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Friday, 19 July 2019

MOVES-BAML hires TMT banker Aghili from Credit Suisse

18 July 2019 By

Bank of America Merrill Lynch has hired TMT banker Shar Aghili away from Credit Suisse, naming him as a managing director focused on software and infrastructure clients.

MOVES-BAML hires Vitols from Barclays

18 July 2019 By

Bank of America Merrill Lynch has named Janis Vitols head of global asset management investment banking, reporting to Will Addas, vice chairman and head of Americas Financial Institutions Group.

UPDATE 1-Netflix bonds off lows on earnings pressure

18 July 2019 By ,

Netflix's bonds were a touch off their lows on Thursday after subscriber growth fell short of expectations, sending both stock and bond prices lower.

CIBC pays price for Canada's first callable TLAC trade

18 July 2019 By

Canadian Imperial Bank of Commerce paid a hefty price this week for a call option - the first ever on a Canadian total loss absorbing capacity bond - raising questions over the logic of the debut trade.

YPF Luz joins rush of Argentine issuers hitting bond market

18 July 2019 By

YPF Energia Electrica, the energy unit of YPF, recently branded YPF Luz, went out with a 7NC4 dollar deal on Thursday, adding to the string of Argentine issuers hitting the market this month.

Diamond raises US$4.875bn in biggest junk bond trade of year

18 July 2019 By

Diamond Sports Group, a subsidiary of Sinclair Broadcast Group, raised US$4.875bn on Thursday in what was the largest high-yield bond trade so far this year.

UPDATE 1-IBM bonds tighten despite leverage concerns

18 July 2019 By

IBM’s bonds are tightening in the secondary Thursday, despite leverage concerns and lack luster earnings.

Euro notes

Trevi targets €130m for debt reduction

18 July 2019

Italian engineering company Trevi Finanziaria Industriale is carrying out a €130m capital increase as part of a restructuring to lower debt that includes the sales of some of its oil and gas businesses.

Britain

PIC battles weakening market to land RT1

18 July 2019 By

Specialist UK insurer Pension Insurance Corporation battled the tide of a weakening market to get away its first Restricted Tier 1, a more than 2.5-times-covered £450m transaction.

Tesco Personal Finance logo

TPFG bags MREL first

18 July 2019 By

Tesco Personal Finance Group caught the attention of the market with its benchmark debut, luring substantial orders and seeing a tightening of 35bp from IPTs.

A woman sunbathes on a yacht

SSA market enters summer chill

18 July 2019 By

After an unexpectedly busy week, SSA bankers say the pipeline is now “minimal to nothing”, with the market finally entering full summer mode.

IFR SNAPSHOT-US FIG deals blossoming in primary; HY buzzing

18 July 2019 By

Four FIG issuers are expected to price in the IG primary on Thursday, including banking giants Bank of America and Morgan Stanley.

 BNP Paribas logo is seen outside a bank office in Nantes

MOVES-Bond promoted to FIG DCM head at BNP Paribas

18 July 2019 By

Christopher Bond has been promoted to head of financial institutions debt capital markets at BNP Paribas, according to a person familiar with the matter.

Netflix

Netflix bonds off highs on earnings pressure

18 July 2019 By

Netflix’s bonds have come under pressure on quarterly results that showed a significant loss of subscribers, while the company said it will continue to fund its growth of content via the high-yield market.

Terna high voltage pylons

Italian credits pounce on sovereign rally

18 July 2019 By

Terna was the second Italian credit in as many days to take advantage of positive sentiment around the sovereign and an otherwise quiet market.

Women walk past a store of Spanish discount grocer DIA in Las Rozas

DIA secures refinancing for bond due next week

18 July 2019 By

DIA has fulfilled the conditions required to access new funds it agreed with its bank lenders, meaning the Spanish retailer will be able to fully repay its €306m 1.5% senior unsecured bond due on Monday.

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Top News

Sewing

Deutsche Bank overhaul reveals more loss-making legacy trades

12 July 2019 By ,

Two years ago, Deutsche Bank decided to come clean about €60bn of legacy trades that were bleeding money for the bank. The positions, which included long-dated derivatives struck before the crisis, were losing hundreds of millions of euros a year. After a decade of silence, the time had come to be more open about problems lurking within its balance sheet.

A pedestrian walks past a Deutsche Bank office in London

Deutsche to pioneer new ECM model

IFR 2292 13 July to 19 July 2019 By

Deutsche Bank has finally ended the cheese-grater approach to restructuring and will pioneer a new model for equity capital markets in Europe after closing its equities platform.

India’s offshore debut comes with risks

Coming at last: India gears up for offshore debut

IFR 2292 13 July to 19 July 2019 By

The Republic of India has set ambitious targets for its long-awaited debut in the US dollar bond market as it seeks to ease pressure on domestic investors.

Euro bills

Deal uptick masks caution in leveraged loans

IFR 2292 13 July to 19 July 2019 By

Up to €25bn of deals are poised to hit Europe’s leveraged loan market this summer, but underwriting deals is proving difficult as arranging banks try to strike a balance between caution in a weaker market, and aggression to win deals.

