• BNPP becomes Hong Kong clearing member

    BNP Paribas has become the seventeenth clearing member of OTC Clearing Hong Kong, the clearing subsidiary of Hong Kong Exchanges (HKEX).

    19 Sep 2017

  • OeKB back in euros — with a bang

    Oesterreichische Kontrollbank has made a triumphant return to euros on Tuesday as it printed in the currency following a more than eight year absence. Elsewhere, Nederlandse Waterschapsbank sold a small long dated euro tap — a tactic SSA bankers expect to see more of.

    19 Sep 2017

  • Toys‘R’Us woes should prompt CLO managers out of retail

    Toys‘R’Us has filed for bankruptcy protection in the US and Canada as it attempts to restructure its debt. Its woes should be another hint to CLO managers that its time to cycle out of specialist retail exposures.

    19 Sep 2017

  • Who cares about tapering?

    If the market commentariat thinks that the buy side should be worried by upcoming European Central Bank tapering, then someone has yet to tell investors.

    19 Sep 2017

  • Heavyweight returns to SSA and EM market

    A big name in SSA and emerging markets syndicate has returned to the primary markets, joining the desk at a French bank.

    19 Sep 2017

  • Sibanye Gold caps off Stillwater refinancing with $450m CB

    Sibanye Gold, the South African gold miner, took the final step towards refinancing its acquisition of US platinum miner Stillwater on Tuesday, when it issued a $450m convertible bond.

    19 Sep 2017

  • EIB looks for Kanga green buyers

    The European Investment Bank opened a tap to its January 2028 Australian dollar Climate Awareness Bond on Tuesday.

    19 Sep 2017

  • Deutsche Bahn tests water down under

    Deutsche Bahn is soft-sounding investors about a lengthy Kangaroo bond, with an eye on Australian and Asian buyers.

    19 Sep 2017

  • BNPP hires veteran Deutsche trader

    Former Deutsche Bank trader Neehal Shah will join BNP Paribas as the global head of G10 FX trading.

    19 Sep 2017

  • EBA proposes securitization risk transfer reform

    The European Banking Authority has published a discussion paper looking to harmonise the supervision of risk transfer in securitization across the EU.

    19 Sep 2017

  • Successful return for Gecina within three months of last deal

    On Tuesday, Gecina, the French property company, printed a successful €700m long 10 year bond, having sold €1.5bn of bonds as recently as the end of June to help fund its acquisition of Eurosic.

    19 Sep 2017

  • Voting patterns for covered bond awards 2017

    The various constituencies of the covered bond market voted quite differently this year and in some cases the final winning margins were close. See how the market voted for this year’s awards.

    19 Sep 2017

  • Scandi names show senior preferred still in favour

    Nordea’s order book was more than twice oversubscribed for a €2bn deal across two tranches on Tuesday, while Swedbank also found demand for a sterling deal. The deals suggest that, despite tight spreads, investors are not deterred from senior preferred from the right names.

    19 Sep 2017

  • Engie extends extensive green curve with treble

    Engie, the French energy utility, priced its second green bond transaction of 2017 on Tuesday. The longest tranche of its three tranche offering extended the issuer’s green bond curve by nearly 10 years.

    19 Sep 2017

  • CFTC's Quintenz says DLT will cause "sea change"

    Brian Quintenz, a commissioner at the United States’ derivatives regulator, said that distributed ledger technology “is on the verge of creating a sea change in contract design, reporting and settlement” on Monday, as he was named sponsor of the organisation’s Technology Advisory Committee (TAC).

    19 Sep 2017

  • Totta enjoys blow-out covered bond reception

    Santander Totta took advantage of the paucity of peripheral 10 year covered bond supply, a Portuguese sovereign rating upgrade and buoyant credit conditions to issue a well received €1bn transaction on Tuesday. Meanwhile, PKO Bank signalled its intention to open books soon.

    19 Sep 2017

  • BAML argues for ABSPP continuation

    Analysts at Bank of America Merrill Lynch have argued the European Central Bank keep its asset backed purchase programme running in 2018 — a contrarian position given the market consensus that it is likely to end this year.

    19 Sep 2017

  • ING pays no premium for T2 double-dipping

    ING raised €1bn of new 12 year non-call seven tier two bonds without paying any new issue premium on Tuesday, despite offering investors the chance to invest in a nearly identical deal earlier in the year.

    19 Sep 2017

  • Euro CLO new issue market restarts

    CLO investors will finally have new issues to get their teeth into this week, with offerings from Tikehau Capital and Accunia set to be priced this week.

    19 Sep 2017

  • Greens bloom as SMFG mandates and DKB goes tight

    Activity in the FIG green bond market is picking up in September with close to 100 accounts putting in orders for Deutsche Kreditbank’s second euro offering on Tuesday and Sumitomo Mitsui Financial Group (SMFG) preparing to hit the road for holding company level green transaction.

    19 Sep 2017

  • Mercuria preps annual visit to loan market

    Swiss energy and commodities trader Mercuria is looking to raise $850m from a triple-tranche facility that was launched earlier this week.

    19 Sep 2017

  • China fumbles as it eyes dollar market return

    It’s been 13 years since China last sold a dollar bond. Since the news this summer that the Middle Kingdom was eyeing a return to the offshore debt market, bankers and investors have kept a close eye on any official news of the transaction. But as the end of the year nears, it appears as though China missed its mark for issuing an earth shattering bond.

    19 Sep 2017

  • KazTransGas debut starts wide of owner

    Kazakhstan’s KazTransGas has opened books on a debut 10 year dollar benchmark trade with initial price thoughts that leads reckon is around 30bp back of its similarly rated state-run owner, KazMunayGas.

    19 Sep 2017

  • Isbank scores $1.1bn at lower price benchmark

    Türkiye İş Bankası has signed a $1.1bn dual currency syndicated loan at 10bp lower than its first loan this year in May, in line with its peers.

    19 Sep 2017

  • ICICI Lombard wraps up $886m IPO oversubscribed

    ICICI Lombard General Insurance Co closed books for its IPO on Tuesday, with the Rp57bn ($886.4m) trade more than 250% subscribed.

    19 Sep 2017

  • BPRL reaches out for $400m dual-tranche loan

    Bharat Petroleum Corp’s offshore unit launched its $400m dual-tranche term loan into general syndication on Tuesday evening.

    19 Sep 2017

  • What geopolitical tensions? Hyundai, Kookmin seal bonds

    Geopolitical tensions around North Korea have proved to be a non-event in the primary debt market, with Hyundai Motor Group’s US arm snapping up $1bn from a triple-tranche transaction and Kookmin Bank pricing a $500m trade on Monday.

    19 Sep 2017

  • Crossover credit Puma Energy markets fresh bond

    Emerging market focused Puma Energy has mandated banks for a $300m-minimum seven year non call three bond, with high yield and emerging market syndicate desks running the process at lead banks.

    19 Sep 2017

  • NDRC gives more nods for offshore bonds

    A group of seven Chinese companies have successfully registered with the National Development and Reform Commission (NDRC) to raise foreign currency bonds, according to an update on the regulator’s website on Tuesday.

    19 Sep 2017

  • Zai Lab to price $106m US listing high

    Zai Lab, a Chinese biotechnology company, was set to price its IPO of American Depository Shares on Tuesday, expected to raise at least $105.9m.

    19 Sep 2017

  • KWG goes tight on $250m comeback

    Chinese property developer KWG Property Holding grabbed a modest $250m on Monday from a transaction sealed at an ultra-tight price.

    19 Sep 2017

  • GIMA TT covers €350m IPO after one day

    The €350m IPO of Gima TT, the tobacco packaging machinery division of IMA, is covered at the full deal size including the greenshoe, less than two working days into the bookbuild.

    19 Sep 2017

  • Petrobras comes tight but dips in grey

    Brazilian state oil giant Petrobras returned to bond markets on Monday with a liability management driven trade that bankers say should hit $6bn at least once a concurrent exchange offer is completed. But the deal traded down in the grey market — to the surprise of many.

    19 Sep 2017

  • Qudian preps $750m US IPO for Wednesday launch

    Chinese micro-lender Qudian could start bookbuilding for its potential $750m US listing on Wednesday, according to a source working on the deal.

    19 Sep 2017

  • Goldman appoints Hitchner as Apac chairman

    Goldman Sachs has promoted Ken Hitchner to chairman and chief executive officer of Asia Pacific ex-Japan, amid a rejig of its senior ranks in the region.

    19 Sep 2017

  • S-Reits, trusts to keep issuance spree on a high

    Singapore real estate and business trusts have raised a healthy $2.9bn in equity this year, with market participants seeing no let-up in volumes as investors continue to chase for yield.

    19 Sep 2017

  • SP PowerAssets lights up rare dollar bond

    Singapore power company SP PowerAssets began marketing a rare dollar transaction on Tuesday morning, nearly two years after it last hit the offshore debt market.

    19 Sep 2017

  • The Buy Side: Sweden’s Andra still bullish on A-shares

    In this new column, GlobalRMB will be speaking to investors from around the world about their views on RMB assets. In the first instalment, Swedish pension fund Andra speaks about its long-standing commitment to China’s equity market.

    19 Sep 2017

  • InterGlobe nets Rp38bn from popular share sale

    InterGlobe Aviation has raised Rp37.96bn ($591.5m) from a one-day placement, drawing in a troop of international and domestic hedge funds, as well as long-only investors.

    19 Sep 2017

  • Beijing Infrastructure returns to dollars, APP China on the road

    Beijing Infrastructure Investment Co is in the market with its first dollar bond in nearly three years, while APP China Group is meeting debt investors in Hong Kong.

    19 Sep 2017

  • Student loans set to impact whole spectrum of consumer debt

    Accelerated growth of student loan debt is set to impact virtually every consume debt segment in the US, as the growing loan bubble shifts historical patterns of homeownership nationwide, said speakers on a consumer credit panel on day two of ABS East.

    19 Sep 2017

  • Credit Suisse hires top levfin banker Ross

    Credit Suisse has hired David Ross, a veteran of the EMEA leveraged finance markets, to co-head its EMEA leveraged finance capital markets group.

    18 Sep 2017

  • Miller Homes builds debut HY offering in tightening sterling market

    UK housebuilder Miller Homes will start a two day roadshow for its first high yield deal on Tuesday, as spread tightening for sterling bonds with speculative grade ratings more than 100bp so far this year.

    18 Sep 2017

  • Echlin and Drew move on as Credit Suisse rolls out senior revamp

    Credit Suisse has replaced Marisa Drew and Mark Echlin as co-heads of EMEA investment banking and capital markets with Mathew Cestar and Jens Welter. The bank also announced a senior hire in leveraged finance.

    18 Sep 2017

  • SGX creates indices from products

    Singapore Exchange (SGX) has used the iron ore futures listed on its derivatives market to create a series of inverse and leveraged indices for tradable products.

    18 Sep 2017

  • Femsa serves up rare Heineken liquidity with €2.5bn block trade

    Femsa, the Mexican soft drinks and retail company, is selling a €2.5bn chunk of its holding in Heineken, which it acquired in 2010 when the Dutch brewer bought its brewery division.

    18 Sep 2017

  • OeKB alone in core currencies in big FOMC week

    Oesterreichische Kontrollbank is the only public sector issuer on screens for Tuesday business in either euros or dollars, with supply in the latter likely to be dampened this week due to a crucial US Federal Reserve meeting.

    18 Sep 2017

  • Latham hires veteran structured finance lawyer

    Latham & Watkins said it had hired Simeon Rudin, a former partner at Freshfields and former head of the firm's structured and asset finance team in London.

    18 Sep 2017

  • SSA secondary pricing update: featuring OTFT's dollar debut

    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.

    18 Sep 2017

  • Gosforth gathers strong dollar demand despite Miami meet

    Virgin Money's new UK RMBS, Gosforth Funding 2017-1, saw strong demand for both sterling and dollars in its new deal, despite much of the US market heading to Miami for IMN's ABS East conference.

    18 Sep 2017

  • Telia brings second $500m Turkcell selldown this year

    On Monday evening, Telia, the Nordic telecoms group, launched another large block trade of shares in Turkcell, the leading mobile phone operator in Turkey.

    18 Sep 2017

  • ISDA lays out views on CCP recovery and resolution

    The International Swaps and Derivatives Association (ISDA) released new recommendations on how to manage the recovery and resolution of central counterparties (CCPs) on Monday. The organisation also encouraged regulators to not distract themselves with 'politically driven topics', citing the debate on whether certain clearing houses should be relocated to European Union member states after Brexit.

    18 Sep 2017

  • Funding scorecard: supranationals

    This week's scorecard looks at the progress supranationals have made in their funding programmes this year.

    18 Sep 2017

  • Puma's $425m pushes loan tenor to five years

    Puma Energy, the midstream and downstream oil company, has signed a five year loan that was oversubscribed by its relationship banks.

    18 Sep 2017

  • Interoute to hang up on HY bonds with new refi loan deal

    UK operator of cloud services Interoute is set to redeem all of its high yield bond issues with a new leveraged loan offering this week.

    18 Sep 2017

  • ABS market descends on Miami as Irma fails to dent attendance

    The securitization market is hitting Miami Beach again this year in force, despite early concerns that Hurricane Irma would strike a blow to attendance, with IMN still expecting heavy participation from more than 4,000 registered attendees.

    18 Sep 2017

  • Greenworks set to open commercial PACE market

    Commercial property assessed clean energy (PACE) lender Greenworks Lending is preparing to issue the first ever commercial PACE securitization.

    18 Sep 2017

  • Caffil hits the market with big week expected in covereds

    Caffil set final terms of 2bp through mid-swaps for its no-grow €750m trade, the first deal in a window for issuance between the ECBC/Euromoney congress and Sunday’s German election.

    18 Sep 2017

  • Tight print trend gathers momentum

    September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.

    18 Sep 2017

  • French fashion house SMCP tries again for Paris IPO

    SMCP, the French fashion group, has filed a document de base with AMF, the French market regulator, paving the way for its flotation on Euronext Paris.

    18 Sep 2017

  • Barclays goes green with bonds to finance energy efficient homes

    Barclays has launched a Green Bond Framework, paving the way for it to issue notes specifically used to finance environmentally-friendly homes.

    18 Sep 2017

  • Yapi Kredi’s second round of refis underway

    Turkey’s Yapi ve Kredi Bankasi has put its second refinancing loan of the year in motion with banks expected to respond by Wednesday.

    18 Sep 2017

  • Wanted: executable trades for solid EM bond market

    The EM bond market is primed for trades this week, though syndicate bankers said that there were few names ready to pull the trigger other than Ukraine and the Islamic Development Bank (IDB), which have already hit screens.

    18 Sep 2017

  • Hoist Kredit looks to switch old for new in dual senior offering

    Sweden’s Hoist Kredit has said that it is looking to raise new senior debt in euros, at the same time as asking some of its existing senior bondholders to swap their notes for cash.

    18 Sep 2017

  • Ukraine splits opinion with initial pricing

    Ukraine opened books on its first Eurobond since 2013 on Monday, with the pricing labelled both “attractive” and “silly” by different corners of the market at initial price thought levels.

    18 Sep 2017

  • DC Holdings seals 1,600% subscribed rights issue

    Digital China Holdings has bagged HK$1.45bn ($185.5m) from a rights issue that was hugely popular, with books more than 1,600% subscribed.

    18 Sep 2017

  • Laotion borrowers eye offshore loan market

    A trio of borrowers from Laos are looking to hit the international loan market soon, with Cathay United Bank guiding lenders towards a possible launch date.

    18 Sep 2017

  • Goldman appoints duo to helm southeast Asia IB

    Goldman Sachs has named Udhay Furtado and Harry Naysmith as co-heads of investment banking for southeast Asia, according to a memo seen by GlobalCapital Asia.

    18 Sep 2017

  • Huarong International seeks HK$3bn one year

    Huarong International Financial Holdings is in the market with a HK$3bn ($383m) two-tranche offshore financing helmed by a pair of Taiwanese lenders.

    18 Sep 2017

  • Bankers doubted debut euro AT1 was ‘doable’, says Jyske’s Novak

    Despite being a small financial institution issuing in sub-benchmark size, Denmark’s Jyske Bank was able to price its first additional tier one (AT1) deal in euros with the lowest ever coupon rate for a bank in the Nordic region. The deal bodes well for rarer names looking to fill up on regulatory capital.

    18 Sep 2017

  • Shougang pursues dollar bond sale

    Chinese steel company Shougang Group Co has mandated banks to lead a roadshow this week ahead of a proposed dollar bond.

    18 Sep 2017

  • Goshawk heads to Taiwan for non-deal roadshow

    Commerzbank is organising a non-deal roadshow in Taipei for Goshawk Aviation, the commercial aircraft lessor owned by a pair of Hong Kong conglomerates.

    18 Sep 2017

  • SFC drops listing committee proposal after resistance

    Hong Kong’s Securities and Futures Commission (SFC) has backed down from the idea of boosting its involvement in listing approval decisions following a wave of opposition, but will maintain its new role of intervening in serious listing matters.

    18 Sep 2017

  • Timing of Chinese sovereign dollar bond baffles analysts

    After a 13 year absence, China's Ministry of Finance (MoF) is getting closer to tapping the dollar bond market again. But although some analysts say the issuance will help cut costs for Chinese corporates borrowing abroad, others were left scratching their heads over the timing of the deal given China's growing pile of FX reserves.

    18 Sep 2017

  • Gansu bank, A-Living seek Hong Kong listings

    Bank of Gansu Co and A-Living Services Co are looking to float on the Hong Kong Stock Exchange, having filed draft listing documents with the bourse.

    18 Sep 2017

  • Online insurer ZhongAn launches HK$12bn IPO

    ZhongAn Online P&C Insurance Co has opened books for its much-anticipated Hong Kong IPO, which could raise up to HK$11.9bn ($1.5bn).

    18 Sep 2017

  • Reverse enquiry shores up Tianjin Lingang’s debut

    China’s Tianjin Lingang Investment Holding Co grabbed $260m from an open-and-shut debut deal on Friday, which was driven by reverse enquiry.

    18 Sep 2017

  • South Korean issuers continue to roll out deals

    South Korean dollar bonds are hitting the market unabated despite a new missile launch from North Korea last Friday, with Hyundai Capital America and Kookmin Bank marketing new paper.

    18 Sep 2017

  • SG taps London banker to head Apac acquisition finance

    Société Générale Corporate & Investment Banking has brought in a senior executive from London to head its Asia Pacific acquisition financing unit.

    18 Sep 2017

  • KWG builds year’s second dollar outing

    Chinese developer KWG Property Holding is back in the dollar debt market just six months after raking in $400m from a five and a half year bond.

    18 Sep 2017

  • Pakistan issues RFP for international sukuk

    The Islamic Republic of Pakistan is hiring banks to lead its international sukuk issuance, issuing a request for proposals over the weekend.

    18 Sep 2017

  • Sun Hung Kai gets Panda programme greenlight

    Hong Kong-based Sun Hung Kai Properties has received Chinese regulators’ blessing to issue Rmb10bn ($152.9m) worth of Panda bonds within the next two years, according to the National Association of Financial Market Institutional Investors (Nafmii).

    18 Sep 2017

  • The week in renminbi: Venezuela uses RMB for oil pricing, PBoC says bankers bullish about economy, SZ-HK Connect volumes hit new high

    Venezuela replaces the dollar with the renminbi as the quoting currency for its oil exports, the People’s Bank of China says bankers are confident about the Chinese economy, and the Shenzhen-Hong Kong Stock Connect sets a new record in turnover volume.

