    21 Jun 2017

  • The lowdown: All you need to know about MSCI and China

    Global index provider MSCI announced on Wednesday that it will begin including Chinese A-shares in its emerging markets index, giving its blessing after three consecutive rejections. Here is GlobalRMB’s lowdown on what you need to know about the upcoming inclusion.

    21 Jun 2017

  • Bank of Baroda wraps up non deal roadshow

    India’s Bank of Baroda met investors this week on a non-deal roadshow in Europe and Asia.

    21 Jun 2017

  • Louis Dreyfus Asia hunts for $400m in general

    Louis Dreyfus Co Asia has enlisted four mandated lead arrangers and bookrunners to distribute a $400m three year loan.

    21 Jun 2017

  • Lotte Chemical oversubscribed as roadshow heads to London

    The MR5.9bn ($1.4bn) IPO of Lotte Chemical Titan Holding, the Malaysian arm of South Korean conglomerate Lotte Group, is oversubscribed as the roadshow heads to London on Wednesday evening, according to a banker on the trade.

    21 Jun 2017

  • MSCI A-share inclusion presents China with to-do list

    China may have got its second big win on the global stage, after the inclusion of the RMB in the SDR, on Wednesday when MSCI decided to add A-shares to its emerging markets index, but that does not mean the authorities can now rest on the laurels. The small weighting given to A-shares by MSCI is just one indication of how much China still has to do to upgrade its capital markets.

    21 Jun 2017

  • China Evergrande closes in on exchange/new money deal

    China Evergrande Group has announced final price guidance for its new four, six and eight year notes, part of an exchange and new money offering launched earlier this month.

    21 Jun 2017

  • Experts divided on bond index inclusion chances

    Chinese bonds seem just one step away from full inclusion by the major bond index providers, following partial inclusions by Bloomberg-Barclays and Citi in the first quarter. But while some experts believe the wait will be over after the launch of the Bond Connect, others worry that China’s recent efforts to keep the renminbi stable will hurt its chances.

    21 Jun 2017

  • China Re, Jinmao, China State Construction chase dollars

    Chinese issuers are dominating Wednesday’s debt market in Asia ex-Japan, with two issuers launching dollar deals and two investment grade corporates announcing roadshows for transactions.

    21 Jun 2017

  • CFE 30 year, Banorte perp add to Mexican pipeline

    LatAm DCM bankers say they are expecting Mexican issuers CFE and Banorte to issue soon on the back of rating agency reports published late on Tuesday.

    21 Jun 2017

  • Mexico’s Kuo lines up investor meetings

    As the Mexican peso hovers around its strongest level since before Donald Trump won the US election last November, Grupo Kuo has announced fixed income investor meetings as it looks to refinance existing debt.

    21 Jun 2017

  • Market reactions round-up: MSCI A-shares decision

    MSCI opened the door to A-shares in a landmark moment for China's reform and renminbi internationalisation agenda. Regulators, investors and analysts widely welcomed the decision, with many underlining that while initial impact of the inclusion may be limited, the first step has been taken to a rebalancing of global portfolios towards RMB assets.

    21 Jun 2017

  • MSCI marries into A-shares, ups weighting in EM index

    Index provider MSCI decided it was time to include A-shares in its emerging markets index, making the announcement just before 5am Hong Kong time on June 21. Chinese onshore stocks will make up 0.73% of the MSCI Emerging Markets index starting May 2018.

    21 Jun 2017

  • Textainer prices new deal amid container ABS revival

    The container lease ABS market continued to pump out new supply this week, with Textainer Marine Containers hitting the market for the second time this year and market players forecasting strong container trade growth over the next two years.

    20 Jun 2017

  • Orange uses bond, block to shed 2.6% of BT

    Orange, the French telecoms company, sold a third of its stake in UK peer BT Group on Monday night through a block trade and used another third to back an exchangeable bond in an attempt to “take a balanced approach when reducing its exposure”, a banker on the deal said.

    20 Jun 2017

  • AIB narrows range to middle after bumper demand

    Allied Irish Banks has narrowed the price range on its IPO, having attracted a strong response from investors. The flotation is now likely to raise €3.1bn at the upper end of the range.

    20 Jun 2017

  • Deutsche Telekom cleans up Scout24 in €340m block

    Deutsche Telekom and a group of shareholders in Scout24, the digital classified advertising group, are in the market this evening to sell a possible €341.4m stake.

    20 Jun 2017

  • Andritz doubles target in lengthy Schuldschein offering

    Andritz, the Austrian machinery maker, raised €400m in a dual tranche Schuldschein transaction this week. The large size — with tenors of seven and 10 years — illustrates commercial banks' growing willingness to lend for long.

    20 Jun 2017

  • Some fiscal powers could strengthen eurozone, says ESM boss

    The eurozone could be strengthened by the addition of a “small fiscal capability” to deal with economic shocks, one of its leading financial officials said in a panel at Euromoney Global Borrowers' forum on Tuesday, as attention turns to reforming the eurozone — a cause championed by Emmanuel Macron, France’s new president.

    20 Jun 2017

  • Barclays: finding heads for spikes

    The charging of four Barclays executives and the group itself on Tuesday after a UK Serious Fraud Office (SFO) investigation might, at last, satisfy the public desire to see bankers banged up. But it’s hard to see what else it will achieve.

    20 Jun 2017

  • Insurer AIG steps into US mortgage bond market

    American International Group (AIG) has launched a debut prime jumbo RMBS deal backed by collateral described by Fitch Ratings as among the strongest seen since the financial crisis.

    20 Jun 2017

  • CCPs support move to DLT in EC response

    The European Association of Clearing Houses (EACH) has responded to a European Commission report on fintech, supporting a move to distributed ledger technologies.

    20 Jun 2017

  • CTE's €2.92bn debut tempts investors to buy longer

    Coentreprise de Transport d’Electricité made a statement with its inaugural bond issue on Tuesday. The holding company for the French power grid company achieved its aim of raising €2.92bn in three tranches, achieving greater size with the longer bonds.

    20 Jun 2017

  • Too many banks and not enough money, says Standard Life’s Hudson

    Participants on the ‘Bank Credit: A Looming Crisis?’ panel at Euromoney’s Global Borrowers Conference discussed bank consolidation, the differing approach to Banco Popular and Monte dei Paschi di Siena (MPS), and non-performing loans (NPLs) on Tuesday.

    20 Jun 2017

  • BT dials the right numbers for successful €2.3bn treble

    British Telecommunications brought its second triple tranche euro bond transaction in 16 months on Tuesday. The orderbooks were heavily oversubscribed, with demand skewed toward the longest tranche.

    20 Jun 2017

  • PIMCO's Balls warns on Italy risk

    Looming political risk in Italy make the sovereign’s levels of yield and the spread it offers over German Bunds look too low, according to Andrew Balls, chief investment officer of global fixed income at PIMCO.

    20 Jun 2017

  • Gloomy Carney address could portend TFS extension

    Bank of England governor Mark Carney’s caution on the UK economy in his Mansion House speech on Tuesday could be an early warning for the UK RMBS market that the Term Funding Scheme (TFS) won't end soon, an unwelcome development for supply starved investors.

    20 Jun 2017

  • Arabtec, Tikehau keep rights issue market busy

    Arabtec Holding, the United Arab Emirates’ largest listed construction firm, said on Tuesday its rights issue was fully subscribed, raising Dh1.5bn ($408m) for a recapitalisation.

    20 Jun 2017

  • Moody’s Ghosh calls for ‘sovereign leadership’ in green bonds

    Emerging market governments must lead the way in green bonds to encourage corporates to enter the market around the world, according to Rahul Ghosh, a senior credit officer at Moody’s.

    20 Jun 2017

  • Carney welcomes EC oversight of CCPs

    Bank of England governor Mark Carney welcomed parts of the European Commission’s draft proposals on euro clearing this week while warning against relocating the activity from its base in London.

    20 Jun 2017

  • Demand for Aegon's covereds tops HVB's

    Aegon Bank returned to the market on Tuesday to issue its first and probably only covered bond deal of the year. Despite the more challenging conditional pass through 10 year maturity, the transaction attracted a much deeper well of demand than a competing six year bullet maturity offered by UniCredit’s German subsidiary, HVB.

    20 Jun 2017

  • Austrian minibonds for CVG acquisition

    A €17m floating rate issue will be listed on the Third Market of the Vienna Börse to fund the acquisition of Corpo Vigili Giurati, the Italian private security group, by the Berni-Gamberini family.

    20 Jun 2017

  • Longer tenors win as big names offer choice of three

    The multi-tranche theme of the week continued on Tuesday. British Telecommunications and Coentreprise de Transport d’Electricité both launched triple tranche bond deals, with the volume skewed towards the longer tranches.

    20 Jun 2017

  • EE plugs green refi bond deal into HY market

    Nordic issuers are occupying both ends of the deal size range in the euro high yield market of late. First was Sweden's Instrum’s multibillion bond sale on Friday, and on Tuesday Denmark’s European Energy announced a €50m refinancing deal.

    20 Jun 2017

  • CVC buys two TMT firms, Blackstone agrees Celanese JV

    CVC flexed its buyout muscles again this week, buying two European tech companies for more than €1bn, while Blackstone has agreed to a joint venture for its recently acquired cigarette filter making business Rhodia Acetow with a unit of US chemicals firm Celanese.

    20 Jun 2017

  • Russia bond foray buoyed by ‘exceptional’ techincals

    Russia benefitted from a huge technical bid for its bond sale on Tuesday with demand approaching $6bn by 10am, as investors are desperate to pick up debt from the country.

    20 Jun 2017

  • Isbank hops aboard tier two bandwagon

    Turkey’s Isbank has hired banks to arrange an 11 year non-call six Basel III compliant tier two trade, continuing a spate of riskier debt issuance from Turkey’s banks this year.

    20 Jun 2017

  • BNPP hits German regions with first targeted TLAC bond

    BNP Paribas sold a seven year non-preferred issue on Tuesday, in the first ever total loss-absorbing capacity (TLAC) bond transaction aimed at regional investors.

    20 Jun 2017

  • STS implementation to be deferred to 2019

    The application date for the ‘simple, transparent and standardised’ (STS) framework for European securitization and amendments to the capital requirements ratio (CRR) rules will be deferred until January 2019, according to sources close to the final trialogue discussions, which concluded earlier this month.

    20 Jun 2017

  • Masala bonds: between a rock and a hard place

    For every step forward that the Masala bond market takes, it goes two steps backwards, with the Reserve Bank of India recently putting up barriers to keep high yield issuers out of offshore rupees. Cutting off low grade Masala issuance isn’t the worst thing to come out of the central bank’s announcement — the rules could also stifle investment grade deals.

    20 Jun 2017

  • B. Grimm sets terms for Bt12bn Thai IPO

    B. Grimm Power Public, the power unit of B. Grimm Group, announced a price range on Tuesday for its up to Bt11.8bn ($350m) IPO on the Stock Exchange of Thailand.

    20 Jun 2017

  • Markets not holding breath over A-shares inclusion

    The fate of Chinese A-shares in the MSCI emerging market index will be known on June 21 at about 4.30am Hong Kong time. While the likelihood of inclusion has gone up after MSCI’s latest consultation paper from March, experts are not expecting sizable capital inflows into Chinese equities to follow.

    20 Jun 2017

  • New opportunities in intraday liquidity

    There has never been a greater need for banks to monitor and manage their intraday and overnight liquidity provisions.

    20 Jun 2017

  • Indo FIs line up syndicated loans totalling $700m

    Two Indonesian financial institutions, Bank Negara Indonesia (BNI) and Adira Dinamika Multi Finance, are scheduled to hit the loan market in July.

    20 Jun 2017

  • Indian Energy Exchange powers up IPO plans

    Indian Energy Exchange has filed a draft prospectus with the market regulator as it looks to join the country's thriving equity capital markets.

    20 Jun 2017

  • HKICIM HK$9.2bn rights offer 71% subscribed

    Shares in Hong Kong International Construction Investment Management Group, the property development and machinery leasing unit of Chinese conglomerate HNA Group, closed 2.3% higher on Tuesday after the company wrapped up its fully underwritten HK$9.2bn ($1.2bn) rights issue.

    20 Jun 2017

  • Bond Connect launch expected July 3, no onshore hedging allowed

    The Bond Connect will likely make its debut on July 3, Tae Yoo, head of client business development at the Hong Kong Exchange, told an industry event on Tuesday. While a full blueprint for the scheme is yet to be provided, what is clear is that Bond Connect investors will not have access to the onshore hedging market.

    20 Jun 2017

  • Sustainable and Responsible Capital Markets Poll - Vote now

    Follow the VOTE NOW link to have your say in GlobalCapital's inaugural Sustainable and Responsible Capital Markets Poll. You have until Friday 14 July to cast your vote.

    20 Jun 2017

  • StanChart hires MD for ASEAN M&A team

    Standard Chartered has added to its M&A capabilities in southeast Asia by hiring a new managing director.

    20 Jun 2017

  • Posco nets $168m from Hyundai Heavy clean-up

    South Korea’s Posco this week offloaded its entire stake in shipbuilder Hyundai Heavy Industries, raising W190.9bn ($167.9m) on the back of a booming stock price.

    20 Jun 2017

  • REC Solar exercises greenshoe, allots $330m loan

    High-end solar panel maker REC Solar has tasted success with its first Asian syndicated loan attracting enough demand for it to raise $330m after exercising a $25m greenshoe.

    20 Jun 2017

  • Fair pricing for ICBC HK’s FRN return

    Industrial and Commercial Bank of China’s Hong Kong branch made a quick return to the floating rate bond market, raising $700m from a dual-tranche outing on Monday. The lender was focusing more on price over size, with its five year proving to be investors’ sweet spot, according to bankers.

    20 Jun 2017

  • Road King drives away with $300m fixed for life

    Road King Infrastructure grabbed $300m on Monday from the sale of its second fixed for life perpetual bond this year, taking advantage of investors’ eagerness for yield.

    20 Jun 2017

  • ANZ hires from StanChart for Taiwan markets

    ANZ has hired Sonny Lin as the new head of markets for Taiwan, poaching him from Standard Chartered.

    20 Jun 2017

  • Luxembourg, Shanghai bourses team up for RMB green bond index

    The Luxembourg Stock Exchange (LuxSE) has signed an agreement with the Shanghai Stock Exchange (SSE) to launch a green bond index that will provide synchronous quotes in China and Europe.

    20 Jun 2017

  • Brightoil, Gome seek funds as China Gold digs for interest

    Brightoil Petroleum (Holdings) is marketing its maiden international bond, while Gome Electrical Appliances Holdings is taking bids for a tap of notes printed earlier this year. China Gold International Resources Corp, meanwhile, is meeting investors later this week for its second offshore outing.

    20 Jun 2017

  • Argentina hits century as investors bet on Macri’s vintage ageing well

    Amid light-hearted comments from observers about its patchy debt record, Argentina sent a very serious message to markets on Monday with the first ever 100 year bond issuance from a single-B rated sovereign.

    20 Jun 2017

  • Kexim returns for dollar Formosa bond

    The Export-Import Bank of Korea returned to DCM on Tuesday for a floating rate dollar Formosa deal, a few weeks after Kookmin Bank broke open the market for a new batch of issuers from the country.

    20 Jun 2017

  • Pemex heard targeting $2bn for LM trade

    Mexican oil giant Pemex has met bond investors in New York as it prepares a possible bond issue later in the week.

    20 Jun 2017

  • Maxis MR1.6bn capital increase clears at 6.1% discount

    Maxis, the Malaysian telecoms company, has raised MR1.6bn ($390m) to cut debt and finance expansion, having priced the capital increase on Monday evening at a 6.1% discount.

    20 Jun 2017

  • Marlette latest to price in wave of MPL ABS

    Marketplace loan originator Marlette Funding this week priced its latest securitization on the heels of last week's breakout deals from Lending Club and Upstart.

    19 Jun 2017

  • Waberer’s €240m Budapest IPO offers big discount

    Waberer’s International, the Hungarian haulage firm, launched a Huf73.7bn (€238m) IPO on the Budapest Stock Exchange on Monday, offering shares at a chunky discount to its US peers.

    19 Jun 2017

  • HKEX pinches Chai from LCH

    Hong Kong Exchanges and Clearing — HKEX — on Monday hired Roland Chai from London-based clearing house LCH.Clearnet, and appointed him to the positions of COO of its clearing division, and head of clearing risk solutions.

    19 Jun 2017

  • Raiffeisen to float Polish subsidiary by end-June

    Raiffeisen Bank International (RBI) began gauging investor interest for the IPO of its Polish unit on Monday, via Citigroup and its own investment bank as leads.

    19 Jun 2017

  • ESMA: No delay for trading obligation

    The European Securities and Markets Authority (ESMA) on Monday said that it would not extend the trading obligation deadline for certain counterparties under the Markets in Financial Instruments Regulation (MiFIR).

    19 Jun 2017

  • Nodal Exchange switches on 12 new power options

    Nodal Exchange, the US energy and derivatives exchange, has introduced new power options, rolling out 12 contracts covering energy futures from seven regional US hubs.

    19 Jun 2017

  • Compass cooks up tasty combo for bond and equity investors

    Compass Group, the UK food service group, offered investors a choice of main courses on Monday, combining a €750m seven year bond with a £300m 12 year. Demand was plentiful for both and the new issue premia were minimal.

    19 Jun 2017

  • Shopping mall CMBS set for strong reception despite retail sector woes

    CMBS issuers are set to flood the primary pipeline with new offerings, including single asset deals backed by retail properties, in a sign that investors have yet to cool to the sector despite a stream of negative headlines around bricks and mortar retail.

    19 Jun 2017

  • Danaher raises €850m with unusual sequence of price tightening

    Danaher Corp, the US healthcare technology group, issued a €850m dual tranche bond on Monday. The latest Reverse Yankee issuer found strong demand for both tranches, resulting in minimal new issue concessions.

    19 Jun 2017

  • Delivery Hero to open €800m IPO on Tuesday

    Delivery Hero, the Rocket Internet-backed online food delivery company, set a price range for its €747m to €866m IPO this morning, and will open the bookbuild on Tuesday.

    19 Jun 2017

  • Plastic Omnium greeted like long lost friend on bond return

    Plastic Omnium, the unrated French car parts maker, on Monday became the first company that had held a European bond roadshow last week to launch a deal.

    19 Jun 2017

  • Bats fires out 18 new European indices

    CBOE subsidiary Bats Europe launched 18 indices covering the European market on Monday, bringing the total number in its stable to 57.

    19 Jun 2017

  • Greencoat aims for second hit with €250m IPO

    Greencoat Capital, the renewable energy investment manager, started investor education on Monday for a mid-July listing of a new Irish wind farm vehicle on the London and Dublin bourses, hoping to raise €250m.

    19 Jun 2017

  • GC lays down green gauntlet

    The green bond market will turn 10 next month amid claims that 2017 issuance will top $100bn. But how well do you know one of the capital markets’ greatest success stories? GlobalCapital invites you to show us just how green you are.

    19 Jun 2017

  • LuxFLAG launches green bond label

    The Luxembourg Financial Labelling Agency launched on Monday a label for green bonds, assuring investors that bonds bearing the stamp meet LuxFLAG’s criteria of quality.

    19 Jun 2017

  • Searching for synergies

    Technological change, regulatory pressure and competitive forces have combined to make for a fast-moving evolution in equity derivatives. The industry is becoming more automated, and more focused on high-value advice and intellectual property, writes Nick Jacob.

    19 Jun 2017

  • Credit derivatives bounce back

    The single name CDS market might be a quiet backwater now but there is a fair wind blowing through other parts of the credit derivatives business. By Nick Jacob.

    19 Jun 2017

  • Rate derivatives market copes with clearing and eyes hedging revival

    Since 2008, interest rate derivatives, especially swaps, have undertaken an enormous migration into central clearing houses. As Ross Lancaster reports, that process is not over yet — there could be battles over where clearing takes place, and the maximum benefits from centralisation have still not been reached.

    19 Jun 2017

  • ‘True HY’ awaiting Klöckner’s CCC PIK

    Klöckner Pentaplast, the German plastic packaging maker, has in store a potential subordinated bond deal to fund its merger with UK peer Linpac. Some see the issue as a test on how real the risk appetite is in the European high yield market.

    19 Jun 2017

  • Unique variety of convertible market to enter electronic age

    Both bond and share, and also neither, equity-linked debt has always been an acquired taste — for issuers and investors. As Jon Hay reports, it will probably remain a product that does special things for a few people. But big change may be coming in how the business operates, as electronic trading intrudes, potentially disrupting an already slimmed-down market.

    19 Jun 2017

  • Long-stable ECM on watch for upset from tech or regulation

    The equity capital market, foundation of the economy, has changed little for 20 years. It remains able to transfer huge quantities of risk at lightning speed — though it is also buffeted by investor stampedes. But as Jon Hay reports, forces are moving in the market that could bring radical change.

    19 Jun 2017

  • Schuldschein shines as private placements rise in prominence

    Public capital markets are not the only game in town — indeed, one of the most exciting growth areas is private debt financing. This suits issuers that don’t want to have to conform to the sometimes restrictive norms required in public markets — and investors that are eager to find an edge, such as by being paid to do credit work and buy illiquid paper. Silas Brown reports.

    19 Jun 2017

  • LatAm charges forward but faces local challenge

    With Argentina back in the fold, the growth of Latin America’s bond markets has been astounding, with high levels of issuance even as fundamentals have not been as strong. The next step in their evolution will be the development of local currency markets, with Mexico leading the way. By Oliver West.

    19 Jun 2017

  • Cyprus set to sell in sleepy SSA market

    Cyprus, entering an otherwise quiet market, has picked banks for a seven year euro benchmark to be sold on Tuesday.

    19 Jun 2017

  • Securitization: the unlikely remedy for Europe’s real estate legacies

    The fallout from the real estate-driven financial crisis has had a transformative effect on Europe’s residential mortgage-backed securities market. As the coffers of Europe’s banks swell with cheap central bank stimulus while real estate assets rally, private equity firms and private lenders are swooping into the capital markets to finance once-in-a-generation mortgage portfolio acquisitions. By David Bell.

    19 Jun 2017

  • CLOs emerge from the shadows with reputation intact

    Largely spared from the ravages of the financial crisis, the CLO market is taking advantage of rampant investor demand for floating rate assets. With senior secured corporate debt as its collateral, the CLO market is pitching itself to a whole new breed of investor. By Sam Kerr.

    19 Jun 2017

  • EU summer ABS pipeline fills up

    The European ABS pipeline is full to bursting as summer gets underway, with a range of issuers looking to take advantage of tightening spreads and rampant investor demand.

    19 Jun 2017

  • Growing up fast: CEEMEA bond market offers plenty of options

    Few would have predicted that in the year following the election of Donald Trump, which was identified by all as a catastrophe for bond markets, the CEEMEA region would record its busiest year to date. But over and above volumes, the range of products and instruments on offer, from an increasingly wide range of issuers, shows the CEEMEA bond market is maturing nicely. By Virginia Furness.

    19 Jun 2017

  • Safetykleen launches another LBO to red hot market

    Safetykleen Europe, the surface treatment and chemical application services provider, has led a group of smaller new money deals to market this week. It held a bank meeting on Wednesday in London for its €455m seven year term loan ‘B’, backing Apax’s buyout from Warburg Pincus.