APRA dials down Big Four capital demands

APRA dials down Big Four capital demands

IFR 2292 13 July to 19 July 2019 By

Australia’s prudential regulator has scaled back a proposed capital increase for the country’s four biggest banks following criticism of its original plan.

Virgin Galactic’s space tourism rocket plane SpaceShipTwo returns after a test flight

Virgin Galactic moves toward IPO through SPAC merger

IFR 2292 13 July to 19 July 2019 By

UK entrepreneur Richard Branson outlined plans last week to transport high-net-worth clients into space next year through Virgin Galactic.

Budweiser

Budweiser cancels Hong Kong IPO

IFR 2292 13 July to 19 July 2019 By

Budweiser Brewing Company APAC, the Asia-Pacific business of beer giant Anheuser-Busch InBev, cancelled its up to HK$76.6bn (US$9.8bn) IPO on Friday, a day after the books closed.

Naftogaz logo

Naftogaz dollar addition stokes chatter

IFR 2292 13 July to 19 July 2019 By ,

Naftogaz put a failed deal from last November behind it as the Ukrainian state-owned gas company launched a €900m-equivalent dual-currency transaction on Friday, although the US dollar bond attracted plenty of debate.

A man carrying a box leaves a Deutsche Bank office in London

You're fired: a ring-side seat at a bank cull

IFR 2292 13 July to 19 July 2019 By

When UBS bankers entered their London offices early one Tuesday in late October 2012 it clearly wasn’t a typical morning: there was an eerie mood and far more security staff than normal. Unusually, they were wearing high-visibility jackets.

Deutsche Bank

Credit investors cautious on Deutsche plan

IFR 2292 13 July to 19 July 2019 By

Fixed-income investors cautiously welcomed Deutsche Bank’s ambitious restructuring plan, though its scale and timeline leave little room for manoeuvre and could impact the bank’s ability to pay coupons on its riskiest debt.

Swiss Re

Final pre-summer IPOs in Europe fail to reassure

IFR 2292 13 July to 19 July 2019 By

A proposed dividend yield of 9.5% was not enough to tempt institutional investors into buying Swiss Re’s ReAssure IPO, with the parent company cancelling the deal on Thursday morning.

IFR Magazine Top News in Full (subscription required)

People & Markets

BNP Paribas moves in for Deutsche equities

IFR 2292 13 July to 19 July 2019

BNP Paribas has stepped in to be the main winner from Deutsche Bank’s exit from equities trading, after agreeing a referral arrangement that could see many of the assets and clients move to a new home with the French bank.

Who's moving where

IFR 2292 13 July to 19 July 2019

JP Morgan has named Park Pu head of investment banking for its new Chinese securities venture. Pu, a former Rothschild banker, joined JP Morgan in 2015 as vice chairman of investment banking for China and has been heavily involved in the formation of JP Morgan Securities (China). He reports to Murli Maiya and Paul Uren, co-heads of investment banking coverage for Asia Pacific, in addition to a local reporting line in China. JP Morgan won approval to set up a new, majority-owned securities company in March.

US banks see last shot at a Volcker rewrite

IFR 2292 13 July to 19 July 2019

US banks have one last shot at relaxing the ban on proprietary trading in the near term when the Federal Reserve again takes up a rewrite of the controversial Volcker rule.

Venezuela creditors want US trading ban lifted

IFR 2292 13 July to 19 July 2019

The main group of Venezuela creditors has called for the US sanctions against trading in the country’s bonds to be lifted in order to help with any future restructuring of the beleaguered Latin American nation’s debts.

High-flying Grounds to leave UBS

IFR 2292 13 July to 19 July 2019

UBS is bidding farewell to its Australian star banker Matthew Grounds, who is leaving the Swiss giant after a stellar 25-year career including 11 years as CEO for Australia and New Zealand.

    More from People & Markets

    Bonds

    Vietnam banks venture offshore

    IFR 2292 13 July to 19 July 2019

    Vietnamese banks are expected to turn to the offshore market to fill a multi-billion-dollar capital gap by the end of this year, with meetings for the first deal already under way.

    Panasonic ends 20-year US hiatus

    Panasonic ends 20-year US hiatus

    IFR 2292 13 July to 19 July 2019

    Panasonic has sold its first bond issue in the US in at least 20 years as the Japanese industrial company looks to establish a US curve.

    Tianjin flop reveals LGFV fears

    IFR 2292 13 July to 19 July 2019

    Tianjin Binhai New Area Construction & Investment Group was forced to postpone a three-year US dollar bond issue on Thursday after concerns over the finances of its local government parent led to a rare snub from international investors.

    China: Tahoe plans more offshore bonds

    IFR 2292 13 July to 19 July 2019

    Tahoe Group, rated B3/B– (Moody’s/Fitch), said its board has approved a plan to issue up to US$1bn of bonds in the offshore market, according to a stock exchange filing on July 5.

    BMW issues Panda bonds

    IFR 2292 13 July to 19 July 2019

    BMW, rated AAA/A1/A+ (China Chengxin/Moody’s/S&P), has returned to the Panda bond market with a bigger offering than on its debut earlier this year.

