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Wednesday, 26 September 2018

IFR Awards 2018 logo

IFR Awards 2018: Call for entries

We invite banks to pitch now for the IFR Awards 2018. The IFR Awards Dinner will take place on the evening of Tuesday January 29 2019 in the presence of HRH the Princess Royal, patron of Save the Children. Banks, advisers and issuers wishing to submit pitches should do so by October 15 2018.

A visitor looks through a microscope at a laboratory in a pharmaceutical manufacturing factory in Singapore.

Arix portfolio company LogicBio files for Nasdaq float

26 September 2018 By

LogicBio, a US-based portfolio company of London-listed Arix Bioscience, has filed with the SEC for an all-primary Nasdaq IPO.

BNP Paribas sign

MOVES-BNP Paribas shakes up markets research, Frieser to head

26 September 2018 By

BNP Paribas has appointed Olivia Frieser as global head of its restructured markets research platform, which has been rebranded Markets 360.

JP Morgan

JP Morgan indices embrace the Gulf

26 September 2018 By

JP Morgan has added detail and timing to the future inclusion of Gulf issuers into various benchmark indices, and in turn driven a technical bid for paper from the region.

Trafigura

Trafigura increases loan to US$1.945bn

26 September 2018

Commodity trader Trafigura Beheer has increased its loan to US$1.945bn-equivalent loan from the US$1.5bn-equivalent target.

Malaysian fans hold placards during their soccer match against Singapore in Kuala Lumpur

HSBC Amanah blazes trail in SDG sukuk

26 September 2018 By

HSBC Amanah Malaysia is leading the charge for sustainable development goals in the Islamic bond market with the sale of M$500m (US$122.5m) of five-year sukuk that are aligned with United Nation’s SDG principles.

UBS chief executive Andrea Orcel leaves after attending a UK parliamentary inquiry into Libor rates

MOVES-UBS taps Novelli and Karofsky to succeed Orcel

25 September 2018 By

UBS named Piero Novelli and Robert Karofsky co-presidents of its investment bank, following the decision of Andrea Orcel to take the chief executive role at Spanish bank Santander Group.

Envision Healthcare

KKR takes Blackstone's lead on Envision junk bond

25 September 2018 By

Private equity firm KKR is taking a leaf out of rival Blackstone’s play-book by trying to sell a junk bond with very weak investor protections as it seeks to fund a leveraged buyout.

A man walks past the Standard & Poor's building in New York's financial district

Companies fall short on ambitious add-back plans: S&P

25 September 2018 By

Companies that relied on rosy metrics to help sell bonds to finance big mergers, acquisitions and leveraged buyouts in 2015 have typically fallen short of their targets, according to a study by ratings agency S&P.

ING Group logo

ING Groep gets solid response for TLAC bonds

25 September 2018 By

ING Groep found strong demand for its US$3.25bn TLAC-compliant bonds on Tuesday, its first dollar bond offer this year.

Brazil

Brazil's Arco garners strong demand for IPO

25 September 2018 By

Brazilian educational software firm Arco Platform is enjoying robust demand for its IPO ahead of pricing on Tuesday as investors’ views on its technology platform overshadow obvious country risks.

Rothschild & Co logo

Rothschild H1 advisory revenues rise 15%

25 September 2018 By

Rothschild reported a 15% rise in first-half revenues to €636m for its global advisory business, driven by M&A activity.

Evonik logo

RAG raises €1bn from Evonik sell-down and exchangeable

25 September 2018 By

RAG Stiftung raised €1bn from a concurrent accelerated bookbuild and upsized six-year exchangeable bond into Germany chemicals group Evonik on Monday evening.

Banking district in Frankfurt

Primepulse launches Frankfurt listing

25 September 2018

German tech investor Primepulse has kicked off pre-marketing for a Frankfurt IPO, and has its sights set on primary proceeds of €250m.

Concrete mixer truck

Bain throws concrete company Consolis into the IPO mix

25 September 2018 By

Bain Capital will not wait long to begin monetising its 2017 investment in French concrete business Consolis, filing a document de base for the business on Tuesday and kicking off pre-marketing for a Paris IPO next week.

MOVES-Orcel leaves UBS to be Santander CEO

25 September 2018 By

UBS investment banking head Andrea Orcel has been appointed chief executive of Santander, replacing Jose Antonio Alvarez Alvarez. He will take up his new position on January 1.

Euros

Blackstone continues Intertrust sell down

25 September 2018 By

Blackstone continued its sell-down of Intertrust on Monday night, offloading around 7% of the company through an accelerated bookbuild.