    19 Jun 2017

  • Yield quest brings ABS out of Great Recession’s shadow

    In the depths of the financial crisis, the question of securitization’s comeback was not a matter of when, but if. Though the roots of the crisis could be traced back to the residential mortgage market, securitization was branded public enemy number one and took more than its fair share of blame. But nearly a decade later, ABS is booming, fuelled by investors’ hunt for yield in a low interest rate world. By Max Adams.

    19 Jun 2017

  • Pipeline flows as IG market hots up

    As temperatures across Europe hit new highs for the year, primary issuance is also hotting up in its corporate bond market. Borrowers led the charge on Monday with three well received deals totalling five tranches.

    19 Jun 2017

  • Globalisation fires up red hot levfin market

    Conditions for issuers in the European leveraged finance market have arguably never been better, but the story has a lot more to it than cyclical conditions and a reach for yield, writes Nick Jacob. Secular trends have reshaped the market, dissolving the barriers between bonds and loans and between the US and Europe, and created an unprecedented menu of options for issuers.

    19 Jun 2017

  • IADB launches 15 year Kangaroo note

    Inter-American Development Bank launched a debut 15 year Kangaroo bond on Monday, the third supranational to look for ultra-long Australian dollar funding in the last year.

    19 Jun 2017

  • High yield bond market waits for loan retreat

    The European high yield bond market is suffering at the hands of an ultra-competitive leveraged loan market that, driven by central bank cash, is offering borrowers exceptional terms. It will be different when central bank special measures end. Until then, high yield investors will have to be patient, and avoid becoming desperate and making mistakes. Michael Turner reports.

    19 Jun 2017

  • Asia’s loan market: overbanked but innovation is stirring

    The Asian loan market hasn’t exactly been a hotbed of inventiveness, but it’s still seen some changes. Domestic markets, particularly China, have become vastly more active, while the balance of power in the market has shifted towards local lenders. All, however, are struggling in a world of low margins and low volumes. Adrian Murdoch reports.

    19 Jun 2017

  • Corporate bonds prepare for a world without CSPP

    Europe’s corporate bond market has been shaped in the past year, for better or worse, by the European Central Bank’s unprecedented corporate bond buying programme. But as Michael Turner reports, market participants are deeply divided about what may lie ahead as the end of central bank largesse draws near.

    19 Jun 2017

  • Asian ECM painful for Western banks, but sophistication grows

    Asian equity capital markets are maturing, slowly but surely. Institutional investment is growing and capital pools are getting deeper. However, change cannot come quickly enough for ECM bankers in the region, who hope that an improving 2017 will make up for a miserable 2016. Adrian Murdoch reports.

    19 Jun 2017

  • Loans still struggle, even with $100bn landmark on the cards

    As ultra-competitive and marginally profitable as ever, syndicated loans must combat encroaching capital market rivals while praying for an M&A boom to mask dwindling overall volumes and generate lucrative ancillary business. In the longer term, vanilla lending looks ripe for digitalisation, but emerging market corporates and structured financings offer the prospect of a higher-margin future, reports Julian Lewis.

    19 Jun 2017

  • Swissie 2.0 gains credit as Matterhorns loom

    Once a staple of public sector borrower funding, the Swiss franc bond market has morphed into a smaller, credit-driven sector under the twin pressures of negative rates and evaporated arbitrage. Corporates are the stars of the Swissie 2.0 era, with emerging markets names and more junior debt providing further routes to the yield investors crave, reports Julian Lewis.

    19 Jun 2017

  • Smaller currency issuers keep finding new niches

    From high volume markets such as Australian and Hong Kong dollars, to exotic and frontier currencies such as Dominican pesos, Mongolian tughriks and West African francs, niche currency bonds have carved out an important role in capital markets, writes Silas Brown.

    19 Jun 2017

  • MTNs — your flexible friend

    The actions of central banks and regulators have put the medium term note market under intense pressure but, with the flexibility that has always characterised the product, MTNs are still providing value to borrowers and investors. By Lewis McLellan.

    19 Jun 2017

  • EuroCP takes US turn

    Although volumes of debt outstanding have remained stable, the international commercial paper market has changed in every other dimension in recent years. Reflecting negative euro rates, the positive €/$ basis swap and US money market reforms, ECP has been reinvented as a primarily dollar product, led by European SSAs, with a growing US corporate presence. By Julian Lewis.

    19 Jun 2017

  • Amazon uses rating-sensitive bridge for Whole Foods takeover

    Amazon is using a rating-sensitive bridge facility for its $13.7bn acquisition of Whole Foods, in the US loan market’s second largest transaction of 2017.

    19 Jun 2017

  • Asian bonds robust in face of rate hikes after long boom

    It has been a long journey to the deep and diverse Asian bond markets of today, taking in the rise of China, the emergence of local currencies and the region’s maturing dollar market. Now, investors and issuers are looking ahead to further Federal Reserve hikes and preparing for the next challenge. By Adrian Murdoch.

    19 Jun 2017

  • Battle-hardened covered bonds are ready for next challenge

    The covered bond is the all-terrain senior financing product for banks that is built to stand the test of time. It has come through the financial crisis intact and has coped with everything the European Central Bank has thrown at it. But can it really handle going off-road with the introduction of European Secured Notes? By Bill Thornhill.

    19 Jun 2017

  • Aegon and UniCredit AG mandate for covered bonds

    Aegon Bank has mandated leads for a €500m no-grow conditional pass-through covered bond and UniCredit's German subsidiary has appointed leads for a six year Pfandbrief.

    19 Jun 2017

  • Sterling market resists efforts to pension it off

    The ability of investors to analyse and take down a huge variety of structures in both private and public benchmark deals means sterling will continue to be a unique bond market for domestic and international borrowers — no matter what Brexit means for the UK or the rest of the world. By Philip Moore.

    19 Jun 2017

  • AT1s prepare to come out punching in round two

    The first additional tier one (AT1) bonds are up for refinancing next year. With supply forecasts shrinking and the asset class performing extraordinarily well in the secondary market so far in 2017, banks should find the second generation of instruments much cheaper to come by than the first. By Tyler Davies.

    19 Jun 2017

  • Green bond bulls run free

    Having already racked up $200bn of new issues in the product’s first decade, green bond bankers now have far more ambitious goals in sight. Following sovereign endorsements and with strong growth ahead in emerging markets and structured finance too, they even aspire to an eventual double-digit share of the global bond market. By Julian Lewis.

    19 Jun 2017

  • Reinvented senior market awaits finishing touches

    Regulatory authorities have been shaping the concept of bail-inable senior bonds for many years, but the end is finally in sight for European capital market participants. After a little more fine-tuning in 2017, banks and investors will come to settle on the real value of these new products. By Tyler Davies.

    19 Jun 2017

  • Yen markets: a premier source of diversification

    Over the last three decades, few of the world’s capital markets have acted as a more consistent and dependable source of funding diversification than the yen bond market, especially the Samurai sector. By Philip Moore.

    19 Jun 2017

  • Agencies: a strong year but still hoping for a return to normal

    Some of the big names in Europe’s agency sector sat down with GlobalCapital in late May to discuss the funding landscape and its future, touching on political risks both in Europe and across the Atlantic, monetary policy, arbitrage opportunities and green bonds.

    19 Jun 2017

  • SSAs: still winning despite shortened windows

    The heightened borrowing requirements of public sector borrowers across the world since the global financial crisis of 2008 do not appear to be falling back to 2007 levels anytime soon. That, coupled with more issuers entering the syndicated market and increased political risk eating up issuance windows, has made the skill of planning borrowing calendars more difficult than ever. By Craig McGlashan.

    19 Jun 2017

  • Sparbol finds covered demand, despite competition

    Sparebank 1 Boligkreditt found solid demand for its €1bn seven year on Monday, even though the transaction vied for investors’ attention with another deal in the same maturity.

    19 Jun 2017

  • Permira closes third direct lending fund at €2.1bn

    Permira Debt Managers, the direct lending arm of Permira, has closed its third fund at €2.1bn, having already invested over 30% of the fund, including £375m for UK private members club Soho House.

    19 Jun 2017

  • Italy joins FIG green bond ranks with Intesa first

    Intesa Sanpaolo has joined other national champions in entering the FIG green bond market for the first time, selling €500m of five year notes with a negative new issue premium.

    19 Jun 2017

  • Clydesdale attracts 'outstanding' demand for debut holdco

    Clydesdale Bank was heavily oversubscribed for an eight year non-call seven £300m floating rate note (FRN) on Monday in its first senior deal from its holding company.

    19 Jun 2017

  • Etisalat Nigeria close to agreement with lenders

    Etisalat Nigeria is in the “advanced stage” of its negotiations with 13 local banks over the restructuring of a $1.2bn loan taken out in 2013, according to the company.

    19 Jun 2017

  • 30 years young in the sovereign debt market

    Government bond markets are the foundation of the capital markets, but have been anything but stable in the last 30 years, as new techniques of sovereign debt management have given way to the establishment of the euro, the sovereign crisis, and the re-emergence of central banks at the heart of the market. By Owen Sanderson.

    19 Jun 2017

  • ‘The death of the Eurobond market has been much exaggerated’

    Financial historian Professor Richard Roberts takes us back to 1987 when GlobalCapital (then called EuroWeek) was launched, a time of market crashes, when Japanese banks dominated the league tables, the World Bank was the best borrower in the market and a small German agency called Kreditanstalt für Wiederaufbau issued its first deal.

    19 Jun 2017

  • The next 30 years of the capital markets

    Since 1987, when EuroWeek started publishing, the global capital markets have been through several revolutions, but there are still plenty of working practices in 2017 that would be recognisable to someone from the fixed income market of 1987. What might the capital markets of 2047 look like? Owen Sanderson makes some predictions .

    19 Jun 2017

  • Supras cross frontiers in SRI, investor bases and currencies

    Supranational issuers have enjoyed a strong start to 2017, with core currency markets in fine fettle. Wide swap spreads have aided dollar issuance — as have efforts to tap the US investor base — while several borrowers have introduced new strands to their SRI and currency mix. The political outlook is also rosier after Emmanuel Macron won the French presidency, although risks remain in the form of an unconventional US administration and looming Brexit negotiations. GlobalCapital met some of the world’s top tier supranational issuers in May to discuss these topics — and more.

    19 Jun 2017

  • UK credit card deal hits ABS primary

    A UK ABS transaction backed by non-prime credit card receivables is being pitched to investors this week, as buyers closely eye tightening spreads across ABS assets and an uncertain near term economic outlook.

    19 Jun 2017

  • Nigeria casts wide net with diaspora bond

    Nigeria is offering around a 30bp premium at price talk for its first diaspora bond as deal watchers asked whether it will really be able to attract $300m of retail investment.

    19 Jun 2017

  • Russia still in social Siberia

    Russia has returned with another sole VTB led deal, its first foray into the international markets this year. Some market participants had expected US or European banks to be on the mandate, following a stronger year for Russian borrowers in the international bond markets despite sanctions still firmly in place.

    19 Jun 2017

  • BNPP returns to ‘regionally targeted’ approach for non-preferred

    BNP Paribas will look to place a new non-preferred senior bond among regional investors in Germany this week, as it diversifies its investor base for total loss-absorbing capacity (TLAC) eligible debt.

    19 Jun 2017

  • ‘No upside in waiting’ for covered funding

    Crédit Agricole SFH seized an opportunity to issue its fifth covered bond benchmark of the year on Monday and, by pricing flat to its curve, it showed there was little reason to wait for better execution conditions this year.

    19 Jun 2017

  • Intrum’s €3bn blockbuster wows euro HY

    A week long roadshow and investor meetings in six countries paid off for Swedish debt collector Intrum Justitia, which sold the bond to fund its merger with Lindorff with an average coupon of below 3% on Friday.

    19 Jun 2017

  • GlobalCapital: a clear voice for fast-changing markets

    A warm welcome to this publication that marks 30 years of GlobalCapital, or EuroWeek, as it was called until 2014.

    19 Jun 2017

  • The early days of EuroWeek: Belgian Dentists and City pubs

    EuroWeek’s first news editor, Bill Blain, remembers his time at the newspaper from 1987 to 1989.

    19 Jun 2017

  • Banks glimpse certainty on non-preferred after Council agreement

    The European Council has agreed to fast-track work on creating a non-preferred senior asset class, offering hope for those banks that are still looking for a cheaper way of raising their regulatory capital ratios.

    19 Jun 2017

  • Posco launches $171m Hyundai Heavy share sale

    South Korean steel giant Posco launched a block in Hyundai Heavy Industries on Monday evening, seeking up to W193.3bn ($170.5m), according to a termsheet seen by GlobalCapital Asia.

    19 Jun 2017

  • Dongying Lufang smelts $200m refinancing

    Dongying Lufang Metals Material HK has rolled out a $200m syndicated deal with two mandated lead arrangers and bookrunners. It is looking to refinance a one year loan from last year that falls due soon.

    19 Jun 2017

  • Au Small Finance sets IPO range, Tejas Networks prices

    India’s Au Small Finance Bank has set the price guidance for its IPO scheduled for later this month, expected to raise up to Rp19.1bn ($296.7m), said a banker close to the deal.

    19 Jun 2017

  • FIT Hon Teng kicks off premarketing for $500m IPO

    FIT Hon Teng has launched pre-deal investor education for its potential $500m Hong Kong IPO, according to a banker close to the deal.

    19 Jun 2017

  • India's Adani sails in with new 10yr offering

    India’s Adani Ports and Special Economic Zone is gauging investor interest this week for a new 10 year bullet, less than a month after its board approved an up to $1.5bn debt-raising.

    19 Jun 2017

  • Maxis targets MR1.7bn for debt reduction, expansion

    Malaysian telecoms company Maxis, controlled by billionaire Ananda Krishnan, has launched a capital increase of up to MR1.7bn ($403m) to reduce its debt and finance future growth.

    19 Jun 2017

  • China Reinsurance plans tap of March notes

    China Reinsurance Finance Corp is looking to tap its 2022 notes issued in March.

    19 Jun 2017

  • Venezuela bonds tumbling amid oil sell-off

    Even after weeks of political crisis, protests across the country, the government’s desperate scrambling for cash and a default on a loan from Russia, Venezuelan bond prices remain principally driven by oil prices.

    19 Jun 2017

  • This week in renminbi: June 19, 2017

    China Securities Regulatory Commission welcomes the prospect of A-share inclusion by MSCI, China’s State Council publishes a new negative list to make foreign investment easier in free trade zones, and the Asian Infrastructure Investment Bank (AIIB) makes its first equity investment.

    19 Jun 2017

  • ING names Apac chief economist, head of research

    ING Bank has appointed a new chief economist and head of research for Asia Pacific, following Tim Condon's retirement.

    19 Jun 2017

  • Zhuhai Holdings back after two-year gap for HK$1.5bn

    Transport and tourism services provider Zhuhai Holdings Investment has returned to the syndicated loan market after two years for a HK$1.5bn ($192m) borrowing.

    19 Jun 2017

  • ICBC HK markets dual-tranche FRNs

    Industrial and Commercial Bank of China’s Hong Kong branch is marketing a floating rate Reg S transaction featuring a three and a five year, having recently raised $1.1bn from a similar deal.

    19 Jun 2017

  • Road King steers investors to fixed for life comeback

    Road King Infrastructure is taking bids for its dollar return on Monday, as it looks to sell its second fixed for life deal in 2017.

    19 Jun 2017

  • Shandong Ruyi plans dollar return

    Textile maker Shandong Ruyi Technology Group Co is gauging investor interest for a new dollar deal, six months after its debut in the international market.

    19 Jun 2017

  • HKEX embraces new era with tech-friendly board

    Hong Kong Exchanges & Clearing (HKEX) could reinvent itself as a tech-friendly bourse by creating a board to host pre-profit companies and those with multiple share classes which would be a potential draw for the likes of Alibaba Group.

    18 Jun 2017

  • Giancarlo pivots to agricultural derivatives, repeats line on regulation

    Acting chairman of the US Commodity Futures Trading Commission (CFTC) Christopher Giancarlo has again emphasised his belief that derivatives markets require less regulation to work efficiently, during remarks to the Montana Ag Summit.

    16 Jun 2017

  • Secondary pricing update: featuring Ontario's euro seven year

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    16 Jun 2017

  • Covered bond award categories considered

    GlobalCapital invites readers to submit suggestions for this year’s annual covered bond award categories which will be voted on by the market from mid-July. Feedback included.

    16 Jun 2017

  • Asia’s loan market: overbanked but innovation is stirring

    The Asian loan market hasn’t exactly been a hotbed of inventiveness, but it’s still seen some changes. Domestic markets, particularly China, have become vastly more active, while the balance of power has shifted towards local lenders. All, however, are struggling in a world of low margins and low volumes

    16 Jun 2017

  • Pipeline filling for pre-summer bond splash as Reckitt, Altarea announce

    European corporate bond markets have quickly shrugged off the uncertainty surrounding the UK election result and central bank meetings, and look set for a busy end to June.

    16 Jun 2017

  • Covered bond final flurry expected ahead of summer slowdown

    Bankers expect two or three deals to emerge next week to take advantage of a strong market with no major events due that could cause disruption. It is the perfect window for those with a need to push on with their funding requirements before the onset of summer when execution can become trickier.

    16 Jun 2017

  • EUROPEAN CORPORATE BOND PIPELINE

    GlobalCapital's latest information on forthcoming and planned corporate bond issues in the European market.

    16 Jun 2017

  • Asian bonds robust in face of rate hikes after long boom

    It has been a long journey to the deep and diverse Asian bond markets of today, taking in the rise of China, the emergence of local currencies and the region’s maturing dollar market. Now, investors and issuers are looking ahead to further Federal Reserve hikes and preparing for the next challenge

    16 Jun 2017

  • Mosaic Lines Up Second Securitization

    Solar lending platform Mosaic is preparing to launch its second asset-backed securitization just four months after sealing its inaugural ABS offering writes Fotios Tsarouhis.

    16 Jun 2017

  • Brighthouse debut sets the post-Fed pace

    Brighthouse Financial became the first dollar issuer to come out of the blocks following the Federal Reserve’s decision to raise rates on June 14.

    16 Jun 2017

  • Three launch $235m loan for SPi Global acquisition

    Invitations are out for a $235m triple tranche loan for private equity firm Partners Group’s acquisition of business process outsourcing company SPi Global.

    16 Jun 2017

  • RMB round-up: ECB boosts renminbi reserves, IMF adjusts China GDP forecast, Singapore backs OBOR

    The European Central Bank switches €500m-equivalent of dollar for renminbi in its FX reserves, the International Monetary Fund adjusts China’s GDP growth forecast while recommending a more transparent monetary policy, and Singapore does a policy U-turn to support One Belt One Road (OBOR).

    16 Jun 2017

  • Hainan Airlines, Greenland join short-term notes rush

    Hainan Airlines Holding Co and Greenland Holding Group Co printed bonds with tenors of less than one year on Thursday, finding sufficient demand for their deals. But they were forced to pay a premium, given recent talks around China further regulating offshore funding.

    16 Jun 2017

  • Lenders eye LBO loan for HGC spin off

    Lenders that worked on a HK$4.851bn ($622m) leveraged buyout loan to support MBK Partners and TPG Capital’s acquisition of telecom firm Wharf T&T have thrown their weight behind the same sponsors for a potential bid for Hutchison Global Communications, said bankers.

    16 Jun 2017

  • Hilong slides into market with $250m debut

    Hilong Holding debuted in the bond market on Thursday with a $250m three year bullet, managing to somewhat defy concerns around its concentration in the volatile oil industry.

    16 Jun 2017

  • Investors concerned about Bond Connect risks ahead of launch

    The concept of Bond Connect has rapidly transformed from market chatter into concrete policy proposals over the past few weeks. But as the anticipated launch date of July 1 draws closer, market participants remain concerned about potential risks, ranging from capital repatriation to the flexibility to switch between access programmes.

    16 Jun 2017

  • Lotte Chem launches biggest Malaysia IPO since 2012

    Lotte Chemical Titan Holding opened books on Friday for its MR5.9bn ($1.4bn) Malaysia listing, which is being pitched at a big discount to regional rivals.

    16 Jun 2017

  • ADIA, anchors back Eris Life $270m IPO

    Eris Lifesciences has signed up 37 investors as anchors for its Rp17.4bn ($269.5m) IPO in India, setting the stage for its listing with a strong launch message.

    16 Jun 2017

  • Jeil Holdings prices Korea IPO at low end

    South Korea’s Jeil Holdings Co has priced its W421.9bn ($372.6m) IPO at the low end of expectations, according to a stock exchange filing.

    16 Jun 2017

  • Bestway, China Isotope beat a path to IPOs

    Bestway Global Holding and China Isotope & Radiation Corp are gunning for listings on the Hong Kong Stock Exchange.

    16 Jun 2017

  • Funding scorecard: European sovereigns

    Find out how far European sovereigns have progressed with their funding plans as we approach the end of the first half of 2017.

    16 Jun 2017

  • Duterte’s US-Russia games cannot hide China’s attractions

    A year into his presidency, Rodrigo Duterte is, geopolitically speaking, impossible to pin down. One day the Philippines’ leader is courting Donald Trump and the US, the next he is on a plane to Moscow to do deals with Vladimir Putin. Meanwhile, in the background is China and its $900bn One Belt One Road project, which could plug a hole in the Philippines’ gaping $150bn infrastructure deficit.

    15 Jun 2017

  • Lat Am borrowers cash in as investors feel weight of liquidity

    Bond investors in Latin America are short of ideas as to what could provoke a sell-off that they see as necessary to release steam as borrowers make hay in highly attractive conditions.

    15 Jun 2017

  • Uruguay trades up after first step to local yield curve

    Lat Am DCM bankers said that Uruguay had done a fine job of convincing investors to buy into its inflation-busting story after the sovereign issued its first ever nominal global peso-denominated bond.

    15 Jun 2017

  • Chile looks to pesos after euro, dollar deals

    Latin America’s best rated sovereign Chile will follow up this week’s euro and dollar bond issues with a local market trade targeted at international investors as it looks to build out its peso-denominated curve.

    15 Jun 2017

  • EC lays out plan to control euro clearing

    The European Commission made a play to snatch euro clearing business for the eurozone this week, proposing new powers to force the relocation of what it terms systemically important third-country clearing houses that clear euro denominated derivatives. Costas Mourselas reports.

    15 Jun 2017

  • Minerva gets tap despite Brazil protein sector troubles

    Meatpacker Minerva sold the first Brazilian cross-border bond since renewed corruption allegations against Brazilian president Michel Temer shook the market last month, tapping its 2026s for a further $350m.

    15 Jun 2017

  • GBP set new Social Bond Principles, guide brown issuers

    Enthusiasm for green and social bonds is mounting, and revisions to the Green Bond Principles (GBP) announced this week may give the market a further lift. Many of the same debates still exercise market participants as in the past, but they appear less daunted by these conundrums.

    15 Jun 2017

  • Market dials in for cellphone bonds

    Verizon Communications priced its second ABS deal of the year this week, attracting strong investor demand.

    15 Jun 2017

  • The strong and stable eurozone

    The EU has caught the rest of the world on the hop. Years of neglecting structural reform, anaemic growth, all manner of financial crises, domestic political disruption, ructions with Greece — and now divorce with the UK — have variously driven predictions of death for both the Union and the euro. It hasn’t turned out like that.