    18 Sep 2017

  • GeoPark sells seven year notes

    Latin American oil and gas company GeoPark sold $425m of seven year non-call four notes last week, with the first leg of a concurrent tender offer due to expire on Tuesday.

    18 Sep 2017

  • CMBS snaps up loans as community banks pull back

    With US regulators keeping a close eye on commercial real estate lending concentrations in the nation’s banks, some smaller institutions are pulling back from the sector, allowing the CMBS market to step in and snap up loans coming up for refinancing.

    18 Sep 2017

  • CFPB draws more flack as uncertainty lingers

    The Consumer Financial Protection Bureau is a source of frustration for many attendees at this year’s ABS East, with a Monday morning panel expressing frustration at the consumer watchdog for heightening market uncertainty via vague guidance on rules and heavy handed enforcement, even as hopes for deregulation increase.

    18 Sep 2017

  • Solar market gaining momentum, but trade case looms

    The market for rooftop solar finance is growing as the sector matures and more investors grow comfortable with the asset class, but a negative outcome for an International Trade Commission case has the potential to throw a wrench in the works according to speakers at ABS East in Miami on Monday.

    18 Sep 2017

  • QCLOs, CFPB reform on agenda in era of reg loosening

    The headline panel on day two of ABS East on Monday kicked off with a wide ranging discussion of deregulation in the Trump era, with congressman Andy Barr (R-KY) telling ABS market participants to expect another push for a “qualified” CLO and a reigning in of the powers of the Consumer Financial Protection Bureau.

    18 Sep 2017

  • Manager risk as important as sector risk, say CLO investors

    CLO investors highlighted the importance of working with the right manager, as well as keeping a close eye on sector risks, in panel discussions at ABS East in Miami on Monday.

    18 Sep 2017

  • Manager risk as important as sector risk, say CLO investors

    CLO investors highlighted the importance of working with the right manager, as well as keeping a close eye on sector risks, in panel discussions at ABS East in Miami on Monday.

    18 Sep 2017

  • Vale sticks with debt diet

    More than 65% of the holders of Brazilian mining giant Vale’s 4.625% 2020s agreed to sell their bonds before last week’s early-bird tender deadline.

    17 Sep 2017

  • ABS market mulls holding on to long feared rules

    Regulatory concerns are a perennial topic of discussion at securitization conferences, but at ABS East in Miami this week it’s different: with some analysts predicting CLO volumes could challenge the record breaking 2014 figures, it’s the potential rollback, rather than rollout, of regulation that is prompting discussions.

    17 Sep 2017

  • CME exits CDS clearing

    CME Group will close its credit default swap clearing business by the middle of 2018 as it focuses its clearing operation on interest rate swaps and foreign exchange products.

    15 Sep 2017

  • Pirelli’s IPO could be the largest in EMEA this year

    Pirelli, the Italian tyre maker, has revealed the price range for its IPO in Milan, which could surpass the €3bn flotation of Allied Irish Banks in June as the biggest IPO in Europe this year - if the deal is priced near the top of the range and the greenshoe is exercised.

    15 Sep 2017

  • Santander adds one for Scandi FIG coverage

    Santander has hired a banker from HSBC to work in its debt capital markets team for financial institutions.

    15 Sep 2017

  • Bari RMBS deal faces some market scrutiny

    A secondary reoffer of RMBS notes from Banca Popolare di Bari hit the euro pipeline last week, but investors are cautious about the notes given the noise surrounding Italy this year.

    15 Sep 2017

  • Stada seeks €825m of high yield for landmark LBO

    Stada Arzneimittel’s €5.3bn financing is the biggest for a sponsor-led corporate buyout in Europe since 2013. The bond roadshow opens on Monday, after €2bn of leveraged loans last week were marketed last week.

    15 Sep 2017

  • Land Securities pockets £1bn, buys back old bonds

    After Monday’s dual tranche offering from Unilever, the sterling corporate bond market paused ahead of Thursday’s Bank of England Monetary Policy Committee.

    15 Sep 2017

  • UniCredit hires three for German FIG team

    UniCredit has made three new appointments within its financial institutions group for Germany and Northern Europe.

    15 Sep 2017

  • Boston Common-ShareAction letter to bank CEOs

    Here is the full text of the letter sent by 100 investors to 62 bank CEOs in September 2017, calling on them to manage and disclose climate risk.

    15 Sep 2017

  • MUFG hires from BNPP for insurance DCM

    MUFG (Mitsubishi UFJ Financial Group) has hired a senior banker from BNP Paribas to front its EMEA insurance team.

    15 Sep 2017

  • Cazenave steps up at AMF, Eliet goes to Euroclear

    French market regulator Autorité des Marchés Financiers (AMF) has promoted Natasha Cazenave to head of public policy and international affairs, and replaced Guillaume Eliet, who has left to work for Euroclear.

    15 Sep 2017

  • Corporate bond week ahead: FOMC holds no fears

    Eleven benchmark corporate bond deals were priced in Europe this week, but even more are in the pipeline. Syndicate managers expect conditions to remain favourable for issuance in both euros and sterling.

    15 Sep 2017

  • KNOC finds opportune timing for Canada arm's bond

    Korea National Oil Corp’s (KNOC) Canadian arm grabbed a $285m bond on Thursday, securing its deal before North Korea fired its second ballistic missile over Japan on Friday morning.

    15 Sep 2017

  • Goldman units bag $109m from Max Financial clean-up

    A pair of Goldman Sachs-owned funds bagged Rp7bn ($109m) after selling the last of their shares in India’s Max Financial Services through an overnight block trade on Thursday.

    15 Sep 2017

  • Tsit Wing, Agile unit close in on HK IPOs

    Tsit Wing International, a coffee and black tea supplier, is vying for approval to list in Hong Kong, having filed a draft prospectus with the city’s stock exchange this week.

    15 Sep 2017

  • CIMC Enric, CPI Ronghe open loans into general

    Chinese storage and transportation equipment provider CIMC Enric Holdings is seeking a $150m three year loan from the offshore market.

    15 Sep 2017

  • Investors on shopping spree grab Red Star’s debut

    Red Star Macalline Group Corp priced a tight $300m debut deal on the back of a book nearly seven times subscribed, after investors chased its notes because of the diversity benefits.

    15 Sep 2017

  • HSBC China targets foreign investors with non-Panda deal

    The onshore subsidiary of HSBC priced a Rmb2bn ($305m) bond on September 12 targeting Bond Connect investors, a deal that could draw more attention to onshore issuance by foreign companies using local entities instead of choosing the Panda route.

    15 Sep 2017

  • Keppel-KBS gear up for Singapore Reit IPO

    Singapore’s Keppel Corp, together with US-based KBS Realty Advisors, is preparing to list a real estate investment trust in the southeast Asian country, backed by commercial properties in the US.

    15 Sep 2017

  • ICICI Lombard launches India’s first non-life insurer IPO

    ICICI Lombard General Insurance Co kicked off a three day bookbuild for its potential Rp57bn ($888.8m) listing on Friday after placing Rp16.2bn of stock with a hefty group of anchor investors.

    15 Sep 2017

  • IndiGo parent seeks $616m from one-day bookbuild

    InterGlobe Aviation plans to raise Rp39.5bn ($616m) from a one-day bookbuild on Friday with institutional investors to help it meet India’s free float requirements.

    15 Sep 2017

  • RMB round-up: Safe official wants CNH and CNY to merge, AXA IM launches short dated China bond strategy, ex-HKMA head urges RMB trading for HK stocks

    The State Administration of Foreign Exchange (Safe)’s deputy head says the onshore and offshore renminbi markets should merge, AXA Investment Managers (AXA IM) launches a new strategy to buy short dated onshore RMB bonds, and the ex-boss of the Hong Kong Monetary Authority (HKMA) suggests Hong Kong-listed stocks should trade in renminbi.

    15 Sep 2017

  • GlobalCapital Covered Bond Awards 2017: the winners

    The Cover and GlobalCapital held the annual Covered Bond Awards Dinner on Thursday night at Casa Llotja de Mar in Barcelona, celebrating the best performers in the market.

    15 Sep 2017

  • COP out: Millicom raises dollars but no pesos

    After Uruguay’s success last week, pan-EM mobile and cable company Millicom raised hopes on Monday that more local currency supply would be on the way.

    14 Sep 2017

  • Uruguay reaffirms peso commitment

    Uruguay’s head of sovereign debt management said that the sovereign was committed to developing its global nominal peso-denominated bond curve in an interview with GlobalCapital about the country’s latest local currency issue last week.

    14 Sep 2017

  • Sunny Jujuy reignites Argie debt party

    Argentina’s most north-western province raised $210m of green bonds due in 2022 on Wednesday, as bankers say activity is ready to recommence in earnest.

    14 Sep 2017

  • Lat Am eyes record year as Mexico City Airport flies green

    A special purpose vehicle backing the construction of Mexico City’s new airport was the highlight in a hectic week for Lat Am new issues, with 10 borrowers pricing nearly $8bn of deals in the space of four days.

    14 Sep 2017

  • Get real on climate risk, investors tell banks

    A hundred investors managing $1.8tr of assets have signed a letter calling on banks to say more about how they are managing the risk of climate change, and to publish a strategy saying how they support the goals of the Paris Agreement.

    14 Sep 2017

  • Expect good times to roll once Cordray departs — panel

    Panelists at iGlobal Forum’s Specialty Finance Conference in New York predicted looser regulation and less oversight by the Consumer Finance Protection Bureau (CFPB) once the term of director Richard Cordray comes to an end.

    14 Sep 2017

  • EU lays out plan to directly approve complex debt

    The EU has laid out how it plans to change the roles of the European supervisory authorities (ESAs), including giving the European Securities and Markets Authority (ESMA) direct authority to approve prospectuses for wholesale debt issues.

    14 Sep 2017

  • Qatari banks set to shy away from syndicated loans

    The dispute between Qatar and six other Gulf states could curb its chances of plugging the country's banks’ funding needs through the syndicated loan market, leading bankers to believe more private arrangements may be the answer to the isolated gulf state’s woes. Bianca Boorer reports.

    14 Sep 2017

  • FMS-W EUR1.5bn 0% Sep 20

    14 Sep 2017

  • Goldman's masterplan is to make lots of money

    Goldman Sachs laid out plans to turn around its FICC division, following two quarters in which the business underperformed its peers. The bank also laid out its plans to boost revenues across the bank in unprecedented detail, explaining to the market how it would add $5bn to revenues in three years.

    14 Sep 2017

  • Finland USD1bn 1.5% Sep 20

    14 Sep 2017

  • Small banks soak up the sun in buoyant FIG market

    European banks have spent the better part of the last few years toiling away to raise loss-absorbing debt for new capital standards. But with many of the biggest firms closing in on their requirements, an attractive window has opened up in the primary market allowing a host of smaller names to print rare and first-time trades.

    14 Sep 2017

  • OTFT USD1.75bn 2.125% Sep 22

    14 Sep 2017

  • BondMarker results: the September rush

    Last week brought a slew of high quality deals, despite the ECB meeting on September 7 causing some issuers to hold off. Those that went ahead have been scored by the BondMarker voters. Read on to see how they did.

    14 Sep 2017

  • EIB EUR3bn 0.05% Dec 23

    14 Sep 2017

  • EIB and FMS-W offer investors last taste

    Two high quality euro borrowers printed what may be among their last benchmarks of the year this week, squeezing new issue premiums flat to the curve as investors filled their boots.

    14 Sep 2017

  • Never mind the taper, buy the paper

    Bank of America led a flurry of issuance from big-name financials which defied predictions by tapping the dollar market in advance of third quarter results to get ahead of next week’s Federal Open Market Committee meeting.

    14 Sep 2017

  • Austria EUR4bn 0% Sep 22, EUR3.5bn 2.1% Sep 17

    14 Sep 2017

  • NIB USD1bn 1.625% Nov 20

    14 Sep 2017

  • Dexia USD2bn 2.375% Sep 22

    14 Sep 2017

  • Variety of oil bonds for US investors as Concho and BP hit their targets

    Investors scrambled for yield in the dollar bond market this week as Concho Resources printed its debut investment grade offering amid nearly $19bn of other corporate offerings.

    14 Sep 2017

  • SSAs break records in hot dollar market but supply could cool

    Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.

    14 Sep 2017

  • Kommuninvest USD1bn 1.625% Sep 20

    14 Sep 2017

  • Canadian pension ploughs $300m into US CLO equity

    Healthcare of Ontario Pension Plan has invested $300m in a new partnership with US CLO manager CIFC, which will finance the risk retention requirements for a potential $7.5bn of future CLOs.

    14 Sep 2017

  • Extraordinary rates and hope of support drive $15bn Bahrain book

    Bahrain raised $3bn this week, reopening the market for Gulf bonds after a long summer of political tension in the region. Despite deteriorating financials and a rising debt burden, exceptional market conditions, and expectations of support from its larger neighbour, boosted the book to $15bn, writes Virginia Furness.

    14 Sep 2017

  • Kingdom of Bahrain USD700m 7.5% Sep 47, USD1.25m 6.75% Sep 29, USD850m 5.25% Mar 25

    14 Sep 2017

  • CCI USD500m 4.125% Sept 24

    14 Sep 2017

  • Austria smashes expectations with century bond

    Austria's 100 year bond, priced on Tuesday, highlighted just how far investors will go — and in their droves — to earn a bit of yield, with even the imminent threat of rising rates in euros unable to deter them from placing orders more than three times the size of a deal that was by no means measly. Lewis McLellan reports.

    14 Sep 2017

  • The Pained Trader: Living like a lion

    The Pained Trader fights the corporate powers for justice

    14 Sep 2017

  • No end in sight as equity blocks have biggest week of 2017

    The equity block trades market in EMEA finished another strong week for issuance on Thursday, which included three jumbo trades bigger than €1bn, making it the biggest week for block trades in the region this year.

    14 Sep 2017

  • KBC Group EUR500m 1.625% Sep 29 tier two

    14 Sep 2017

  • LF Bank EUR500m 0.5% Sep 22

    14 Sep 2017

  • National Australia Bank EUR500m 0.625% Sep 24

    14 Sep 2017

  • Bank of Ireland USD500m 4.125%/GBP300m 3.125% Sep 27 tier twos

    14 Sep 2017

  • Export Credit Bank of Turkey USD500m 4.25% Sept 22

    14 Sep 2017

  • Russia roundup: CBM added to SIB list, NLMK issues, sovereign details buy-back

    The Central Bank of Russia (CBR) has added Credit Bank of Moscow (CBM) to its list of systemically important banks (SIBs) this week, prompting a 2.5 cash point rally in the issuer’s subordinated bonds.

    14 Sep 2017

  • Westpac USD1.25bn 5% PNC10 AT1

    14 Sep 2017

  • Orphaning risk drives tightening on European pair

    Two very different credit issuers have been drawn together in the CDS market as the prospect of changed reference entities tightens their spreads, writes Gavan Nolan.

    14 Sep 2017

  • NLFI sells another €1.5bn of ABN Amro

    Another stellar week for equity block trades in EMEA finished on Thursday night with the launch of a €1.5bn sale of shares in ABN Amro by the Dutch government, making this the biggest week of the year for blocks in EMEA.

    14 Sep 2017

  • Russian Railways makes stop at Swiss market

    The Swiss bond market welcomed Russian Railways back to the market after a five year absence this week.

    14 Sep 2017

  • Ahold Delhaize EUR750m 0.875% Sept 2024

    14 Sep 2017

  • Anglo American Capital EUR600m 1.625% Sept 2025

    14 Sep 2017

  • September in full swing in euro FIG mart

    Bank of America helped to cap off a busy week of new FIG supply, as banks found a window to return to the primary market following the summer break.

    14 Sep 2017

  • Ireland joins holdco ranks with popular Bank of Ireland debut

    Bank of Ireland got Irish banks off the mark with meeting their targets for minimum requirement for own funds and eligible liabilities (MREL) this week, selling its first trade from its holding company into a strong pool of demand.

    14 Sep 2017

  • The EU cannot go it alone on CCP regulation

    Commodity Futures Trading Commission chairman Christopher Giancarlo's warning to Europe against taking “unilateral” action in changing rules tied to G-20 commitments made in 2009 is right. While there are concerns about the future regulatory relationship between the United Kingdom and the European Union, derivatives clearing is a global issue.

    14 Sep 2017

  • People Moves in Brief

    Barclays hires Goldman asset finance trader — Capital markets head leaves NatWest — Jefferies raids JPM for corporate broking

    14 Sep 2017

  • Suez pushes maturity marker out to 15 years

    Since the market returned from its summer break, no corporate bond issuer had printed a new deal with a tenor longer than 12 years before Wednesday. However, on Wednesday French water and waste company Suez Environnement pushed through to 15 years with a €500m trade.

    14 Sep 2017

  • World Bank goes large with Kanga fives

    World Bank raised A$850m ($678.7m) in the Kangaroo market this week by printing a new September 2022 line, the largest Australian dollar SSA bond in the last three years.

    14 Sep 2017

  • Asahi sees strong European taste for beer

    On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017, having roadshowed its debut euro bond the previous week.

    14 Sep 2017

  • Anglo celebrates return to IG with four tenders and a new eight year

    UK-based global mining company Anglo American launched a €1.2bn tender offer and a €600m new issue on Wednesday after recently being returned to investment grade status following 18 months with a junk bond rating.

    14 Sep 2017

  • Qatar funding freeze thaws in Asia as QNB prints $630m Formosa

    Qatar National Bank has secured $630m with a structured Formosa bond to prove it is still able to access funding despite the sensitives surrounding the Qatar crisis.

    14 Sep 2017

  • NAB’s senior falls between cracks

    National Australia Bank (NAB) was said to have “fallen between the cracks” this week when a €500m seven year deal appeared to find the limit of investors’ demand for tightly priced senior bonds.

    14 Sep 2017

  • Jefferies takes Benelux M&A team from Deutsche

    Jefferies has opened an investment banking office in Amsterdam and has poached a team of bankers from Deutsche Bank to run it.

    14 Sep 2017

  • Investors respond well to Ahold’s return to bond market after over a decade away

    Ahold Delhaize, the Dutch supermarket company, was the only IG corporate issuer to price a deal on Tuesday. But unlike the five triple-B rated issuers on Monday, the food retailer paid a single digit new issue premium.

    14 Sep 2017

  • Lloyds debuts in Kangaroo market with holdco

    Lloyds Bank issued its first Australian dollar bond through its senior holding company on Wednesday. As the Kangaroo market shows itself receptive to loss-absorbing products, bankers expect more financial institutions to diversify down under.

    14 Sep 2017

  • European auto ABS market revs post summer engines

    The European auto ABS market is speeding into autumn with two new deals hitting the pipeline in the same week that Santander Consumer priced its latest offering.

    14 Sep 2017

  • Scheming Europeans

    President of the European Commission Jean-Claude Juncker’s address on the state of the EU proposed more Europe as a remedy for most of what ails the bloc. A European finance minister, European Monetary Fund, and a tighter decision making system should give the Union a clearer direction. Maybe — but then he would say that.

    14 Sep 2017

  • Unilever keeps strong sterling run going

    Anglo-Dutch consumer goods company Unilever printed the fifth sterling corporate bond deal in as many days on Monday. The £500m dual tranche deal offered investors seven and 12 year tenors. Before this deal it had only 2018 and 2022 maturities outstanding in sterling.