All Latest news

Show us the money

IFR 2252 22 September to 28 September 2018

Hats off to all those involved in the remarkably successful leveraged financing backing Blackstone’s carve-out of a 55% stake in Thomson Reuters’ Financial & Risk unit (of which, full disclosure, IFR is a part).

Top News

Flowers bloom in front of St Paul's Cathedral in central London

PE heaven as jumbo buyouts bloom

IFR 2252 22 September to 28 September 2018 By ,

The overwhelming response to the US$13.5bn buyout loan and bond financing for Refinitiv and the similar US$7.6bn debt financing backing Akzo Nobel’s spin-off of its chemicals business looks set to have far-reaching consequences for the debt markets.

David Craig, president of Financial and Risk, Thomson Reuters

Refinitiv lives: carve-out begins life as debt market darling

IFR 2252 22 September to 28 September 2018 By

High secondary trading levels on the US$13.5bn loan and bond financing backing Blackstone’s buyout of a 55% stake in Refinitiv, Thomson Reuters’ financial data and technology division, underscored investors’ enthusiasm for the massive deal after a surprisingly smooth execution across six tranches of debt.

Sailing - Volvo Ocean Race - In-Port Race - Hong Kong, China - January 27, 2018. Team AkzoNobel sails.

Akzo's jumbo buyout follows suit

IFR 2252 22 September to 28 September 2018 By

A second huge buyout financing successfully limboed across the line last week as the US$7.6bn loan and bond deal backing the €10.1bn acquisition of Akzo Nobel’s speciality chemicals business mirrored the success of the US$13.5bn debt financing for Refinitiv, Thomson Reuters’ Financial and Risk division.

Envision Healthcare

Envision loan completes jumbo buyout trio

IFR 2252 22 September to 28 September 2018 By ,

The US$5.05bn term loan for Envision Healthcare is the third massive leveraged loan to hit the market in September and also looks set to benefit from huge institutional demand, which has already seen multi-billion buyout loans for Thomson Reuters’ Financial and Risk business, Refinitiv, and Akzo Nobel’s chemicals business successfully placed.

Containers are seen on a container ship at DP World, Southampton Docks

DP World nails currency hat-trick

IFR 2252 22 September to 28 September 2018 By

Dubai’s port operator DP World overcame a shaky outlook for the emirate’s economy and global trade flare-ups as it threw itself into a triple-currency deal on Tuesday, raising more than US$3.3bn-equivalent.

Bucket with the colours of Argentina's national flag

Push into local bond markets stores up potential trouble

IFR 2252 22 September to 28 September 2018 By

For 20 years, the International Monetary Fund and World Bank preached the virtues of local bond markets.

HY issuers cough up most in four years

HY issuers cough up most in four years

IFR 2252 22 September to 28 September 2018 By

Two Chinese borrowers priced US dollar bonds last week at the highest yields for any Asian new issue in four years, in a sign that continuing aversion to emerging market risk is taking a steep toll on corporate funding costs.

Aston Martin Theresa May Andy Palmer

Speedy coverage as Funding Circle overtakes Aston Martin

IFR 2252 22 September to 28 September 2018 By

Peer-to-peer lender Funding Circle has alleviated concerns that the UK’s new IPO process would leave issuers exposed to market risk for longer than the standard four weeks. The lender will price its IPO on September 27, just 26 days since filing its registration document by trimming both the pre-marketing and bookbuilding phases.

Elanco Animal Health

Elanco proves to be investors' best friend

IFR 2252 22 September to 28 September 2018 By

Elanco Animal Health, Eli Lilly’s animal health unit, exploded onto public markets, achieving above-target pricing on its spin-off IPO and surging 50% on debut.

International Monetary Fund

Bonds held by central banks: assets or liabilities?

IFR 2252 22 September to 28 September 2018 By

Staff at the International Monetary Fund have questioned whether government bonds held by central banks should be treated as assets of the sovereign rather than liabilities, noting that a reclassification could have dramatic implications for notions of sovereign indebtedness.

Jose Naves CEO of online fashion house Farfetch

Investors reach for Farfetch IPO despite hefty upsize

IFR 2252 22 September to 28 September 2018 By

Shares of UK-based Farfetch acquired the luxury status of the fashion sold through its website as demand only grew as it increased its IPO asking price.

IFR Magazine Top News in Full (subscription required)

People & Markets

HSBC's GBM comes under fire

IFR 2252 22 September to 28 September 2018

Pressure has increased on HSBC’s investment bank after a scathing memo that claims to have been sent by disgruntled senior bankers about its strategy and leadership and the exit of markets chief Thibaut de Roux.