    15 Jun 2017

  • ISDA rules supreme as Dexia wins again in Prato swaps case

    Dexia Crediop notched up another victory in its long-running swaps dispute with the Municipality of Prato this week, as the English Court of Appeal decided in the bank’s favour.

    15 Jun 2017

  • Symrise, Orpar, Astaldi ride wave of equity-linked demand

    The revival of equity-linked issuance in Europe continued this week with three deals, all of the kind investors are looking for: from smaller companies with higher credit spreads and interesting equity stories.

    15 Jun 2017

  • Mnuchin capital curb sets up dollar duration for SSAs

    A call by US Treasury secretary Steven Mnuchin this week to lessen the capital burden on banks had a bigger effect on US rates than a well telegraphed Federal Reserve target rate rise, creating some breathing space in long end swap spreads. That could ease long dated public sector bond issuance, but with euro market offering enviable duration funding, there may not be a queue of borrowers ready to print, writes Craig McGlashan.

    15 Jun 2017

  • MTN Leak: A Peruvian fiesta

    Leak went from dining with Santander's “Latin Kings” last week to trying the new branch of Peruvian restaurant Coya in the City with some of the peeps from TD Securities.

    15 Jun 2017

  • Low supply puts investors in ‘Mexican stand-off’ over Brexit

    A few months ago political risk was the new big driver of the markets. Yet as UK politics enters its most uncertain period in decades, the country’s banks are jumping into the market and accessing credit cheaply. Supply dynamics, not politics, are king, writes Jasper Cox.

    15 Jun 2017

  • KBN USD1bn 1.75% Sep 20

    15 Jun 2017

  • CDP EUR1bn 1.5% Jun 24

    15 Jun 2017

  • BNG EUR1bn 0.625% Jun 27

    15 Jun 2017

  • CPPIB Capital EUR2bn 0.375% Jun 24

    15 Jun 2017

  • BoE split provokes Gilts wobble

    In contrast with its US counterpart this week, the Bank of England elected to keep its base interest rate on hold at 0.25% at its meeting on Thursday. However, the vote was closer than expected and the circling hawks caused a sell-off in Gilts and may have spoiled the outlook for sterling borrowing.

    15 Jun 2017

  • MSC cruises through records with unrated Swissie

    MSC Cruises, the European cruise company, raised Sfr335m ($343.34m) in the Swiss bond market on Thursday, a record size for an unrated issuer which left the market wondering if a new type of borrower has found a Swiss home.

    15 Jun 2017

  • Afreximbank USD750m 4.125% Jun 24

    15 Jun 2017

  • Lloyds Banking Group EUR1bn Jun 24 FRN

    15 Jun 2017

  • Floaters to benefit from hawkish Fed

    The US Federal Reserve raised its target rate on Wednesday and MTN bankers are hoping it will keep on a rising path — with floating rate note issuance set to benefit.

    15 Jun 2017

  • Landmark deals, SoFi bank charter generate buzz in MPL

    News of securitizations from Lending Club and Upstart, in addition to SoFi’s application for a bank charter, were the talk of the week, with market players pointing to these events as milestones for the marketplace lending industry.

    15 Jun 2017

  • AIG EUR1bn 1.875% Jun 27

    15 Jun 2017

  • UniCredit USD1bn 5.861% Jun 32 tier two

    15 Jun 2017

  • Rare issuers make most of excellent pre-summer conditions

    Remarkably supportive conditions in the euro market allowed some rare SSA names to pull off strong deals this week, including a debut in the currency and a return from a two year hiatus.

    15 Jun 2017

  • ALD achieves €5.8bn valuation as IPO attracts 150 investors

    ALD, the car leasing division of Société Générale, priced its €1.15bn Paris IPO near the bottom of its initial range on Thursday.

    15 Jun 2017

  • The Pained Trader: homo venditatio-mercator

    Making the most of my last days of freedom before reincarceration at the Salvation Bank Penitentiary for the Rehabilitation of the Impenitent, I received news of the UK election as I was crossing the border from Montenegro into Albania.

    15 Jun 2017

  • Investors gobble up green Apple

    Apple was ripe for the picking this week as investors gobbled up its second green bond offering. But dollar bond supply was otherwise subdued as issuers tip-toed around the two-day meeting of the Federal Open Market Committee (FOMC).

    15 Jun 2017

  • Yapi Kredi $500m 5.85% Jun 24

    15 Jun 2017

  • Wakkie joins ABN Amro

    Julie Wakkie has joined ABN Amro as head of equity syndicate in Amsterdam.

    15 Jun 2017

  • TD adds euro SSA and covered bond trading — primary push to follow?

    TD Securities has hired a trader to cover the euro SSA and covered bond markets, adding euro capacity to a bank that has focused mainly on dollars and other currencies so far. But SSA bankers warned that if the firm plans to break into the euro primary market, it could face a tough time.

    15 Jun 2017

  • Citi ups the ante in Europe

    A banner mandate for Santander underscores how far Citi has come in European investment banking, writes David Rothnie

    15 Jun 2017

  • Sub-benchmarks shine in IG market

    It is often suggested that issuers have to pay up for issuing sub-benchmark sized deals. However, this week two corporate issuers printed successful €300m transactions with little discernible premium compared to benchmark transactions.

    15 Jun 2017

  • People Moves In Brief — June 15, 2017

    HSBC hires Ritchie for UK banking — StanChart picks new Europe banking head — Exotix hires new head of research as MiFID II bites — Goldman quant trader heads to Barclays

    15 Jun 2017

  • Foncière des Régions attracts the discerning 10 year investors

    Foncière des Régions printed the only new corporate bond issue on Tuesday. The €500m 10 year deal got a similar reception to TenneT’s dual tranche deal the day before. The level of oversubscription was lower than other deals in recent weeks, but the order book was good quality.

    15 Jun 2017

  • Mavi Jeans gains 3.5% after TL744m Turkish IPO

    Shares in Mavi Jeans, the Turkish maker of designer denim wear, closed 3.5% higher following its stock market debut on Thursday, after the company priced its TL744.4m ($211m) IPO at the bottom of its price range on Monday.

    15 Jun 2017

  • TenneT green bond attracts quality bid

    TenneT, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue on Monday that was oversubscribed, but by less than other recent deals. However, the quality of the book helped both tranches perform in the secondary market.

    15 Jun 2017

  • If it ain't prime, it's subprime

    A trend in the US over the past couple of years has involved securitization issuers doing everything possible to avoid using the term subprime. Such verbal chicanery does their market no favours.

    15 Jun 2017

  • Belarus back for dollars as it bids to find support to fund weak economy

    Belarus will hit the road next week for a dual tranche dollar offering, in what could be its first successful attempt to access the market since 2011. Its economy is expected to contract 0.5% in 2017.

    15 Jun 2017

  • Popular writedown prompts sub debt rethink

    Second tier banks could find it harder to access the market for debt capital following Banco Popular’s resolution, as investors think twice about whether the risks of holding subordinated bank bonds are really worth the rewards.

    15 Jun 2017

  • Arrangers ease off as busy Schuldschein eyes records

    Roughly 40 transactions — if expectations are correct — will close this Schuldschein quarter, exceeding the record 35-37 deals priced in last year’s final quarter. But three Schuldschein bankers believe that if the market becomes even busier investors will be forced to decide between issuers, when, given more time, they would lend to more.

    15 Jun 2017

  • Indonesia’s borrowers ready to reap rewards of deeper debt markets

    As one of the fastest growing economies of all the G20 countries, Indonesia is on the up. Having taken some difficult decisions after coming to power in 2015, Joko Widowo’s administration is reaping the rewards with growth accelerating, a budget deficit below 3%, and inflation tamed. The benign economic background has helped the Indonesian government become one of the most sophisticated sovereign borrowers in the international market

    15 Jun 2017

  • AT&T shows sterling unaffected by UK government uncertainty

    US telecoms company AT&T returned to European markets on Wednesday with a £1bn September 2037 bond, as it followed up a €7bn multi-tranche deal it sold just a week earlier.

    15 Jun 2017

  • EU green finance group considering reg cap cuts

    Cutting regulatory capital charges for green loans is one idea being considered by the EU’s High Level Expert Group on Sustainable Finance, which is due to make its first report on July 18.

    15 Jun 2017

  • DoBank, Residential Secure Income to IPO

    The IPO market in EMEA has shrugged off the political turmoil that has engulfed the UK since the general election on June 8 resulted in a hung Parliament.

    15 Jun 2017

  • Trump stance throws doubt on TCFD hopes

    Hopes that the recommendations of the Task Force on Climate-Related Financial Disclosures will be adopted by the G20 have been cast into doubt by the US’s swing away from international action on climate change under President Trump, green finance experts said this week.

    15 Jun 2017

  • Investors should have trust, says Cinven partner

    At a panel discussion this week, a partner at Cinven said investors should trust sponsors to act responsibly, despite protection for debt investors disappearing in deal documentation.

    15 Jun 2017

  • Elbech brings global view to AIIB treasury

    Søren Elbech, recently appointed treasurer of the Asian Infrastructure Investment Bank, is one of the best known faces in the public sector bond market, having worked in it since 1991

    15 Jun 2017

  • CEE pings loudly on China’s economic radar

    Chinese cash may never quite come to dominate the CEE region. But it is here to stay

    15 Jun 2017

  • MSC cruises through records with unrated Swissie

    MSC Cruises, the European cruise company, raised Sfr335m ($343.6m) in the Swiss bond market on Thursday — a record size for an unrated issuer, which left the market wondering if a new type of borrower has found a Swiss home.

    15 Jun 2017

  • OBOR, Bond Connect to be RMBi breakthroughs, say experts

    The combination of China’s One Belt One Road (OBOR) policy and Bond Connect system will allow the renminbi to be used more widely as an international investment and reserve currency

    15 Jun 2017

  • China’s $900bn OBOR project hits security potholes

    China’s hopes of rewriting globalisation in its own image using the One Belt, One Road programme are running into trouble

    15 Jun 2017

  • Split BoE hits Gilts

    In contrast with its US counterpart this week, the Bank of England elected to keep its base interest rate on hold at 0.25% at its meeting on Thursday. However, the vote was closer than expected and the circling hawks caused a sell-off in Gilts.

    15 Jun 2017

  • Vitol borrows $700m for Petrol Ofisi acquisition

    VIP Turkey Enerji, a subsidiary of oil and commodity company Vitol, has signed a $700m syndicated loan with 14 banks to finance the acquisition of Petrol Ofisi, Turkey’s largest oil distribution company.

    15 Jun 2017

  • SSAs could break tradition with deals during big conference week

    Public sector borrowers could bring deals in euros and dollars next week, said SSA bankers, although supply is likely to be fairly muted with many funding officials descending on London for the annual Euromoney Global Borrowers conference.

    15 Jun 2017

  • BME Clearing expands into Latin America with a Colombian deal

    BME Clearing, the clearing division of Spanish exchange business Bolsa y Mercados Españoles, has reached an agreement for its technology to be used in the Colombian interest rate swap market.

    15 Jun 2017

  • Corporate market enjoys calm before jumbo storm

    The double whammy of the US Federal Reserve meeting and a public holiday across parts of Europe slammed the brakes on an already slow week of corporate bond issuance on Thursday. However, bankers are confident that the last few weeks of June will go out with a bang rather than a whimper.

    15 Jun 2017

  • Belmond, Kuoni enjoy market travels as Veritas returns

    VFS Global, the visa and passport services division of Kuoni, allocated its euro and sterling loan refinancing package this week, after increasing the euro offering and tightening pricing on both tranches.

    15 Jun 2017

  • Signs of issuers stirring to high yield charms

    The mystery of the European high yield paradox grew this week as investors began tucking into €4.5bn of new bonds amid all-time low yields. Yet they face a puzzlingly thin deal pipeline for the second half of the year. But dormant borrowers are starting to wake up to the joys of primary, said bankers and lawyers.

    15 Jun 2017

  • Kommunalkredit plans first public sector social covered

    Recently de-merged Kommunalkredit Austria (KA) has mandated leads to roadshow the first social covered bond ever to be issued from a public sector programme, and the first green bond from Austria. Rated Baa2, it is also set to be one of the weakest credits in the covered bond universe.

    15 Jun 2017

  • ABS begs for ECB to exit

    The structured product market is booming, with rampant investor demand leading to record-breaking tights in asset classes such as auto ABS. This has sparked fresh calls for the European Central Bank (ECB) to stop buying up paper in the market, writes Sam Kerr.

    15 Jun 2017

  • Pakistan bourse defies hurdles to find success with $43m IPO

    The Pakistan Stock Exchange (PSX) priced its IPO on Monday to raise Prp4.5bn ($42.8m), completing a demutualisation exercise and public offering that has been in the works for years. But while books were oversubscribed, the bourse had to contend with myriad challenges to get across the line, writes John Loh.

    15 Jun 2017

  • IPO sponsor fees hit new low as rivalry escalates

    Equity capital market participants were stunned this week when a US bank, thought to be Morgan Stanley, offered to charge nothing to be a sponsor of China Tower’s $10bn Hong Kong IPO — a highly unusual move even by the city’s ultra-competitive standards. But the aggression was not unique, as most banks asked for token fees in the hope of winning the mandate.

    15 Jun 2017

  • Ramadan delays loan deals in Middle East

    Ramadan, the Islamic holy month of fasting which began on May 26, has caused delays to loan deals that were expected to close this week in the Middle East, according to bankers in the region.

    15 Jun 2017

  • Bond markets size up second half after blockbuster H1

    After a barnstorming first half, Asia’s debt markets are looking forward to what H2 brings. Optimism is high after markets proved their ability to shrug off geopolitical tensions and widespread uncertainty, posting a sharp increase in first half volumes, writes Morgan Davis.

    15 Jun 2017

  • FIG supply lull to open doors for non-EU financials

    Well funded European financial institutions could take a step back from the euro market in the build up to the summer period, leaving it to firms from outside the region to keep FIG investors entertained in the coming months.

    15 Jun 2017

  • LEADING VIEW: Amando M. Tetangco, Jr.

    Anchoring the Philippine economy amid rough seas

    15 Jun 2017

  • Three Gorges green bond proves a blowout

    China Three Gorges Corp sealed its inaugural offshore green bond on Wednesday, raising €650m from a seven year deal. The notes were sold at a tight spread, with bankers saying that the “European style” execution was due to strong demand from investors.

    15 Jun 2017

  • Exotix hires new head of research as MiFID II bites

    Frontier and emerging markets specialist firm Exotix has hired Paul Domjan from Roubini Global Economics to head its newly created research, analytics and data division (RAD).

    15 Jun 2017

  • Yapi Kredi adds to busiest year for Turkish FI since 2014

    Yapi Kredi raised $500m with a seven year senior bond on Wednesday, bringing the total of Turkish bank issuance so far this year to $5.3bn.

    15 Jun 2017

  • Taiwanese banks rethink Panamanian syndications

    Panama severed diplomatic ties with Taiwan this week in favour of supporting China, leaving syndicated loans bankers in Taiwan divided about how the move will affect their business, as several Panamanian institutions have tapped Taiwanese bank liquidity for funds in the past. Shruti Chaturvedi reports.

    15 Jun 2017

  • Belarus looks for dollars to fund contracting economy

    Belarus will hit the road next week for a dual tranche dollar offering, in what could be its first successful attempt to access the market since 2011. Its economy is expected to contract 0.5% in 2017.

    15 Jun 2017

  • Tang to head Citic CLSA’s global IB unit

    Citic CLSA chairman Tang Zhenyi has taken charge of investment banking at the Hong Kong-based firm after Andrew Low moved to Australia in May, said sources.

    15 Jun 2017

  • People moves in brief, June 15, 2017

    ICBCI DCM co-head exits — Senior India departures at Barclays — CEB hires global markets deputy — ING appoints Asia levfin head

    15 Jun 2017

  • MoF preps dollar bond, halves CNH auction

    The Hong Kong Monetary Authority (HKMA) has released details of China’s first offshore renminbi auction of the year, following the Ministry of Finance’s announcement earlier this week that it is looking for Rmb14bn ($2.06bn) of CNH treasury bonds, and also planning its first dollar deal in over a decade.

    15 Jun 2017

  • IPO bankers love to horse around

    The last few weeks have been rough on my pals in the equity capital markets. Business has been booming, but equally competition has risen to a fever pitch.

    15 Jun 2017

  • FWD’s zero coupon structure doesn’t scare off investors

    FWD Group wowed the Asian dollar bond market with a rare $500m zero coupon subordinated perpetual non-call five deal this month, catching investor interest thanks to its backing by high-profile investor Richard Li.

    15 Jun 2017

  • StanChart picks new Europe banking head

    Standard Chartered has hired Clare Francis to be regional head of global banking, Europe. The former Lloyds banker will run its corporate and financial institution business in the region.

    15 Jun 2017

  • Goldman quant trader heads to Barclays

    A Goldman Sachs managing director is taking up a new job as head of cross-asset quantitative trading at Barclays.

    15 Jun 2017

  • Three Gorges prints debut euro green bond

    Hydropower company China Three Gorges Corp raised €650m from its inaugural offshore green bond, pricing it inside theoretical fair value. The issuer has a natural need for euros, and its deal, unlike most notes sold in the currency by Mainland issuers, was executed in a “European style” due to strong demand, said bankers.

    15 Jun 2017

  • Greenland looks for refi with short term bond

    Greenland Holding Group Company is out with a 363 day dollar bond on Thursday, its second outing with a short tenor but its first in the public format.

    15 Jun 2017

  • First Wizz Air block clears at 4.3% below the close

    On Wednesday evening, Indigo Partners, the private equity group, came to market to offload its entire 18.7% stake in Wizz Air Holdings, the London-listed Hungarian low-cost airline, through an accelerated bookbuild that was covered inside an hour.

    15 Jun 2017

  • Tang takes charge of Citic CLSA IB unit

    Citic CLSA chairman Tang Zhenyi is now in charge of investment banking at the Hong Kong-based firm following Andrew Low’s move to Australia, sources with direct knowledge of the matter said.

    15 Jun 2017

  • Hainan Airlines, Hilong ride on steady market post rate hike

    HNA Group company Hainan Airlines Holding Co rolled out a 364 day bond on Thursday, becoming the second issuer to seek a short-term deal recently. Meanwhile, Chinese oilfield equipment provider Hilong Holding is selling an inaugural three year note.

    15 Jun 2017

  • Barclays expects stable RMB before party congress

    Onshore and offshore RMB will stay put for the rest of 2017 as China seeks stability ahead of the country’s political transition in the autumn, said Mitul Kotecha, head of Asia FX and rates strategy at Barclays.

    15 Jun 2017

  • Australia bucking the trend on RMB adoption, says RBA

    The Reserve Bank of Australia gave a rare endorsement by a foreign central bank of China's renminbi internationalisation strategy, acknowledging that RMB activity in the Sydney hub was picking up despite the RMBi agenda suffering a setback globally.

    15 Jun 2017

  • Chile wraps tender offer with focus on 2042s

    Latin America’s best rated sovereign, Chile, has bought back $293m of its existing 2042s after receiving a strong response to the tender offer launched in conjunction with Tuesday’s dual tranche bond offering.

    15 Jun 2017

  • DB Argentina head departs

    Sebastián Reynal, Deutsche Bank’s chief country officer for Argentina, left the bank earlier this month, GlobalCapital understands.

    15 Jun 2017

  • Welk returns to timeshare ABS market

    Welk Resort Group is marketing a small timeshare offering after a two year absence, adding to the wave of esoteric issuance that has washed over the ABS market.

    14 Jun 2017

  • New Lending Club ABS deal structure a draw for investors

    Lending Club’s debut self-sponsored club deal offering, which was priced on Wednesday, drew praise from investors, who hailed the new deal structure.

    14 Jun 2017

  • Investors race to get in on latest auto ABS

    Santander Consumer Bank has taken pole position with its latest auto ABS offering by printing at the tightest spreads the securitization market has seen since the crisis.

    14 Jun 2017

  • China Three Gorges starts flow of Asian green bonds

    China Three Gorges Corp, the state-owned hydropower company, brought its first euro denominated green bond on Wednesday. The €650m seven year deal came a year after the company issued its first green bond in remnimbi.

    14 Jun 2017

  • BNP Paribas, Société Générale sell 6.3% of Euronext

    BNP Paribas and Société Générale sold a chunk of their holding in Euronext, the European stock exchange operator, through an accelerated bookbuild on Tuesday night.

    14 Jun 2017

  • Lagardere benefits from hitting the sweet spot

    Lagardere, the French media group, targeted investors' sweet spot at seven years with its €300m no-grow deal announced at the same time as an investor update call on Tuesday. On Wednesday the issuer was rewarded with an order book of over €1bn.

    14 Jun 2017

  • CDP brings home €1bn in benchmark comeback

    Cassa Depositi e Prestiti sold its first syndicated bond in over two years on Wednesday, returning to capital markets at a time when Italy’s political future looks the rosiest it has for months.

    14 Jun 2017

  • FIA speaks out against EC's clearing house relocation

    The Futures Industry Association (FIA) on Wednesday released a statement arguing that this week's European Commission proposals, which would allow continental regulators to force clearing houses' relocation to the EU, will create market disruption.

    14 Jun 2017

  • Sterling strength on show with AT&T

    A sterling transaction for US firm AT&T showed little sign of the stresses the UK is under after the telecoms company launched a £1bn September 2037 bond. The trade came with a negligible new issue premium.

    14 Jun 2017

  • TD Securities brings in euro trader for SSAs and covered bonds

    TD Securities has hired a trader to cover the euro SSA and covered bond markets, adding euro capacity to a bank that has focused mainly on dollars and other currencies so far.

    14 Jun 2017

  • Enter Stage Entertainment for €355 div recap

    Dutch musical theatre group Stage Entertainment, producer of shows including The Lion King and Mamma Mia!, debuted in the leveraged finance market this week for a €355m term loan to pay a dividend recapitalisation to sponsor CVC, after the latter’s majority investment in the firm in 2015 was unusually an all equity deal.

    14 Jun 2017

  • LBP wins strong covered bond reception

    La Banque Postale (LBP) attracted strong demand for its 10 year covered bond issued on Wednesday and priced the deal flat to where compatriot Crédit Agricole’s 10 year was trading in the secondary market.

    14 Jun 2017

  • Euro CLO market builds momentum

    A number of new European CLOs are in the works, with European issuers taking advantage of positive momentum following the Global ABS conference in Barcelona last week to print new deals.

    14 Jun 2017

  • Vimpelcom prices $1.5bn to fund identity transition

    Vimpelcom raised $1.5bn at its holding company level on Tuesday, as it looks to complete its transition into a more streamlined, western-looking borrowing entity. Though it appears to be looking to shake off its Russian associations, investors say the risk is still the same.

    14 Jun 2017

  • Deutsche Hypo scrapes over Pfandbrief finishing line

    Deutsche Hypo managed to attract only a just subscribed order book for its €500m eight year covered bond this week, despite paying an attractive new issue premium. Bankers on the deal dismissed concern that uncertainty over the issuer’s future ownership had worried investors and blamed market conditions instead.