    14 Sep 2017

  • Steinhoff Africa Retail finishes biggest ever South African IPO

    The IPO of Steinhoff Africa Retail, known as Star, the African discount store assets of Steinhoff International, has been priced at R20.50 a share, the midpoint of the initial R18 to R23 range.

    14 Sep 2017

  • Eurex gets rolling on new FX product

    Eurex Exchange has announced that it will start trading 12 currency pairs as FX rolling spot futures from October 6.

    14 Sep 2017

  • NIB uses two-way CSA to tap niche currency demand

    Nordic Investment Bank is now using two-way credit support annexes for 85% of its outstanding swaps, allowing the supranational to take advantage of hot demand for emerging market currency MTNs.

    14 Sep 2017

  • Kommuninvest prints dollar threes at tightest ever spread in ‘bid-only’ market

    Kommuninvest kept up this week’s trend for tightly priced short end dollar deals as it achieved its tightest ever spread to swaps on Thursday. Big demand for short dollar paper is creating a “bid-only” market, according to bankers.

    14 Sep 2017

  • EU harmonisation outlook leaves covered bond market sanguine

    Risks including regulation, monetary tightening and the rise of the senior preferred asset class are touted as threats to the covered bond market. But participants on the opening panel of the Euromoney/ECBC Covered Bond Congress remained relatively unfazed.

    14 Sep 2017

  • Investors bear ‘very tight’ Westpac AT1

    Westpac was able to squeeze the pricing through fair value for its debut additional tier one (AT1) in dollars this week.

    14 Sep 2017

  • UK lenders set to rush back to securitization as TFS ends

    UK mortgage lenders are positioning themselves to re-enter the securitization market next year, as they wean themselves off the Bank of England’s Term Funding Scheme (TFS), which is slated to end in February 2018.

    14 Sep 2017

  • Covered bond issuers unperturbed by ECB’s imminent withdrawal

    Even though central banks continue to regularly buy up to 40% of covered bonds, borrowers are remarkably stoic about spread prospects even after the European Central Bank’s purchase programme (CBPP3) has ended, delegates at the ECBC/Euromoney covered bond congress heard on Thursday.

    14 Sep 2017

  • Partners Group to launch Civica loans

    The European leveraged loan deal pipeline for September keeps growing, now topping €7bn from more than 10 borrowers. The latest facility is for UK software firm Civica, which Partners Group has acquired from OMERS Private Equity.

    14 Sep 2017

  • Should Amazon have made supermarkets cheaper?

    Tech giant Amazon’s acquisition of American supermarket chain Whole Foods has caused much speculation since it was announced in June. Is it death knell for some traditional grocers? Will it revive others which may now be in Amazon’s sights?

    14 Sep 2017

  • Tobacco packager GIMA TT sets price range for €350m Milan float

    GIMA TT, the tobacco packaging machinery division of IMA, has set the terms for its IPO on Borsa Italiana, which could value it at up to €1.1bn.

    14 Sep 2017

  • MUFG picks Amsterdam for post-Brexit securities business

    Mitsubishi UFJ Financial Group (MUFG) has set up a subsidiary in Amsterdam, giving it an option for its securities business once the UK leaves the EU.

    14 Sep 2017

  • Renault captures €750m in stop-go week

    On Thursday RCI Banque, the financing arm of Renault, brought the corporate bond deal count to 10 for the week, but was the only benchmark issuer in the market on the day. Danish logistics company DSV debuted in euros with a sub-benchmark deal.

    14 Sep 2017

  • Kazakhstan’s Kashagan doubles prepayment loan to $2bn

    KazMunayGas Kashagan (KMGK), one of the owners of the Kashagan oil field in Kazakhstan, has increased a five year secured oil prepayment loan facility to $2bn, to fund repayments to buyers under its production sharing agreement.

    14 Sep 2017

  • KDB defies North Korea volatility for $1bn bond

    Korea Development Bank assured investors that all is well in the South Korean market by selling a closely watched triple tranche deal the day after the United Nations announced sanctions against its northern neighbour. The policy bank managed to grab $1bn, but the transaction wasn’t without its challenges. Morgan Davis reports.

    14 Sep 2017

  • BPM and Sella look for buyers in Italian FIG window

    Banco BPM and Banca Sella were looking to test the market’s appetite for subordinated debt from Italian banks on Thursday, opening books on new tier two transactions.

    14 Sep 2017

  • NLMK makes smart use of small funding costs

    Russia’s Novolipetsk Steel (NLMK) was making prudent use of lower funding costs on Thursday to buy back its more expensive outstanding dollar debt.

    14 Sep 2017

  • Bank of America goes short for euro FRN

    Bank of America was looking to issue floating rate notes in an undersupplied part of the curve on Thursday, fresh from a funding splurge in the dollar market.

    14 Sep 2017

  • Credit Bank of Moscow added to list of Russian SIBs

    The Bank of Russia has added Credit Bank of Moscow to its list of systemically important banks (SIB), prompting a 2.5 cash point rally in the issuer’s subordinated bonds.

    14 Sep 2017

  • ZhongAn sets high bar for first HK insurtech IPO

    The $1.5bn Hong Kong IPO of Chinese insurtech firm ZhongAn Online Property and Casualty Insurance Co is set to be a splashy affair, with the punchy valuations on offer stirring debate among ECM bankers. But the leads are already predicting a successful outcome. John Loh and Jonathan Breen report.

    14 Sep 2017

  • Debut Chinese borrowers drive hard bargains for loans

    A slew of Chinese firms are making their debuts in the offshore loan market, with the pricing on offer reflecting a borrower base that is increasingly confident and savvy when negotiating terms with lenders, writes Shruti Chaturvedi.

    14 Sep 2017

  • Jyske taps AT1 demand as smaller names line up

    Denmark’s Jyske Bank was more than five times subscribed for first additional tier one (AT1) deal on Thursday, with a lack of supply from Europe’s largest banks allowing smaller ones a strong chance to raise bank capital.

    14 Sep 2017

  • Virgin opens sterling ‘deep pockets’ for tap

    UK telecoms group Virgin Media was in the market for a £200m add-on of its 2024 receivable financing notes on Monday. By Wednesday, it had sold £450m of the deal, proving that demand is not restricted to the high yield debt market for euros, where three more deals were under way.

    14 Sep 2017

  • Mapletree Logistics prices block high to net S$354m

    Mapletree Logistics Trust sealed an accelerated bookbuild at the top of guidance on Wednesday, raising S$353.5m ($261.8m) from the first step of a two-pronged equity raise to fund the acquisition of a Hong Kong warehouse.

    14 Sep 2017

  • When work gets in the way of toilet breaks

    Being a senior banker means a lot of boozy client lunches and non-stop travel in business class. But of course, before climbing up the banking ladder, we all have to go through the grind.

    14 Sep 2017

  • QNB turns to Taiwan for cash

    Qatar National Bank has secured $630m with a structured Formosa bond to prove it is still able to access funding despite the sensitives surrounding the Qatar crisis.

    14 Sep 2017

  • BOCHK sells interbank market’s largest Panda bond

    Bank of China Hong Kong has sold its second Panda bond, raising a staggering Rmb9bn ($1.37bn) from a one year note. The transaction was the largest Panda sold in the interbank bond market, and caught the attention of foreign investors, which made 50% of all bids.

    14 Sep 2017

  • People news in brief, September 14, 2017

    Natixis has named Desmond Tang as head of financial sponsors coverage for Asia Pacific, a newly created position as the bank sets up a financial sponsors coverage department for the region.

    14 Sep 2017

  • Slovenia runs with sixth dollar buy-back

    Slovenia is once again borrowing in euros to fund a buy-back of its dollar debt as it looks to cut its liabilities in the currency. This is the borrower’s sixth such transaction over the course of two years.

    14 Sep 2017

  • China’s RYB Education, Secoo kick off US listings

    RYB Education’s IPO on the New York Stock Exchange is off to a strong start, with the $140m deal covered on the first day of bookbuilding.

    14 Sep 2017

  • Banks power up in industrials as coverage model shifts

    The shifting landscape in industrials is changing the way banks are hiring for the sector, and the power base is moving to Europe from the US, writes David Rothnie.

    14 Sep 2017

  • Asset manager hires head of trading for ‘passive investment’

    Tobam has hired Frédéric Jamet as head of trading and co-head of research. Mr Jamet will oversee equities, fixed income, forex and assets. He will be based in Paris but will manage teams on the continent and in Dublin.

    14 Sep 2017

  • KNOC's Canadian arm seeks $285m

    Harvest Operations Corp, a Canadian oil and gas company, began marketing a dollar bullet on Thursday that is backed by its parent, Korea National Oil Corp (KNOC).

    14 Sep 2017

  • Jackpot! Wynn Macau wins $1.35bn from bonds

    Wynn Macau raised $1.35bn from the bond market on Wednesday, finding support from both Asian and US investors thanks to a turnaround story in the Macau gaming industry and the issuer’s improved financials.

    14 Sep 2017

  • CSI lands easy $200m from senior perp

    CSI Properties printed a $200m bond on Wednesday for refinancing purposes. The leads were not short on comparables given that several of the issuer’s developer peers have sealed similar transactions so far in 2017.

    14 Sep 2017

  • Shinhan throws off North Korea worries for second dollar bond of 2017

    South Korea’s Shinhan Bank braved the dollar market on Wednesday for the second time this year, hoping to secure a new Basel III tier two dollar bond while North Korea-related volatility looked quiet.

    14 Sep 2017

  • Red Star Macalline releases guidance for dollar debut

    Chinese retailer Red Star Macalline Group Corp launched its dollar debut on Thursday, about five months after mandating banks for the deal.

    14 Sep 2017

  • Cédulas faces biggest obstacles to covered bond harmonisation

    The Spanish covered bond legal framework is so vastly different from the rest of the world’s that it is likely to face the most severe challenges in trying to implement a harmonised European covered bond directive, delegates at the European Covered Bond Council’s plenary session heard on Wednesday.

    14 Sep 2017

  • JKL pockets $150m from Pan Ocean block

    South Korean private equity firm JKL Partners has raised W170.3bn ($150.3m) after offloading a chunk of shares in Pan Ocean Co, with an early non-deal roadshow putting the deal on a solid footing.

    14 Sep 2017

  • Fenix generates strong oversubscription on bond debut

    Peruvian electricity generator Fenix Power Perú, which is operated by well-known Chilean firm and bond issuer Colbún, sold its first ever international bond in a busy day for Lat Am markets on Wednesday.

    14 Sep 2017

  • Mexico City Airport, Millicom lead Lat Am’s Wednesday charge

    Five Latin American borrowers sold dollar-denominated bonds on Wednesday, bringing the total number of issuers from the region this week to nine, with mobile and cable company Millicom first out the blocks.

    14 Sep 2017

  • Market shines on Jujuy’s solar bond

    Argentina’s most north-western province became the 15th regional or municipal government in the country to issue international bonds on Wednesday as Jujuy raised $210m of green bonds due in 2022.

    14 Sep 2017

  • Malaysia must marry green bonds and sukuk

    Malaysian companies have finally started taking steps towards sustainability, about three years after the country put together its SRI sukuk framework. The potential for growth is huge, and with the right encouragement and a conscious partnership between Islamic financing and sustainable goals, Malaysia can make itself a leading green market.

    14 Sep 2017

  • GLP’s $4.1bn LBO facility opens for retail participation

    A chunky $4.108bn leveraged buyout financing, for the acquisition of Global Logistic Properties by a consortium of Chinese investors, has entered into general syndication.

    14 Sep 2017

  • Postal Savings Bank hits the road for new AT1

    Postal Savings Bank of China Co has mandated 21 banks to work on a dollar AT1 transaction worth up to Rmb50bn ($7.4bn), expected to hit the market as early as next week.

    14 Sep 2017

  • OCC still at 'discussion stage' for fintech bank charter

    Acting Comptroller of the Currency Keith Noreika told attendees at the Finovate Fall conference in New York that a special purpose banking charter for fintech companies is still being developed, but is confident that his replacement would take up the cause.

    13 Sep 2017

  • Goldman subsidiary scoops up $2.4bn in Fannie mortgages

    MTGLQ Investors, a subsidiary of Goldman Sachs, has bought $2.4bn of mortgages from Fannie Mae, as investors eye the attractiveness of non-performing and re-performing mortgage credit in a strengthening US housing market.

    13 Sep 2017

  • Former Deutsche trustee surfaces in buyside ABS role

    Deutsche Bank's former head of Americas for global transaction banking and corporate trust sales has joined Alexandria Capital as a managing principal in alternatives and structured products.

    13 Sep 2017

  • Europe leads the global covered bond march

    ECBC speakers lauded the global popularity of ‘very trendy’ covered bonds, while general secretary Luca Bertalot evoked Christopher Columbus as a model for the European market.

    13 Sep 2017

  • EU nears approval of 'Juncker plan' extension

    A representative of European Member States and the European Parliament agreed on Wednesday to increase the lifetime of the European Investment Bank's European Fund for Strategic Investments (EFSI) until 2020, with the aim to triggering a total of €500bn in investments in the EU economy.

    13 Sep 2017

  • Lone Star sells huge chunk of Neinor tightly

    Lone Star Funds, the US private equity group, has completed the first selldown of shares in Neinor Homes, the Spanish property developer, since its €775m IPO in March, and managed to sell a whopping 27% stake.

    13 Sep 2017

  • Saudi Arabia puts first of 60 renewable plants out to tender, loans expected

    Saudi Arabia is following its fellow Gulf states by developing renewable energy. Bids are expected this month to build a 300MW solar photovoltaic power plant in Sakaka.

    13 Sep 2017

  • DTCC paints vision for reduced risk capital holdings

    The Depository Trust and Clearing Corporation (DTCC) plans to launch a pilot of service to reduce derivative traders' market risk capital requirements.

    13 Sep 2017

  • Kommuninvest joins NIB and Finland in threes

    Kommuninvest is set to complete a trio of three year dollar benchmarks from SSAs this week, after Nordic Investment Bank comfortably priced in the tenor on Wednesday.

    13 Sep 2017

  • NLFI’s last €1bn ASR block a blowout that could almost have been priced flat

    ASR Nederland, the Dutch insurer, has returned to full private ownership after NLFI, the organisation that manages the investments of the Kingdom of the Netherlands, sold its final 20.5% stake via an accelerated bookbuild on Wednesday evening that attracted over 150 investors.

    13 Sep 2017

  • Tobam hires ex-State Street adviser as head of trading

    Tobam, the Paris-based asset manager, has appointed Frédéric Jamet as head of trading and co-head of research. He had been an investment adviser at State Street for 11 years.

    13 Sep 2017

  • EIB lands €3bn deal 2bp inside guidance

    The European Investment Bank raised €3bn with a December 2023 EARN on Wednesday, coming hot on the heels of Austria's €7.5bn dual tranche, but the flow of euro deals appears to be abating with no borrowers hitting screens for Thursday.

    13 Sep 2017

  • World Bank goes large with new Kangaroo fives

    World Bank has raised A$850m ($678.7m) in the Kangaroo market by printing a new September 2022 line, the largest Australian dollar SSA bond of the year.

    13 Sep 2017

  • Energy-efficient mortgage data collection gets going

    Mortgage industry bodies are pressing ahead with a pilot scheme to collect data on mortgages on energy-efficient homes, which could eventually help promote issuance of green covered bonds and mortgage-backed securities.

    13 Sep 2017

  • FirstRand follows peers, taps Asia for $250m

    FirstRand Bank has begun syndication of a $250m loan, aimed at Asian lenders.

    13 Sep 2017

  • Extendable covered bonds: more popular, but handle with care

    Extendable maturity covered bonds are looked on more favourably by issuers and rating agencies than they used to be. But some think issuers should have limited power to extend maturities at their discretion.

    13 Sep 2017

  • Suez opens 15 year flow

    Since the market returned from its summer break, no corporate bond issuer had printed a new deal with a tenor longer than 12 years. However, that changed on Wednesday when French water and waste company, Suez Environnement pushed through to 15 years with a €500m trade.

    13 Sep 2017

  • Bahrain draws barmy $15bn book

    Kingdom of Bahrain drew orders of $15bn for its $3bn triple-tranche trade on Wednesday, having crushed the chunky new issue concession at price talk by as much as 50bp.

    13 Sep 2017

  • Anglo celebrates return to IG with four tenders and a new eight year

    The UK-based global mining company Anglo American recently returned to investment grade after over 18 months with a junk bond rating. On Wednesday it announced it would tender for four of its shorter dated bonds and priced a new eight year benchmark deal.

    13 Sep 2017

  • Buying frenzy as Coca-Cola Icecek lands super tight trade

    If there was any doubt that EM investors have plenty of cash to put to work, Turkey’s Coca-Cola Icecek (CCI) laid it to rest this week with a $500m deal that tightened 40bp from price talk and then rallied 20bp in the secondary market.

    13 Sep 2017

  • Brazilian Klabin offers concession on green debut

    Klabin became the third Brazil pulp and paper producer to sell green bonds on Tuesday, squeezing pricing more than 40bp from initial price thoughts.

    13 Sep 2017

  • San Miguel jumps on low yield

    Peruvian plastic packaging company San Miguel Industrias sold seven year bonds below 5% on Tuesday, with the yield achieved by the Peruvian company particularly impressing bankers.

    13 Sep 2017

  • Lloyds debuts in Kangaroo market with holdco

    Lloyds Bank debuted its first ever Australian dollar bond through its senior holding company on Wednesday. As growing numbers of foreign lenders are drawn to the Australian currency — a consequence of the high rates relative to other markets and a buoyant economy — there is a growing incentive for international borrowers to place bonds down under.

    13 Sep 2017

  • Placed euro ABS issuance rises to €38.6bn in second quarter

    European primary ABS had an active second quarter, according to the latest figures from the Association for Financial Markets in Europe (AFME), with €71.6bn of ABS paper issued and €38.6bn placed with investors.

    13 Sep 2017

  • Vendor eyes $154m from Pan Ocean block

    South Korean asset manager Poseidon 2014 has launched an up to W174.1bn ($154.3m) block sale of shares in shipping services provider Pan Ocean Co.

    13 Sep 2017

  • Egypt's Reception 2017

    13 Sep 2017

  • Blended products back in vogue in EM

    Money managers say that blended products are the most efficient way to invest in emerging markets as cross-asset class total return funds trump those with a sole focus.

    13 Sep 2017

  • FIG pipeline fills out with fresh faces Banco BPM and de Volksbank

    Italy’s Banco BPM and the Netherlands’ de Volksbank have said they are looking at selling inaugural bond transactions in the public market since undergoing major changes in the way they operate, as the pipeline for new deals continued to grow this week.

    13 Sep 2017

  • CFTC's Giancarlo warns EU on CCP supervision reforms

    Commodity Futures and Trading Commission (CFTC) chairman Christopher Giancarlo on Tuesday warned Europe against "unilateral change" of regulatory arrangements on the supervision of foreign central counterparties (CCPs), railing against "piecemeal and contradictory rulemaking".

    13 Sep 2017

  • Bank of Qingdao hits targets on $1.2bn AT1

    Ample demand allowed Bank of Qingdao to price its inaugural additional tier one dollar bond tightly on Tuesday. The deal stood out because of the bigger participation from non-Chinese investors — something that bodes well for the hefty AT1 pipeline.