      More from Bonds

      Loans

      Japan’s lending woes deepen

      Japan’s lending woes deepen

      IFR 2292 13 July to 19 July 2019 By

      Japanese banks will continue to target more complex financings and overseas loans to boost profitability, as a looming US rate cut is expected to extend the country’s negative interest rate policy.

      Euro bills

      Deal uptick masks caution in leveraged loans

      IFR 2292 13 July to 19 July 2019 By

      Up to €25bn of deals are poised to hit Europe’s leveraged loan market this summer, but underwriting deals is proving difficult as arranging banks try to strike a balance between caution in a weaker market, and aggression to win deals.

      Sweden: Lundin lines up US$500m bridge

      IFR 2292 13 July to 19 July 2019

      Independent oil and gas company Lundin Petroleum is backing the US$1.56bn buyback of 16% of its shares held by Norway’s Equinor with a US$500m short-term bridge loan.

      Germany: Bertelsmann bags refi

      IFR 2292 13 July to 19 July 2019

      Media, services and education group Bertelsmann has agreed a €1.2bn revolving credit facility, refinancing a facility of the same size that is due to mature in July 2021.

      Italy: Loans for Italiaonline delisting

      IFR 2292 13 July to 19 July 2019

      A voluntary tender offer for the shares and planned delisting of internet company Italiaonline by Sunrise Investment is being backed with €225m of loans.

      Whataburger shops US$1.3bn TLB

      IFR 2292 13 July to 19 July 2019

      Hamburger chain Whataburger set price guidance for a US$1.33bn term loan B that will fund its buyout by BDT Capital Partners.

      Bahrain: BCFC nets US$125m

      IFR 2292 13 July to 19 July 2019

      Bahrain Commercial Facilities Co has closed a US$125m five-year syndicated loan.

      Ineos outlines pricing

      IFR 2292 13 July to 19 July 2019

      UK chemicals company Ineos Enterprises has set price guidance and timing on a dual-currency €1.7bn term loan package to fund acquisitions and refinance debt.

      More from Loans

      Equities

      China: Hansoh Pharma fully exercises greenshoe

      IFR 2292 13 July to 19 July 2019

      Hansoh Pharmaceutical Group has fully exercised the greenshoe of its Hong Kong IPO to take the final deal size to HK$9.04bn (US$1.15bn).

      China: Zhongliang priced in lower half

      IFR 2292 13 July to 19 July 2019

      Zhongliang Holdings Group has raised HK$2.94bn (US$376m) from a Hong Kong IPO that was priced in the lower half of the indicative price range.

      China: IVD prices IPO at bottom

      IFR 2292 13 July to 19 July 2019

      IVD Medical Holding, a distributor of in-vitro diagnostics, has raised HK$1bn (US$131m) from a Hong Kong IPO.

      China: Ruida Futures clears IPO hearing

      IFR 2292 13 July to 19 July 2019

      Ruida Futures cleared a hearing at the China Securities Regulatory Commission on July 11 that puts it on track to launch the second IPO by a futures broker in China, after Nanhua Futures passed its hearing on July 4.

      China: Edvantage Group IPO bags HK$712.5m

      IFR 2292 13 July to 19 July 2019

      Higher education provider Edvantage Group has raised HK$712.5m (US$91.2m) from a Hong Kong IPO at HK$2.85 per share.

      China: Books covered for DouYu IPO

      IFR 2292 13 July to 19 July 2019

      Books have been covered for DouYu International Holdings’ Nasdaq IPO of up to US$944m, people close to the deal said.

      Hong Kong: SinoMab BioScience eyes HK IPO

      IFR 2292 13 July to 19 July 2019

      Hong Kong-based biopharmaceutical company SinoMab BioScience is looking to raise about US$100m–$200m through a Hong Kong IPO, according to people close to the deal.

      China: CloudMinds to pre-market IPO Monday

      IFR 2292 13 July to 19 July 2019

      CloudMinds Technology, a developer of cloud-based robots backed by SoftBank Group, plans to start pre-marketing a US IPO of about US$500m on Monday, according to people close to the deal.

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      Special Reports and Roundtables

      IFR Green Financing Roundtable 2019 IFR+Green+Financing+Roundtable+2019+Cover
      Green finance has become one of the most important themes driving global finance. It has captured the attention of banks, companies, investors, governments and the general populace. And it continues to gather pace as the notion of a climate emergency demanding urgent action increasingly takes hold.

      IFR SSA Special Report 2019 IFR+SSA+Special+Report+2019
      Best laid plans: Few would be so presumptuous as to lay claim to the ability to plot the progress of the global economy with unerring accuracy on a constant basis. But there are still many that make the prediction game their stock in trade – with varying degrees of success.

      From the practice of placing a bell around the neck of a castrated ram to lead the flock

      Suits you sir

      IFR 2292 13 July to 19 July 2019

      THE PERSONIFICATION OF Deutsche Bank’s woes of the last decade arrived at the perfect moment, when Ian Fielding-Calcutt and Alex Riley were spotted leaving its London headquarters on Monday carrying suit bags.