    14 Jun 2017

  • Ocado delivers fresh debut

    Buyers of sterling high yield bonds were set to show what they make of the June 8 elections in the UK, and the country's economic landscape on Tuesday, as online grocer Ocado priced the first all-round domestic deal since the vote.

    14 Jun 2017

  • Ecofin hopes to end ‘urgent’ work on creditor hierarchies

    EU finance ministers aim to agree on Friday on the creation of the non-preferred senior asset class, as proposed last November by the European Commission to ensure a uniform implementation Total Loss-Absorbing Capacity requirements.

    14 Jun 2017

  • UPC doubles up on dozen year deals in euro HY market

    Swiss telecoms UPC Holding, a Liberty Global subsidiary, brought its second 12 year bond offering on Wednesday, the longest maturity sold in the European high yield market so far this year.

    14 Jun 2017

  • Lloyds beefs up holdco stack with post-election FRN

    Lloyds was selling a seven year floater from its holding company on Wednesday, in a deal that bankers described as a post-election ‘vote of confidence for the UK’ following the general election.

    14 Jun 2017

  • Yapi Kredi brings juicy seven year as GDP ticks up

    Yapi Kredi hit screens on Wednesday with a new seven year note and will be hoping to capitalise on more positive economic indicators from Turkey, while offering some juice to overcome any investor fatigue around buying Turkish bank debt, according to a buy-side analyst.

    14 Jun 2017

  • Popular issues ‘siloed’ as Deutsche Pbb eyes first T2

    Germany’s Deutsche Pfandbriefbank (Deutsche Pbb) will meet investors next week ahead of its inaugural tier two deal, as market participants appeared to shrug off the consequences of Banco Popular’s resolution last week.

    14 Jun 2017

  • Levfin issuers finally jump into sea of liquidity

    On paper, the message from investors in the European leveraged finance market appears to be: ‘What are you waiting for?” Finally, this week, issuers appeared to have obliged them.

    14 Jun 2017

  • Plenty to buy as EM bull run extends

    EM investors have had plenty to play for this week with a boost to Turkish GDP buoying support for Yapi Kredi, and more Russian supply. Qatar remains one to watch however, though the country’s fundamentals have not changed.

    14 Jun 2017

  • MPIC bags $256m from Meralco selldown

    Metro Pacific Investments Corp raised Ps12.7bn ($256m) from a selldown in Manila Electric Co (Meralco) on Tuesday that effectively boosted, rather than cut, its stake in the latter.

    14 Jun 2017

  • Fed sidelines dollar deals for SSAs but euros still live

    All the action in the SSA bond markets switched to euros on Wednesday morning with the US Federal Reserve's imminent decision on interest rates quieting the dollar market.

    14 Jun 2017

  • CIMB ties up larger $500m syndicated loan

    Malaysia's CIMB has increased the size of its syndicated loan to $500m from $400m, raising the additional amount as a separate facility from banks that joined as mandated lead arrangers during senior syndication.

    14 Jun 2017

  • UK banks hit holdco despite political uncertainty

    Investors may require a higher premium of UK banks as they return to the capital markets following last week’s general election, which has made the future of the nation’s politics very uncertain.

    14 Jun 2017

  • No fee bid for China Tower IPO as rivalry heats up

    Banks competing for a role on China Tower’s planned $10bn IPO in Hong Kong have tried to elbow each other out by lowballing sponsor fees, with one US bank even offering to charge nothing to be a sponsor.

    14 Jun 2017

  • GRCB prices $1bn HK listing near middle of range

    Guangzhou Rural Commercial Bank Co got its HK$8.06bn ($1.03bn) Hong Kong IPO away on Wednesday, pricing the shares just below the middle of the offered range.

    14 Jun 2017

  • EMEA IPO market shrugs off UK election shock

    The IPO market in EMEA has been unaffected by the political turmoil that has engulfed the UK, after the general election last Thursday resulted in a hung parliament. One of the largest and most important IPOs of the year achieved coverage on the first day of bookbuilding this week, and several more deals have been announced.

    14 Jun 2017

  • Investors grab aggressive Mphasis debut

    The private equity majority owners of Indian IT company Mphasis raised $500m on Tuesday from a five year non-call two deal, despite it having a structure that is quite unfriendly to bondholders.

    14 Jun 2017

  • Minimum yield out for Kaisa’s exchange offer

    Once troubled Chinese property developer Kaisa Group Holdings, which launched an exchange offer last week, has released minimum yields on the four sets of new fixed rate notes that will replace its outstanding variable rate senior bonds.

    14 Jun 2017

  • Tejas, GTPL India floats in the spotlight

    Tejas Networks launched its Rp7.8bn ($120.8m) India IPO on Wednesday with Abu Dhabi Investment Authority as the largest anchor investor.

    14 Jun 2017

  • Total Derivatives: CNY front end drives bull steepening

    Domestic data in China is mostly in line with market expectations. However, mild losses in equities has prompted some receiving at the shorter end of the CNY NDIRS curve, driving a bull steepening move to the belly of the curve, writes Deirdre Yeung of Total Derivatives.

    14 Jun 2017

  • Essence International out for HK$1bn dual trancher

    Chinese firm Essence International Financial Holdings has approached lenders for a HK$1bn ($128m) borrowing.

    14 Jun 2017

  • More understanding of OBOR financing needed, says HK's Chan

    There is a lot of market interest in One Belt One Road, but there is little understanding of how OBOR’s financing will work, said Hong Kong’s secretary for financial services and the treasury KC Chan, who reckons the city will play a key role in bridging the knowledge gap.

    14 Jun 2017

  • Min Xin $107m cash call undersubscribed

    Min Xin Holdings’ rights issue to raise HK$827m ($107m) was severely undersubscribed, forcing its major shareholder to take up the remaining stock.

    14 Jun 2017

  • CEB hires new DCM head in Hong Kong

    China Everbright Bank Hong Kong has hired Zoie Teng from Shanghai Pudong Development Bank for a newly created position.

    14 Jun 2017

  • Kirkland brings new corporate partner on board

    Chicago-headquartered Kirkland & Ellis has poached a lawyer with 15 years of experience for its corporate practice in Hong Kong.

    14 Jun 2017

  • Three Gorges opts for euros for green debut

    State-owned hydropower company China Three Gorges Corp is marketing its maiden international green bond denominated in euros. The firm raised Rmb6bn ($900m) from an onshore green outing two years ago.

    14 Jun 2017

  • Bond Connect blueprint confusing, say market participants

    The upcoming Bond Connect has generated a lot of interest, but not all market participants are pleased with China’s latest attempt to entice foreign investors, with some seeing the new scheme as a confusing addition to an already complex investment landscape.

    14 Jun 2017

  • Dominican Republic, Arcor jump on rally

    Two high yield borrowers made it six Latin America new issues for the week as both the Dominican Republic and Argentine confectionary maker Arcor tap existing bonds at record yields.

    14 Jun 2017

  • Chile goes for dual currency as Lat Am investors squeezed

    Latin America bond investors saw another day full of new issues but lacking in juice as the region’s best rated sovereign, Chile, led the way with a euro and dollar deal.

    14 Jun 2017

  • Domino’s Pizza adds dough to ABS delivery

    The bookrunners of a refinancing transaction for Domino’s Pizza increased the size of the deal before pricing on Monday, amid a spike in deal activity for whole business ABS.

    13 Jun 2017

  • Elis plans over £1.3bn of debt for Berendsen acquisition

    French laundry services firm Elis has signed a bridge facility with two relationship banks for its £2.2bn acquisition of UK competitor Berendsen, having announced it will fund the 63% cash portion of the deal through third party debt.

    13 Jun 2017

  • Renovate America promotes Moore to chief lending officer

    Property Assessed Clean Energy (PACE) provider Renovate America has promoted Patrick Moore, the president of its licensed lending subsidiary, to the newly created position of chief lending officer.

    13 Jun 2017

  • HSBC hires Ritchie for UK banking

    HSBC has hired Rob Ritchie as co-head of global banking, UK.

    13 Jun 2017

  • Venezuelan bonds: a moral minefield

    No matter how you choose to invest in Venezuela, you run into questions of morality. There may be no perfect way to buy Venezuelan bonds, but there is certainly a dubious way.

    13 Jun 2017

  • Hong Kong and Australian regulators join up for fintech cooperation

    The Hong Kong securities and futures commission — HKSFC — has entered into an agreement with the Australian securities and investments commission — ASIC — to establish a framework for cooperation on fintech.

    13 Jun 2017

  • Gambling firms set to punt on levloans

    Primary high yield bond issuance from the gambling industry will be rare this year, Moody’s said in a report on Tuesday. But the story may be different in the leveraged loan market.

    13 Jun 2017

  • CPPIB makes euro debut as CDP lines up return

    A trio of euro borrowers launched trades and a fourth picked banks on Tuesday in a market buoyed by a perceived renewal of European political unity following welcome results in elections in France and Italy at the weekend.

    13 Jun 2017

  • Société Générale's €1.3bn IPO of ALD is covered at max

    The IPO of ALD, the car leasing division of Société Générale, is covered at its maximum size including the greenshoe, ahead of the end of the bookbuild on Thursday.

    13 Jun 2017

  • Corporate bond issuance slows ahead of FOMC

    Although sentiment around the euro corporate bond market is favourable, following Emmanuel Macron’s party’s decisive results in French parliamentary elections on Sunday, only one new issue and one tap hit investors’ screens on Tuesday.

    13 Jun 2017

  • EC bangs the drum on euro clearing relocation

    The European Commission on Tuesday sent the strongest signal yet that continental politicians will work to wrestle euro clearing activity away from the UK as its exits the European Union.

    13 Jun 2017

  • KBN ‘banishes KommuneKredit trade’ with bumper book

    Kommunalbanken built a doubly subscribed book on Tuesday for a long three year dollar deal that bankers said should give confidence to the market after a similar trade from KommuneKredit two weeks ago fell short of full subscription.

    13 Jun 2017

  • AIB IPO covered, valuation could be €13.3bn

    The €3bn IPO of Allied Irish Banks, the Irish banking group, was covered at its maximum size including the greenshoe by the end of the first day of the bookbuild on Tuesday. The deal could value the rescued financial institution at up to €13.3bn if it is priced at the top of its range.

    13 Jun 2017

  • UK doesn’t have a clue on Brexit

    Financial analysts and investors trying to make sense of what the UK general election result means for the upcoming Brexit negotiations should take a step back and ignore what they read for some time. The British government is clueless on its approach to Europe.

    13 Jun 2017

  • NLFI’s third ASR Nederland block covered in half an hour

    On Monday night, NLFI, the organisation that manages the investments of the Netherlands, completed the sale of another chunk of its stake in ASR Nederland, the insurer nationalised during the financial crisis.

    13 Jun 2017

  • Klöckner merger forecast to bring Ebitda over €300m, but eight times levered

    Germany's Klöckner Pentaplast’s merger with UK competitor Linpac will create a global player in the packaging sector, the firm said on Tuesday, with an Ebitda of over €300m. The debt backing the merger will bring leverage at the firm to over eight times Ebitda, however, according to S&P, and one investor said he was concerned the deal could follow the market trend in becoming too aggressive.

    13 Jun 2017

  • Afreximbank on track to extend dollar curve

    Afreximbank had taken books of $2bn for its new seven year note on Tuesday morning as the bid for African credit gathered pace.

    13 Jun 2017

  • Investors drawn to Uruguay’s nominal peso debut

    South American sovereign Uruguay followed up its lowest inflation print for 12 years with its first ever nominal global peso-denominated bond on Monday.

    13 Jun 2017

  • Multi-faceted appeal boosts Globalworth

    Romania-focussed Globalworth Real Estate Investments drew support from a variety of investors for its debut bond, which included a large cornerstone order from a financial institution, to price a €550m deal at 3% on Monday.

    13 Jun 2017

  • Petroperu pounces as investors seek Peru paper

    Bond investors shrugged off state-owned oil company Petroperu’s low credit quality to pile into its debut deal in remarkable fashion as the issuer sold 15 and 30 year bonds at a tighter spread to the sovereign than its Mexican counterpart Pemex.

    13 Jun 2017

  • Deutsche Hypo mandates as NordLB considers sale of bank

    Deutsche Hypothekenbank has mandated leads for its first deal of the year, weeks after its owner NordLB said it was considering a sale of the bank. The high quality cover pool and choice of German law as the governing code will stand the deal in good stead, but uncertainty over borrower's future ownership could complicate matters.

    13 Jun 2017

  • Natixis hires new global structured credit head

    Natixis has appointed Emmanuel Issanchou as global head of structured credit and solutions, based in London.

    13 Jun 2017

  • Mercedes markets over €1bn of Silver Arrows

    Mercedes-Benz Bank (MB Bank) is looking to sell $1.1bn of senior auto ABS notes, backed by a portfolio of German retail auto loan receivables.

    13 Jun 2017

  • SEB gets tight covered pricing in tired mart

    SEB issued a tightly priced €1bn seven year covered bond on Tuesday, but the slim scale of oversubscription reflected investors’ resistance in the fatigued market.

    13 Jun 2017

  • MoF halves 2017 CNH bond auction, preps rare dollar deal

    China's Ministry of Finance announced on Tuesday that it will be issuing a total of Rmb14bn ($2.06bn) of offshore renminbi treasury bonds this year, and will also sell its first dollar deal in over a decade in the second half.

    13 Jun 2017

  • Born again Vimpelcom back for dollars

    Russian supply is trickling through after Tinkoff Bank placed the sole deal from the region last week with Vimpelcom taking books on Tuesday of over $3bn at for a dual tranche offering, and Eurochem back for a another bite of the capital markets cash.

    13 Jun 2017

  • Buriram Sugar to list $150m infra fund in Q4

    Thailand’s Buriram Sugar has filed for an infrastructure fund listing that could raise $150m, according to sources close to the deal.

    13 Jun 2017

  • Huarong AMC looks to replenish AT1 capital

    China Huarong Asset Management Co is planning to raise funds through a non-public issuance of offshore preference shares.

    13 Jun 2017

  • Soechi delays dollar debut as market turns choppy

    Indonesia’s Soechi Lines postponed a dollar bond on Monday because of uncertain market conditions and severe weather in Hong Kong, and it plans to engage with investors at another time. The pulled deal raised questions about whether the pricing on offer was enough to maintain the buy-side’s interest in the first place.

    13 Jun 2017

  • Shui On builds 7x demand for senior perp

    Shui On Land priced its senior perpetual bond on Monday in a busy primary market in Asia ex-Japan. The $500m trade was multiple times covered, as demand for perps continues to be strong in the region.

    13 Jun 2017

  • MPIC eyes $256m block to boost Meralco stake

    Metro Pacific Investments Corp (MPIC) launched a trade on Tuesday evening designed to reduce its direct stake in Manila Electric Co (Meralco) while boosting its indirect holdings.

    13 Jun 2017

  • 364 day bonds is no easy fix for NDRC headache

    Fantasia Holdings Group Co surprised markets last week with a 364 day bond, opting for a short-term note to circumvent delays in offshore funding approval from the Chinese regulator. At first glance, the notes appear to offer a quick solution for property companies with looming funding requirements — but borrowers should take a closer look at the many disadvantages that come with such short term deals.

    13 Jun 2017

  • ING appoints new Asia levfin head in SG

    ING Bank has relocated a leveraged finance banker from London to Singapore to head structured acquisition finance and sponsor coverage in Asia.

    13 Jun 2017

  • EWP breezes into market for $500m

    Korea East West Power Co (EWP) broke back into the market after a three year hiatus, grabbing $500m from a five year bullet on Monday.

    13 Jun 2017

  • Pakistan signs up 10 for $650m financing

    Pakistan has signed its largest offshore syndicated loan on record, a $650m one year financing, with a group of 10 banks, said sources.

    13 Jun 2017

  • Clydesdale plans debut holdco ahead of Brexit negotiations

    With market participants more focused on Brexit than the UK election result, Clydesdale announced plans to sell its first senior unsecured bonds from its holding company.

    13 Jun 2017

  • Lloyds aims to shift up to 20% of its opco debt

    Lloyds Bank has launched cash tender offers for about £6bn of dollar, euro and sterling senior bonds, as the UK financial institution looks to shrink the pool of outstanding notes issued from its operating company (opco).

    13 Jun 2017

  • Astra Sedaya exits with bigger $300m facility

    Astra Sedaya Finance (ASF) has doubled the size of its offshore loan to $300m on the back of demand from 14 banks during general syndication.

    13 Jun 2017

  • Indonesia's Japfa, Lippo pull investor interest

    Japfa Comfeed Indonesia and Lippo Malls Indonesia Retail Trust wrapped up their fundraisings successfully on Monday while Soechi Lines was forced to pull its debut deal.

    13 Jun 2017

  • Traditional medicine company seals Panda in tough market

    China Traditional Chinese Medicine Holdings (CTCM) this week issued its second Panda bond, raising Rmb2bn ($294.2m) from a three year note amid difficult market conditions.

    13 Jun 2017

  • Popular resolution to widen gap between ‘haves and have nots’

    The difference in trading levels between well capitalised and thinly capitalised banks could increase following Banco Popular’s resolution, making it more difficult for some banks to access the market for subordinated debt.

    13 Jun 2017

  • Mu Sigma $400m financing bags five commitments

    A $400m fundraising for Indian data analytics firm Mu Sigma has received commitments from five banks. Syndication for the deal, which was launched in March, remains open at the sub-underwriter level.

    13 Jun 2017

  • ICBCI DCM co-head makes exit

    ICBC International has lost its co-head of debt capital markets in Hong Kong, GlobalCapital Asia understands.

    13 Jun 2017

  • Reliance General latest FIG to join IPO queue

    Reliance General Insurance Co (RGI) has added its name to the growing list of Indian insurers seeking an IPO, after its board approved the listing on Monday.

    13 Jun 2017

  • CDSL gears up for first India depository IPO

    Bombay Stock Exchange-backed Central Depository Services India (CDSL) is set to bring the country’s first IPO of a securities depository, with its Rp5.2bn ($81.4m) deal launching next week.

    13 Jun 2017

  • Mphasis SPV rolls out senior secured deal

    Marble II, a special purpose investment holding company of Indian IT firm Mphasis, started taking bids for a senior secured five non call two year bond on Tuesday.

    13 Jun 2017

  • Citic CLSA hires new Singapore unit head

    Citic CLSA has hired a longtime southeast Asia ECM banker as head of Singapore corporate finance and capital markets, sources close to the move said.

    13 Jun 2017

  • Lending Club markets first sponsored deal

    San Francisco-based online platform Lending Club is sponsoring its first multi-seller securitization, which is backed by a portfolio of near-prime consumer loans.

    12 Jun 2017

  • Diplomatic crisis with Qatar may hurt aircraft ABS – S&P

    The severance of trade and transport ties between Qatar and several Gulf states on June 5 could negatively impact aircraft ABS transactions with exposures to Qatar Airways, according to a recent research note by S&P Global.

    12 Jun 2017

  • Corporate bond market buoyant as En Marche heads for power

    The euro corporate bond market started the week on the front foot after French president Emmanuel Macron’s party won the first round of parliamentary elections on Sunday and set up a likely landslide win in the National Assembly vote on June 18.

    12 Jun 2017

  • KBN and IADB line up dollar deals ahead of likely Fed hike

    A pair of SSAs are set to nip in with dollar deals ahead of a US Federal Open Market Committee meeting on Wednesday at which investors overwhelmingly expect a target rate rise — although the strength of that expectation has dipped slightly.

    12 Jun 2017

  • ISDA warns EC on euro clearing location policy

    The International Swaps and Derivatives Association (ISDA) has advised European Commission officials against legislating to relocate the clearing of euro denominated products to the Eurozone.

    12 Jun 2017

  • Tennet’s €1bn green bond suggests cooler appetite

    Tennet, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue today that was oversubscribed, but by less than has been common, suggesting that demand for corporate bonds may be cooling.

    12 Jun 2017

  • BNG opens up euro mart giddy with election euphoria

    Bank Nederlandse Gemeenten slam-dunked a single day euro execution on Monday into a market buzzing from a pair of eurozone election results over the weekend. Another two issuers have lined up euro deals — including one debut.

    12 Jun 2017

  • Sterling already back on menu as Compass roadshows

    Compass Group, the UK food service company, has hired banks for a potential euro or sterling bond issue, though some investors have doubts as to whether the sterling credit market can shrug off the uncertainties of UK politics.

    12 Jun 2017

  • HY investors salute Italian railway operator debut

    Nuovo Transporto Viaggiatori ran a four day roadshow for its first bond this week, as the market welcomed a €4bn deal pipeline.

    12 Jun 2017

  • Nord Anglia leads leveraged buyout charge into loans

    A slew of event-driven deals were launched into the leveraged loan market this week, joining Lindorff’s €3bn high yield offering in electrifying leveraged finance new paper issuance and catching some investors by surprise.

    12 Jun 2017

  • SGX rolls out total return futures for Asia

    Singapore Exchange (SGX) has introduced net total return futures on four Asian markets.

    12 Jun 2017

  • AIG hits euro market after sitting out ‘challenging week’

    American International Group (AIG) sold bonds in euros for the second time since the financial crisis on Monday, choosing to come to the market after the UK election and before the summer lull.

    12 Jun 2017

  • Three auto deals hit market following Global ABS

    Investors are looking at three auto ABS offerings, from Santander Consumer Bank, Mercedes-Benz Bank and FCA Bank, following the Global ABS conference.

    12 Jun 2017

  • Covered supply hopes improve ahead of half year end

    Covered bond supply is expected to remain active as borrowers are planning strategic deals ahead of the half year end. Leeds Building Society is the latest issuer to add its name to the pipeline.

    12 Jun 2017

  • Intrum Justitia unveils €3bn HY extravaganza

    Covering four tranches, two currencies and fixed and floating rate payouts, what could be the largest high yield bond since April 2016 hit screens on Monday as Intrum Justitia embarked upon a week-long roadshow for a €3bn bond.

    12 Jun 2017

  • LCH hires global head of rates from within

    London based clearing house LCH on Monday announced it had appointed Michael Davie to the position of global head of rates.

    12 Jun 2017

  • Sibanye Gold’s $1bn rights issue multiple times covered

    Sibanye Gold, one of the largest South African gold mining companies, has raised R13.5bn ($1bn) to refinance its acquisition of Stillwater in the US, after its rights issue was multiple times oversubscribed.

    12 Jun 2017

  • UniCredit eyes dollars for T2 return after Popular writedown

    UniCredit was looking to extend its global reach with a new dollar tier two on Monday, following last week’s ‘big shock’ for the market when all of Banco Popular’s tier two debt was effectively written down.

    12 Jun 2017

  • Citi hires HY salesman following departure from BNP Paribas

    Citi has hired a senior high yield bond salesman to its team in London, after his recent departure from BNP Paribas.

    12 Jun 2017

  • Investec markets $300m loan following downgrade

    Investec Bank launched a $300m two year term loan this week to refinance a three year facility signed in February 2015. The deal comes after Moody's downgraded South Africa's five biggest banks on Monday, following the sovereign downgrade last Friday.

    12 Jun 2017

  • Twin Bridges BTL RMBS marketing as TFS continues to hurt supply

    Twin Bridges 2017-1, a UK buy-to-let RMBS deal issued by Fortress subsidiary Paratus AMC, is being marketed to RMBS investors eager for exposure to UK mortgages.