    13 Sep 2017

  • KDB makes statement with $1bn deal amid North Korea turmoil

    Korea Development Bank made a strong statement to the market with a $1bn triple-tranche deal on Tuesday, despite some investors being wary about North Korea and others balking at the price.

    13 Sep 2017

  • Investors put cash out for harvest time in FIG

    Bank debt investors have stood ready to take on a barrage of deals in multiple currencies this week, and there is little sign that they have reached their limits.

    13 Sep 2017

  • ABC International makes rare visit for $500m bond

    ABC International Holdings tackled its looming maturities head on with a $500m three year bond on Tuesday, finding favour among investors thanks to fair pricing and its rarity value.

    13 Sep 2017

  • Covestro, Eramet building blocks in booming market

    The equity blocks market extended a busy run this week, with a Bayer trade in Covestro on Tuesday night, and the second sell-down of shares in Ahlsell by CVC since its IPO in October last year.

    13 Sep 2017

  • Tajikistan USD500m 7.125% Sep 27

    13 Sep 2017

  • Investors see little wrong with corporate bond market, ready for more

    Wednesday morning brought three new corporate bond deals, to add to the six already priced this week. Investors are being offered a diverse group of credits, and their appetite has yet to be sated.

    13 Sep 2017

  • Sino-Ocean entices investors with hybrid deal

    Sino-Ocean Group Holdings leveraged on its stronger sales performance and credit metrics to storm into the debt market on Tuesday, showing that it has put a short but tumultuous period behind it.

    13 Sep 2017

  • Barclays hires Goldman asset finance banker

    Barclays has hired a senior banker from Goldman Sachs to lead its asset finance trading effort, as the bank continues its push to build out its corporate and investment banking operations.

    13 Sep 2017

  • Haitong UniTrust plans September IPO launch

    Haitong UniTrust, the leasing arm of Haitong Securities, is eyeing an end-September window to launch its $500m IPO in Hong Kong.

    13 Sep 2017

  • ZhongAn pitches brazen valuations on $1.5bn IPO

    Investors have been receptive to ZhongAn Online Property and Casualty Insurance Co’s $1.5bn IPO in Hong Kong despite the punchy valuations on tow, said bankers.

    13 Sep 2017

  • Universal Medical debuts offshore with $300m loan

    Hong Kong-listed Universal Medical Financial & Technical Advisory Services has set its sights on the offshore syndicated loan market for a $300m dual-currency maiden borrowing.

    13 Sep 2017

  • Hyundai’s China JV shrugs off politics to sell ABS

    Beijing Hyundai Motor Group has completed its second securitization in China this year, selling a Rmb3.5bn ($535.3m) two tranche deal on September 12. While the transaction’s timing coincided with rising political tensions between China and South Korea, investors remained undeterred.

    13 Sep 2017

  • IMF Q&A: Time for China to break the RMB free

    In the past year, Chinese authorities have taken measures to boost capital inflows, while keeping the currency and potential outflows under strict control. In this exclusive Q&A with GlobalRMB, Calixte Ahokpossi, senior economist at the International Monetary Fund, says China needs more reforms, and that introducing a flexible currency framework should be a priority.

    13 Sep 2017

  • SBI Life sets the stage for India’s largest IPO in seven years

    SBI Life Insurance Co is preparing to treat India to the first billion-dollar IPO in seven years as it readies an eagerly awaited Rp84bn ($1.3bn) listing.

    13 Sep 2017

  • CSI Properties, CNLP hit up dollar investors

    CSI Properties and China Logistics Property (CNLP) are in the thick of the dollar debt market this week, with the former gauging interest for a perpetual deal, and the latter boosting its coffers with a tap.

    13 Sep 2017

  • Shinhan returns for dollar tier two transaction

    South Korea’s Shinhan Bank is set for a new Basel III tier two dollar bond, as it markets a transaction that mirrors its debut 18 months ago.

    13 Sep 2017

  • Panama's Banistmo clinches debut deal

    Banistmo, the Panamanian lender owned by Bancolombia, sold its first ever international bond on Tuesday, offering a pick-up to the curve of its peer Banco General.

    13 Sep 2017

  • Millicom sets price talk for dollar tranche

    Emerging markets cable and mobile group Millicom International Cellular will look to price a $500m 10 year non-call five bond on Wednesday, according to bankers close to the deal.

    13 Sep 2017

  • Wynn Macau rolls out new dual-trancher

    Wynn Macau, a unit of casino giant Wynn Resorts, announced a two-tranche bond on Wednesday, part of a $1.35bn outing to redeem its outstanding 2021s.

    13 Sep 2017

  • L&T to pave way for new InvIT IPO bookbuild style

    India’s Larsen & Toubro is set to trial a new bookbuilding format for its planned infrastructure investment trust (InvIT), a move designed for success as the asset class struggles to gain traction.

    13 Sep 2017

  • PFM to be popular with foreign asset managers, says CLSA

    Foreign asset managers will increasingly use RMB raised in China to invest overseas, as the private fund management (PFM) programme takes off, said Alexious Lee, head of capital access, China, at CLSA.

    13 Sep 2017

  • China's Red Star Macalline markets international debut

    Red Star Macalline Group Corp, a furniture retailer plus shopping mall owner, is ready to start roadshows for its international bond debut, after initially mandating banks back in April.

    13 Sep 2017

  • Post Advisory to join CLO manager ranks as market booms

    Asset management firm Post Advisory Group said on Tuesday that it will build a US CLO management business, to be led by the former head of Alcentra’s US loan business, as deal volumes race past last year’s figures.

    12 Sep 2017

  • US CMBS off to the races despite true sale uncertainty

    US CMBS issuers are prepping five deals totalling about $4.4bn this week, as the market ploughs on despite looming uncertainty over the way sponsors deal with risk retention rules.

    12 Sep 2017

  • Softbank ‘fascinates’ HY market with €4.75bn bond splurge

    Japanese telecoms company SoftBank has done it again. On Tuesday, it replicated its 2015 success of a €4.5bn bond issued outside of the US high yield market with a new €4.75bn issue.

    12 Sep 2017

  • MiFID II will push biz out of EU, says trading body

    The Electronic Debt Market Association (EDMA) has penned an open letter to European Securities and Markets Authority chairman Steven Maijoor raising concern that left as they are, MiFID II regulatory technical standards will push trading out of the European Union.

    12 Sep 2017

  • CBOE gets sectoral with play for European business

    CBOE has announced that it will start offering index option trading on the 10 S&P select sector indices that comprise the S&P500 index constituents.

    12 Sep 2017

  • Dollar market flourishing as three launch trades, one mandates

    Three borrowers came to market for dollar paper on Tuesday and another hit screens announcing a transaction on Wednesday, as bankers reported strong conditions in the currency.

    12 Sep 2017

  • EQT funds Lion Capital for Grenade acquisition

    Lion Capital, the consumer specialist private equity firm, has funded the acquisition of a controlling stake in sports nutrition brand Grenade with a credit facility from EQT.

    12 Sep 2017

  • A fine mess: make the punishment fit the crime

    Late in the summer, Europe’s Single Supervisory Mechanism dished out its first punishment, fining Ireland's Permanent tsb for breaching regulatory limits on liquidity. But the fine’s small size indicates the bizarre, skewed priorities in how we punish banks for wrongdoing.

    12 Sep 2017

  • Saudi's reform revisions a worrying reversal

    Saudi Arabia is reportedly planning to dilute its much touted National Transformation Program, a worrying sign for investors that confirms the doubts of observers who said the country’s Vision 2030 plan was too ambitious.

    12 Sep 2017

  • The FIG capital conversation is changing

    European banks are pushing the conversation on from simply meeting regulatory capital requirements towards optimising the cost of their capital stacks.

    12 Sep 2017

  • Bayer’s third selldown of shares in former unit Covestro raises €1.2bn

    Bayer, the German life sciences company, took one more step towards full separation from Covestro, the plastics company it span off in 2015, when it launched another block trade on Tuesday night for around €1.2bn of the company.

    12 Sep 2017

  • Investors 'amazed' by Austria 100 year bond

    Austria, defying any concerns about the normalisation of monetary policy, launched the first ever 100 year syndication in Europe on Tuesday, exciting investors with a 2.112% yield.

    12 Sep 2017

  • UniCredit, Intesa offload their legacy stakes in France’s Eramet for €169m

    Intesa Sanpaolo and UniCredit have sold their stakes in Eramet, the French mining and metallurgy company, which they had acquired as a result of the debt restructuring of the Carlo Tassara vehicle in 2016.

    12 Sep 2017

  • Goldman first true challenger to UK heavyweights

    For years there's been talk of online lenders and challenger banks disrupting the UK banking sector, but reports that Goldman Sachs is ready to plant its flag in the UK savings and consumer lending market is the biggest challenge established UK giants are likely to face.

    12 Sep 2017

  • Subprime ABS buoyed by skin in the game — S&P

    Subprime auto ABS performance is holding up, said analysts at S&P Global Ratings this week, with transactions weathering the recent spate of loan delinquencies thanks to skin in the game on the part of the issuers.

    12 Sep 2017

  • Nordic SSAs prepare green impact guide

    A group of Nordic public sector issuers are preparing a “practical guide on impact reporting” in the green bond market. While the initial aim is to assist Nordic borrowers in the public and private spheres, the authors hope that it could prove useful for issuers from other countries too.

    12 Sep 2017

  • Austria storms into century club

    Austria has become the first eurozone sovereign to syndicate a 100 year bond, selling €3.5bn to investors desperate to pile cash into ultra-long paper.

    12 Sep 2017

  • Moody’s brings former Fitch senior director for new US role

    Moody’s Investors Service has appointed Vishal Damani as head of US intermediaries in its relationship management team, a newly created position. Damani had a similar role at Fitch Ratings.

    12 Sep 2017

  • Cat bonds recover after prices plummet ahead of Irma

    The catastrophe bond market is retracing losses this week following a steep plunge in the price of the insurance linked securities in the run up to Hurricane Irma.

    12 Sep 2017

  • Good early reception for Equiniti rights issue

    Equiniti, the UK provider of payment and administration services, has unveiled the terms for its £122m rights issue, which is intended to partly finance its entry into the US market.

    12 Sep 2017

  • Kaufland devours €900m as SSD nears €100bn

    Kaufland, the German supermarket chain owned by Schwarz Gruppe, tripled its Schuldschein to over €900m, as the firm joins the ranks of German blue chips pushing the Schuldschein market's size to €100bn.

    12 Sep 2017

  • High yield issuer turns to RMBS for the first time

    A debut non-conforming UK RMBS deal from Together Financial Services, formerly Jerrold Holdings, is being marketed to investors this week, the first public RMBS from the specialist lender.

    12 Sep 2017

  • Synlab flexes but angst in store for lev loans under €400m

    Synlab, the French clinical services provider, achieved tight pricing on Tuesday for its leveraged loan. That bodes well for a September deal pipeline that has swelled to over €5bn. But bankers cautioned small deals may still have to fight for investor attention against large offerings like Stada’s €2bn loan.

    12 Sep 2017

  • Ahold shops for seven year after the rush

    Monday saw five new corporate bond issues in Europe, but Ahold Delhaize was the only issuer to price a deal on Tuesday. Unlike the triple-B rated issuers on Monday however, the Dutch food retailer paid a single digit new issue premium.

    12 Sep 2017

  • Opaque covered bond issuers may lose ECB repo eligibility soon

    Many covered bond programmes are still falling short of new European Central Bank disclosure requirements. Unless issuers improve the timeliness and content of their disclosures, affected covered bonds could soon become ineligible for ECB repo, which would widen spreads.

    12 Sep 2017

  • Bank of Ireland debuts holdco across two currencies

    Bank of Ireland was simultaneously in the sterling market and the dollar market on Tuesday as it sold tier two bonds from its holding company.

    12 Sep 2017

  • Hypo Vorarlberg clears funding path with debut green

    Austria’s Hypo Vorarlberg made its first entry into the green bond market this week, clearing the path for future deals by not squeezing the price.

    12 Sep 2017

  • STJ Advisors hires ex-JP Morgan research head

    STJ Advisors, the London-based corporate finance boutique, has hired JP Morgan’s former head of European equity research, according to a senior source at the company.

    12 Sep 2017

  • Westpac targets tight levels on ‘surprise’ dollar debut in AT1

    Westpac was set to squeeze the pricing for its debut additional tier one (AT1) in US dollars on Tuesday.

    12 Sep 2017

  • Turk Exim sets strong tone, crushes NIP

    Turk Eximbank issued the first bond from a Turkish bank since June on Monday, in a deal with a slim new issue premium that set a strong tone for future issuance as books hit $2.1bn.

    12 Sep 2017

  • Sella goes public for first time since 2011 with T2

    Banca Sella is set to hit the public market for the first time in over seven years — but going public for a small deal brings risks as well as opportunities.

    12 Sep 2017

  • Barclays names Francis chief executive of UK private bank

    Barclays announced on Tuesday that Lisa Francis, who had been head of European corporate FX sales, will become chief executive of the private bank for UK and Ireland.

    12 Sep 2017

  • Chinese banks woo foreign participants for OBOR projects

    Syndicated loan activity in Asia ex-Japan may have slumped this year, but the slowdown is not all bad. The numbers show a return to normalcy in the region following an unusually stellar year of business in 2016, according to speakers at a loan market conference last week.

    12 Sep 2017

  • Bandhan Bank hires for $1bn IPO, Reliance Nippon pre-markets

    Indian non-banking financial company (NBFC) Bandhan Bank has lined up five bookrunners for its IPO, expected to raise at least $1bn, according to a banker on the transaction.

    12 Sep 2017

  • Embattled Huishan Dairy given three days to repay $220m

    HSBC has demanded repayments of principal and interest totalling $220m for loans raised by troubled China Huishan Dairy Holdings, about five months after it declared an event of default on a $200m syndicated loan.

    12 Sep 2017

  • Asia, US safeguard BOC Aviation’s $1bn dual trancher

    BOC Aviation landed safely with its dual-tranche bond on Monday, pricing both the $500m portions inside its curve. While participation from US investors was significant, Asian accounts were still the price leaders, helping the issuer keep its costs low, said bankers.

    12 Sep 2017

  • Parched investors rush for Coca-Cola's Turkish bottling firm

    Coca-Cola Icecek is refreshing the buyside with the first Turkish corporate trade for 18 months. However, while the deal was “flying out of the door” according to one syndicate banker, the 25bp-30bp pick up over the Turkish sovereign is not quite enough to quench the thirst of some.

    12 Sep 2017

  • Dongxing Securities HK seeks maiden $300m loan

    Dongxing Securities (HK) Financial Holdings is making its debut in the international loan market with a $300m two tranche deal.

    12 Sep 2017

  • Garuda arm’s $246m dual-track IPO takes off

    Garuda Maintenance Facility AeroAsia has opened books on a two-pronged Rph3.2tr ($245.5m) IPO which will also see it court strategic investors.

    12 Sep 2017

  • Mercedes-Benz races towards new China ABS deal

    Mercedes-Benz Auto Finance is gearing up for its second deal in China’s securitization market this year as it beefs up its operations in the Mainland.

    12 Sep 2017

  • China’s Luxshare Precision reboots with $300m loan

    Chinese consumer electronics parts maker Luxshare Precision Industry has returned to the debt market for a $300m three year senior unsecured term loan, after an absence of nearly two years.

    12 Sep 2017

  • Secoo kicks off bookbuilding for $115m US IPO

    Chinese online luxury product retailer Secoo Holding has launched an IPO of American Depository Shares that could raise up to $114.8m.

    12 Sep 2017

  • ABC International out for funds, BJ Infrastructure mandates

    ABC International Holdings is back in the offshore bond market, opening books for a senior unsecured fixed rate dollar trade on Tuesday. Separately, Beijing Infrastructure Investment Co is set to end its two-year absence from the international market.

    12 Sep 2017

  • Sisram Medical prices $125m IPO low

    Sisram Medical, a subsidiary of Chinese conglomerate Fosun International, has raised HK$978.6m ($125m) from its spin off in Hong Kong, pricing the IPO at the bottom of guidance.

    12 Sep 2017

  • Sun Hung Kai makes triumphant dollar return

    Sun Hung Kai & Co’s good run in the dollar debt market continued this week as the Hong Kong financial investment firm sealed a $150m tap, once again going beyond the targeted size.

    12 Sep 2017

  • KDB offers fixed and floating options in triple tranche deal

    The Korea Development Bank is courting investors for a triple-tranche dollar offering, including a new floating rate note and a fixed rate note, as well as a tap of its existing floating 2022s.

    12 Sep 2017

  • IndiGo, Nazara set sights on equity fundraises

    InterGlobe Aviation, the owner of Indian budget carrier IndiGo, is getting ready to tap institutional investors for a capital raise of around Rp40.7bn ($636.5m).

    12 Sep 2017

  • Bank of Qingdao raises the curtain on Chinese AT1 supply

    Bank of Qingdao is whetting investors’ appetite with a dollar-denominated Basel III additional tier one bond, only the second from a Chinese city commercial bank, and coming ahead of an expected flood of supply from the country.

    12 Sep 2017

  • Roadblocks remain for BRI private financing

    The Belt and Road Initiative (BRI), without a doubt, will find many private sector takers. But despite their desire to get involved, investors are holding their horses as they assess risks, especially political ones, in Belt and Road countries.

    12 Sep 2017

  • Sino-Ocean serves up subordinated dollar perp

    Sino-Ocean Group Holdings began marketing a new subordinated deal on Tuesday morning, returning to the dollar bond market after a gap of more than two years.

    12 Sep 2017

  • UBS taps new investment banking vice-chairman

    UBS has hired a senior banker from Citi as the executive vice-chairman of the Asia Pacific investment bank, a newly created position at the Swiss firm.

    12 Sep 2017

  • TissueGene aims for $179m in Kosdaq float

    US-based TissueGene has announced an indicative range for its Kosdaq listing of W202.5bn ($179.1m), with bookbuilding expected to start next month.

    12 Sep 2017

  • Peru’s San Miguel sets IPTs

    Peruvian plastic packaging company San Miguel Industrias could return to bond markets on Tuesday after announcing initial price thoughts for a new dollar denominated deal.

    12 Sep 2017

  • Investors drill deep for Enap’s first long bond

    A hefty back-up in US Treasuries did not stop Chilean oil company Enap clinching its longest ever bond issue on Monday, offering what bankers off the deal saw as a single digit new issue premium.

    12 Sep 2017

  • Oil, RMB and the petrodollar’s demise

    The goal of making the RMB a global commodities currency is not a job for those looking for quick successes. But recent moves from Russia and the Middle East have laid further bricks on the road to glory for China.

    12 Sep 2017

  • Loan fund outflows, refi slowdown could spur new CLOs

    A fifth straight week of outflows from leveraged loan funds and a slowdown in CLO refinancing activity could further boost the new issue CLO market, which enjoyed its second busiest month of the year so far in August.

    11 Sep 2017

  • Lending Club readies first self-sponsored prime loan ABS

    Lending Club is making its way back to the securitization market with a prime consumer loan deal.

    11 Sep 2017

  • US insurers, cities well placed to cope with Irma and Harvey — moms and pops less so

    Financial markets in the US reacted with relief today, as the devastation wrought in Florida by Hurricane Irma may be less bad than feared a few days ago. Most large US institutions affected ought to be financially strong enough to withstand the losses — but there could be heavy economic damage for people and businesses not covered by insurance.