BAML's Koder to replace Meissner as CIB chief

IFR 2252 22 September to 28 September 2018

Christian Meissner is leaving Bank of America Merrill Lynch as head of corporate and investment banking and will be replaced by senior Asia banker Matthew Koder.

Deutsche's capital czar Whitman departs

IFR 2252 22 September to 28 September 2018

Chris Whitman, head of the financial resource management (FIRM) unit at Deutsche Bank, is leaving, according to market sources, the latest senior manager to head for the exit after Christian Sewing became chief executive in April.

Jefferies profit falls 28% on underwriting costs

IFR 2252 22 September to 28 September 2018

Independent investment bank Jefferies saw its profits in the third quarter drop 28% from a year ago to US$60m, largely due to higher underwriting and business development costs.

Who's moving where...

IFR 2252 22 September to 28 September 2018

Credit Agricole has hired Kashif Zafar from Barclays as head of sales for the Americas and deputy head of the global markets division for the Americas in its corporate and investment bank. Zafar spent the last 13 years with Barclays in New York and London, most recently as co-head of global sales and co-head of global macro products. Prior to joining Barclays he worked in the US at JP Morgan and at Credit Suisse, where he began his career in corporate finance and M&A.

    More from People & Markets

    Bonds

    Together bats away Brexit fears

    IFR 2252 22 September to 28 September 2018

    UK mortgage lender Together managed to accelerate its refinancing deal despite fears about the future of the UK property market - although it came against a backdrop of a sterling high-yield market that has embraced risk in September.

    Brighter Italian picture opens door to CDP

    IFR 2252 22 September to 28 September 2018

    Cassa Depositi e Prestiti brought last week the first transaction from an Italian government agency since the country was engulfed in political turmoil, the latest step in the Italian credit recovery.

    Trio of Japanese borrowers branch out in euros

    IFR 2252 22 September to 28 September 2018

    A trio of Japanese borrowers entered the European corporate bond market last week, as companies across the globe look to diversify their funding bases.

    Offshore trio eye Aussie debuts

    IFR 2252 22 September to 28 September 2018

    Three overseas companies have carried out marketing exercises in Australia and Asia for potential debut Kangaroo bond offerings, at least two of which could be launched as early as this week, as cheaper pricing attracts more foreign issuers to the Australian dollar market.

    Singapore chokes on FIG feast

    IFR 2252 22 September to 28 September 2018

    Singapore’s bond market has become saturated with deeply subordinated bank capital after absorbing three Additional Tier 1 issues in a little over a month, spelling trouble for lenders still in the market for funds.

      More from Bonds

      Loans

      Flowers bloom in front of St Paul's Cathedral in central London

      PE heaven as jumbo buyouts bloom

      IFR 2252 22 September to 28 September 2018 By ,

      The overwhelming response to the US$13.5bn buyout loan and bond financing for Refinitiv and the similar US$7.6bn debt financing backing Akzo Nobel’s spin-off of its chemicals business looks set to have far-reaching consequences for the debt markets.

      David Craig, president of Financial and Risk, Thomson Reuters

      Refinitiv lives: carve-out begins life as debt market darling

      IFR 2252 22 September to 28 September 2018 By

      High secondary trading levels on the US$13.5bn loan and bond financing backing Blackstone’s buyout of a 55% stake in Refinitiv, Thomson Reuters’ financial data and technology division, underscored investors’ enthusiasm for the massive deal after a surprisingly smooth execution across six tranches of debt.

      Sailing - Volvo Ocean Race - In-Port Race - Hong Kong, China - January 27, 2018. Team AkzoNobel sails.

      Akzo's jumbo buyout follows suit

      IFR 2252 22 September to 28 September 2018 By

      A second huge buyout financing successfully limboed across the line last week as the US$7.6bn loan and bond deal backing the €10.1bn acquisition of Akzo Nobel’s speciality chemicals business mirrored the success of the US$13.5bn debt financing for Refinitiv, Thomson Reuters’ Financial and Risk division.

      Tata Sons Chairman Natarajan Chandrasekaran speaks to shareholders during the Tata Consultancy Services (TCS) annual general meeting in Mumbai, India.

      Lenders spurn tightly priced Tata holdco

      IFR 2252 22 September to 28 September 2018 By

      Tata Sons, the holding company of Indian conglomerate Tata Group, has drawn a poor response for a US$1.5bn multi-tranche loan, in a sign of resistance from lenders to Indian borrowers pushing for aggressive terms.

