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Friday, 17 August 2018

IFR SNAPSHOT-From manic to mellow, IG volume grew this week

17 August 2018 By

It went from manic to mellow in the IG primary this week. Starting the week with 10 deals and ending on Thursday with two deals, total weekly issuance was pushed to US$28.850bn and monthly issuance to US$75.015bn.

MOVES-Gandhi leaves Deutsche for AnaCap

17 August 2018 By

Vikram Gandhi, a director in Deutsche Bank’s capital solutions group, has resigned from the German lender to join AnaCap, according to sources.

An IHOP restaurant

Dine Brands scraps securitisation refinancing

17 August 2018 By

Dine Brands, the parent company of Applebee’s and IHOP restaurants, said on Friday it was no longer pursuing a refinancing of its whole business securitisation that was issued in 2014.

A camel owner stands next to his camel as he waits for the start of the Camel Beauty Contest in the town of Selcuk, near the western Turkish coastal city of Izmir

Lira stable as US threatens further sanctions

17 August 2018 By

The different strands of the Turkey crisis continue to play out.

Atlantia

S&P places Atlantia on CreditWatch negative after bridge collapse

17 August 2018 By Stephen Jewkes

(Reuters) Standard & Poor’s said on Thursday it had placed its BBB+ rating on Italian toll-road operator Atlantia on CreditWatch negative following the deadly collapse of a bridge in Genoa.

Dagong Global Credit Rating

Dagong suspended from rating onshore bonds for one year - NAFMII

17 August 2018 By

Dagong Global Credit Rating has been suspended from rating non-financial bonds in China’s interbank bond market for one year over conduct that breached local regulations.

A security guard walks under a logo of Overseas-Chinese Banking Corp Ltd (OCBC) at the company's headquarters in Singapore.

OCBC reopens Singapore AT1

17 August 2018 By

Oversea-Chinese Banking Corporation tapped into pent-up demand from Singapore’s private banking community on Thursday with the city’s first sale of Additional Tier 1 capital in over a year.

AT&T

AT&T rings up unusual long five-year floater

16 August 2018 By

AT&T surprised investors on Thursday with an unusual US$3.75bn senior floating-rate deal maturing in June 2024 that was partly driven by reverse enquiries from investors.

MOVES-Morgan Stanley hires Wilson from JP Morgan

16 August 2018 By

Morgan Stanley hired Larry Wilson from JP Morgan naming him managing director for equity derivatives sales in New York, according to sources at the bank.

The logo of Rabobank is seen on the building of its headquarters in Utrecht

Rabobank outlines SNP target as debut draws nearer

16 August 2018 By

Rabobank expects to raise €3bn-€5bn of senior non-preferred debt (SNP) annually, with the first such trade to emerge in the second half of 2018, as it looks to meet new rules requiring banks to build layers of loss-absorbing debt.

Lloyds

Lloyds back in Swiss after seven years with debut holdco

16 August 2018 By

Wednesday saw Lloyds return to the Swiss franc market for the first time since early 2011, with a Lloyds Banking Group senior unsecured issue that marked its debut holdco level bond in the currency.

IFR SNAPSHOT-AT&T comes a calling to a quiet IG primary

16 August 2018 By

Just two issuers are slated for the IG primary on Thursday, as the market continues to pace itself after a hectic start to the week.

Passers-by walk in front of a branch of French bank Credit Agricole in Marseille

MOVES-Credit Agricole hires for Scandi DCM

16 August 2018 By

Credit Agricole has hired Nils Colldahl to run its Scandinavian financial institutions and debt capital markets business, according to sources.

Driver approaches Autostrade motorway toll

Autostrade bonds off lows as government weighs up options

16 August 2018 By

Autostrade per l’Italia and its parent Atlantia’s bonds have reversed most of Thursday’s losses, after a government source told Reuters the company could be fined rather than having its concessions revoked.

BNPP

MOVES-Hjort to head credit strategy at BNP Paribas

16 August 2018 By

Viktor Hjort has been made global head of credit strategy at BNP Paribas. He replaces Olivia Frieser, who was promoted to be global head of research earlier this year. He also takes charge of desk analysts at the French bank.

APRA relaxes liquidity rules for foreign banks

APRA plans to harmonise capital ratios with international norms

16 August 2018 By ,

Australia’s top banking regulator is proposing changes to how the country’s banks calculate their capital ratios in order to bring them more in line with international norms.

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Lira

Turkey is ripe for a banking crisis unless policies change

IFR 2246 11 August to 17 August 2018 By

Turkey could be heading for a banking crisis within months unless the country’s authorities get a grip on economic policymaking.