    11 Sep 2017

  • Moy Park acquisition to spark £560m issue

    US chicken processor Pilgrim’s Pride Corp plans to fund its £1bn buyout of UK peer Moy Park with cash in hand, an extension of its term loans, and a new debt issue to repay a JBS subordinated note.

    11 Sep 2017

  • IMN to push on with ABS event, will pitch in support for city

    IMN is giving the green light to securitization market participants planning to attend this year’s ABS East conference in Miami Beach, and is set to host officials from the city and will organize events at the conference in support of the recovery from Hurricane Irma.

    11 Sep 2017

  • Lithium ion battery maker Voltabox seeks Frankfurt IPO

    Paragon, the German car parts company, is preparing to float Voltabox, its subsidiary that produces lithium ion batteries, through an IPO on the Frankfurt Stock Exchange.

    11 Sep 2017

  • EMEA block trading rumbles on with Ahlsell, TAV sales

    An exceptionally busy week in the European equity block trades market began with a bang on Monday night, with four large trades, from Sweden, Turkey, the UK and the Netherlands.

    11 Sep 2017

  • Intesa drops Rosneft loan as Chinese buyer takes 14% stake

    Banca Intesa has found relief from its efforts to offload a €5.2bn loan it made to Glencore and Qatar Investment Authority for the acquisition of a 19.5% stake in Rosneft, eight months after it fully underwrote the debt.

    11 Sep 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 as we head into the September rush.

    11 Sep 2017

  • Austria eyeing century bond

    Austria has picked banks for a five year bond to be launched on Tuesday, but may also extend its curve to 100 years.

    11 Sep 2017

  • Scandi ABS issuer returns to market

    Nordax is back in the market with a new consumer ABS deal backed by a pool of Norwegian consumer loans.

    11 Sep 2017

  • Unilever keeps sterling run going

    Anglo-Dutch consumer goods company Unilever printed the fifth sterling corporate bond deal in three days on Monday. The £500m dual tranche deal offered investors seven and 12 year tenors.

    11 Sep 2017

  • Carney makes his mark at the BIS

    Mark Carney has taken over two chair positions at the Bank for International Settlements (BIS), just as he is due to step down from the Financial Stability Board (FSB).

    11 Sep 2017

  • Debut borrower set for dollar fives

    A new name for the SSA market hit screens on Monday, picking three banks to run a dollar five year transaction. The borrower will share the market with dollar trades from Dexia Crédit Local and Finland.

    11 Sep 2017

  • Asahi gets the fourth round in as triple-Bs pay up

    On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017. The €1.2bn dual tranche offering was the largest of four new issues in the euro corporate bond market, all of which were rated triple-B and paid double digit new issue premiums.

    11 Sep 2017

  • Giancarlo maintains US voice on CCP supervision debate

    Chairman of the Commodity Futures Trading Commission (CFTC) Christopher Giancarlo on Monday reemphasised his commitment to global regulators' mutual recognition of foreign clearing house (CCP) supervisory regimes, without forcing “identical implementation”.

    11 Sep 2017

  • Jefferies hires for broking push

    Jefferies has hired Christopher Dickinson from JP Morgan as a managing director in its UK corporate broking team as the US bank continues to expand its offering.

    11 Sep 2017

  • Liquidity hires two ex-BNPP HY pros to set up new business

    Boutique trading firm Liquidity Finance has hired Michael Wheeler and Matthew Robbins, both formerly of BNP Paribas, to start a high yield bond trading operation in London.

    11 Sep 2017

  • Record euro CLO market heads for strong autumn

    European CLO new issuance this year has already broken 2.0 era records and a strong supply of leveraged loans and managers wanting to issue will lead to even more supply over the autumn.

    11 Sep 2017

  • Brazil moves closer to covered bond issuance

    The Brazilian Monetary Authority (CMN) has published a covered bond regulatory framework which paves the way for the country’s five largest lenders to press ahead with deals. Though the move is credit positive for banks, they are unlikely to issue in euros in the near term.

    11 Sep 2017

  • Seven more join booming HY primary as funds fall

    A full €2.3bn of bond offerings from seven borrowers hit screens on Monday in the European high yield bond market, following last week's more than €3bn of new bonds despite fund inflows turning negative.

    11 Sep 2017

  • Lewin and Köb change jobs at Zurich Insurance

    Zurich Insurance Group is reshuffling two of its most senior responsible investment officials, who are moving to new roles.

    11 Sep 2017

  • Turk Exim price talk shows 'irrelevance' of starting levels, say investors

    Turk Eximbank has opened books on a new five year senior note with price talk at a wider level than its seven year bond, leading one buy-side analyst to remark that initial price thoughts in EM are “irrelevant.”

    11 Sep 2017

  • KazTransGas lines up debut after ratings boost

    KazTransGas, the largest gas supply company in Kazakhstan, has picked banks for a debut 10 year dollar benchmark after Standard & Poor’s revised the country’s outlook to stable on Friday.

    11 Sep 2017

  • NAB and LF Bank get in early with senior offerings

    National Australia Bank (NAB) and Sweden’s Länsförsäkringar Bank (LF Bank) were selling new senior deals on Monday, with daily supply volumes set to fall later in the week when FIG market participants head to Barcelona for the Euromoney/ECBC Global Covered Bond Congress.

    11 Sep 2017

  • Millicom returns with 10 year to fund buy-back

    Millicom International Cellular has added to a growing corporate bond pipeline this week with a 10 year non-call five note, which will be combined with a buy-back.

    11 Sep 2017

  • Dubai Metro raises $1.1bn for World Expo route

    Dubai’s Department of Finance has taken out a $1.1bn syndicated loan to finance the expansion of the city's metro line, as part of its plan to host the World Expo 2020.

    11 Sep 2017

  • KBC profits from ‘limited expectation’ of tier two supply

    KBC came to the market on Monday with €500m of 12 year non-call seven bonds and released pricing guidance at around fair value.

    11 Sep 2017

  • Deutsche Kreditbank lines up green bond as market grows

    Deutsche Kreditbank (DKB) is preparing to sell a new green senior bond this week, as the pool of European banks involved with format expands.

    11 Sep 2017

  • Russian Railways readies a return to Swiss market

    Russian Railways will meet investors on Wednesday to discuss its first Swiss franc bond in five years.

    11 Sep 2017

  • Vedanta's $575m borrowing enters general syndication

    A $575m loan for Twin Star Mauritius, an entity under mining giant Vedanta Resources, entered general syndication on Monday with five banks at the helm.

    11 Sep 2017

  • Citic CLSA names new head of fixed income syndicate

    Citic CLSA Securities has appointed a new head of fixed income syndicate in Hong Kong, who will work closely with the brokerage's debt capital markets team.

    11 Sep 2017

  • Shorting Australia and securitization for MDBs: ideas from Sustainable Capital Markets Forum

    Two hundred delegates gathered in Amsterdam on Tuesday September 5 for Euromoney Conferences’ fifth Sustainable and Responsible Capital Markets Forum. For the second time, it was organised jointly with GlobalCapital.

    11 Sep 2017

  • Thai firm Prima Marine nets $157m with IPO

    Thailand's Prima Marine has secured Bt5.2bn ($156.9m) from its IPO of 650m shares, according to a company announcement on Monday.

    11 Sep 2017

  • Bajaj Finance seals $705m return to equity market

    India’s Bajaj Finance capped its fourth and largest equity raise to huge success last week, netting Rp45bn ($705m) from a qualified institutional placement.

    11 Sep 2017

  • Wynn Macau bets on investor interest for new bond

    Casino giant Wynn Resorts’ unit Wynn Macau is readying a new dollar bond with an eye to fully redeeming one of its outstanding notes, also announcing a tender offer for the 2021s.

    11 Sep 2017

  • Sun Hung Kai ready to boost 2022s with tap

    Hong Kong’s Sun Hung Kai & Co returned to the market on Monday morning, looking to add to its $400m 2022s sold at the end of August.

    11 Sep 2017

  • Cromwell Reit opens books for €903m Singapore IPO

    Cromwell European Real Estate Investment Trust launched bookbuilding on Monday for a €902.9m ($1.08bn) listing on the Singapore Exchange, a move in line with the parent’s diversification strategy.

    11 Sep 2017

  • Back for more: BOC Aviation soars for new dual-trancher

    BOC Aviation took off with its first dollar-denominated dual-tranche offering on Monday, marking a rapid return to the international debt market this year.

    11 Sep 2017

  • China Huarong International allots $800m loan

    China Huarong International Holdings has allocated an $800m loan among 11 lenders, wrapping up a facility that was only opening into syndication in late July.

    11 Sep 2017

  • The week in renminbi: PBoC scraps FX forward reserves rule, KraneShares launches OBOR ETF, Bridgewater eyes new China fund

    The People’s Bank of China scraps the requirement for financial institutions to set aside cash as reserves when buying foreign currency forwards, KraneShares launches new ETF to track companies in the Belt and Road Initiative (BRI) projects, and Bridgewater is said to be starting a new investment fund in China.

    11 Sep 2017

  • Uruguay to buy back $105m of bonds

    South American sovereign Uruguay will use some of the proceeds from its Ps31.603bn ($1.1bn) of new 10 year local bonds to buy back nearly $105m of old dollar and inflation-linked notes.

    11 Sep 2017

  • Mosaic inks $300m loan sale agreement with Goldman

    Solar finance company Mosaic has agreed to sell $300m of loans on residential rooftop solar systems to Goldman Sachs.

    08 Sep 2017

  • Green coup: SEB hires funding chief from Washington supra

    One of the public sector bond market's best known and liked heads of funding has quit the International Finance Corporation (IFC) to join SEB.

    08 Sep 2017

  • Türk Ekonomi Bankası signs $623m syndicated loan

    Türk Ekonomi Bankası (TEB) signed a $623m syndicated loan on Thursday, according to a banker on the deal.

    08 Sep 2017

  • ISDA launches SIMM 2.0

    The International Swaps and Derivatives Association (ISDA) on Thursday launched the newest iteration of its initial margin calculation model. The announcement was made a full year after the release of the original model in September 2016.

    08 Sep 2017

  • Intesa loan in doubt as QIA, Glencore sell Rosneft stake to CEFC

    Qatar Investment Authority and Glencore have agreed to sell a 14.16% stake in Russian oil company Rosneft, out of their jointly held 19.5% stake, to Chinese energy company CEFC China Energy.

    08 Sep 2017

  • John Deere, Eni and Akelius get that Friday feeling

    Euro corporate bond issuance returned on Friday after a blank day due to Thursday’s European Central Bank meeting. As the ECB’s president, Mario Draghi, said nothing to unsettle markets, US machinery maker John Deere and Italian oil and gas company Eni both priced deals in euros before the weekend, while Sweden's Akelius Property did the same in sterling.

    08 Sep 2017

  • UK MPs question the FCA over softer rules for Aramco

    MPs are preparing to scrutinise the Financial Conduct Authority’s proposal to create a new premium listing category for sovereign-controlled companies, due to fears that it could weaken corporate governance standards of UK-listed companies.

    08 Sep 2017

  • Capital markets head leaves NatWest

    The global head of debt capital markets at NatWest Markets has decided to leave the bank after nearly 20 years.

    08 Sep 2017

  • Sherwin-Williams brings US issuers back to Schuldschein

    Sherwin-Williams, the US paint and coatings maker, has issued its debut Schuldschein for €245m. It is the first US company to come to the market this year.

    08 Sep 2017

  • Bank of Ireland hires for levfin syndicate from SocGen

    Etienne Lacault has joined Bank of Ireland’s leveraged syndicated finance team, the bank said in a notice on Friday. He last worked at Société Générale.

    08 Sep 2017

  • EBA requirements on covered bond maturity extension could be ‘perilous’ for Denmark, says DBRS

    The European Banking Authority’s recommendation that an issuer should have defaulted before a covered bond maturity can be extended could set a “perilous path” for Danish covered bonds warned DBRS in a note to clients. But the EBA said its recommendations are compatible with Danish law.

    08 Sep 2017

  • Secondary pricing update: featuring the UK's £4bn 2065 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.

    08 Sep 2017

  • Constructive covered bond mood to persist but vigilance still needed

    Rates markets have barely reacted in the aftermath of Thursday’s European Central Bank meeting, and covered bond issuance conditions are likely to remain constructive. Despite this, vigilance is required as the positive situation can easily lead to complacency.

    08 Sep 2017

  • SoftBank to tap bustling European HY for jumbo refi

    SoftBank, the Japanese telecoms and technology group, received the highest speculative grade ratings for its potential new bond deal on Friday. It will aim at repeating its notable success in the European high yield market in 2015

    08 Sep 2017

  • TCNS Clothing hires banks for India flotation

    India’s TCNS Clothing Co has mandated Citi and Kotak Mahindra Capital for an IPO slated for next year, according to bankers close to the matter.

    08 Sep 2017

  • RYB Education to launch $100m IPO Thursday

    China’s RYB Education is slated to open books on Thursday for its $100m IPO on the New York Stock Exchange, said bankers leading the trade.

    08 Sep 2017

  • China Modern Dairy churns out $300m loan with three

    China Modern Dairy, which prepaid an old syndicated loan early last year, is back for a $300m three year offshore borrowing.

    08 Sep 2017

  • ICICI Lombard, SBI Life ready insurance IPOs

    ICICI Lombard General Insurance, India’s largest private sector non-life insurer, is set to launch its IPO on September 15, and is eyeing up to Rp57bn ($892.8m).

    08 Sep 2017

  • Weichai Power charges up with $775m bond

    Chinese state-owned Weichai Power Co priced a $775m senior perpetual bond on Thursday, enjoying a quiet day of issuance to bag a deal inside analysts’ fair value estimates.

    08 Sep 2017

  • China's Jutal eyes short-dated dollar debut

    Short dated bonds appear to be making a comeback, with Jutal Offshore Oil Services receiving approval from its board for a 364 day dollar-denominated note.

    08 Sep 2017

  • Macquarie’s Korea fund plans W150bn follow-on

    Macquarie Korea Infrastructure Fund is looking to raise W150bn ($132.9m) through a follow-on offering, publishing a draft prospectus for the deal.

    08 Sep 2017

  • Thailand’s Prima Marine docks for $157m IPO

    Thai firm Prima Marine was set to wrap up bookbuilding for its Bt5.2bn ($156.9m) IPO on Friday.

    08 Sep 2017

  • Updated: BOCHK eyes giant Rmb9bn Panda bond

    Bank of China Hong Kong (BOCHK) is coming back to the Panda bond market after a two year absence, with the ambition of raising a whopping Rmb9bn ($1.38bn) from a one year note.

    08 Sep 2017

  • HBL settles with US for smaller $225m fine

    Habib Bank (HBL) has reached a settlement with US regulators for a much lower fine of $225m, after accusations it had breached anti-money laundering rules wiped 30% off its market value.

    08 Sep 2017

  • RMB round-up: BRICS sets up local currency fund, China’s FX reserves up in August, StanChart adds onshore element to RGI

    BRICS countries agree to establish a local currency fund at the summit in Xiamen, China’s FX reserves grew by 0.4% in August, and Standard Chartered adds foreign holdings of onshore assets as a metric to its Renminbi Globalisation Index (RGI).

    08 Sep 2017

  • CMS execs bag $156m from accelerated sell down

    Two top executives of China Medical System Holdings raised HK$1.2bn ($156.4m) from an overnight bookbuild on Thursday, opting for size over price.

    08 Sep 2017

  • VW China repeats winning formula with new ABS

    Having sealed the largest deal in its Driver China series in May, Volkswagen Finance (China) decided it wanted to raise more from China’s securitization market. The originator stuck to a similar deal structure on September 7, taking home Rmb3.66bn ($569.7m).

    08 Sep 2017

  • Mu Sigma bags three commitments in general

    General syndication for Indian data analytics firm Mu Sigma’s debut loan is in its last leg, with three banks having committed so far.

    08 Sep 2017

  • Turkey USD3.5bn 5.75% May 47

    08 Sep 2017

  • Uruguay uncovers perfect peso moment

    Bond markets gave Uruguay’s inflation expectations a vote of confidence and underlined the sublime funding conditions available for EM issuers by piling into the South American nation’s longest ever nominal peso-denominated bond issue.

    07 Sep 2017

  • Suzano starts Brazilian pulp paper flurry

    Pulp and paper producer Suzano Papel e Celulose reopened its 10 and 30 year bonds to the tune of $400m in total on Tuesday, becoming the first Lat Am issuer out of the blocks in September and the first of three pulp and paper companies from Brazil likely to issue this month.

    07 Sep 2017

  • Belfius EUR750m 0.75% Sep 22 senior non-preferred

    07 Sep 2017

  • Julius Baer USD300m 4.75% PNC7 AT1

    07 Sep 2017

  • Yorkshire Building Society GBP300m 3.375% Sep 28 tier two

    07 Sep 2017

  • Lat Am corps line up in borrower-friendly conditions

    At least eight Latin American corporates are meeting fixed income investors ahead of potential dollar trades next week, with Brazilian credits in particular apparently keen to make up for lost time.

    07 Sep 2017

  • Iberdrola EUR750m 1.25% Sept 2027

    07 Sep 2017

  • Total GBP250m 1.25% Sept 2024

    07 Sep 2017

  • Telefonica EUR1.25bn 1.715% Jan 2028

    07 Sep 2017

  • People Moves in Brief

    BNPP boosts private equity effort - Cred Ag raids SG for DCM - Natixis hires top US rates salesman

    07 Sep 2017

  • Yankees lead September charge in FIG dollar mart

    Yankee banks took advantage of favourable conditions and a funding lull from US rivals this week, going for size and diversity as the dollar market snapped back to life after the summer holidays.

    07 Sep 2017

  • EU member states clash on CCP location policy

    European Union member states are pushing back against the European Commission’s June 13 proposal on supervising clearing houses (CCPs), which could forcefully relocate systemically important institutions to within the EU, with questions of sovereignty and liquidity fragmentation arising.

    07 Sep 2017

  • Schuldschein market blazes on despite earlier credit blows

    The Schuldschein market is booming, despite the credit setbacks it has suffered this year from struggling borrowers.

    07 Sep 2017

  • Retail properties suffer most severe CMBS losses in Q2, says Moody’s

    Losses on liquidated CMBS loans ticked up higher during the second quarter of the year, with retail properties showing the worst loss severities among the major property types.

    07 Sep 2017

  • BondMarker results: a high grade euro showdown

    The votes are in and three high quality issuers from last week's slew of public sector benchmarks are featured in this week's breakdown of the BondMarker results.

    07 Sep 2017

  • CEB GBP500m 0.625% Jun 22

    07 Sep 2017

  • Supras enjoy super dollar fives, but window may be shut

    A lack of five year dollar supply and an acceptance that since the summer issuers need to offer a bit more juice helped a pair of supranationals launch strong trades this week. Other supras are rumoured to be considering follow-on deals next week, although some bankers warn that investor appetite may be sated for the moment, and everything could hinge on how a sharp US Treasury move late on Thursday plays out.

    07 Sep 2017

  • KfW EUR5bn 0.5% Sep 27

    07 Sep 2017

  • IADB USD3bn 1.75% Sep 22

    07 Sep 2017

  • ADB USD4bn 1.75% Sep 22

    07 Sep 2017

  • The Pained Trader: going nuclear

    The Pained Trader sees little point in betting on the end of the world.