      Envision Healthcare

      Envision loan completes jumbo buyout trio

      IFR 2252 22 September to 28 September 2018 By ,

      The US$5.05bn term loan for Envision Healthcare is the third massive leveraged loan to hit the market in September and also looks set to benefit from huge institutional demand, which has already seen multi-billion buyout loans for Thomson Reuters’ Financial and Risk business, Refinitiv, and Akzo Nobel’s chemicals business successfully placed.

      UK: Spire renews £525m loan

      IFR 2252 22 September to 28 September 2018

      Independent hospital group Spire Healthcare has renewed its existing £525m of loans, extending the maturity of the financing to July 2022 from July 2019.

      UK: SOCO signs US$125m RBL facility

      IFR 2252 22 September to 28 September 2018

      London-headquartered oil and gas exploration and production company SOCO International has signed a debut US$125m five-year reserve-based lending facility.

      UAE: ADCB increases loan to US$590m

      IFR 2252 22 September to 28 September 2018

      Abu Dhabi Commercial Bank has increased its dual-tranche loan to US$590m from an initial US$400m target after attracting 16 banks in general syndication.

      More from Loans

      Equities

      Researchers work at a laboratory of WuXi AppTec

      WuXi AppTec lines up HK top-up

      IFR 2252 22 September to 28 September 2018

      Chinese biotech company WuXi AppTec has turned to Hong Kong for a share sale, four months after its Shanghai IPO was cut in size. Based on last Thursday’s closing price in Shanghai, the deal could raise up to US$2bn.

      Knorr-Bremse brings first jumbo European IPO of 2018

      IFR 2252 22 September to 28 September 2018

      The brakes are well and truly off in European ECM, with Knorr-Bremse launching one of a handful of large IPOs on Monday.

      Eventbrite stages crowd-pleasing debut

      IFR 2252 22 September to 28 September 2018

      Ticketing and event technology platform Eventbrite delivered an impressive NYSE debut Thursday, surging as much as 70% amid overflowing investor demand for its US$230m IPO.

      FX fears derail Asian IPOs

      IFR 2252 22 September to 28 September 2018

      The continued slump in emerging market currencies is forcing some Asian companies to delay their IPOs on concerns of a weak response from foreign investors.

      China: Haidilao priced IPO at top

      IFR 2252 22 September to 28 September 2018

      Haidilao International has raised HK$7.57bn (US$964m) from its Hong Kong IPO after pricing it at the top of the indicative price range.

      Europe: Focus on first post-summer IPO pricings

      IFR 2252 22 September to 28 September 2018

      ECM bankers are expecting a quieter week for IPO launches, with a handful saying they are not planning to launch any floats and others signalling just the one launch for their shop.

      Spain: Mubadala to list 25% of Cepsa

      IFR 2252 22 September to 28 September 2018

      Abu Dhabi’s state-owned investment company Mubadala will sell around 25% of Spanish oil and gas company Cepsa in what is shaping up to be the first Spanish IPO in over three years to break the €1bn mark, and is set to even bring in double that.

      US: IPO rush under way ahead of mid-terms

      IFR 2252 22 September to 28 September 2018

      US IPO aspirants are rushing to get public before Congressional elections in early November, with 11 deals raising US$1.2bn slated for the coming week and a sizeable queue forming behind them for October.

      More from Equities

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      Special Reports and Roundtables

      IFR IMF/World Bank Report 2018 IFR+IMF+2018+Cover+page
      If there is one thing that characterises both the International Monetary Fund and the World Bank, it is, by their very nature, their internationalism. Their results over their 70-odd-year histories have been achieved through collaboration – the greater the collaboration, the better the result.

      IFR Green Financing Roundtable 2018 IFR+Green+Financing+Roundtable+2018+Cover
      The IFR Green Financing Roundtable, sponsored by the European Investment Bank, Luxembourg Stock Exchange, and White and Case, welcomed a panel of experts in green finance to discuss recent developments in Green bonds and other instruments, and to outline the next steps that need to be taken as issuance becomes more widespread.

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

      Concerned of Canary Wharf

      IFR 2252 22 September to 28 September 2018

      SYMPATHY FOR ROBIN Phillips, who has been subject to a stinging personal attack from some anonymous employees. But HSBC’s co-head of global banking shouldn’t be cowed. The group claiming responsibility for the letter refer to themselves as “extremely concerned investment banking professionals”. A less frightening gang is hard to imagine.