    12 Jun 2017

  • Romania-focused fund talks threes for debut bond

    Globalworth Real Estate Investments, a fund which focuses on Romania, was out on Monday with guidance for its debut five year benchmark after a roadshow prolonged by European holidays.

    12 Jun 2017

  • South Africa survives junk rating, but only just

    Systemic corruption, excessive reliance on the courts, and risk of judicial overreach will erode institutional strength, and weigh on growth in South Africa, said Moody’s on Friday as it lowered the country’s rating to Baa3 from Baa2.

    12 Jun 2017

  • Wockhardt, Lakshmi Vilas eye new fundraisings

    Wockhardt and Lakshmi Vilas Bank are joining the equity raising bandwagon in India as they hunt for new capital.

    12 Jun 2017

  • GCL-Poly Energy hunts for $200m in syndication

    GCL-Poly Energy Holdings, which makes polysilicon and silicon wafers for solar power generation, has picked two lenders to arrange a $200m fresh money borrowing.

    12 Jun 2017

  • Hang Seng brings in HSBC banker as CEO

    Rose Lee will retire as Hang Seng Bank’s vice-chairman and chief executive on July 1 and will be replaced by a senior HSBC Holdings banker.

    12 Jun 2017

  • Jeil opens books for $410m Kosdaq IPO

    Jeil Holdings Co has launched a W462.6bn ($409.5m) float in South Korea, seeking new capital via two domestic bookrunners.

    12 Jun 2017

  • Argentina’s tightest corporate to make comeback

    Argentine candy maker Arcor is looking to tap its existing dollar-denominated 2023s as soon as Tuesday after mandating the same three banks that ran its original bond issue to manage the deal.

    12 Jun 2017

  • IIF seeks retail liquidity for $150m IFC-backed loan

    International Finance Corp (IFC) and ANZ have launched a $150m fundraising for Indonesia Infrastructure Finance (IIF) into syndication.

    12 Jun 2017

  • Road King gauges appetite for $300m spin-off

    RKE International Holdings (RKE) has kicked off pre-deal investor education for a listing in Hong Kong that could raise up to $300m.

    12 Jun 2017

  • EWP in dollar comeback after three year break

    Korea East West Power Co (EWP) opened books for a dollar deal at the Asia open on Monday, making a comeback to the debt market after a three year hiatus.

    12 Jun 2017

  • Lippo Malls trust looks for Sing dollars

    Lippo Malls Indonesia Retail Trust has opened books for a Singapore dollar perpetual non call 5.5 year offering, as two of its compatriots also hit the offshore market.

    12 Jun 2017

  • Xin Point starts bookbuild for $110m float

    Xin Point Holdings has opened books on a HK$855m ($110m) Hong Kong IPO with a single cornerstone investor taking up 25% of the deal.

    12 Jun 2017

  • Japfa Comfeed reopens popular $150m five year print

    Japfa Comfeed Indonesia is one of three names from the country in the debt market on Monday, opening a tap of its five non call three bonds printed three months ago.

    12 Jun 2017

  • Shui On markets perp, Brightoil mandates for debut

    Shui On Development (Holding) has become the latest Asian issuer to announce a senior perpetual bond, while Brightoil Petroleum (Holdings) has hired two firms to work on an offshore outing.

    12 Jun 2017

  • This week in renminbi: June 12, 2017

    People’s Bank of China (PBoC) plans new bitcoin regulations, Stock Connect southbound flows hit new highs, financing costs of renminbi bonds are cheaper offshore than onshore for the first time in 28 months.

    12 Jun 2017

  • Indonesia's Soechi sets sail with dollar debut

    Indonesia’s Soechi Lines opened books for a five non call three year on Monday morning, its inaugural dollar transaction.

    12 Jun 2017

  • Portugal’s declining risks should return its complement of investment grades

    It won the Euros, it won Eurovision – now it is time to win back its lost investment grades.

    09 Jun 2017

  • Agrokor gets new €400m loan but Sberbank fights it

    Agrokor has signed a new €400m facility with Knighthead Capital Management and Zagrebačka banka, UniCredit’s Croatian subsidiary, to enable it to keep operating.

    09 Jun 2017

  • SSA secondary pricing update: featuring ESM's 2046 tap

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    09 Jun 2017

  • Levfin market brushes off UK political turmoil

    The European leveraged finance market was calm on Friday, despite the Conservative Party losing its majority after Thursday's UK general election and being forced to cobble together an agreement with a Northern Ireland political party to form a government.

    09 Jun 2017

  • Swedish FSA plans should improve covered bond quality

    The Swedish financial supervisory authority (Finansinspektionen) has proposed tightening mortgage lending criteria in an effort to slow growth in household debt, a decision which analysts believe is likely to be positive for covered bonds.

    09 Jun 2017

  • EC to propose EU covered bond framework

    The European Commission (EC) has confirmed it wants to create a more integrated covered bond framework in the European Union and explore the possibility of developing a market for European Secured Notes. Proposed amendments to the framework are likely to prove 'controversial', said market participants.

    09 Jun 2017

  • Bank of Queensland to market new covered bond programme

    The Bank of Queensland (BOQ) has mandated joint leads to roadshow its newly set up conditional pass-through (CPT) A$3.25bn (€2.18bn) covered bond programme.

    09 Jun 2017

  • Shock election result can’t tarnish corporate market lustre

    The corporate credit market has given an almighty shrug on Friday to the surprise UK election result that came in overnight, with primary issuance expected to resume as normal next week helped by technical factors.

    09 Jun 2017

  • Equity volatility falls as UK politics thrown into turmoil

    The UK's shock election result, in which prime minister Theresa May failed to secure a majority, has led to a slight fall in equity volatility, as the FTSE 100 rose on a weaker pound and European stocks rallied.

    09 Jun 2017

  • FIG market to remain strong and stable after UK election result

    Market participants were unfazed by the hung parliament result in the UK election on Friday morning.

    09 Jun 2017

  • UK election surprise to ‘throw up opportunities’ in sterling

    A shock result in the UK general election on Thursday had little effect on the Gilt and sterling SSA market on Friday, leaving the door open for any issuers considering deals next week, said bankers. The medium term picture may be harder to glean, however, with sterling’s fall against the dollar potentially impacting the cross currency basis swap between the two.

    09 Jun 2017

  • ECM takes an election blow but calm: AIB will be big test

    Equity capital market bankers are dazed but calm this morning, after the UK's shock general election result produced a hung parliament, in which it may be very difficult for any party to form a stable government.

    09 Jun 2017

  • RMB round-up: FX reserves rise for fourth consecutive month, China to open up domestic futures market, Ford China’s financial arm issues RMB bonds

    China’s FX reserves rise for the fourth consecutive month in May, a Chinese securities regulator says the country will start allowing foreign investors to trade commodities futures onshore, and Ford Motor’s onshore financial arm issues RMB-denominated bonds.

    09 Jun 2017

  • FWD stuns Asia market with zero-coupon first

    FWD Group raised $500m from a rare zero coupon subordinated perpetual non call five on Thursday, which bankers said works for the Richard Li backed company but is unlikely to catch on with other issuers.

    09 Jun 2017

  • Invitations out for IndusInd $300m loan for GIFT City branch

    Indian lender IndusInd Bank has rolled out its first Taiwan-targeted syndicated loan via four mandated lead arrangers and bookrunners.

    09 Jun 2017

  • AMTD seals rare senior perp from Hong Kong

    AMTD Group Company priced its second international bond on Thursday, also the only senior perpetual transaction from an unlisted, unrated Hong Kong-based borrower. The lack of suitable comparables posed a challenge, with the issuer deciding to leave some money on the table to support the aftermarket performance.

    09 Jun 2017

  • Piramal taps banks for $778m QIP as Eris sets price range

    Piramal Enterprises has mandated Citi, Kotak Mahindra Capital and Morgan Stanley to help it raise Rp50bn ($778m) via a qualified institutional placement, sources said.

    09 Jun 2017

  • Three open books for AL Learning S$178m recap loan

    AL Learning, an education company backed by private equity firm Advent International, has approached banks for a S$178m ($128.8m) loan through three mandated lead arrangers and bookrunners.

    09 Jun 2017

  • HNA Holding to roadshow in HK for new bond

    HNA Group company Hainan Airlines Holding Co will meet investors in Hong Kong next week for an unrated senior bond denominated in dollars

    09 Jun 2017

  • Xinyi Solar $195m rights see big oversubscription

    Xinyi Solar Holdings raised HK$1.5bn ($194.5m) from a rights offering after investors flooded into the deal, the company said.

    09 Jun 2017

  • Investors storm into $103m Johnson Electric block

    A shareholder in Johnson Electric Holdings sold down its stake for HK$800m ($103m) on Thursday, in a deal buoyed by a surge in demand from long-only funds that surprised even the lead.

    09 Jun 2017

  • Evergrande pushes out maturity with exchange offer

    China Evergrande Group is readying investors for an exchange and new money offering, as the property company looks to deleverage.

    09 Jun 2017

  • Traditional medicine company returns for Panda dose

    China Traditional Chinese Medicine Holdings is returning to the Panda bond market for Rmb2bn ($294.2m) three year notes, according to documents filed with Shanghai Clearing House.

    09 Jun 2017

  • Asia Broadcast transmits $280m to 14 lenders

    A $280m refinancing for Kingsbridge, the holding company of cable TV service provider Asia Broadcast Satellite (ABS), has been allocated among 14 lenders.

    09 Jun 2017

  • People Moves In Brief, June 8, 2017

    Mizuho hires US FRN trader — Barclays ABS strategist returns to Kroll — Intertrust appoints global head of capital markets from BAML

    09 Jun 2017

  • Desperate Venezuela defaults to Russia amid bond fire sale

    Venezuela and state oil and gas firm PDVSA bonds tumbled this week as the government missed a payment on a loan to Russia, continued to seek new funds at what one analyst called “loan shark” rates, and was dealt a further blow as oil prices slumped.

    08 Jun 2017

  • Uruguay preps global pesos in quiet Lat Am

    South American sovereign Uruguay is likely to be the next Latin American issuer to tap debt markets as it wraps up an international roadshow ahead of a planned Uruguayan peso-denominated fixed rate bond issue.

    08 Jun 2017

  • Louis Dreyfus USD300m 5.25% Sept 23

    08 Jun 2017

  • Volkswagen EUR1.25bn 2.7% Sept 22, EUR2bn 3.875% June 27

    08 Jun 2017

  • AT&T EUR1.25bn Euribor+85 Sept 24, EUR750m 1.05% Sept 23, EUR1.75bn 1.8% Sept 26, EUR1.5bn 2.35% Sept 29, EUR1.75% 3.15% Sept 36

    08 Jun 2017

  • Argentina to opt for euros to complete external funding

    Argentina is looking to issue euro denominated bonds towards the end of this month, finance minister Luis Caputo said on Wednesday.

    08 Jun 2017

  • The EU should not relocate euro clearing

    The European Union is set to reveal its policy on the clearing of euro denominated products in 'third countries' on Tuesday. Implementing a location policy that would deny liquidity to foreign clearing houses would stifle cross-border competition, and ramp up costs. It must not happen.

    08 Jun 2017

  • Investors euro-phoric as Côte d’Ivoire pays to open new market

    Côte d’Ivoire broke new ground on Thursday with the first euro-denominated trade from a sub-Saharan borrower outside of South Africa. Though the borrower paid up substantially over its dollar curve, it succeeded in its intention to open the market for itself, and for its peers, said bankers on the deal.

    08 Jun 2017

  • Banks in the dark about Qatar with predictions mixed

    As concerns mount over the diplomatic stand-off between six Gulf states and Qatar, GlobalCapital investigated the immediate impact on the loan market in the region as well as its likely consequences and discovered a mixed picture.

    08 Jun 2017

  • Italy EUR6.5bn 3.45% Mar 48

    08 Jun 2017

  • Popular resolution puts T2 in 'grey area'

    Banco Popular’s tier two bondholders were ‘zeroed’ when the bank was resolved this week, joining the Spanish firm’s additional tier one (AT1) investors in losing all of their money. But Popular’s resolution does not necessarily spell the end for the distinction between ‘going’ and ‘gone’ concern capital.

    08 Jun 2017

  • Ontario EUR1.5bn 0.375% Jun 24

    08 Jun 2017

  • The BRRD has teeth

    Banco Popular’s resolution has set a precedent, and it’s a good one.

    08 Jun 2017

  • US banks pull back from TLAC onslaught

    US banks this week took a breather from the torrent of issuance related to meeting total loss-absorbing capacity (TLAC) requirements, preferring instead to hit the market with ineligible, short dated senior unsecured trades.

    08 Jun 2017

  • Bpifrance EUR1bn 0% Nov 22

    08 Jun 2017

  • EAA EUR1bn 0% Jun 20

    08 Jun 2017

  • FADE EUR1bn 0.031% Jun 20

    08 Jun 2017

  • Banks set to finance own NPL exits through guarantees

    Italian banks are the most likely financiers of their own non-performing loan (NPL portfolio sales, thanks to the structure of the government guarantee scheme, and the difficulty of executing large NPL trades with external finance. Portugal, too, looks set to go down the same road.

    08 Jun 2017

  • GC BondMarker: featuring deals from ADB, CDC and KommuneKredit

    The scores have been counted and the results for the benchmarks sold in the week commencing May 29 are in. The week produced only a smattering of public sector trades trades, and not all were warmly received.

    08 Jun 2017

  • ESM EUR1.5bn 1.8% Nov 46 tap

    08 Jun 2017

  • The Pained Trader: Nothing personal

    Almost D-day then. Not the commemoration of unforgettable bravery and selflessness on the the Normandy beaches, you understand, but The Day of Despair more commonly known as Return To Work. I feel like an ex-con who, having violated the terms of his probation, has been hauled off back to the slammer by the parole board to serve out the remainder of a life sentence for a crime which I did not commit.

    08 Jun 2017

  • Italy enjoys searing demand as investors ignore election fear

    Public sector issuers from the eurozone periphery this week drew big books on deals that later tightened in secondary trading, as expectations that Italy could be added to the long list of European elections this year failed to deter investors.

    08 Jun 2017

  • Osborne follows Dean out of Barclays

    A second senior member of Barclays' European investment banking operations has decided to retire from the firm, with Crispin Osborne following Sam Dean, who announced his retirement last month.

    08 Jun 2017

  • Ecofin council to launch ‘concerted’ work on NPLs

    The 28 finance ministers of the EU are set to adopt an ‘action plan to tackle non-performing loans in Europe’ on June 16 – the first EU-level move to tackle this €1tr problem.

    08 Jun 2017

  • Euro borrowers cram in funding ahead of ECB meeting

    Core eurozone borrowers flocked to market this week ahead of a European Central Bank meeting on Thursday. Wednesday provided a slew of euro deals but the market was brought to a standstill on Thursday as the ECB delivered its latest guidance on the future of European monetary policy.

    08 Jun 2017

  • Gulf crisis rattles capital markets but extent of damage uncertain

    Diplomatic tension in the Gulf between Qatar and Saudi Arabia and others has rattled the financial markets. But as the political trouble escalates, what that spells for the region’s capital markets is far from clear, write Bianca Boorer, Virgina Furness and Sharon Kimathi.

    08 Jun 2017

  • Triton latest to price in wave of container lease ABS

    Triton Container Finance is the fifth container lease ABS to price this year, making it the busiest period for esoteric asset class since 2014.

    08 Jun 2017

  • Popular is resolved as BRRD draws first blood

    European authorities tested the bank recovery and resolution directive (BRRD) for the first time this week, placing Spain’s Banco Popular into resolution and approving its sale to Santander. The regulatory process, in which subordinated debt was wiped out, has far ranging implications for all market participants working on financial debt, write Tyler Davies, Jasper Cox and Aidan Gregory.

    08 Jun 2017

  • French regulator calls for single European authority

    A senior French regulator floated the idea of having a single European financial supervisor this Wednesday, which he said would help ease concerns over “regulatory arbitrage”.

    08 Jun 2017

  • Clearing experts clash on CCP recovery and resolution

    Clearing experts vigorously debated the topic of central counterparty (CCP) recovery and resolution this week at the Futures Industry Association's International Derivatives Expo (IDX).

    08 Jun 2017

  • MTN Leak: Tales from Don Smit-xote

    Leak had the pleasure of dining with Santander in one of London’s most authentic Spanish restaurants — a fitting setting for some stories from the self-styled “Latin Kings” of MTNs.

    08 Jun 2017

  • Gilt yields, sterling deals await UK election result

    Public sector borrowers are considering sterling deals next week — but any issuance will hinge on the result of the UK’s general election on Thursday. The vote will also have a large bearing on Gilt yields, said analysts.

    08 Jun 2017

  • AT1 market weathers first ever write-down

    When regulators stepped in and resolved Spain’s Banco Popular this week it was the first time investors had suffered any sort of coupon or principal loss on a Basel III complaint additional tier one (AT1) bond.

    08 Jun 2017

  • US corporates steam in ahead of ‘triple threat’ Thursday

    Issuers got a good reception as they tapped the market ahead of a trio of market-moving events on Thursday as investors continued to pour cash into the asset class.

    08 Jun 2017

  • Mandates stack up as corporates take breather

    A trio of events on Thursday put the skids on the corporate bond primary market, as the UK headed to the polls on the same day as the European Central Bank met and US president Donald Trump faced his toughest day in Washington yet.

    08 Jun 2017

  • Regulators draw ‘big line’ between senior and capital

    Banco Popular’s senior bondholders walked away from this week’s resolution process unharmed, but there is no guarantee this would happen in other resolutions.

    08 Jun 2017

  • AT&T gets Time Warner bond funding under way

    US telecoms company AT&T brought a €7bn multi-tranche trade on Wednesday that offered juicy premiums as the company began filling the $40bn cash pool it needs to buy Time Warner.

    08 Jun 2017

  • NRW.Bank doubles up with dollar floater ahead of Fed

    NRW.Bank made a big noise in a quiet dollar market this week as it printed the joint largest floating rate note from a European supranational or agency this year. Other issuers might be encouraged to follow with similar deals next week, said bankers, although a US Federal Reserve meeting on June 14 — where a target rate rise is widely expected — will bisect the window.

    08 Jun 2017

  • Africa pipe swells as Nigeria, Sibanye, Afrexim line up

    Nigeria on Wednesday added to a building pipeline of African credit with a diaspora bond, the first of its kind from a sub-Saharan African country.

    08 Jun 2017

  • Fresenius looks for refi after Moody’s upgrade

    Fresenius Medical Care (FMC) — the dialysis specialist 30% owned by healthcare group Fresenius — is looking to refinance loan facilities, a month after Moody’s upgraded the firm to investment grade

    08 Jun 2017

  • Schuldschein taps ground with B. Braun hit

    German medical firm B. Braun sold what some are calling the tightest six year loan in Schuldschein history this week, even as it more than doubled the €150m initial target. However, some Schuldschein bankers believe German issuers have reached the pricing floor.

    08 Jun 2017

  • Banco Popular rescue poses CDS conundrum

    The contingent convertible (CoCo) bank capital market received all the plaudits on Wednesday, when Banco Popular Español was forced into a “rescue” by Santander.

    08 Jun 2017

  • Corporate bond market holds breath

    A triumvirate of events on Thursday put the skids on the corporate bond primary market, as the UK headed to the polls on the same day as the European Central Bank met and US president Donald Trump faced testimony from the FBI director he fired.

    08 Jun 2017

  • Santander prepares €7bn rights issue to recap Banco Popular

    Many equity market participants thought the wave of big European bank recapitalisations was beginning to wind down, until Santander surprised the market on Wednesday by announcing a €7bn rights issue to recapitalise Banco Popular, its failed domestic rival, after agreeing with European regulators to buy the bank for €1.

    08 Jun 2017

  • Credit Suisse wins 99% take-up for Sfr4bn 2-for-11 rights issue

    Credit Suisse has finished its second rights issue in two years, having won a high take-up from its shareholders.

    08 Jun 2017

  • Finland's Hypo and BNZ join the covered pipe

    Suomen Hypoteekkiyhdistys (Hypo) and Bank of New Zealand have announced marketing programmes ahead of expected covered bond deals.

    08 Jun 2017

  • UK competition hots up but Brexit, election hits deals

    The rise of Barclays and HSBC in UK investment banking, against a backdrop of falling fees and political uncertainty, puts further pressure on an already crowded market and the squeeze will only get worse, argues David Rothnie.

    08 Jun 2017

  • NRW.Bank doubles up with dollar floater

    NRW.Bank doubled its initial size target with a two year floating rate note on Thursday, with the strength of demand partly due to investors looking for floating rate paper ahead of an expected target rate rise by the US Federal Reserve next week, according to one of the leads.

    08 Jun 2017

  • VW finds fifth gear with blowout hybrid

    Car maker Volkswagen sold investors a €3.5bn hybrid deal on Wednesday, allowing the company to exploit two niches that investors have been clamouring for all year, despite the emissions scandal still hanging over the company.

    08 Jun 2017

  • Bank ABC leads its second oversubscribed facility

    Bank ABC as sole initial mandated lead arranger has completed a $125m syndicated loan for Bahrain Commercial Facilities Company.

    08 Jun 2017

  • New cov-dotcom player adds to HY game

    The cottage industry of firms providing European high yield fund managers with digital bond terms databases is growing. Street Dilligence has joined DebtExplain, Dealogic and CreditSights. Each aims to make investors wiser and better able to make quick investment decisions. High yield bankers have predictably been less enthusiastic about their rise, even though the firms claim there are benefits for them, too.

    08 Jun 2017

  • European ABS buyers seek toehold in US mortgage credit

    US mortgage credit risk transfer and single family rental bond sellers hopped across the pond this week to tap up new European investors for their credit products, with Freddie Mac and Colony American Finance speaking on a panel at Global ABS in Barcelona on Thursday.

    08 Jun 2017

  • Schuldschein taps ground after B. Braun hit

    B. Braun sold the tightest corporate six year loan in Schuldschein history this week. And more, the German medical firm more than doubled the €150m initial target. But, some Schuldschein bankers believe German issuers have reached the market's pricing floor.

    08 Jun 2017

  • Fresenius looks for refi after Moody's upgrade

    Fresenius Medical Care (FMC) — the US subsidiary of German global healthcare group Fresenius — is looking to refinance loan facilities, a month after Moody's upgraded the firm to investment grade.

    08 Jun 2017

  • Sumitomo Mitsui Financial Group EUR750m Jun 22 FRN / EUR500m 1.413% Jun 27

    08 Jun 2017

  • ICG to buy DomusVi majority stake from PAI

    ICG has agreed to buy PAI Partners’ controlling stake in DomusVi, following a string of acquisitions at the nursing home operator.

    08 Jun 2017

  • ECB rules out further rate cuts

    The European Central Bank confirmed at its meeting on Thursday that there will be no more cuts to the deposit rate. However, the bank offered no guidance as to the pace of exit from its quantitative easing programme.

    08 Jun 2017

  • SBI underscores huge FIG appetite in India

    Global investors scrambled for paper in India’s largest qualified institutional placement (QIP) this week as State Bank of India raised Rp150bn ($2.3bn) amid strong appetite for the country’s stocks. Its success heralds a bumper year for FIG equity raisings, with more big trades already shaping up, writes John Loh.