    07 Sep 2017

  • Tiny Tajikistan ‘forces investors to look’ at cheap bond debut

    Tajikistan made its debut in the bond markets on Thursday with a bond that came well wide of some investors’ expectations, as one of the smallest economies in the sovereign debt arena paid up to compensate for its shaky balance sheet.

    07 Sep 2017

  • Investors power through ECB meeting

    A tremendously supportive SSA market brushed off Thursday’s European Central Bank (ECB) meeting, printing all the way up to the morning of the press conference by bank president Mario Draghi, writes Lewis McLellan.

    07 Sep 2017

  • Six part Discovery series is hit with $28bn demand

    The dollar high grade bond market returned to barnstorming form this week following the summer break with a Who’s Who of corporate America tapping the market.

    07 Sep 2017

  • NRW.Bank EUR500m 0.5% Sep 27 green bond

    07 Sep 2017

  • KfW GBP300m 0.375% Dec 20

    07 Sep 2017

  • Ico EUR1bn 0.25% Apr 22

    07 Sep 2017

  • UK GBP4bn 2.5% Jul 65 tap

    07 Sep 2017

  • AFD USD1.25bn 1.875% Sep 20

    07 Sep 2017

  • British Land first of two returning UK REITS

    As the European Central Bank meeting suspended euro issuance on Thursday, British Land took the opportunity to grab UK investors’ attention with its first senior bond for 11 years. The £300m 12 year deal followed Tuesday’s £250m seven year transaction from Total, which had an order book of around £600m.

    07 Sep 2017

  • Church fund taps Goldman Sachs for new US CMBS deal

    A pair of single borrower deals surfaced in the CMBS market this week as investors prepare for a rush of issuance in September following the Labor Day holiday.

    07 Sep 2017

  • GSK finds healthy take up for triple

    On Tuesday, pharmaceutical firm GlaxoSmithKline returned to the corporate bond market for the first time since November 2014, and its rarity value contributed to combined order books of over €5.5bn for the triple tranche deal.

    07 Sep 2017

  • Capital Stage gets cheap equity with first CB

    Capital Stage, the German renewable energy company, launched its first convertible bond on Wednesday, raising €97.3m. The deal came from a different corner of the CB world from the Qiagen transaction on the same day: it was a hybrid deal, structured to receive equity credit under IFRS.

    07 Sep 2017

  • Argentines face timing choice as Jujuy seeks green light

    The Province of Jujuy hit the road this week ahead of a potential inaugural international bond sale, but it is not clear how many of the growing list of likely Argentine issuers will come to market in the September rush.

    07 Sep 2017

  • Nationwide shows relevance of mutual-friendly CCDS

    Nationwide Building Society came out of nowhere to tap its rare and very popular issue of core capital deferred shares (CCDS) this week, piquing the interest of a good many bank credit investors. Nearly every building society can get along nicely without this innovative substitute for equity, but Nationwide’s efforts to keep the product relevant could well make it a viable option for the rest of the mutual sector, writes Tyler Davies.

    07 Sep 2017

  • First Takeaway.com block shrinks, prices 7% down

    On Thursday night, Prime Ventures, the UK venture capital firm, launched the first block trade in Takeaway.com shares since the Dutch takeaway delivery company's IPO in September 2016.

    07 Sep 2017

  • Icade debuts in green bond market on quiet Monday

    French property company Icade printed its first green bond on Monday, on a day when no other corporates ventured into the bond market. Having the full attention of investors allowed the issuer to increase the deal to €600m and price 20bp tighter than initial price thoughts.

    07 Sep 2017

  • BNPP hires Valet for sponsors push

    BNP Paribas has hired a senior banker from Bank of America Merrill Lynch as part of an expansion of its financial sponsors coverage effort.

    07 Sep 2017

  • UK draws record book amid hefty Gilt rally

    The UK this week once again broke its record order book, with bankers suggesting the huge demand may have been down to investors taking their last chance for ultralong sovereign sterling paper for some time.

    07 Sep 2017

  • AFD returns to dollars with a bang

    Agence Française de Développement stormed back into the dollar market on Thursday, printing its largest trade in the currency in six years with a comfortable oversubscription and tightened pricing. The deal put to rest AFD’s pulled dollar trade in February, said bankers.

    07 Sep 2017

  • HY gulps first autumn Reverse Yankees

    The European high yield bond market returned from its summer break to €3bn of new bond offerings this week, including notes from Delaware’s Kronos International and California’s Equinix.

    07 Sep 2017

  • Daimler accelerates reverse enquiry

    On Tuesday, German car manufacturer Daimler converted a couple of reverse enquiries into an order book of around €600m, as investors showed renewed appetite for short dated fixed rate corporate bonds.

    07 Sep 2017

  • CFTC brings case against metals dealer, alleging ‘massive fraud’

    The US Commodity Futures Trading Commission (CFTC) has filed charges against precious metals dealer Monex in what its director of enforcement described as “one of the largest precious metals fraud cases in the history of the Commission”.

    07 Sep 2017

  • Reinsurers' CDS mainly weathers hurricane Harvey

    Reinsurers have historically been resilient through hurricanes such as those hitting the Caribbean and US this week, but that hasn't stopped CDS widening in the sector's big names, writes IHS Markit's Gavan Nolan.

    07 Sep 2017

  • CEB scoops largest sterling ever as market booms

    The sterling market is on fire for SSA borrowers. Attractive conditions and investors with cash to deploy have come together to produce some of the market’s most impressive deals of the year, with more in the pipeline.

    07 Sep 2017

  • Telefónica dials single digit premium for €3bn of 10 year orders

    Telefónica printed the largest single tranche of the day on Tuesday, with a €1.25bn deal with a January 2028 maturity. Despite competing with three other corporate bond deals in the euro market, the deal built a €3bn order book and was printed with a single digit new issue premium.

    07 Sep 2017

  • Qiagen accelerates to bring rare call spread CB before deal rush

    September’s expected busy calendar of equity-linked issues in Europe made further progress this week, when Qiagen and Capital Stage sold unusually structured bonds, both of which achieved strong books and priced within their ranges — with no sign of market congestion yet.

    07 Sep 2017

  • Citi hires UBS's Weissenberger to head EMEA chemicals

    Sean Weissenberger has moved to Citi to run EMEA chemicals investment banking.

    07 Sep 2017

  • EM bankers fret over Qatari bank return

    London’s emerging market bankers are growing increasingly concerned about whether the Qatari central bank will go ahead with encouraging the country’s lenders into international bond markets, as tensions between the country and its Gulf neighbours continue. Michael Turner reports.

    07 Sep 2017

  • Natixis hires FI sales head for Americas

    Natixis has hired Bryan North-Claus as head of fixed income sales Americas, as part of the French bank's push to improve its American business.

    07 Sep 2017

  • HY record year ahoy, but terms weaker

    The European high yield bond market has suffered two years of falling primary issuance but a busy September will provide the impetus for a return to growth. However, there are also concerns about weakening investor protection.

    07 Sep 2017

  • Capital markets revenues surge as trading businesses languish

    Capital markets divisions had the best revenue performance across investment banks in the first half of the year, according to analyst firm Coalition.

    07 Sep 2017

  • Iberdrola starts to feel the benefit of an outstanding green curve

    On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.

    07 Sep 2017

  • Bahrain goes for ‘ambitious’ 30 year

    The Kingdom of Bahrain has hired banks for a multi tranche Islamic and conventional trade that at the long end could stretch as far as 30 years, a tenor that some bankers have labelled “ambitious”.

    07 Sep 2017

  • Imperial’s Logista block clears at 5.2% discount

    Imperial Brands, the UK tobacco company, sold a 10% stake in Logista, the Spanish wholesale deliveries company, on Wednesday evening through an accelerated bookbuild led by Credit Suisse and Goldman Sachs.

    07 Sep 2017

  • Kaden takes up the Baton

    Lewis Kaden, a former vice chairman at Citi, has taken a position on the advisory board of Baton Systems, the fintech payments processing company.

    07 Sep 2017

  • Liberbank shares drop 18% as it unveils €500m recap

    Liberbank, the Spanish retail banking group, has announced a €500m rights issue to improve its coverage of nonperforming assets (NPA) and to boost its capital ratio.

    07 Sep 2017

  • Price rockets in on blowout Julius Baer AT1

    At the peak of demand Swiss private banking group Julius Baer was about 30 times subscribed for its first additional tier one (AT1) offering in dollars this week, prompting the leads to swing pricing in by about 75bp.

    07 Sep 2017

  • Draghi ducks as market hopes for October

    European Central Bank president Mario Draghi was reticent on the future of the central bank's asset purchase programme following its September meeting on Thursday, leaving the market waiting for guidance at the next meeting of the ECB in October.

    07 Sep 2017

  • LCH SwapAgent service completes inaugural trades

    LCH SwapAgent has processed its first trades, with Citi and Deutsche Bank becoming the system's first counterparties as they executed a Swiss franc denominated interest rate swap and a euro denominated inflation swap.

    07 Sep 2017

  • IADB grabs dollar fives chance as AFD makes triumphant return

    Inter-American Development Bank won a big reception on Thursday as it completed its benchmark funding for the year with a five year dollar global that rode on the coattails of a similar trade by Asian Development Bank a day earlier. Agence Française de Développement also made a triumphant return to dollars after a pulled trade in February, as it matched its largest ever deal in the currency for size.

    07 Sep 2017

  • Bank of Ireland lines up first ever holdco in MREL debut frenzy

    Bank of Ireland is gearing up to issue its debut debt security from its new holding company, adding to a flurry of post-summer deals in which issuers sell new types of regulatory debt for the first time.

    07 Sep 2017

  • What Nordea's move is not

    Nordea announced on Wednesday that it was moving its headquarters from Sweden, where it has been since it was formed through a series of mergers in 2000, to Finland, where it will be supervised by the European Central Bank, as part of the ‘Banking Union’ arrangements.

    07 Sep 2017

  • Denmark’s DLG signs debut syndicated loan for €625m

    Danish agricultural company Dansk Landbrugs Grovvareselskab (DLG) signed its first syndicated loan on Tuesday, borrowing €625m from 13 banks.

    07 Sep 2017

  • Does sophistication bring benefits?

    It is not unusual to hear DCM bankers on sterling deals talk about the sophisticated nature of the investor base. Issuers on roadshows also often say they feel they have the best dialogues with UK-based investors, who have often done their credit work before meetings and want to discuss details in more depth than the usual page turning of an investor presentation deck.

    07 Sep 2017

  • CEB scoops its largest sterling trade ever

    Council of Europe Development Bank launched its largest ever sterling trade on Thursday, selling its first trade in the currency in over 18 months in what is proving an enormously supportive market.

    07 Sep 2017

  • ECB holds fire on tapering as euro strengthens

    The European Central Bank kept mum on any plans to begin removing monetary support on Thursday, failing even to rule out the possibility of swelling the size or duration of its €60bn per month asset purchase programme.

    07 Sep 2017

  • Jensen leaves SEB to return to Norway

    Steven Jensen is leaving his loan syndication sales position at Nordic bank SEB in London to join Norwegian bank DNB.

    07 Sep 2017

  • Afme lays out wishlist for Brexit transition

    Financial services and capital markets need a transitional period after Brexit, and the Association for Financial Markets in Europe (Afme) has explained how it thinks it should work.

    07 Sep 2017

  • Term Funding Scheme financing hits £75bn in June

    UK lenders had drawn over £75bn ($98.24bn) from the Bank of England’s Term Funding Scheme (TFS) as of June 30, according to figures released by the central bank on Thursday.

    07 Sep 2017

  • Corporate broking under pressure as banks fight for mid-market

    A mid-market shake-out is under way in UK corporate broking as global banks and smaller rivals jostle for supremacy, writes David Rothnie.

    07 Sep 2017

  • Total triumphs with new pricing tactics

    The marketing of French oil company Total’s £250m seven year bond issue on Tuesday was the second attempt in recent months to reconfigure the way investors are sold bond deals. The first attempt by Vodafone, in July, struggled to gain support euro investors. However, the response to the Total deal suggests that approach could be replicated, at least in sterling. Nigel Owen reports.

    07 Sep 2017

  • HY welcomes Cortefiel €600m bond debut after turnaround

    Spanish clothing retailer Cortefiel priced its leveraged buyout bond on Thursday, in a sign that the high yield market is open for challenging credits.

    07 Sep 2017

  • Southeast Asia bond supply set to slow down

    Southeast Asian companies have pulled off a dramatic increase in dollar bond issuance this year. But with Indonesia still representing the bulk of deals from the region, bankers are bracing themselves for a slow down as the end of the year approaches. Addison Gong reports.

    07 Sep 2017

  • British Land returns after a decade as Draghi silences euro corporate issuance

    As expected, no euro issuers were tempted to compete with the European Central Bank meeting on Thursday, however British Land took the opportunity to bring its first senior bond since 2006.

    07 Sep 2017

  • HK-China Green Bond Connect plans divide market opinion

    The Climate Bonds Initiative (CBI) said it is working with Hong Kong’s stock exchange to launch Green Bond Connect, an initiative to help Bond Connect investors identify Chinese bonds that meet international green standards. But market participants are divided on whether such an initiative is necessary. Noah Sin reports.

    07 Sep 2017

  • North Korean turbulence has no hold on Asian ECM

    Asian equity capital markets jolted back into life this week, with a handful of overnight blocks signalling the end of the summer lull during the constant furore on the Korean peninsula. Despite the uncertainty, bankers predict equity markets will absorb the noise and battle through. Jonathan Breen reports.

    07 Sep 2017

  • Active covered issuers to hit new heights

    Debut benchmark covered bonds issued this week by Banco di Desio e della Brianza and Nykredit were preceded by Danske Hypotek’s inaugural deal, and with new names expected to follow later this year, the number of active issuers should reach new heights.

    07 Sep 2017

  • Ex-fin min dragged into Halkbank probe

    US prosecutors have widened the net in their case against Turkey’s Halkbank after bringing new charges against the country’s former economy minister and the bank's former general manager for breaking Iranian sanctions, sending Halkbank assets lower but not hitting the rest of the country’s banking sector.

    07 Sep 2017

  • Nationwide shops for CCDS ‘at half price in the sale’

    Nationwide Building Society was looking to cement the outstanding secondary market performance of its £550m core capital deferred shares (CCDS) by issuing roughly £500m more of the rare product on Thursday.

    07 Sep 2017

  • Turkey defies soft market to opens taps on dollar 2047s

    Turkey ignored softness in the market to double the size of its 30 year dollar bonds on Wednesday, after reopening its May 2047s for a further $1.75bn.

    07 Sep 2017

  • Fesco dollar restructuring inches forward

    Russia’s Far-Eastern Shipping Company (Fesco) has reached a milestone in its dollar bond restructuring saga, after almost half of the holders of its bonds agreed to some key terms.

    07 Sep 2017

  • JD.com gears up for $500m loan debut

    JD.com has hired five banks to arrange its $500m debut in the international loan market, making it the latest borrower from China’s red-hot technology sector on the prowl for funds.

    07 Sep 2017

  • Otkritie downgraded with sub debt set to suffer losses

    Rating agency Moody’s has slapped beleaguered Russian private bank Otkritie with a two notch rating downgrade this week, as subordinated debt holders in the bailed out bank look set to take heavy losses.

    07 Sep 2017

  • Terms emerge for Gajah Tunggal $250m financing

    Pricing has emerged for a $250m borrowing for Gajah Tunggal, an Indonesian tyre maker, according to bankers.

    07 Sep 2017

  • Tajikistan kicks off with chunky concession

    Tajikistan has announced initial price thoughts of 8% for its debut 10 year dollar bond, giving it a an eye-catching premium over comparable sovereign debt.

    07 Sep 2017

  • Sinopec returns with another giant bond

    China Petrochemical Corp (Sinopec) sealed its second benchmark transaction of the year, a four tranche $3.25bn deal, just five months after the state-owned company took home $3.4bn from a similar transaction.

    07 Sep 2017

  • UBS's Weber warns of uncharted waters

    Axel Weber, chairman of UBS, warned ahead of the European Central Bank (ECB) meeting on Thursday that “unknown unknowns” lie in wait for markets once the course of unwinding quantitative easing begins.

    07 Sep 2017

  • China Aoyuan rides on strong growth with 10x covered deal

    China Aoyuan Property Group took advantage of an improvement in its credit metrics and a recent ratings upgrade to return to the debt market for the second time this year, netting its targeted $250m in the process.

    07 Sep 2017

  • Unrated Lai Sun builds $400m bond in busy market

    Lai Sun Development Company beat competition on Wednesday to nab $400m from a bond, managing to price inside the levels achieved by other unrated Hong Kong names recently.

    07 Sep 2017

  • People news in brief, September 7, 2017

    K Balasubramanian is returning to Citi as the new head of corporate banking for India, succeeding Rahul Shukla who will turn his focus to senior client coverage.

    07 Sep 2017

  • HK’s Hutchison Port cements credentials with new bond

    Hutchison Port Holdings Trust (HPHT) sailed away with $500m on the back of a $3bn order book on Wednesday, proving yet again its strong credentials and reputation in the debt market.

    07 Sep 2017

  • Ayala makes triumphant market return

    Investors embraced Philippine company Ayala Corp’s return to the dollar market after more than a decade away, funnelling $2.5bn into a $400m fixed for life deal that attracted attention for its rarity value.

    07 Sep 2017

  • Giving Macau a helping hand

    Macau recently saw one of its worst typhoons in years. Being the charitable man that I am, I came up with a brilliant idea to stimulate the region’s economy and offset the storm’s devastating effects.

    07 Sep 2017

  • GLP launches $4.1bn LBO into senior

    The loan backing Global Logistic Properties’ (GLP) leveraged buyout by a consortium of Chinese investors has been launched into senior syndication at a smaller size of $4.108bn, said bankers arranging the financing.

    07 Sep 2017

  • Alibaba-backed Best launches books for $932m US IPO

    Chinese logistics firm Best hit the road on Thursday to start drumming up demand for its $931.5m IPO of American depositary shares (ADS).

    07 Sep 2017

  • Behnam sworn in at CFTC, Quintenz gets chief of staff

    Trump’s first Democrat pick for commissioner at the Commodity Futures Trading Commission (CFTC), Rostin Behnam, was sworn in on Wednesday. He joins Brian Quintenz, who participated in the ceremony three weeks ago.

    07 Sep 2017

  • Stanley Fischer resigns from the Federal Reserve

    Stanley Fischer has resigned as second in command at the US Federal Reserve, leaving four of the seven seats on the Fed governors' board vacant.

    07 Sep 2017

  • Chailease allocates $250m 3yr on strong demand

    Chailease International Finance Corp has sealed a $250m term loan after obtaining more funds than initially planned, in its second outing to the market this year.

    07 Sep 2017

  • Euro market empties in FIG ahead of ECB

    Financial institutions steered clear of the primary market in euros on Thursday as participants awaited the outcome of a well-talked-about European Central Bank meeting.

    07 Sep 2017

  • Weichai Power fires up new dollar perpetual

    Shandong-based Weichai Power Co became the sole G3 bond issuer to hit the debt market on Thursday, marketing a senior dollar perpetual deal to help repay acquisition-related loans.

    07 Sep 2017

  • Market, not regulators, behind China ABS growth: CSF

    Market demand from smaller companies, rather than regulatory action, is driving China’s asset-backed securitization market, said Kristal Hou, executive general secretary of China Securitization Forum, an industry association.

    07 Sep 2017

  • Syngenta unveils first dollar bond since ChemChina takeover

    Seed company Syngenta has mandated banks for a global dollar transaction, its first foray into the market since China National Chemical Corp (ChemChina) completed its acquisition of the company this summer.

    07 Sep 2017

  • Uruguay to go further down peso curve

    Just three months after its first ever nominal global peso bond, Uruguay plans to return to debt markets on Thursday for a new peso-denominated note due March 2028.

    07 Sep 2017

  • GeoPark to drill for new bond to fund tender offer

    Chilean oil and gas company GeoPark will look to sell new 144A/Reg S bonds to fund the buy-back of all its $300m 7.5% notes due in 2020.

    07 Sep 2017

  • Primary pipeline jumps as market eyes ABS East

    Timeshare, Federal Family Education Loan Program (FFELP) student loan, RMBS and single family rental (SFR) transactions hit the pipeline on Wednesday, as market participants gear up for the annual securitization bash in Miami Beach.

    06 Sep 2017

  • Conning boosts structured and corporate credit teams

    Insurance company asset manager Conning has hired a new managing director in its structured product team, as well as promoting a new managing director in corporate credit research.

    06 Sep 2017

  • Qiagen and Capital Stage sell unusual CBs

    The pattern of equity-linked issues coming in pairs continued on Wednesday, when Qiagen and Capital Stage successfully sold bonds. Both transactions were unusual, though in contrasting ways.

    06 Sep 2017

  • Levfin strategist Melentyev leaves Deutsche for BAML

    Oleg Melentyev has joined Bank of America Merrill Lynch as head of leveraged finance strategy in New York, after four years in the same position at Deutsche Bank.

    06 Sep 2017

  • France sells €1.5bn of Engie to finance innovation fund

    The French government came back to the equity block trade market on Tuesday night to sell another 4.5% chunk of its stake in Engie, the power and gas company, for €1.53bn, as part of a new €10bn asset sale programme announced in July.

    06 Sep 2017

  • ICE appoints futures and benchmarks heads

    Intercontinental Exchange (ICE) on Wednesday announced a spate of changes to its senior management, all due to be enacted in October, including the replacement of veteran president of ICE Futures Europe David Peniket with Stuart Williams.

    06 Sep 2017

  • IADB dives into fives after ADB stormer, as AFD returns after pulled deal

    Inter-American Development Bank will on Thursday attempt a five year dollar benchmark, copying a Wednesday deal from Asian Development Bank that bankers on the trade said was the best dollar deal since the summer. Agence Française de Développement is also out with a dollar benchmark — its first since a pulled trade in February.

    06 Sep 2017

  • NRW.Bank scores with ‘smooth’ 10 year green note

    NRW.Bank launched its fifth green bond on Wednesday, sneaking in just ahead of Thursday’s European Central Bank meeting.

    06 Sep 2017

  • Trio! Not one, not two, but three tranches for United Biscuits’ £725m loan

    United Biscuits’ £725m ($948.23m) loan is being split into two term loans and a revolving credit facility with pricing linked to the company’s leverage, according to a banker on the deal.

    06 Sep 2017

  • Nordea moves headquarters to join Europe’s Banking Union

    Nordea announced on Wednesday it would move its administrative headquarters from Sweden to Finland, allowing it to submit to supervision by Europe’s Single Supervisory Mechanism.

    06 Sep 2017

  • Blackstone schedules Clarion cov-lite loans

    Clarion Events is set to launch the loan funding for its acquisition by private equity firm Blackstone next week or soon after. The buyer also has funding for a deal to buy Paysafe in the pipeline.

    06 Sep 2017

  • MOEX launches FX fixing instruments to manage risk

    The Moscow Exchange (MOEX) this week began trading for dollar-rouble and euro-rouble fixing instruments, one day traded products that settle into official MOEX FX fixing rates.

    06 Sep 2017

  • Deal sizes remain cautious but tenors start to lengthen again

    Bouyed by the success of the four deals that priced on Tuesday, three issuers launched deals in the corporate bond market on Wednesday. While deal sizes remain at the smaller end of what is considered a benchmark, longer tenors from triple-B rated corporates are offering investors more yield.

    06 Sep 2017

  • Investec doubles loan to $600m

    South African bank Investec signed a $600m syndicated loan on Wednesday, double the initial launch amount, making it the second successful bank financing to come out of the country this month after Standard Bank’s $1bn loan.

    06 Sep 2017

  • Iberdrola taps into strong green bond bid

    On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.

    06 Sep 2017

  • CEB up next, other supras looking as KfW prints in buoyant sterling mart

    Public sector borrowers are finding healthy seams of sterling funding in various tenors, as Council of Europe Development Bank lined up to follow a Wednesday trade by KfW — and there are rumours that more supranationals could consider deals in the currency. Attractive arbitrage levels and large redemptions are helping drive supply and demand respectively, said bankers.

    06 Sep 2017

  • Eurozone retail sales fall in July

    Retail sales fell by 0.3% across the eurozone in July, but bank analysts say the drop is a temporary blip rather than a sign of broader economic weakness in Europe.

    06 Sep 2017

  • Aareal match funds with dollar Pfandbrief

    Aareal Bank turned to the dollar market on Wednesday to issue a $625m three year Pfandbrief to fund its dollar assets, thereby avoiding the need to swap proceeds back to euros.

    06 Sep 2017

  • PCP noise pushes spreads out on UK auto ABS

    Headlines about higher potential risks on personal contact purchase (PCP) loans in the UK auto market have led to investors demanding more spread on the most recent auto ABS transaction, said market participants this week.

    06 Sep 2017

  • Klabin joins green pipe as pulp pumped up

    As its peer Suzano sold $400m of 10 and 30 year bonds on Tuesday, Brazilian pulp producer Klabin announced plans for its first international bond deal in over four years.

    06 Sep 2017

  • CM-CIC takes covered bond 10 year by storm

    Credit Mutuel CIC showed that demand for duration is still strong, as it drew €2.2bn of interest for a €1.25bn covered bond that it launched on Wednesday on the eve of the European Central Bank’s policy meeting.

    06 Sep 2017

  • Second Argentine province seeking green bond

    Potential first-time issuer the Province of Jujuy could become the second Argentine green bond issuer after mandating two banks for a fixed income investor roadshow.

    06 Sep 2017

  • Nationwide unveils more of rare CCDS instrument

    Nationwide Building Society is offering more of its highly performing Core Capital Deferred Shares (CCDS), a rare instrument it pioneered back in 2013.

    06 Sep 2017

  • EM bond market braced for Qatari bank return

    London’s emerging market bankers are growing increasingly concerned with how to deal with expectations that the Qatari central bank will encourage its lenders into international bond markets, as tensions between the country and its Gulf neighbours continue.

    06 Sep 2017

  • Carlyle to take French Prima to global insurers

    US private equity firm Carlyle agreed to buy Prima Solutions on Wednesday, deploying its Europe-focused technology fund to so. European market participants say this could be the start of US sponsors growing more active in Europe.

    06 Sep 2017

  • GlobalCapital Sustainable and Responsible Capital Markets Awards 2017: the Winners

    France, Tennet, NWB and Berlin Hyp are among the green and social bond issuers acclaimed in GlobalCapital's Sustainable and Responsible Capital Markets Awards 2017, which were announced on Tuesday in Amsterdam.

    06 Sep 2017

  • Sterling investors respond positively to change in process

    Tuesday’s £250m seven year bond issue from French oil company Total looked like a straightforward small benchmark sterling deal for a regular issuer. However, the marketing process for the deal marked a change from the normal approach and it is something investors are keen to see more of.

    06 Sep 2017

  • Investors hope for higher premiums in FIG

    With increasing risks around global monetary policy and rising tensions between North Korea and world powers, some investors are crossing their fingers that premiums will start to pick up towards the end of 2017.

    06 Sep 2017

  • Suzano slices open Lat Am with tight tap

    Pulp and paper producer Suzano Papel e Celulose reopened its 10 and 30 year bonds to the tune of $400m in total on Tuesday, sneaking into the market with a drive-by trade ahead of a long line of Latin America issuers that are meeting investors this week.

    06 Sep 2017

  • YBS hedges model risk with T2 for MREL

    Yorkshire Building Society (YBS) opened books on new tier two in the sterling market on Wednesday, as it considered whether difficulties in the process of changing to a new way of modelling for risk could leave it short of its minimum requirement for own funds and eligible liabilities (MREL).

    06 Sep 2017

  • ECB tapering ‘unlikely to dim SSA demand’, say investors

    Investor appetite for SSA paper is unlikely to fall even if the European Central Bank hints at tapering quantitative easing at its governing council meeting on Thursday — although several on the buy-side believe there is unlikely to be any change in policy before the next gathering in October.

    06 Sep 2017

  • Crédit Agricole hires Soc Gen veteran

    Crédit Agricole CIB, the investment banking arm of the larger French bank, has hired a market veteran from Société Générale as global head of debt capital markets solutions and advisory.

    06 Sep 2017

  • ECM booms with a swathe of blocks, IPOs, CBs

    Predictions of a very busy September by bankers during the summer have so far proved accurate. This week, after the US public holiday on Monday, there have been a rush of block trades and three more IPOs launched.

    06 Sep 2017

  • Indonesian duo Siloam, MMP prep rights issues

    Siloam International Hospitals is teeing up a rights issue that could raise as much as Rph3.1tr ($231.6m), according to a deal prospectus.

    06 Sep 2017

  • Emerging market issuers meet captive audience

    Emerging market bond investors are salivating at the chance to snap up some high yielding bonds, after a snoozy summer period combined with solid inflows left many with cash to spare.

    06 Sep 2017

  • BNI launches $500m fundraise into general

    Bank Negara Indonesia (BNI) has invited lenders to participate in a five year $500m fundraising, with general syndication kicking off on Monday.

    06 Sep 2017

  • Hyundai’s China JV preps second ABS deal

    Beijing Hyundai Motor Group is gearing up for a Rmb3.5bn ($535.9m) deal in China’s asset-backed securitization market, just over three months after completing a transaction of the same size.

    06 Sep 2017

  • Specialists boost research ahead of MiFID II

    Niche players see MiFID II's research rules as an opportunity to win market share.

    06 Sep 2017

  • China Minsheng rakes in $800m from anchored deal

    China Minsheng Banking Corp raised $800m from a dual-tranche floating rate deal on Tuesday, with some bankers describing it as a club-style bond because of the 18-strong syndicate group behind it.

    06 Sep 2017

  • Touch panel supplier TPK bags $236m from GDR sale

    Taiwan’s TPK Holding raised $236.3m on Tuesday evening from a placement of Global Depository Receipts, pricing the deal near the bottom of guidance.

    06 Sep 2017

  • UBS raids rivals in Japan for senior hires

    UBS has hired a handful of senior bankers for its Japanese equity and fixed income units from Mizuho and other rivals, boosting its bench strength amid growth in client activity and deal flow.

    06 Sep 2017

  • Game on: Pearl Abyss prices $163m IPO

    South Korea’s Pearl Abyss has raised the full W185.4bn ($163.3m) it was targeting in its IPO, as the recent military tensions with its northern neighbour proved to be no hurdle.

    06 Sep 2017

  • ONGC Videsh gets one taker for $844m loan

    ONGC Videsh (OVL) has closed its dual currency $844m equivalent loan with just one lender joining the dollar tranche in syndication, said a banker who arranged the borrowing.

    06 Sep 2017

  • Joy City builds Panda credentials with Rmb1bn debut

    Red chip property developer Joy City has hit the Panda bond market for the first time, raising Rmb1bn ($153.1m) from a three year bond on September 5. Although the deal was small in size, it caught the attention of some Bond Connect investors thanks to the issuer’s reputation.

    06 Sep 2017

  • Ayala set to break 14-year dollar bond hiatus

    Philippine conglomerate Ayala Corp is set for a dollar bond comeback as it markets a fixed-for-life deal, bringing to an end a 14-year absence from the international debt market.

    06 Sep 2017

  • Sinopec hits market with year’s second outing

    China Petrochemical Corp (Sinopec) is making a rapid comeback to the dollar bond market. It announced a triple-tranche transaction on Wednesday, just five months after nabbing an impressive $3.4bn from investors.

    06 Sep 2017

  • China Aoyuan, Lai Sun seek post-summer deals

    Action in Asia ex-Japan’s offshore bond market picked up on Wednesday, with property developers from Greater China announcing new transactions.

    06 Sep 2017

  • Hutchison Port looks to dock second dollar deal

    CK Hutchison Holdings’ subsidiary Hutchison Port Holdings Trust hit the dollar market on Wednesday morning, looking for its first international bond since its debut more than two years ago.

    06 Sep 2017

  • Daimler ignites with new Panda

    Daimler’s China expansion keeps the issuer coming back for more onshore funding, with the automaker pricing a Panda private placement less than four months after its previous outing.

    06 Sep 2017

  • HKEX eyes green Bond Connect, says CBI

    The Hong Kong Exchange (HKEX) is in talks with Climate Bonds Initiative (CBI) to launch a Green Bond Connect, an initiative to help Bond Connect investors identify Chinese bonds that meet the international standards of green investments, Sean Kidney, CEO at CBI, told GlobalRMB in Beijing.

    06 Sep 2017

  • Green guidelines emerge for China’s outbound investment

    China’s Foreign Economic Cooperation Office (FECO) of the Ministry of Environmental Protection and a group of financial industry bodies in China have published a set of guidelines on controlling environmental risk for Chinese overseas investment.

    06 Sep 2017

  • CLO returns surge past corporate loans and bonds

    Returns on US CLO debt have handily beaten those of high yield corporate debt over the past year, say JP Morgan analysts, though the rally may be running out of steam in the latter part of 2017.

    05 Sep 2017

  • Dunkin’ reopens esoteric ABS pipeline

    Dunkin’ Brands is hitting the primary market with a $1.45bn whole business securitization, bringing the esoteric ABS market back to life following the US Labor Day break.

    05 Sep 2017

  • Cryptocrash shows that the shape of things to come is legal

    News that Chinese regulators were outlawing initial coin offerings hit the cryptocurrency market hard, knocking some $38bn off the industry’s market cap, between Saturday and Monday. While the crash appears to be over for now, the dump should be a wake-up call to market participants that regulation is not something they can opt out of.

    05 Sep 2017

  • Sluggish Italy lags behind Spain in getting banks up to speed

    Last week’s deals from BBVA and CaixaBank show just how much the Spanish banking sector is powering ahead of Italians in getting to grips with capital regulations.

    05 Sep 2017

  • Regulation needs credibility, MAR never had it.

    Julius Baer’s additional tier one deal on Tuesday attracted a splendid book — enough to gladden the hearts of syndicate bankers and funding officials. But it highlights the absurdity of Europe’s Market Abuse Regulation.

    05 Sep 2017

  • New head of EM sales starts at Deutsche

    Deutsche Bank has hired a new head of emerging market sales covering Europe, Middle East and Africa.

    05 Sep 2017

  • Investors divided as two more join HY spree

    Two more borrowers added on Tuesday to the almost €3bn of new high yield bonds already being marketed in Europe this week. But just as the market is set to surpass last year's volumes, investors have started to voice concern over low coupon levels.

    05 Sep 2017

  • North Korea nervousness boosts derivatives volumes

    Derivative volumes for August rose above those for August 2016 as North Korea's aggressive rocket and nuclear warhead actions increased geopolitical concerns and market volatility.

    05 Sep 2017

  • Why preferred senior bonds could start earning their name

    Senior preferred debt has never been cheaper for banks — and it has regulatory benefits as well. While funding teams rush to meet bail-in targets, there's a value in keeping the old asset class alive.

    05 Sep 2017

  • Rush of blocks greets funds after Labor Day

    After the US public holiday on Monday restricted trading, the equity block trades market in EMEA reopened spectacularly this week, with a rush of large deals from across the region.

    05 Sep 2017

  • UK DMO grabs £5.3bn with 2065 tap

    The UK Debt Management Office (DMO) tapped a 2065 line for £4bn on Tuesday, upping the size of the transaction because of “impressive quality of demand”.

    05 Sep 2017

  • ADB aims for dollar benchmark in hotly demanded five year tenor

    The Asian Development Bank hit screens on Tuesday announcing a dollar benchmark in a maturity that investors have been crying out for.

    05 Sep 2017

  • KfW and Ico scoop up stellar euro trades as NRW.Bank lines up green bond

    A pair of European agencies landed in euros on Tuesday, attracting huge books and tightening their spreads, indicating a promising backdrop for NRW.Bank’s green bond scheduled for Wednesday.

    05 Sep 2017

  • BoE should seek to be unconventional

    If BoE is to continue monetary stimulation beyond next year, it ought to look outside 'ordinary' QE, to what is popularly known as “helicopter money”.

    05 Sep 2017

  • Issuers say go after no-go in Korea

    Monday’s combination of heightened worries over North Korea and the Labor Day holiday in the US saw only one new issue in the European corporate bond market. However, with no new developments from the Korean peninsula overnight, five issuers decided to push ahead with trades on Tuesday.

    05 Sep 2017

  • Telefonica calls the right number for €1.25bn 10 year

    On Tuesday, Telefonica printed the largest single tranche of the day, with a €1.25bn deal with a January 2028 maturity. Despite competing with three other corporate bond deals in the euro market, the deal built a €3bn order book and printed with a single digit new issue premium.

    05 Sep 2017

  • Virgin Money returns to UK RMBS market

    Virgin Money is back in the securitization market with the latest in its Gosforth Funding RMBS series, the first from the issuer in over a year.

    05 Sep 2017

  • Dose of GlaxoSmithKline leaves investors feeling better after ratings boost

    On Tuesday, pharmaceutical firm GlaxoSmithKline returned to the corporate bond market for the first time since November 2014, and its rarity value contributed to combined order books of over €5.5bn for the triple tranche deal.

    05 Sep 2017

  • Angry Birds and UK buy-to-let: juicy IPO stories for autumn

    Europe’s IPO market gained two more deals of very different flavours on Tuesday when Rovio, the Finnish developer of the Angry Birds mobile phone game, and Charter Court Financial Services, the UK specialist mortgage lender, both filed intention to float documents.

    05 Sep 2017

  • Dah Chang Futures logs onto SGX as derivatives trading member

    A subsidiary of Taiwan-based Dah Chang Securities on Tuesday became a derivatives trading member with Singapore Exchange (SGX), joining fellow new arrivals I-Access, Shinhan Investment and Cathay Futures.

    05 Sep 2017

  • Levloan deal charge grows amid underwriters’ concern

    Two levfin issuers, Sebia and Refresco, this week added €3bn to an already large pipeline of euro and dollar-denominated leveraged loans being touted around a bustling European market. But some bankers are fretting that underwriters face little room for mistakes if pricing widens.

    05 Sep 2017

  • Investors flock to Desio’s covered bond debut

    Banco di Desio e della Brianza attracted outstanding demand for its debut covered bond, reflecting its rarely seen juicy spread and a scarcity of Italian supply this year. At the same time investors were receptive to Raiffeisenlandesbank NiederÖsterreich-Wien's (RLB NÖ-Wien) first deal in two years.

    05 Sep 2017

  • Albaraka Turk launches $100m Islamic facility

    Albaraka Turk, Turkey’s first participation, or Islamic, bank, kicked off the syndication of a $100m murabaha facility on Tuesday.