    08 Jun 2017

  • GDF clears out of Petronet stake with $490m block

    France’s GDF International exited its holdings in India’s Petronet LNG via an accelerated bookbuild on Thursday that priced near the bottom of expectations to raise Rp31.6bn ($491.4m).

    08 Jun 2017

  • Superior forges ‘double HY challenge’ for Uniwheels buy

    Michigan’s Superior Industries International met a hesitant European high yield bond market on Monday, as it began offering its debut bond to fund its acquisition of German peer Uniwheels.

    08 Jun 2017

  • ABS market pins hopes on Tory victory

    ABS market professionals are hoping for a Conservative victory in Thursday's UK general election, with many saying they are dreading the uncertainty if the vote results in a hung parliament.

    08 Jun 2017

  • Popular resolution is no easy model for Italian banks

    The resolution and sale of Spain's Banco Popular showed one way in which regulators can deal with a failing bank, but it may prove more difficult to find a solution for struggling banks in Italy.

    08 Jun 2017

  • Developers turn to 364 day bonds to bypass NDRC

    Chinese property developers are increasingly looking at 364 day bonds as a way to sidestep approval delays from the National Development and Reform Commission, after Fantasia Holdings Group Co sold a $350m public note this week. Short-term bonds offer a quick fix for borrowers, but there are concerns over whether this is sustainable in the longer run, writes Addison Gong.

    08 Jun 2017

  • Skipton to diversify with covered bond funding

    Skipton Building Society is looking to diversify its wholesale funding, and is expected to issue covered bonds and senior debt.

    08 Jun 2017

  • Celltrion seeks $897m IPO in Korea with July launch

    Celltrion Healthcare has firmed up the price range for its up to W1tr ($897m) flotation on South Korea’s Kosdaq, with bookbuilding set to kick off in mid-July.

    08 Jun 2017

  • KAL takes off with HY print after Hanjin dust settles

    Korean Air Lines (KAL) has become the first high yield issuer from the country to sell an international bond in nearly four years. Its $300m inaugural standalone deal is also evidence of Chinese banks slowly gaining clout in the region, with BOC International (BOCI) becoming the first Chinese firm to lead a Korean offering on a sole basis. Addison Gong reports.

    08 Jun 2017

  • Strong book sees Turkey forgiven, but Qatar takes toll on pricing

    Turkey took €2.5bn of orders for its new euro trade on Wednesday, which bankers said was a strong showing despite the fact that market volatility and Turkey’s involvement in the Qatar crisis meant that the issuer did not print at the tight end of guidance.

    08 Jun 2017

  • EBA adds IFRS 9 to methodology as stress tests face criticism

    The European Banking Authority (EBA) has factored the impact of the International Financial Reporting Standard (IFRS 9) into its draft methodology for the 2018 stress test, as market participants debate the effectiveness of stress testing following the resolution of Spain’s Banco Popular.

    08 Jun 2017

  • Southeast Asia loans show signs of life as FIs lead the way

    A recent flurry of loans from southeast Asia has raised hopes of a stronger third quarter for deal volume following a dismal first half, with borrowers from the consumer sector and FIGs expected to seek financing. While the uptick is more than welcome, a couple of big ticket acquisition-related trades will be necessary to move the needle, writes Shruti Chaturvedi.

    08 Jun 2017

  • HRnet flies high as $126m SGX listing prices at top end

    HRnetGroup priced its S$174m ($126m) Singapore IPO at the top of the indicative range on Thursday as investors bought into its “phenomenal entrepreneur story”, said bankers.

    08 Jun 2017

  • Tunghsu Group sets sail with $350m offshore print

    Optoelectronic display manufacturer Tunghsu Group Co wrapped up its inaugural offshore deal on Wednesday, finding support from domestic and international accounts, despite operating in a relatively unfamiliar industry.

    08 Jun 2017

  • Three's the charm: SBI plots comeback for $500m

    State Bank of India, which wrapped up a $500m syndication with 21 lenders this week, is already eyeing a new borrowing of about the same size, said bankers.

    08 Jun 2017

  • Fosun-backed Sisram Med lines up $200m HK float

    Fosun International-backed Sisram Medical is looking to list in Hong Kong for around $200m, filing a draft prospectus on Wednesday.

    08 Jun 2017

  • Asia people and markets news in brief, June 8, 2017

    Deutsche rejigs loans team — Citi makes senior appointments — Goldman in Aussie push — UBS loses DCM syndicate banker — RHB, AmBank kick off merger talks

    08 Jun 2017

  • WuXi pushes investors into frenzy with IPO

    Investors went crazy for WuXi Biologics’ HK$3.9bn ($500.4m) Hong Kong IPO, driving pricing to the top of expectations as hundreds of global accounts poured in.

    08 Jun 2017

  • GRCB covers $1.1bn HK listing with Chinese funds

    Guangzhou Rural Commercial Bank Co’s HK$8.34bn ($1.07bn) Hong Kong IPO is covered after three Mainland investors lent their support as cornerstones.

    08 Jun 2017

  • Investors euro-phoric over Ivory Coast pricing

    Ivory Coast was on track with its dual tranche dollar and euro offering with the latter drawing plenty of attention from market commentators who referred to the pricing on offer as “insane.”

    08 Jun 2017

  • NetLink Trust, AEP Reit prepare for SGX listings

    Singapore IPOs are heating up as NetLink Trust began drumming up interest on Tuesday for a $1.5bn IPO, set to be one of the country’s largest this year, with AEP Reit expected to follow soon.

    08 Jun 2017

  • Nigeria to issue first diaspora deal

    Nigeria is asking for funding support from its nationals living abroad with a new SEC-registered trade.

    08 Jun 2017

  • China serves up perps to hungry investors

    Chinese issuers Far East Horizon and Power Construction Corporation of China sealed perpetual non-call five year deals on Wednesday, feeding investor appetite for yield from high quality names.

    08 Jun 2017

  • TPG has sporting success with Li Ning block

    There was not enough stock to go around when TPG Stallion sold the last of its equity in Li Ning Co this week. The HK$885.2m ($113.6m) fundraising not only priced at a small discount but also gained nearly 10% in secondary.

    08 Jun 2017

  • RBI builds wall to keep out high yield Masala issuers

    The Reserve Bank of India has added restrictions to the issuance of rupee-denominated bonds, essentially cutting off the country's high yield issuers from the market.

    08 Jun 2017

  • When 'goodbye' cards become 'get well soon'

    We’ve all had our moments of celebrating a bit too hard and imbibing a tad too much. Normally, the worst that happens is a rough morning in the office the next day. But for a friend of mine, a few cheeky drinks proved disastrous.

    08 Jun 2017

  • Stada reduces shareholder acceptance threshold for €4.1bn LBO

    Stada has extended the deadline for acceptance of Bain Capital and Cinven’s €4.1bn takeover offer by two weeks and lowered the acceptance threshold from 75% to 67.5% of all outstanding shares for the deal.

    08 Jun 2017

  • Kinnevik bails out of Rocket via €218m clean-up block

    Shares in Rocket Internet, the German internet start-up incubator, fell as much as 4% on Thursday morning after Kinnevik, the Swedish investment company, sold the last of its stake, for €218m. The shares closed down 2%.

    08 Jun 2017

  • Green Bonds: Joining the Mainstream

    With policy and regulation, businesses, consumers, investors, and technology all pushing sustainable finance rapidly into the mainstream, HSBC discusses the market’s outlook and opportunities.

    08 Jun 2017

  • Argentina plotting euros for end of this month

    South American sovereign Argentina is looking to issue euro denominated bonds towards the end of this month, finance minister Luis Caputo said on Wednesday.

    08 Jun 2017

  • OBOR, Bond Connect to be RMBi breakthroughs, say experts

    The combination of One Belt One Road (OBOR) and Bond Connect will allow the renminbi to be used more widely as an investment and reserve currency, presenting a breakthrough for RMBi, said experts at the Hong Kong Exchange’s RMB fixed income and currency conference on Thursday.

    08 Jun 2017

  • Southbound Bond Connect unlikely before 2019, says HKEX

    Bond Connect will only provide northbound trading for the next few years, Charles Li, chief executive of the Hong Kong Exchange, has said.

    08 Jun 2017

  • FWD, AMTD keep perp momentum going

    Hong Kong’s FWD Group and AMTD Group Company have started taking orders for their respective unrated perpetual bonds. The former is seeking a zero coupon subordinated deal, while the latter is marketing a senior transaction — its second international offering.

    08 Jun 2017

  • IndusInd Bank poised to launch $300m loan

    Indian lender IndusInd Bank is planning to roll out a $300m syndication with four mandated lead arrangers and bookrunners next week.

    08 Jun 2017

  • China's Hilong drills for new dollar bond

    Chinese high yield company Hilong Holding has mandated banks for a dollar bond.

    08 Jun 2017

  • New Verizon ABS deal hits primary

    Verizon Communications is marketing its second securitization of the year, backed by contract payments on mobile phones.

    07 Jun 2017

  • New collateral platform from IHS Markit

    IHS Markit has launched a new end-to-end collateral management platform that can be used to calculate margin, settle margin calls and settle margin disputes.

    07 Jun 2017

  • French regulator snubs US model for clearing of euro products

    The debate on clearing euro derivatives showed signs of heating up on Wednesday, when a French regulator speaking at the International Derivatives Expo (IDX) in London insisted that the activity should take place in the eurozone.

    07 Jun 2017

  • Bayer offloads €2bn of Covestro via block, CB

    Bayer monetised a large stake in Covestro, the plastics company it span off in 2015, on Tuesday night through a simultaneous block trade and exchangeable bond worth a total of €2bn, which were both covered in an hour by more than 100 investors each.

    07 Jun 2017

  • No delay for MiFID II, says Maijoor

    European Securities and Markets Authority chair Steven Maijoor on Wednesday said that any suggestion of further delaying implementation of the Market in Financial Instruments Directive II (MiFID II) was almost "fake news", and that the massive transparency legislation would go ahead as planned in January 2018.

    07 Jun 2017

  • Revealed: Oman's loan shopping list

    Oman's plans for loan market financing this year are taking shape, with the sultanate lining up an 'orderly queue" of deals, according to a banker involved in several of them.

    07 Jun 2017

  • Single-B UPC takes 12 year money at sub-4%

    Liberty Global’s UPC Holding locked in a coupon of below 4% for a 12 year bond, the longest maturity for a new deal in the European high yield market so far this year.

    07 Jun 2017

  • IFRS 9 could boost risk transfer market

    New IFRS 9 accounting rules could give issuers another reason to enter the risk transfer market, according to panellists at the balance sheet synthetics session at the Global ABS conference on Wednesday.

    07 Jun 2017

  • Euro borrowers jostle for space in crowded market

    Eurozone issuers crammed into the euro market on Wednesday ahead of a European Central Bank meeting.

    07 Jun 2017

  • Tradebe signs market first syndicated green term loan

    Tradebe, the Spanish waste reclamation and recycling solutions firm, has signed a €265m green syndicated term loan, a facility that arranger BBVA says is the first of its kind ever signed.

    07 Jun 2017

  • Change from the ground up to promote gender balance

    The Women in ABS panel at Global ABS in Barcelona on Wednesday told attendees in the audience that, on balance, gender diversity is still lacking in financial services, and to increase the numbers of female senior management the industry must do more to empower women from the start of their careers.

    07 Jun 2017

  • Brigade lines up for euro CLO debut as market tightens

    Brigade Capital is lining up for its debut European CLO, as GSO Capital printed a deal at a post-crisis record tight of 83bp over Euribor. But the sector could go tighter still, according to panellists and audience members at the CLO managers’ roundtable at the Global ABS conference in Barcelona on Wednesday. That’s important though, with underlying assets looking more expensive than ever.

    07 Jun 2017

  • PE firms prepare to take on Greek NPL challenge

    Private equity firms are stepping up their interest in Greece, with a number of institutions understood to be setting up Greek servicers, a first step towards bidding for NPLs in the country.

    07 Jun 2017

  • AT&T and VW wow on whopping Wednesday

    Jumbo trades offering juicy spreads were the name of the game in the corporate bond market on Wednesday, with US telecoms company AT&T and car maker Volkswagen raising a combined €10.5bn between them.

    07 Jun 2017

  • RMBS issuers waiting for liquidity flood to ease

    Despite quantitative easing measures contributing to persistent shrinking in the size of the European RMBS market, panellists at Global ABS on Wednesday were optimistic that the tapering of central bank funding schemes would see a resurgence of supply, as new non-bank lenders grow market share and banks look to refinance retained deals.

    07 Jun 2017

  • Risk retention bid heats up as buyer base expands

    Investor demand for risk retention notes is heating up, with new buyers being drawn into the expanding market as private equity firms look to shift the bulk of risk retention requirements to third parties.

    07 Jun 2017

  • Swedbank eyes yen with Pro-Bond programme

    Swedbank listed a new programme on the Tokyo Pro-Bond market on Wednesday, as the Swedish bank looks to dip its toes into ever more attractive yen funding.

    07 Jun 2017

  • Old Money: Glass-Steagall – new and old

    Talk of a ‘21st Century Glass-Steagall’ is swirling around Washington and Wall Street. What this might mean in practice is hazy, but the phrase Glass-Steagall is plainly a powerful political talisman.

    07 Jun 2017

  • Popular becomes first casualty under BRRD, AT1s ‘totally cancelled’

    European authorities applied the bank recovery and resolution directive (BRRD) for the first time on Wednesday, placing Spain’s Banco Popular into resolution and approving its sale to Santander. The regulatory process, in which additional tier one (AT1) and tier two bonds were wiped out, has far ranging implications for all market participants working on financial debt.

    07 Jun 2017

  • Berlin Hyp finds new names for second green Pfandbrief

    Berlin Hyp (BHH) issued a tightly priced Pfandbrief on Wednesday, drawing strong demand for a rare deal backed by green commercial mortgage assets. At the same time the Mortgage Society of Finland mandated leads for a sub-benchmark transaction.

    07 Jun 2017

  • STS technical standards could take up to 12 months

    Regulatory technical standards (RTS) related to the simple, transparent, standardised (STS) European securitization framework could take as long as 12 months to finalise, which would leave almost no time between RTS finalisation and STS implementation.

    07 Jun 2017

  • Risk retention review should be formality

    Sources close to the Maltese presidency of the European Council have downplayed the importance of the regular reviews of risk retention rules, agreed under the new rules for 'simple, transparent and standardised' securitizations last week.

    07 Jun 2017

  • The world looks OK when your pocket’s full of cash

    Corporate bond investors have a bevy of macroeconomic events on their radar screens, with elections and the European Central Bank meeting, but the large piles of cash in their pockets are expected to smooth over any cracks that might appear in the so far solid new issue market.

    07 Jun 2017

  • Turkey on track with euro refresher

    Turkey has returned to the market with a euro trade as it looks to re-engage with investors and refresh its “stale” curve.

    07 Jun 2017

  • Sibanye Gold to bring $1bn bond

    South Africa's Sibanye Gold has mandated banks for a $1bn bond offering which will be used to refinance part of a bridge loan used to acquire Stillwater Mining Company.

    07 Jun 2017

  • SSAs go short in euros as ECB 'suffers scarcity'

    Public sector borrowers are taking opportunities at the very short end of the euro curve this week, breaking with tradition for much of the year where deals in the currency have focused at the longer end. The trend comes as the European Central Bank also reduced the weighted average maturity of its Bund purchases under the Public Sector Purchase Programme.

    07 Jun 2017

  • Fantasia bypasses NDRC with 364 day bond

    Chinese developer Fantasia Holdings Group Co wrapped up an unrated short-term note on Tuesday, snapping up $350m for refinancing. Bonds with maturities of less than a year are increasingly being considered by Mainland issuers, given the barriers in getting regulatory approval to go offshore for fundraising.

    07 Jun 2017

  • India boosts green finance with Ireda listing

    India’s cabinet has approved the IPO of Indian Renewable Energy Development Agency (Ireda), the chief financier of the country’s renewable energy ambitions.

    07 Jun 2017

  • Kaisa brings out exchange offer for senior bonds

    Chinese property developer Kaisa Group Holdings is looking to launch an exchange offer, swapping a series of variable rate senior bonds for new fixed rate notes.

    07 Jun 2017

  • Citigroup and UBS to lead €7bn Santander rights issue to recap Banco Popular

    With the Credit Suisse rights issue closing this week and the completion of cash calls by Deutsche Bank, UniCredit and Millennium BCP earlier in the year, the latest wave of big bank recapitalisations looked like it was drawing to a close, until dramatic news on Wednesday this week.

    07 Jun 2017

  • Popular sale gives investors first sight of BRRD in practice

    European regulators applied the bank resolution and recovery directive (BRRD) for the first time this week, giving investors plenty of food for thought in an otherwise quiet period for the FIG market.

    07 Jun 2017

  • Evonik looks for reaction on loan refi

    German chemicals firm Evonik is in talks with banks to refinance a €1.75bn revolving credit facility.

    07 Jun 2017

  • GCC tensions rattle buyside, as Turkey, Cote d'Ivoire line up

    Tensions in the GCC are rattling the buyside as both bank and non-bank investors wait for clarity over how the rift between Qatar and other regional states will develop. In the broader CEEMEA debt market, investors are eyeing Turkey’s new euro trade as an opportunity to find some juice in the low yield environment, and anticipating the dual tranche offering from Côte d’Ivoire on Thursday.

    07 Jun 2017

  • HRnet to price S$174m IPO high on robust demand

    Singapore’s HRnetGroup is set to price its IPO at the top of guidance after investors from all walks of life turned up for a piece of the S$174m ($126.0m) float, according to sources close to the deal.

    07 Jun 2017

  • Changes at the top for Deutsche loan syndications team

    Deutsche Bank has made changes to its Asia loan syndications team, promoting Birendra Baid to head up the division, succeeding Amit Khattar who is taking up a broader role.

    07 Jun 2017

  • HSBC, Morgan Stanley revise CNY forecast

    HSBC and Morgan Stanley have adjusted their forecasts for the onshore renminbi (CNY), projecting a stronger-than-expected currency by the end of 2017. Analysts say the RMB’s strength could prompt China to allow for greater two-way volatility and further open its domestic market.

    07 Jun 2017

  • Jiayuan, Baoxin Auto placements fetch $277m

    Two Hong Kong-listed firms sold new equity on Tuesday via block trades at double-digit discounts, as Jiayuan International Group and Grand Baoxin Auto Group raised a combined HK$2.2bn ($277.1m).

    07 Jun 2017

  • Barclays ABS strategist returns to Kroll

    Barclays US structured credit strategist Brian Ford has returned to Kroll Bond Ratings in New York after a two year stint at the investment bank.

    07 Jun 2017

  • CEB unveils maiden FRN with $500m deal

    China Everbright Bank’s Hong Kong branch grabbed $500m on Tuesday from its three year floating rate note offering, riding on the success of its past transactions, said bankers.

    07 Jun 2017

  • Financing the UK

    The funding landscape for UK-based corporates has undergone a radical transformation since the financial crisis of 2008, driven by macro-economic changes and a growing sophistication in the way that companies finance their activities.

    07 Jun 2017

  • ONGC Videsh slides in for dollar-yen combo loan

    ONGC Videsh (OVL), the overseas investment arm of Indian state-owned ONGC, is seeking a dual currency $844m-equivalent loan from the offshore syndication market.

    07 Jun 2017

  • Country risk: Russia is on the long road back

    Experts are beginning to feel more confident about Russia’s prospects, and its credit ratings will ultimately reflect this.

    07 Jun 2017

  • CCBI offers change with fixed rate $600m outing

    China Construction Bank International seized a tightly priced $600m five year deal on Tuesday, offering investors something different to an increasingly common floating rate note.

    07 Jun 2017

  • UOB adds to corporate finance team

    United Overseas Bank is understood to have hired a former Standard Chartered banker as a senior director, corporate finance, within investment banking.

    07 Jun 2017

  • Venezuela heard looking to sell down 2036s

    Investors in and brokers of Venezuelan bonds say that the government is looking to sell up to $5bn of 6.5% bonds due 2036 that were issued at the end of last year but have remained in the hands of the central bank.

    07 Jun 2017

  • PowerChina, Far East Horizon seek perps as Tunghsu nears debut

    State-owned Power Construction Corporation of China and Sinochem-backed Far East Horizon are in the market with dollar-denominated perpetuals, while Tunghsu Group is making its international debut with a three year.

    07 Jun 2017

  • CIMB, China Galaxy tie up for regional equities

    Malaysia’s CIMB Group has sold half of its international brokerage operations to China Galaxy Securities Co, formalising a plan set out last year.

    07 Jun 2017

  • Citi promotes Choe to head of Oz, NZ corporate banking

    Citi has promoted Stella Choe to the position of head of corporate banking for Australia and New Zealand, succeeding Shane Taylor who is retiring from the firm, according to an internal memo seen by GlobalCapital Asia.

    07 Jun 2017

  • Upstart shops debut ABS offering

    Online personal loan platform Upstart is the newest entrant to the marketplace loan ABS pipeline.

    06 Jun 2017

  • European derivative exchanges beat US

    The major derivative exchanges' May volume figures have shown increased activity despite low volatility across markets, with European exchanges posting higher activity than their US counterparts.

    06 Jun 2017

  • BPE Cédulas performance shows covered bond faith

    Banco Popular Espanol’s covered bonds barely reacted to credit stress afflicting bonds further down its capital structure ahead of the Spanish lender’s resolution on Tuesday evening. This may have illustrated the effectiveness of the Covered Bond Purchase Programme (CBPP3) but also showed confidence in the asset class, the regulator and the Spanish banking system.

    06 Jun 2017

  • CME Europe like "canary in coalmine" says Sprecher

    Intercontinental Exchange chief Jeffrey Sprecher on Tuesday compared the shutting down of the Chicago Mercantile Exchange's (CME) clearing and exchange operation in London to a "canary in a coalmine" as the UK's European Union exit draws closer.

    06 Jun 2017

  • As STS fog clears, Global ABS to focus on new themes

    The 21st annual Global ABS event kicked off on Tuesday in Barcelona, with attendees and the event organizer saying that the 2017 event will shift focus from previous years, with more focus on new and emerging themes which have characterized European securitization over the past year.

    06 Jun 2017

  • EU risk retention to be up for review every three years

    Risk retention levels in European securitization are to be reviewed at least every three years by the European Systemic Risk Board (ESRB), according to a paper released by the government of Malta on Monday.

    06 Jun 2017

  • Rising Qatar crisis highlights vulnerability of GCC market

    GCC debt markets are experiencing their first big wobble since gaining prominence as the most prolific issuers in CEEMEA, and no one saw it coming. The recent Qatar-related sell-off is both a stark reminder that EM assets are not a one-way bet, and highlights the vulnerabilities of a debt market fuelled largely by local bank demand.

    06 Jun 2017

  • Time to end the German home bias in Schuldschein

    A German company, of implied investment grade, can waltz into the Schuldschein market, expecting shrinking margins, and a bulging order book. A foreign issuer’s journey is more complicated, and much more costly. For the Schuldschein to be the cosmopolitan darling of international private placement markets — German issuers must lose their home advantage.

    06 Jun 2017

  • KfW keeps it short in dollars

    KfW is the solitary SSA issuer out in dollars so far this week, and it is sticking to the very short end with an 18 month deal, a week before a US Federal Open Market Committee meeting at which investors overwhelmingly believe it will raise its target rate.

    06 Jun 2017

  • Brace yourself for DeVos and her game of loans

    Education Secretary Betsy DeVos has clearly demonstrated that she’s not working in the interests of American students, and Senator Elizabeth Warren’s call for a watchdog to hold her accountable is sorely needed.

    06 Jun 2017

  • Corp bond investors worry about sterling but buy euros avidly

    A trickle of new issues flowed into Europe's corporate bond market on Tuesday, but much of the focus was firmly on the impending UK general election after one poll put the Conservative lead at just 1.1%.

    06 Jun 2017

  • FADE grabs three year euros as Italy prepares 30 year

    A pair of eurozone periphery SSAs are tackling opposite ends of the euro curve this week. Italy will launch a 30 year benchmark on Wednesday, while a Spanish agency drew a doubly subscribed book for a three year.

    06 Jun 2017

  • Firm eyes €5bn market for euro PACE bonds

    Global New Energy Finance laid out ambitious plans to bring the property assessed clean energy (PACE) loan market to Europe on Tuesday, with managing director Davide Cannarozzi telling Global ABS delegates in Barcelona that the firm was aiming to launch PACE programmes in four European cities in 2020.

    06 Jun 2017

  • Public sector quartet lines up in euros

    Four public sector borrowers will launch euro bonds on Wednesday, having announced deals throughout the curve ahead of this week’s European Central Bank meeting.

    06 Jun 2017

  • BPE little changed amid wider peripheral covered bond selling

    More active central bank buying has helped prop up peripheral covered bonds, which have seen better real money selling interest lately. Despite its troubles, covered bonds issued by the beleaguered Banco Popular Espanol (BPE) have held up.

    06 Jun 2017

  • Panel fears Solvency II reforms could come too late

    Changes to Solvency II meant to encourage insurers to invest in ABS may come be too late given the dramatic drop in market participation in the past few years, speakers said on a panel on day one of Global ABS.

    06 Jun 2017

  • Berlin Hyp announces green Pfandbrief as BNZ set to roadshow

    Berlin Hyp (BHH) is expected to open order books for it second Green Pfandbrief on Wednesday and Bank of New Zealand has mandated leads to roadshow a possible senior or covered bond deal later this month.

    06 Jun 2017

  • Sumitomo targets euros in TLAC sprint

    Sumitomo Mitsui Financial Group (SMFG) came to the euro market on Tuesday with two tranches of senior unsecured bonds from its holding company, as the Japanese megabank races towards meeting its final requirements for the total loss absorbing capacity (TLAC) framework.

    06 Jun 2017

  • ICBC fuels loan hunger with $1.25bn facility

    Industrial Commercial Bank of China’s London branch and subsidiary signed a self-arranged $1.25bn facility in an oversubscribed deal with 16 banks on Tuesday. The deal follows a spate of lending by the bank in emerging market deals.

    06 Jun 2017

  • Petroperu on road for 15 to 30 year

    Peruvian state-owned oil company Petroperu will issue bonds maturing in between 15 and 30 years, said Standard & Poor’s, as the company meets investors.

    06 Jun 2017

  • Colisée nurses buyout with €330m loan

    French nursing home operator Colisée launched a €330m seven year term loan ‘B’ this week, backing IK Investment Partners’ buyout of the firm. Faerch Plast, the Danish food packager, meanwhile, has added further to the buyout pipeline.

    06 Jun 2017

  • Kirs raises £800m bond for five-way merger

    Insurance broker Towergate priced its £800m high yield bond to finance its merger with four UK peers, resulting in a new company called Kirs. The deal follows a string of successful high yield sterling issues but faced pre-election jitters.

    06 Jun 2017

  • Citi soars on sole mandate purple patch in LatAm

    Three consecutive sole bookrunner mandates in Latin America have left Citi flying at the top of both the LatAm and the EM bond bookrunner charts.

    06 Jun 2017

  • Strategic trades in focus as banks rattle through MREL plans

    European banks have already made stellar progress in working through their issuance programmes in 2017, shifting emphasis on to those with shortfalls or ‘strategic trades’ left to complete.

    06 Jun 2017

  • India’s BPRL picks two for $400m financing

    Bharat PetroResources (BPRL), the overseas arm of Bharat Petroleum Corp that approached lenders for a $300m loan in April, has chosen two banks to arrange the deal.

    06 Jun 2017

  • Qatari assets slammed as Gulf spat hits banks

    Qatari dollar bonds sold off by as much as five cash points on Tuesday after the central banks of United Arab Emirates, Bahrain and Saudi Arabia demanded banks to provide details of their exposure to Qatar. The move follows countries in the region severing ties with the gas-rich state, accusing it of supporting terrorism.

    06 Jun 2017

  • Turkey sov lines up in euros, as Yapi Kredi markets rare Eurolira bond

    Republic of Turkey has turned to euros for its second trade since its constitutional referendum on April 16, as Yapi Kredi markets a lira denominated Eurobond.

    06 Jun 2017

  • SBI hits bullseye with record $2.3bn QIP

    State Bank of India returned triumphantly to ECM in the country’s largest qualified institutional placement on Tuesday, raising Rp150bn ($2.3bn) even as one investor bid for half of the shares.

    06 Jun 2017

  • WuXi Biologics seals top end price for $500m IPO

    WuXi Biologics has priced its HK$3.9bn ($500.4m) IPO at the top of guidance after an overwhelming show of demand from institutional and retail investors, according to a banker close to the deal.

    06 Jun 2017

  • EBS Direct adds BOCHK for CNH edge

    NEX Markets has added Bank of China (Hong Kong) to its array of liquidity providers on its FX trading platform, citing the lender’s market-leading role in providing offshore renminbi (CNH) liquidity.

    06 Jun 2017

  • KAL lands safely with 3x covered dollar perp

    Korean Air Lines Co has sealed its first dollar note on a standalone basis, and the first high yield bond from the country since 2013, following a pulled deal last September. The $300m transaction was also a coup for BOC International, which became the first Chinese firm to act as the sole lead on a Korean offering.

    06 Jun 2017

  • Delivery Hero enters busy European IPO fray

    Delivery Hero, the German online food delivery marketplace, announced its intention to float on Tuesday morning, ending months of speculation about its intention to go public.

    06 Jun 2017

  • Second ConvaTec increased to £805m after robust demand

    Nordic Capital and Avista this week completed the second block trade in ConvaTec, the UK wound care and catheters company, since its £1.6bn IPO in October 2016.

    06 Jun 2017

  • HKEX’s start-up platform: small step, big significance

    The Hong Kong Stock Exchange has tied up with Hong Kong Science and Technology Parks Corp to launch a new platform to facilitate IPOs by technology companies. It may only be a small step towards the city’s dream of being an international hub of tech investment, but the move matters for a bourse that has struggled to lure high profile tech listings.

    06 Jun 2017

  • PowerChina to fire up senior perp return

    State-owned Power Construction Corporation of China (PowerChina) is connecting with fixed income accounts for its second international senior perpetual bond.

    06 Jun 2017

  • Goldman makes another Oz hire in equities

    Goldman Sachs has poached David Hurley from Citi to take up a key role in institutional equities in Australia, according to sources close to the move.

    06 Jun 2017

  • SBI wraps up $500m loan syndication

    A $500m three year borrowing for State Bank of India has been allotted among 21 lenders, eight of which joined during general syndication.

    06 Jun 2017

  • CMB New York checks out with $800m FRN

    China Merchants Bank printed its inaugural international floating rate note this week, becoming the first joint stock bank from the country to do so. It priced its bonds close to fair value.

    06 Jun 2017

  • Investors flock to rare GS Caltex transaction

    South Korea’s GS Caltex Corp bagged a $400m five year deal on Monday, securing buy-side support thanks to its credentials, despite a soft market backdrop.

    06 Jun 2017

  • ICICI lays groundwork for ICICI Lombard float

    ICICI Bank’s board has approved the sale of part of its stake in ICICI Lombard General Insurance Co via an IPO — the Indian lender’s second such deal following the successful listing of ICICI Prudential Life Insurance Co.

    06 Jun 2017

  • RHB Bank, AmBank get nod to start merger talks

    Malaysian lenders RHB Bank and AMMB Holdings (AmBank Group) have entered into an exclusivity agreement for a potential merger.

    06 Jun 2017

  • CCBI eyes new deal with parent guarantee

    China Construction Bank International opened books for a new five year deal on Tuesday morning, backed by the lender's Hong Kong branch.

    06 Jun 2017

  • Fantasia addresses refi needs with short-term bond

    Chinese developer Fantasia Holdings Group Co is in the market on Tuesday with an unrated short-term dollar note for refinancing purposes.

    06 Jun 2017

  • Baoxin Auto starts bookbuild for $132m capital raise

    Grand Baoxin Auto Group launched a primary equity raise on Tuesday morning that could fetch up to HK$1.03bn ($132m).

    06 Jun 2017

  • China Everbright returns with dollar floater

    China Everbright Bank’s Hong Kong branch launched a new dollar three year floater on Tuesday morning, just a few months after sealing a $500m 2020 fixed deal.

    06 Jun 2017

  • Banks get down to business with OBOR

    One Belt One Road has graduated from diplomatic talking point to economic imperative after China pledged a series of investments at the Belt and Road Forum for International Cooperation in Beijing in mid-May. Now, banks are lining up to get a piece of the action in a field that is traditionally dominated by governments and policy institutions.

    06 Jun 2017

  • Year of the dragon

    Just as the country’s prime minister, Nguyen Xuan Phuc, met with Donald Trump on a US tour, Vietnam’s equity capital markets were repeatedly in the news over the last few weeks, with a flurry of IPOs and new listings, heralding that issuers there may finally be coming of age, writes columnist Philippe Espinasse.

    06 Jun 2017

  • AGs urge DeVos to speed up student loan forgiveness

    Attorneys general from 18 states called upon US Department of Education secretary Betsy DeVos on Monday in a letter to stop delaying student loan forgiveness for borrowers victimised by fraudulent for-profit colleges.

    05 Jun 2017

  • CFTC bans spoofing Singapore trader

    The US Commodity and Futures Trading Commission (CFTC) has issued an order filing and settling charges against David Liew for spoofing, attempted manipulation and manipulation in the gold and silver futures markets.

    05 Jun 2017

  • Subprime headlines pose problems for issuance

    Investors are beginning to show hesitance around subprime auto ABS as cracks begin to show in the sector.

    05 Jun 2017

  • SGX launches rubber derivatives consultation

    The Singapore Exchange (SGX) is inviting the public to comment on some proposed changes to rubber derivatives on its commodity platform, the Singapore Commodity Exchange (SICOM).

    05 Jun 2017

  • Dollar supply ‘likely limited to floaters and arbitrage’

    Arbitrage and floating rate trades are likely to form the basis of any dollar supply from public sector borrowers this week, said SSA bankers, with issuers’ well-funded status and a less than fully subscribed deal from last week likely to weigh on supply.

    05 Jun 2017

  • Corporate bonds to have bread-and-butter June after May feast

    Corporate bond bankers in Europe appreciated the break in primary market activity on Monday after the busiest May on record. Bankers said giving investors time to digest the latest trades would help demand remain strong in the coming weeks.

    05 Jun 2017

  • ESM looks lonely in euro pipe as ECB meeting looms

    A European Central Bank meeting on Thursday — coupled with a Monday holiday across much of Europe — has stifled public sector euro issuance. But at least one trade is expected later this week, from the European Stability Mechanism.

    05 Jun 2017

  • Blackstone to buy Sponda in €1.8bn all cash deal

    Blackstone has agreed to buy Finnish property group Sponda for nearly €1.8bn in an all-cash deal

    05 Jun 2017

  • Ardagh hedges dollar rate risk with sterling debut

    Packaging maker Ardagh Group will repay its 2021 dollar floater with a £400m sterling bond printed on Friday, following heavy oversubscriptions of recent sterling deals.

    05 Jun 2017

  • UK BTL deal, Euro CLO pair price in Barca run up

    UK buy-to-let deal Oat Hill No.1 and a pair of European CLOs were priced on Friday, as market participants prepared to descend on Barcelona for Global ABS, which kicks off Tuesday.

    05 Jun 2017

  • Société Générale’s ALD aims for €6.3bn initial valuation

    Société Générale has opened the books for the Paris flotation of ALD, its car leasing business, which if completed, will be the largest French IPO since asset manager Amundi went public in November 2015 for €1.6bn.

    05 Jun 2017

  • Derivatives: A force for good

    Over the past 30 years, derivatives have been a force for good. Their practical application allows for more risk mitigation, yield enhancement and contingency planning, making financial markets work better.

    05 Jun 2017

  • US CLO managers push on despite tricky loan backdrop

    A strong run in the US CLO new issue market has seen $10bn of paper priced in each of the last two months, despite new issuance of leveraged loans.

    05 Jun 2017

  • 10 key topics CEE bond issuers should keep in mind when approaching the debt markets

    Bond markets are performing well and proving safe from external political and macroeconomic factors. Borrowers are therefore likely to continue moving more of their funding into the bond markets. Societe Generale CIB suggests 10 things that issuers from Central and Eastern Europe (CEE) should bear in mind and emphasise to capital markets investors, if they want to negotiate the best financing terms.

    05 Jun 2017

  • A Healthy, International Sterling Bond Market is Vital for a Successful Post-Brexit Britain

    The Sterling bond market facilitates inward investment into the UK, provides financial institutions and corporations with efficient access to capital and maintains the relevance of Sterling as a major currency. At a critical period for the UK on the international stage, the Sterling bond market can showcase the foundations from which the UK economy has thrived over the years; its maturity, outward-looking, progressive nature and investment expertise. To do this, it must continue to evolve and address some key structural challenges.

    05 Jun 2017

  • Euro Covered Bonds: The beginning of the end?

    Since April this year, the ECB has reduced its monthly QE purchases from €80bn to €60bn. This did not have much direct effect on the covered bond market though; the ECB has predominantly scaled back the purchases of government bonds, with spreads which already sufficiently reflected this. On the covered bond side we do not expect to see any strategic changes in buying behaviour (yet) as CBPP3 (the third covered bond purchase programme) purchases are decreasing in any case for seasonal reasons amid shrinking primary market activity. However, it is ultimately only a matter of time until the ECB has no choice but to start official tapering on a broader front. Commerzbank expects the QE programme to be gradually reduced further from the beginning of 2018 and then finally cease at the end of 2018. Consequently, while up to now we have always regarded it as premature to speculate on the CBPP3 end game effects, it does make sense to start thinking now about the spread impact of the exit.

    05 Jun 2017

  • Bank to the future: how technology is changing the capital markets

    The capital markets have not seen the same degree of automation witnessed in other market sectors. This is about to change. The onward march of technology, in a marketplace increasingly shaped by the waves of regulation since the financial crisis, means further structural change is inevitable. Data is already king — but it is the way we use it to optimise working practices that will be critical for the future shape of the industry. Martin Egan takes a look at how the primary and credit markets have evolved — and what the landscape might look like in the near future.

    05 Jun 2017

  • Garanti Bank plans debut green mortgage covered

    Garanti Bank is expected to issue the first green mortgage-backed Turkish covered bond, which will be privately placed with the International Financial Corporation (IFC) and certified by a third party.

    05 Jun 2017

  • Afreximbank signs its largest syndicated loan at $1.2bn

    Afreximbank has closed its largest ever syndicated loan at $1.2bn with 35 banks, its second facility of the year, after a Samurai in April.

    05 Jun 2017

  • Qatari bonds drop after diplomatic freeze

    Qatar’s debt sold off sharply on Monday after Saudi Arabia, the UAE, Bahrain and Egypt severed diplomatic relations, as well as all land and sea contacts, with the gas-rich state. Bankers recall a similar “flare up” in 2014, but are concerned about stability in the region’s financial markets.

    05 Jun 2017

  • Uruguay set for global peso trade

    South American sovereign Uruguay is meeting international investors ahead of a planned Uruguayan peso-denominated fixed rate bond issue.

    05 Jun 2017

  • AT1 sector shows ‘maturity’ as Popular plunges

    Banco Popular’s additional tier one (AT1) instruments took another beating on Monday, but the FIG sector has taken courage from the market’s ‘mature’ reaction to the Spanish firm’s evolving problems.

    05 Jun 2017

  • Financial markets to 'implode' if Labour wins UK vote

    FIG market participants expect public holidays, a European Central Bank meeting and an election in the UK to restrict supply in the market this week, with the UK vote giving some bankers a late scare.

    05 Jun 2017

  • Afreximbank follows up loan with bond

    After closing its largest ever loan African Export-Import Bank has named banks for a dollar bond of up to seven years.

    05 Jun 2017

  • SGB-SMIT markets €590m of buyout loans

    German transformer maker SGB-SMIT launched €590m of loans at a lender meeting on Tuesday, backing One Equity Partners’ buyout of the firm from BC Partners.

    05 Jun 2017

  • Beleaguered Huishan Dairy notes discrepancy in cash position

    China Huishan Dairy has found a discrepancy in its cash position, which as at March 31 was much higher than confirmations received from banks, according to a Monday filing.

    05 Jun 2017

  • P&M Notebook: DMOh no

    Last week brought big talk from the European Commission, which raised its head from the technicalities of Brexit or the latest round of regulatory standards to lay out a vision for the financial future of Europe. But even with the last round of elections landing on the pro-European side, it has an uphill struggle ahead.

    05 Jun 2017

  • Confidence, conviction, and NPL sales

    Banking is the business of confidence and trust. While the real work of cleaning up balance sheets is important, being seen to act swiftly, decisively and comprehensively is just as important. Impressions matter — whatever the underlying reality.

    05 Jun 2017

  • Agile Group raises HK$624m facility

    Chinese real estate developer Agile Group has sealed a HK$624m ($80m) financing with one bank.

    05 Jun 2017

  • Blackstone, GIC backed Marble II seeks secured debt

    Marble II is looking to raise $500m from a senior secured bond, with fixed income investor meetings set to kick off this week in Asia, Europe and the US.

    05 Jun 2017

  • HRnet to end bookbuild early on strong demand

    Singapore’s HRnetGroup is closing books on its S$174m ($125.7m) IPO a day earlier than planned after investors jumped onboard the deal.

    05 Jun 2017

  • Fosun dual-currency refi swells to $806m

    Hong Kong-listed Fosun International has hiked the size of its syndicated loan to $806m-equivalent from $650m. The company raised the money in two currencies, with the final deal split between a $673m portion and a €118m tranche.

    05 Jun 2017

  • KAL, GS Caltex, SOCAM seek dollar funding

    Korean Air Lines is trying to take off with a new dollar bond following an aborted attempt in September last year. Also on Monday, GS Caltex Corp is out with a five year 144A/Reg S deal, while SOCAM Development has reopened its recent notes.

    05 Jun 2017

  • Three Gorges to go green with euro bond

    China Three Gorges Corp is set to make its debut in the green debt market with a euro offering, and is gauging investor appetite with a week-long roadshow.

    05 Jun 2017

  • GRCB hits the road for $1.1bn HK IPO

    Guangzhou Rural Commercial Bank Co has opened books for a HK$8.34bn ($1.07bn) IPO in Hong Kong after a short delay, with Chinese funds anchoring the deal.

    05 Jun 2017

  • Singapore's NetLink Trust set to pre-market $1.5bn IPO

    Singaporean broadband provider NetLink Trust is set to begin investor education this week for its IPO, which could raise around $1.5bn, according to a banker close to the deal.

    05 Jun 2017

  • CMB New York keeps FRN market heated with 3yr

    Mainland banks continue to be active in the floating rate bond market, with China Merchants Bank Co looking to sell its inaugural dollar FRN on Monday.

    05 Jun 2017

  • UBS loses debt syndicate banker in Hong Kong

    UBS has lost a banker in its Asia debt syndicate team in Hong Kong, according to sources.

    05 Jun 2017

  • This week in renminbi: June 5, 2017

    In this week's round-up, the People’s Bank of China says it will maintain a neutral monetary policy, Silk Road Fund and European Investment Fund sign memorandum of understanding for Belt and Road financing, and Luxembourg holds international renminbi forum.

    05 Jun 2017

  • Another busy week for blocks ends with €1bn Saint-Gobain selldown

    Another vibrant week in the equity block trades market was capped off on Thursday night by two big trades in the France and the UK.

    02 Jun 2017

  • Firms report success in streamlining ISDA Master Agreement

    A global collaborative effort by financial services companies to streamline negotiation of ISDA Master Agreements has seemingly reaped its rewards, as the companies involved announced on Thursday that a prototype version had been successfully tested.

    02 Jun 2017

  • Secondary pricing update: featuring ADB's $1.75bn four year

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    02 Jun 2017

  • Two or three covered trades due next week after busy May

    Berlin Hypothekenbank (BHH) is expected to issue its second green Pfandbrief next week alongside one or two other transactions. The new issues follow an eventful May, while June could also prove a busy month.

    02 Jun 2017

  • Intertrust appoints global head of capital markets from BAML

    Corporate and private equity services provider Intertrust has appointed a new global head of capital markets from Bank of America Merrill Lynch.

    02 Jun 2017

  • Superior Industries taps euro bond, dollar loan for German M&A

    Superior Industries International, the Michigan-based aluminium wheels maker, has scheduled a roadshow for Monday for €240m of eight year high yield notes.

    02 Jun 2017

  • Créd Ag targets TLAC in Samurai whopper

    Crédit Agricole sold the largest ever Samurai bond from a European bank on Friday, raising a sizeable ¥203.9bn ($1.8bn) of debt across five tranches.

    02 Jun 2017

  • Norilsk loses out in push for last nickel

    For the second time this year Norilsk Nickel tried to push its luck with pricing, only to find that investors would not support it through to the tight end of guidance.

    02 Jun 2017

  • HKEX and HKSTP pave way for tech IPOs with new platform

    Hong Kong Stock Exchange and Hong Kong Science and Technology Parks Corp have launched a platform to help technology companies list and to bolster the city’s credentials as a tech investment hub.

    02 Jun 2017

  • Petron hikes to $1bn amid strong demand

    Allocations are out for Petron Corp’s loan, which was opened to retail participation in late March. The company has absorbed the excess demand that came in during syndication, boosting the deal size to $1bn from $600m.

    02 Jun 2017

  • DBS makes high profile return to senior debt

    DBS Group sold its first senior unsecured bond in three years on Thursday, sealing a floating rate 2020 at a record tight spread for any Asia ex-Japan bank so far this year.

    02 Jun 2017

  • Sinopec Marketing holds beauty parade for $10bn IPO

    The retail unit of China Petroleum & Chemical Corp (Sinopec) has held a beauty parade for its Hong Kong IPO, which is expected to raise around $10bn, according to a source familiar with the matter.

    02 Jun 2017

  • Chexim kicks off new programme with dual-currency trade

    Export-Import Bank of China came to the market with a two-currency, fixed and floating rate transaction on Thursday, snapping up $918m-equivalent. Its outing followed downgrades on China’s sovereign rating and that of the issuer, but buy-side concerns were well contained.

    02 Jun 2017

  • BNP Paribas is sole lead for BIDV $100m dual trancher

    Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) is tapping the syndicated loan market for $100m split into two tranches with different tenors.