    05 Sep 2017

  • Nykredit gets solid execution for first syndicated covered

    Nykredit Realkredit attracted demand of over €1.5bn for its debut syndicated covered bond this week, a deal which despite being issued in rare floating rate format was readily absorbed by a new diversified group of mainly bank treasury investors.

    05 Sep 2017

  • Investors pump $9bn into sizzling AT1 from Julius Baer

    Swiss private banking group Julius Baer was about 30 times subscribed for its first additional tier one (AT1) offering in dollars on Tuesday, showing the strength of the Reg S dollar market at the start of September.

    05 Sep 2017

  • Belfius and Lloyds hit loss-absorbing euro seniors

    Belfius Bank this week priced €750m of five year senior non-preferred bonds at 62bp over mid-swaps with the first Belgian deal in the instrument, while Lloyds issued a new senior from its holding company.

    05 Sep 2017

  • Chile’s Enap plots bond sale

    Empresa Nacional del Petróleo (Enap), the state-owned Chilean oil company, is looking to issue its first bond in a year shortly after escaping negative rating actions despite several downgrades to the sovereign’s rating.

    05 Sep 2017

  • Yorkshire preps rare T2 as CS lifts lid on sterling demand

    Yorkshire Building Society picked banks to arrange the sale of a new benchmark tier two on Tuesday, as it looked to follow a popular new senior issue from Credit Suisse in the sterling market.

    05 Sep 2017

  • Market ripe for Ukraine return

    Ukraine is understood to have picked banks for its first Eurobond since 2013, and following a massive rally of the sovereign’s bonds, its reception in the market is expected to be strong.

    05 Sep 2017

  • Corp trio hits the road as EM primary heats up

    The dry spell is over for investors in emerging market debt with several mandates hitting the screens on Tuesday. The first trades will be eagerly watched as a barometer for new issue premiums after a summer that has seen escalating geopolitical tensions and further questions about the direction of travel of both the European Central Bank and the US Federal Reserve.

    05 Sep 2017

  • Hong Kong needs to get IPO Connect right

    China’s A-share market has one of the largest pools of domestic investors in the world. So it’s no surprise Hong Kong’s exchange is desperate to link its primary IPO market with the mainland. While there could be plenty of benefits, the city’s regulator should think long and hard before opening itself up to a potentially uncontrollable flood of money.

    05 Sep 2017

  • TPK Holding launches $242m GDR offer

    Taiwan’s TPK Holding Co has opened books for a placement of Global Depository Shares with a view to raise around NT$7.27bn ($242.01m).

    05 Sep 2017

  • UOB, CICET boost collaboration in Chongqing

    United Overseas Bank (China) has signed a memorandum of understanding with China Chongqing International Economic and Technical Cooperation Group Corp (CICET) to support the latter's business expansion into ASEAN.

    05 Sep 2017

  • Green finance a ‘key pillar’ of Belt and Road: PBoC

    The development of green finance will be a key pillar to the success of the China-led Belt and Road Initiative, according to Yin Yong, deputy governor of the People’s Bank of China, speaking at a forum in Beijing this week.

    05 Sep 2017

  • Ruifeng Power revs up Hong Kong listing plans

    Chinese automobile parts manufacturer Ruifeng Power Group Co filed an IPO application with the Hong Kong Stock Exchange on Monday.

    05 Sep 2017

  • Four climb aboard Aster DM’s $295m facility

    The first round of transfers has been completed for a $295m borrowing for UAE based healthcare provider Aster DM, according to sources.

    05 Sep 2017

  • Allotments out for Adira Dinamika's bigger $250m loan

    Adira Dinamika Multi Finance has signed up lenders to a $250m borrowing, following a good run in general syndication that allowed the company to hike the loan.

    05 Sep 2017

  • Citi hires Apac prime finance head from BNP

    Citi has named Sebastien Mailleux as head of prime finance for Asia Pacific, replacing Angus Yang, who has left the firm.

    05 Sep 2017

  • Julius Baer opens debut dollar AT1 during Asia hours

    Switzerland’s Julius Baer Group is offering investors a little something new, launching an inaugural dollar-denominated Basel III additional tier one (AT1) bond on Tuesday morning in Asia.

    05 Sep 2017

  • Mapletree Logistics eyes $472m from block, rights

    Mapletree Logistics Trust will fund its acquisition of a Hong Kong warehouse with a S$640m ($471.5m) dual tranche equity raise, following in the footsteps of its sister unit last year, as well as with debt.

    05 Sep 2017

  • China Minsheng offers investors dual-tranche floaters

    China Minsheng Banking Corp has jumped into the debt market, opening a dual-tranche floating rate offering for dollar investors through its Hong Kong branch on Tuesday.

    05 Sep 2017

  • DBS to establish wholly-owned subsidiary in India

    DBS Group Holdings has received approval from the Reserve Bank of India to establish a wholly-owned local subsidiary in the country, a big fillip to a firm that was Singapore’s first bank to set up a representative office in India.

    05 Sep 2017

  • China, UK to join hands in green finance, says PBoC

    China and the UK will continue to promote the development of green finance through bilateral collaborations, despite the decision by US president Donald Trump to withdraw from the Paris Agreement, said Chen Yulu, deputy governor of the People’s Bank of China.

    05 Sep 2017

  • Steinhoff Africa Retail may be worth $6.1bn

    Steinhoff International, the South African conglomerate, has opened the books on the IPO of Steinhoff Africa Retail (Star), a company formed from its African retail assets, which could value the business at up to R79.3bn ($6.1bn) if it is priced at the top of its range.

    04 Sep 2017

  • Kronos feeds HY with first Reverse Yankee of autumn

    The European high yield bond market returned from its summer break to €2.8bn of new bond offerings this week, including a sub-benchmark sized note from Delaware’s Kronos International on Monday.

    04 Sep 2017

  • EIB expected in dollars but North Korean risks loom

    The European Investment Bank is widely expected to hit screens with a five year dollar bond this week but, with the US market sidelined for the Labor Day holiday, the SSA market will have to wait for the supranational’s mandate.

    04 Sep 2017

  • Urals Crude derivatives win new market maker

    Lukoil RNP, a part of the Lukoil Group, has become a market maker in the Urals Crude futures market traded on the St. Petersburg International Mercantile Exchange (SPIMEX).

    04 Sep 2017

  • ArcelorMittal prices debut Schuldschein at IG levels

    Luxembourg-based multinational steel manufacturing company ArcelorMittal is offering its first Schuldschein facility for €150m at below 200bp, in line with the spreads paid by better rated companies.

    04 Sep 2017

  • China bans ICOs as regulators get tough

    The formerly booming cryptocurrency market was a sea of red on Monday, thanks to the news that China is making Initial Coin Offerings (ICOs) illegal. Other regulators are also stepping up their efforts to clean up the market.

    04 Sep 2017

  • ABS markets keep eyes on ECB

    Participants in Europe’s asset backed securities markets will be watching the European Central Bank's meeting this week for some indication on its plans to taper quantitative easing, but most expect any movement from the bank to be gradual.

    04 Sep 2017

  • EEX and GDT express interest in joint dairy auction

    European Energy Exchange (EEX) and Global Dairy Trade have jointly expressed interest in a potential auction mechanism for European dairy products.

    04 Sep 2017

  • Groupama offers ‘friendly’ call to T1 bondholders

    Groupama has said that it will call its 6.298% perpetual tier one bond at its first call date in October, having offered holders the chance to exchange the notes for a new tier two earlier this year.

    04 Sep 2017

  • SSAs push out curve in euros

    A pair of public sector borrowers are set to bring their longest dated euro benchmarks in some time on Tuesday, as underlying rates for both issuers fell slightly on Monday.

    04 Sep 2017

  • EU CLO volume could hit €18bn, US firms prep debuts

    New issuance of euro CLOs could hit €18bn by the end of the year, according to Bank of America Merrill Lynch, and more new issuers from across the Atlantic are looking to issue European deals.

    04 Sep 2017

  • Carlyle’s Praesidiad LBO loan in heavy week

    Praesidiad, a Belgian perimeter security company, launched the term loan for its acquisition by private equity firm Carlyle on Monday, in what was a busy week for the market. More than €2.5bn of loan deals have been launched in the past four days.

    04 Sep 2017

  • Icade has market to itself for green bond debut

    French property company Icade printed its first green bond on Monday, but no other corporates ventured into the market. Having the full attention of investors allowed the issuer to increase the deal by €100m and price it 20bp tighter than initial price thoughts.

    04 Sep 2017

  • RLB Noe-Wien set for covered bond return

    After an absence of almost two years, Austria’s Raiffeisenlandesbank Niederoesterreich-Wien (RLB Noe-Wien) mandated joint leads for a seven year euro benchmark covered bond.

    04 Sep 2017

  • Kenya, Korea fail to quash EM demand

    Emerging market bonds remain set for a busy September as weak US data pushed dulled expectations of Federal Reserve rate hikes, outweighing escalating tensions between the US and Korea, and the Kenyan Supreme Court's decision to annul the result of the August 8 election.

    04 Sep 2017

  • CFF swipes €1.25bn in sevens

    Compagnie de Financement Foncier (CFF) enjoyed stellar demand for its €1.25bn seven year covered bond on Monday and, despite pricing flat to its curve just a few days before the European Central Bank policy meeting and after another nuclear test from North Korea, the deal attracted extraordinary demand.

    04 Sep 2017

  • UniCredit sells down Invitel loan to five banks

    UniCredit syndicated a loan it underwrote for Hungarian communications company Invitel in January to five banks last week.

    04 Sep 2017

  • Bondholders get big haircut as Co-op completes restructuring

    As part of its restructuring process the Co-operative Bank’s 2023 bonds have been cancelled, imposing heavy losses on investors.

    04 Sep 2017

  • EA Partners deals lift off once more

    The two structured bonds issued by EA Partners that have suffered in secondary markets as a result of the the collapse of Air Berlin have recovered three cash points after the borrower issued a statement to say it anticipated that the next coupon payments will be made.

    04 Sep 2017

  • Chile minfin resigns, Eyzaguirre returns

    Rodrigo Valdés, who was finance minister of Chile since May 2015, has resigned from his post over policy differences with the government.

    04 Sep 2017

  • Exotix hires Lat Am corporate credit analyst

    EM specialist firm Exotix has hired a well-known corporate credit analyst to lead its coverage of Latin American companies from New York.

    04 Sep 2017

  • Pirelli IPO offers focus on premium car tyres

    After months of preparation, one of this year's most highly anticipated European IPOs got going on Monday, when Pirelli, the 145-year old Italian tyre maker, announced its intention to float on Borsa Italiana.

    04 Sep 2017

  • Belfius set to join squeezed non-preferred market

    Belfius has mandated banks to arrange its first non-preferred senior bond, with market participants expecting further debut deals out of Spain in the coming weeks.

    04 Sep 2017

  • L&T infra unit applies for India trust listing

    Indian conglomerate Larsen & Toubro has laid out plans to float an infrastructure investment trust, giving the fledgling asset class a boost.

    04 Sep 2017

  • CSRC waves through Bank of Qingdao's offshore AT1 plan

    Bank of Qingdao has become the latest Chinese lender to move a step closer to selling offshore preference shares, receiving the blessing from the China Securities Regulatory Commission (CSRC).

    04 Sep 2017

  • Adani mines for A$250m loan for Oz project

    Adani Abbot Point Terminal, a unit of Indian conglomerate Adani Group, is hunting for an A$250m ($199m) syndicated loan, with the deal open to new lenders.

    04 Sep 2017

  • Green ABS needs definitions, says China-UK working group

    The lack of rules and standards is holding back the development of green asset backed securitization (ABS), a UK-China joint task force on green finance has said.

    04 Sep 2017

  • Indonesia's Spindo ready for dollar market plunge

    Steel Pipe Industry of Indonesia (Spindo) is courting investors in Asia and Europe this week, in pursuit of its first international dollar bond.

    04 Sep 2017

  • AK Medical, LH Group file for Hong Kong IPOs

    AK Medical Holdings is reviving its Hong Kong IPO, filing draft documents for the second time after its initial attempt in April last year proved fruitless.

    04 Sep 2017

  • ANZ picks Shoji to head Japan specialised finance

    ANZ has hired Hodaka Shoji as head of specialised finance for Japan, wooing him from Mizuho AsiaInfra Capital (MAIC) in Singapore.

    04 Sep 2017

  • Rusal's Panda bond ends market siesta

    Russian aluminium producer Rusal priced its second Panda bond of the year on September 1, reopening the market after a quiet month.

    04 Sep 2017

  • Weichai Power gears up for senior guaranteed perp

    Weichai Power Co will sell senior dollar perpetual bonds worth no more than the equivalent of €650m ($772m) to help pay off some bank loans taken for the acquisition of shares in Kion Group.

    04 Sep 2017

  • The East is Red

    In the latest Clawback, columnist Philippe Espinasse puts cash trading numbers in Hong Kong under the microscope to some rather interesting results.

    04 Sep 2017

  • IDFC Singapore promotes from within for new CEO role

    The Singapore-based arm of IDFC Securities has appointed a chief executive officer, a newly created position after it obtained a capital markets services licence for the city-state.

    04 Sep 2017

  • Manulife Reit eyes fundraise for Jersey tower buy

    Manulife US Real Estate Investment Trust is looking to raise $208m from a rights offering to finance its acquisition of an office building in New Jersey.

    04 Sep 2017

  • Zai Lab opens books for $106m US listing

    Chinese biotech firm Zai Lab has launched bookbuilding for a $105.9m IPO of American Depository Shares (ADS), and is counting on US investors favouring start-ups to support the deal.

    04 Sep 2017

  • India's HT Global makes comeback for dollar tap

    India’s HT Global IT Solutions Holdings is returning to the dollar market for a tap of its debut notes sold last summer.

    04 Sep 2017

  • Westpac creates new Asia macro strategy head position

    Australia’s Westpac Banking Corp has hired an experienced economist to head up its macro strategy team for Asia.

    04 Sep 2017

  • The week in renminbi: Brics summit kicks off, NDB to expand lending, CSRC signs MoU

    The Brics Business Forum opens today, the New Development Bank is set to lend $2.5bn next year, and China Securities Regulatory Commission (CSRC) signs agreement with Greek counterpart.

    04 Sep 2017

  • Tanzania signs $500m syndicated loan

    Tanzania has signed a $500m loan with Credit Suisse and a syndicate of other banks, according to an official close to the deal.

    01 Sep 2017

  • United biscuits signs £725m loan with 21 banks

    United Biscuits, the maker of McVitie’s biscuits and Jacob's Crackers, signed a £725m syndicated loan on Thursday with 21 banks.

    01 Sep 2017

  • Fairfax Africa ups its Atlas Mara stake to 42.4%

    Fairfax Africa has taken its stake in Atlas Mara, the African investment vehicle co-founded by former Barclays CEO Bob Diamond, up to 42.4% after completing a strategic financing.

    01 Sep 2017

  • HY starts September in style with Cortefiel debut

    A €600m two tranche bond issue to finance the Spanish retailer Cortefiel’s LBO will be the euro high yield market’s starting shot for the second half of the year.

    01 Sep 2017

  • Secondary pricing update: featuring EFSF's €2bn Sep 2040

    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.

    01 Sep 2017

  • Funding scorecard: European sovereigns

    Find out how far European sovereigns have progressed with their funding plans as we come out of the summer season.

    01 Sep 2017

  • Banks eye pent up demand in pre-ECB window

    The covered bond pipeline is set to empty early next week as issuer remain mindful to avoid the window around the European Central Bank’s next meeting on Thursday.

    01 Sep 2017

  • China Education aims for $300m from HK IPO

    China Education Group is looking to follow a stream of its Mainland peers listing in Hong Kong, and is targeting an IPO of as much as $300m, according to a source close to the deal.

    01 Sep 2017

  • China SCE nets $205m as property stocks rally

    China SCE Property Holdings scooped up HK$1.6bn ($204.5m) from an overnight block on Thursday that was timed to perfection, taking advantage of a share price rally to its highest point for the year.

    01 Sep 2017

  • KEB Hana goes tight with debut dollar Formosa

    KEB Hana Bank sold its first dollar Formosa bond and only its second floating rate note post its merger on Thursday, raking in $350m. Ample liquidity in Taiwan and investors’ hunt for offshore assets buoyed the transaction.

    01 Sep 2017

  • Incomplete data clouds Bond Connect’s success

    Driven by a rush to buy short term paper, Bond Connect flows through Shanghai Clearing House (SHCH)’s recorded their largest volume so far last week. But a closer look at the data suggests that markets are not getting the full picture of how successful the scheme has actually been.

    01 Sep 2017

  • ICBCI plans new $500m offshore loan

    ICBC International (ICBCI) has approached banks for a $500m syndicated loan facility with Agricultural Bank of China at the helm.

    01 Sep 2017

  • Landing, China HKBridge tap equity investors for funds

    Entertainment and gaming company Landing International Development has added HK$1.8bn ($230m) in fresh capital to its coffers after placing a chunk of new shares.

    01 Sep 2017

  • The HK RQFII race is back on

    The long-awaited expansion of the Hong Kong RMB qualified foreign institutional investor (RQFII) quota, coming at a time of increased appeal of China assets, has triggered a rush by global money managers to get a piece of the action.

    01 Sep 2017

  • Private bank demand fuels Sun Hung Kai's bond

    Sun Hung Kai & Co set a personal record this week, selling its largest dollar bond at its lowest coupon as private banks flocked to the unrated Hong Kong financial company.

    01 Sep 2017

  • Zai Lab eyes Tuesday start for bookbuilding

    Zai Lab is set to kick off roadshows on Tuesday for its $150m IPO on the Nasdaq, according to a banker leading the transaction.

    01 Sep 2017

  • Vijaya Bank bags $109m from QIP fundraise

    Indian state-owned Vijaya Bank raised Rp7bn ($109m) from a qualified institutional placement on Thursday, jumping on the chance to tap equity investors after an impressive rally in its stock price.

    01 Sep 2017

  • RMB round-up: Date set for Party congress, Sharjah plans Middle East’s first Panda bond, RMB back as fifth most used payments currency in July

    The Communist Party congress is set to kick off on October 18, the emirate of Sharjah plans the Middle East’s first Panda bond issuance, and Swift data says the renminbi was the fifth most used currency for payments globally in July.

    01 Sep 2017

  • Old Money: first Brexit

    At 7:30pm on September 16, 1992, or Black Wednesday, at the end of a frenzied day in the markets the UK chancellor of the exchequer Norman Lamont announced that Britain was leaving the Exchange Rate Mechanism of the European Monetary System. It was a critical change in policy direction from the path of monetary convergence with the Europe and the first Brexit.

    01 Sep 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 313,117.00 1169 8.99%
2 JPMorgan 284,084.45 1296 8.16%
3 Bank of America Merrill Lynch 281,023.48 968 8.07%
4 Goldman Sachs 212,563.64 697 6.10%
5 Barclays 203,259.32 781 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 31,971.88 102 6.87%
2 HSBC 31,940.18 140 6.87%
3 Bank of America Merrill Lynch 29,065.55 82 6.25%
4 BNP Paribas 24,679.63 135 5.30%
5 SG Corporate & Investment Banking 22,195.55 122 4.77%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,960.44 66 7.87%
2 Morgan Stanley 13,992.90 72 7.37%
3 Citi 13,566.56 83 7.14%
4 UBS 13,028.25 52 6.86%
5 Goldman Sachs 11,994.74 65 6.31%