    02 Jun 2017

  • MPM Finance revs up $100m new money borrowing

    Indonesia's Mitra Pinasthika Mustika Finance has returned to the international loan market with a $100m deal, less than a year after signing its last fundraising.

    02 Jun 2017

  • RMB round-up: USDCNH futures have strong day, HK RMB deposits up in April, China and Germany co-operate on trade and finance

    In this week’s round-up, the Hong Kong Exchange’s USDCNH futures record their second best trading volume on Wednesday, renminbi deposits in Hong Kong increase by 4.1% in April, and China and Germany agree to co-operate on trade and finance.

    02 Jun 2017

  • Many firsts for HSBC’s S$1bn CoCo perp

    HSBC Holdings stormed into the Singapore dollar bank capital market on June 1 with a S$1bn ($722m) additional tier one that notched up a number of firsts, as the issuer took advantage of the liquidity and stability of the currency.

    02 Jun 2017

  • Banks complete first IRS with new repo rates

    Bank of China and Standard Chartered (China) completed the first interest rate swaps under China’s new repurchasing fixing rate (FDR) on May 31. Experts say the recently introduced rates will better reflect liquidity in the market and work in the favour of foreign banks.

    02 Jun 2017

  • Sihanoukville port seals rare Cambodia IPO

    Cambodia’s Sihanoukville Autonomous Port has wrapped up the subscription period for its Riel108.1bn ($26.5m) IPO, concluding the country’s fifth and largest listing to date.

    02 Jun 2017

  • Dena Bank eyes QIP for $279m fundraise

    Dena Bank is seeking shareholder consent to raise up to Rp18bn ($279m) via a qualified institutional placement, India’s latest FIG name to tap equity markets for funding.

    02 Jun 2017

  • FWD, Far East Horizon mandate for perps

    Hong Kong’s FWD Group and Chinese leasing firm Far East Horizon are wooing investors for their respective perpetual deals, while Tunghsu Group Co is gauging interest for its debut international bond.

    02 Jun 2017

  • Citi taps insider to lead Apac MNC-focused unit

    Citi has picked Munir Nanji to head its Global Subsidiaries Group (GSG) for Asia Pacific, as the bank aims for a slice of the growing intra-Asia trade flows of its multinational clients.

    02 Jun 2017

  • Shenzhen and Bombay bourses sign MOU

    The Shenzhen Stock Exchange and Bombay Stock Exchange have signed a memorandum of understanding to promote capital markets co-operation, in a bid to give a fillip to small and medium enterprises and innovative companies.

    02 Jun 2017

  • Lat Am new issues get tight as HY sovereigns price

    Bond investors appeared unenthusiastic about the pricing on offer in this week’s Latin American new issues as two high yield sovereigns clinched tight deals.

    01 Jun 2017

  • Venezuela bond traders ignore Goldman outrage

    Goldman Sachs sparked the ire of Venezuelan opposition supporters and several bond investors this week as it bought $2.8bn of PDVSA bonds at a hefty discount that put the yield at 40%.

    01 Jun 2017

  • Deutsche Bahn EUR500m 1.5% Dec 32

    01 Jun 2017

  • FCC Aqualia EUR700m 1.413% June 22, EUR650m 2.629% June 27

    01 Jun 2017

  • Compagnie de Saint-Gobain EUR750m 1.375% June 27

    01 Jun 2017

  • Domino’s on the way to market with $2bn ABS delivery

    Domino’s Pizza is preparing to serve up a $2bn whole business ABS transaction, the largest such deal to enter the increasingly crowded esoteric securitization market in 2017.

    01 Jun 2017

  • People Moves in Brief

    ING securitization head leaves — NEX CFO quits — SG’s Karl joins ISDA

    01 Jun 2017

  • AIB: patience is a virtue

    The launch of the Allied Irish Bank’s (AIB) IPO by the Irish government should be welcomed as an important landmark in the republic’s astonishing recovery since it emerged from its bailout in 2013.

    01 Jun 2017

  • Corporate bond issuance soars close to record high

    Corporate bond bankers have been left thunderstruck after the market closed its second busiest month ever in euro and sterling with more than a huge €48bn printed in May, and investors still have cash waiting on the sidelines for more issuance in the coming month.

    01 Jun 2017

  • Italian CDS stays relatively calm ahead of gathering storms

    Italian credit default swap levels have not reacted dramatically to the prospect of sooner than expected elections, but politics and the country’s banking sector are still capable of triggering big slides, writes Gavan Nolan.

    01 Jun 2017

  • ING head of securitization leaves

    Martin Nijboer, the head of global capital markets and securitizations at ING, has left the company GlobalCapital understands.

    01 Jun 2017

  • ESMA warns regulators on Brexit firm leniency

    The European Securities and Markets Authority (ESMA) has warned regional regulators against a potential race to the bottom to attract UK business in the aftermath of the Brexit vote, writes Costas Mourselas.

    01 Jun 2017

  • UniCredit eyes dollar tier two in new TLAC plan

    UniCredit mandated banks to arrange its return to the dollar market in tier two this week, as the Italian bank considers a global approach to tackling its regulatory capital requirements.

    01 Jun 2017

  • UniCredit finds way to fund NPL sale fast

    UniCredit’s flagship non-perfoming loan (NPL) sale, Project Fino — which stands for “failure is not an option” — will only raise 40% of its cash up front, with UniCredit granting Pimco and Fortress, the buyers of the €17.7bn portfolio, more than three years to pay the rest.

    01 Jun 2017

  • Eurozone DMOs blast sovereign securitizations, but investors positive

    Sovereign debt management offices (DMOs) have lambasted proposals for creating common eurozone ‘safe assets’ in the form of sovereign bond-backed securities (SBBS). The European Commission said this week it planned to review the idea — and is likely to find a more optimistic tone from investors.

    01 Jun 2017

  • Securitization industry success: a win for the little guy?

    The European securitization industry’s “simple, transparent and standardised” regulatory framework has finally been pushed through, with industry practitioners as well as supportive bureaucrats in Brussels saying it will help boost the flow of lending to Europe’s small and medium enterprises (SMEs). Time will tell if those businesses actually feel the benefit.

    01 Jun 2017

  • Cardinal fires June to healthy market start

    A trio of benchmark issuers hit the dollar market on Thursday to ensure June got off to a brisk start as investors remained in risk-on mode in a holiday shortened week.

    01 Jun 2017

  • Innovation is needed in the green bond market

    The market for socially responsible investments is flourishing, but only at the top. Corporate and emerging market borrowing, which the world sorely needs, is still conspicuously scarce. Financial innovation is required to broaden participation.

    01 Jun 2017

  • Monte pre-agrees ‘precautionary recap’

    The European Commission and the Italian government have reached an agreement in principle to grant Monte dei Paschi di Siena (MPS) a “precautionary recapitalisation”, clearing the way for the Italian government to inject public funds into the troubled Italian bank.

    01 Jun 2017

  • UBS helps records soar with $5bn deal

    UBS plundered the short end of the curve this week with a $5bn trade from its operating company, pushing the levels of bank and financial issuance further beyond recently set records.

    01 Jun 2017

  • Euro market braces for next week’s ECB meeting

    While SSA syndicate bankers maintain that conditions in euros are still good, there was barely any issuance this week as attention turned to next week’s ECB meeting and a potential snap election looming in Italy. Meanwhile, the European Stability Mechanism and European Financial Stability Facility revamped their funding programmes in light of better than expected funding opportunities in the past few months.

    01 Jun 2017

  • Metso, Neste smaller trades find space on rip-roaring day

    Sub-benchmark transactions made up a chunk of Wednesday’s busy euro primary market, with Metso Corp and Neste bringing bonds for less than €500m.

    01 Jun 2017

  • NWB Bank EUR1.5bn 0.25% Jun 24, EUR500m 1.25% Jun 32 affordable housing bond

    01 Jun 2017

  • MOL launches as Schuldschein spreads east

    Oil and gas company MOL became the first Hungarian issuer in the Schuldschein market this week. And, as the market expands further from Germany, there is no sign that credit quality will become less central to an issuer’s success.

    01 Jun 2017

  • Côte d’Ivoire € trade: red flag to EM bulls or prudent funding?

    The Republic of Côte d’Ivoire’s plans to issue the first euro denominated trade from sub-Saharan Africa is dividing the market. Some see the trade as a sensible move to fund in the country’s “natural currency” while others argue that the trade could be a warning sign that we are reaching the top of the bull run.

    01 Jun 2017

  • MTN Leak: The return of Leakjonsson

    As the MTN world's social calendar begins to fill up once again, one event in particular stood out from the rest — this year’s Discover Iceland.

    01 Jun 2017

  • SSAs get real from currency in flux

    The Brazilian real may have taken a hit amid corruption allegations about the country’s president, but it is still a hit for supranational issuers.

    01 Jun 2017

  • NWB opens way for affordable housing bonds

    The blossoming market for socially responsible investments focussing on social problems, rather than environmental concerns, sprouted a new shoot this week. Nederlandse Waterschapsbank’s affordable housing bond could be the first of many of its type and may open the door for housing associations to sell social bonds.

    01 Jun 2017

  • UK could extend curve in September

    The UK Debt Management Office (DMO) is keeping its options open on a planned syndication for September, as Gilt yields fell following polls showing the opposition Labour Party was gaining ground on the ruling Conservatives ahead of next week’s UK general election.

    01 Jun 2017

  • United Bank for Africa bags $500m debut

    Investor appetite for yield and renewed confidence in the Nigerian financial sector helped United Bank for Africa (UBA) size an inaugural dollar bond at the top end of the target range on Thursday.

    01 Jun 2017

  • Contrasting dollar fortunes for SSAs

    There was just a smattering of public sector dollar deals this week — but a wide difference in how they fared.

    01 Jun 2017

  • BNPP and RBS dive into ‘hot’ FRN mart

    Strong demand for floating rate paper helped BNP Paribas take home a longer dated than usual non-preferred note this week, while Royal Bank of Scotland’s rare operating company FRN had a similarly warm welcome.

    01 Jun 2017

  • ABS issuers rev engines ahead of Barcelona bash

    A flurry of issuers is hitting the European primary ABS market in the run up to the Global ABS conference next week in Barcelona.

    01 Jun 2017

  • BNP Paribas EUR750m Jun 24 non-preferred FRN

    01 Jun 2017

  • War to restore European securitization moves on after STS victory

    The next steps in the war to restore European securitization will be risk weights, Solvency II, and the end of excess central bank liquidity, according to market participants who cheered last Tuesday’s agreement on the structure of a ‘simple, transparent and standardised’ (STS) label for European securitizations.

    01 Jun 2017

  • Royal Bank of Scotland Plc EUR600m Jun 20 FRN

    01 Jun 2017

  • CaixaBank EUR1bn 6.75% PNC7 AT1

    01 Jun 2017

  • Spain's eighth largest bank Unicaja brings IPO to redeem CoCos

    Unicaja Banco, the eighth largest bank in Spain by assets, has announced its intention to float on the Spanish stock exchanges, joining Ireland’s Allied Irish Banks in the pre-summer IPO market.

    01 Jun 2017

  • MEPs’ transparency demands could worsen CSPP distortion

    A group of European parliamentarians is pressing Mario Draghi, president of the European Central Bank (ECB), to make full disclosure of the corporate bonds the Eurosystem central banks have been buying under quantitative easing. But bond specialists believe transparency would backfire, sparking new market distortions, write Victor Jimenez and Michael Turner.

    01 Jun 2017

  • LBBW EUR1bn 0.5% Jun 22

    01 Jun 2017

  • Banks target ‘quiet’ Formel D syndication as another 3i LBO allocates

    The loan backing 3i’s €247m investment in Formel D, the German car and car parts services firm, is due to be launched into syndication in early June, in a leveraged loan market just about ticking over.

    01 Jun 2017

  • Second Barclays Africa ABB flies, grows to $2.9bn

    Barclays has sold more than half its stake in Barclays Africa, its separately listed South African subsidiary formerly known as Absa Bank, through a huge R37.7bn ($2.9bn) block trade on Wednesday night that was covered in 45 minutes.

    01 Jun 2017

  • Hammered down spreads give corporate bond buyers a headache

    Corporate bond issuance in Europe slowed to a trickle on Thursday after a gush of trades on Wednesday, as investors said they were growing increasingly tired of the recently popular execution method of offering a chunky spread at initial price thoughts, only to tighten markedly by final pricing.

    01 Jun 2017

  • Ireland scorns UK election risk to bring €3bn AIB IPO at last

    The Irish government has fired the starting gun for the IPO of Allied Irish Banks (AIB), a potential €3bn deal, even though this means it will be in the market right through the UK general election, writes Aidan Gregory.

    01 Jun 2017

  • US CLO refi steam runs out as equity buyers eye resets

    US CLO equity holders are shifting their focus away from the low hanging fruit of refinancing transactions towards CLO resets, which give equity investors the benefit of longer reinvestment periods as well as cheaper liability costs.

    01 Jun 2017

  • Close encounters with a third kind (of capital)

    Soon, banks will have more TLAC and MREL than equity. The new bond classes are a immensely important part of the financial structure of a bank, but the risks to investors aren’t yet clear. Just how will this alien new instrument class behave — or misbehave?

    01 Jun 2017

  • KommuneKredit ‘disappoints’ in three year dollars

    KommuneKredit fell short of full subscription with a three year dollar benchmark on Thursday, with few updates provided through the book building process.

    01 Jun 2017

  • The Pained Trader: Fit ’n proper

    The Pained Trader’s probation depends on discretion about matters disciplinary.

    01 Jun 2017

  • Cocobod mandates banks for annual financing

    Ghana Cocoa Board (Cocobod) has mandated six banks to arrange financing for its annual cocoa season, according to a public statement.

    01 Jun 2017

  • Agrokor hopes for new loan from Sberbank

    Struggling Croatian food conglomerate Agrokor wants fresh financing from its biggest lender Sberbank, adding to its existing €1bn debt with the bank and said it is close to a new loan from other banks.

    01 Jun 2017

  • Rump of Kuoni launches €760m of acquisition and refi loans

    VFS Global, Kuoni’s visa and passport services business, has scheduled a lender call next week to market €760m-equivalent of new loans, backing an acquisition and the refinancing of debt.

    01 Jun 2017

  • CDC scores in three year sterling

    Caisse des Dépôts et Consignations (CDC) sold its largest ever sterling bond on Thursday, raising £300m with a three year deal.

    01 Jun 2017

  • Stora Enso tempts euro HY investors with rare 10 years

    Stora Enso, the Finnish-Swedish wood, paper and packaging maker, started a roadshow on Tuesday for a €300m bond that will have one of the longest tenors in the high yield market this year.

    01 Jun 2017

  • ESM and EFSF update funding plans

    The European Stability Mechanism and European Financial Stability Facility have revamped their funding programmes in light of better than expected funding opportunities in the past few months.

    01 Jun 2017

  • NN Bank signals covered bond intentions

    Nationale-Nederlanden Bank (NN Bank) has registered its covered bond company, suggesting it plans to follow Rabobank with a debut deal. The move could lead to less Dutch RMBS supply, where it had been a regular issuer alongside Delta Lloyd, with which it is merging.

    01 Jun 2017

  • Investors flock to buy rare opco FRN from RBS

    Investors put more than €2.25bn of orders into a rare operating company level senior bond from Royal Bank of Scotland on Thursday, as floating rate bonds appear as a "more attractive option" for an increasing numbers of issuers, according to bankers.

    01 Jun 2017

  • CaixaBank brings debut AT1 through Popular volatility

    Spain’s CaixaBank attracted more than €3.5bn of orders on its first entry into the additional tier one (AT1) market on Thursday, despite growing caution around the precarious financial situation of its compatriot Banco Popular Español.

    01 Jun 2017

  • NAMA results, housing recovery paint rosy picture for Irish economy

    Investors looking to take a punt on the Irish economic recovery should be pleased with strong annual results from the country’s ‘bad bank’, as well as a broad improvement in the domestic housing market.

    01 Jun 2017

  • JSW eyes $620m long term loan to support expansion

    Indian company JSW Steel is holding talks with banks for a new fundraising for capital expenditure and refinancing. Although the deal is still in the early stages, the preliminary response shows lenders are inclined to support the firm’s expansion plans, thanks to its sound financial performance and commitment to keeping its leverage within reasonable levels, writes Shruti Chaturvedi.

    01 Jun 2017

  • Indonesia seals first public Samurai in decades

    The Republic of Indonesia priced a ¥100bn ($900m) bond on Wednesday, its first public Samurai deal in decades and its maiden fundraise following an upgrade to its credit rating. Although the issuer was forced to drop a 10 year tranche, its transaction was a blow-out, reflecting Japanese investors’ strong interest in foreign paper. Addison Gong reports.

    01 Jun 2017

  • Partners Group picks three for SPi acquisition financing

    Three banks will supply funds to back private equity firm Partners Group's acquisition of business process outsourcing firm SPi Global.

    01 Jun 2017

  • Intesa talking to 15 banks about Rosneft loan syndication

    Intesa Sanpaolo has finally launched into general syndication a €5.2bn loan that it solely underwrote for the acquisition of a 19.5% stake in Rosneft by the Qatar Investment Authority and Glencore, after months of delay and reports that it might not happen.

    01 Jun 2017

  • 'Honoured' CVC closes largest ever fund at €16bn

    CVC Capital Partners has closed its latest European and North American fund at a hard cap of €15.5bn. That makes this its largest fund and one of the largest ever by a European private equity firm.

    01 Jun 2017

  • Nomura finds its natural niche after closing EMEA ECM

    The Japanese bank’s tough decisions in EMEA have paid off with a return to profitability as its global finance business begins to shine, writes David Rothnie.

    01 Jun 2017

  • Shipping grief hits Commerz and NordLB’s Pfandbrief way

    Commerzbank has signalled its intention to formally pull out of the ship Pfandbrief business, while NordLB is considering a sale of Deutsche Hypo to shore up capital after absorbing BremerLB’s loss-making shipping business.

    01 Jun 2017

  • Scotia steers ‘trickier’ sterling trade into tight level

    Bank of Nova Scotia picked up £250m of senior funding at an attractive spread versus its euro levels on Thursday, but demand for the notes may have been stunted after Moody’s slashed the ratings on several Canadian banks in mid-May, including Scotia.

    01 Jun 2017

  • ESR nets $100m from perp as market headwinds take toll

    ESR Cayman sealed a $100m perpetual non-call three year on Wednesday, but the market remained a tad soft with investors being defensive when it came to risky names.

    01 Jun 2017

  • Norilsk on track for first sub-4% print

    Norilsk Nickel had taken a book of $1.4bn for its new April 2022 and looked to be on track to print with its lowest coupon ever as it makes use of the seemingly unstoppable bid for emerging market assets.

    01 Jun 2017

  • Latvia takes €350m with tap

    Latvia launched a €350m dual tranche tap of its 2026 and 2036 bonds on Thursday morning, its second visit to the international markets this year.

    01 Jun 2017

  • Sebi sets out rules for green financing

    The Securities and Exchange Board of India (Sebi) has put in place disclosure requirements for the issuance and listing of green debt from the country’s borrowers.

    01 Jun 2017

  • Xin Point kicks off investor education for $150m HK IPO

    Chinese automotive component supplier Xin Point Holdings started pre-marketing its Hong Kong IPO this week, and is eyeing up to $150m after getting a recent boost in confidence, according to a source close to the deal.

    01 Jun 2017

  • Wuxi Biologics, HRnet IPOs in high demand

    Investors threw their weight behind two IPOs in Asia this week, with WuXi Biologics set to price at the top of expectations in Hong Kong and Singapore’s HRnetGroup getting covered across the range.

    01 Jun 2017

  • How not to do fintech

    Fintech is all the rage these days, so it was no surprise when a chum of mine announced that he had joined a bank to help it embrace the digital age.

    01 Jun 2017

  • United Bank of Africa picks five year for senior dollar debut

    United Bank of Africa (UBA) is set to become the second Nigerian lender to tap the dollar market in less than two weeks after emerging with pricing for a debut five year deal on Thursday.

    01 Jun 2017

  • Vietnam gaming firm VNG plans country’s debut US IPO

    Online gaming and media platform VNG Corp is eyeing a listing on the Nasdaq, potentially the first US IPO from a Vietnamese firm, according to a statement from the company.

    01 Jun 2017

  • Competition heats up for piece of $10bn SOE listings

    Hong Kong’s IPO market is awaiting jumbo deals from two Chinese state-owned enterprises this year, with Sinopec Marketing Co and China Tower seeking $10bn each. Both transactions are must-haves for ECM houses in the region, but getting a spot on the syndicate will be no easy feat. Jonathan Breen reports.

    01 Jun 2017

  • Updated: Small size, big deal: Maldives debuts with $200m print

    The Republic of the Maldives raised $200m from its maiden international bond on Wednesday, pushing Asia ex-Japan G3 sovereign debt issuance to $9.7bn year-to-date — the second highest volume since 2010.

    01 Jun 2017

  • Asia people and markets news, June 1, 2017

    MS, CS promotions in Oz — ABN Amro FIG hire — Natixis names new fixed income head — Pakistan returns to MSCI EM — Citi Korea boosts overseas reach with new desks

    01 Jun 2017

  • CNH surge continues as China squeezes offshore liquidity

    The offshore renminbi (CNH) reached its strongest point against the dollar since the start of the year on Thursday, despite China’s sovereign rating downgrade last week. Analysts say the sharp turn reflects Chinese regulators’ determination to keep the currency from falling ahead of renewed pressure from external factors.

    01 Jun 2017

  • WuXi Bio eyes top end price for $510m HK float

    WuXi Biologics is set to price its HK$3.9bn ($510.4m) IPO at the top of expectations following a blockbuster response from investors.

    01 Jun 2017

  • Guatemala bond return leaves little juice

    Central American sovereign Guatemala sold $500m of dollar bonds on Wednesday in a deal that came roughly flat to its curve.

    01 Jun 2017

  • DBS, HSBC, Chexim seek out debt investors

    DBS Group Holdings and HSBC Holdings are wooing debt investors, with the former seeking a dollar senior deal, and the latter a Singapore dollar perpetual. The Export-Import Bank of China (Chexim) is also collecting bids for its fundraising.

    01 Jun 2017

  • Hope for swaps banks as Dexia Crediop wins Prato criminal case

    An Italian judge has ruled in favour of Dexia Crediop bank in a criminal case that could have significant implications for similar derivatives disputes.

    01 Jun 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Jun 2017
1 Citi 206,449.53 755 8.84%
2 JPMorgan 192,919.68 823 8.26%
3 Bank of America Merrill Lynch 175,174.46 602 7.50%
4 Barclays 144,195.77 526 6.17%
5 Goldman Sachs 139,497.22 445 5.97%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jun 2017
1 Deutsche Bank 23,530.61 67 7.96%
2 HSBC 20,994.25 74 7.11%
3 Bank of America Merrill Lynch 20,490.14 49 6.93%
4 Credit Agricole CIB 15,076.29 72 5.10%
5 BNP Paribas 14,834.05 81 5.02%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jun 2017
1 JPMorgan 10,673.78 46 8.06%
2 Citi 9,632.20 60 7.28%
3 Goldman Sachs 9,310.79 46 7.03%
4 UBS 9,230.61 36 6.97%
5 Morgan Stanley 8,508.94 46 6.43%