World Bank lines up first blockchain bond

World Bank lines up first blockchain bond

IFR 2246 11 August to 17 August 2018 By ,

The International Bank for Reconstruction and Development - more commonly known as the World Bank - is marketing the world’s first public blockchain bond. And it has chosen to go a long way from its Washington DC headquarters to do the deal.

CEO of Tesla Motors Elon Musk reacts following the company's IPO at the NASDAQ market

Musk tweet gets Wall Street guessing

IFR 2246 11 August to 17 August 2018 By

Elon Musk’s plan to take Tesla private is forcing investment banks and investors to put scepticism aside and see if they can dream up possible ways to make such a deal work.

Mexico

Banks under fire for Mexico bond 'conspiracy'

IFR 2246 11 August to 17 August 2018 By

Ten international banks are being sued for conspiring to fix prices of Mexican government bonds over an 11-year period, in a class action lawsuit in New York that could open up bond trading as another potential area of banking misconduct.

Pedestrians are seen behind the logo of Bank of China on its ATM machine in Beijing, China.

Chinese banks spot AT1 window

IFR 2246 11 August to 17 August 2018 By ,

Chinese banks are gearing up to issue offshore Additional Tier 1 securities to meet rising capital needs after a shift in monetary policy triggered a rally in the sector.

Gazprom

Gazprom suspends external borrowing

IFR 2246 11 August to 17 August 2018 By

Russia’s Gazprom has suspended its external borrowing programme because of a deepening legal dispute with Ukraine’s Naftogaz over gas supplies, three banking sources said.

Aston Martin badge

Aston Martin may test drive new UK IPO regs

IFR 2246 11 August to 17 August 2018 By

The IPO of UK luxury carmaker Aston Martin is expected to be one of the first European listings out of the traps following the summer break and could well be one of the first to test new rules for UK IPOs.

Traders

US credit markets see summer rush of deals

IFR 2246 11 August to 17 August 2018 By ,

The US credit markets are seeing a late-summer supply surge, as both high-grade and junk borrowers looked set as IFR went to press to price more than US$47bn in new bonds last week amid strong demand.

UK and EU flags

Brexit to harm both UK and EU banking

IFR 2246 11 August to 17 August 2018 By

The latest political developments around Brexit will do little to alleviate the damage the UK’s departure from the EU will do to the financial services industry on both sides of the English Channel, according to a leading legal expert.

Vogue/Linda Evangelista

Advance Newhouse fashions US$1.5bn revolver

IFR 2246 11 August to 17 August 2018 By

Advance Newhouse, the parent of the Conde Nast group of publications (Vogue and Vanity Fair among them), secured a roughly US$1.5bn notional revolving credit facility by pledging a portion of its stake in Charter Communications.

IFR Magazine Top News in Full (subscription required)

People & Markets

Italian bond sell-off hits banks

IFR 2246 11 August to 17 August 2018

UniCredit has followed Intesa Sanpaolo in admitting that the sell-off in Italian government bonds last quarter has had a painful impact on its capital strength, showing the link between banks and sovereign bonds remains high.

Esposito takes Goldman trading reins

IFR 2246 11 August to 17 August 2018

Goldman Sachs has named Jim Esposito as global co-head of its trading division.

Busted M&A deal tally rises

IFR 2246 11 August to 17 August 2018

The value of busted M&A transactions is set to rise as a pair of multi-billion dollar deals fall by the wayside leaving investment bankers licking their wounds.

Who's moving where

IFR 2246 11 August to 17 August 2018

ING has hired Michael Thilmany from HSBC as head of its US private placement team, as part of a broader effort by the Dutch bank to build its US capital markets presence. Thilmany has been at HSBC for 14 years, most recently in cross-border private placement group, mainly working on origination in the UK, Australia, Continental Europe and Scandinavia. He will replace Scott Dainton, who retired this month, and report to Cefas van den Tol who was tapped to run the global capital markets for the Americas in June.

Cost jump counters HSBC revenue rise

IFR 2246 11 August to 17 August 2018

HSBC booked a 4% increase in revenues for the first half, although a bigger rise in expenses prompted questions about the bank’s ability to grow its business without adding significantly to its cost base.

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    Bonds

    Philippines sets Samurai record

    IFR 2246 11 August to 17 August 2018

    The Republic of the Philippines brushed aside volatility in the Japanese government bond market last week to print Asia’s biggest Samurai bond issue, raising a massive ¥154.2bn (US$1.38bn) from a three-tranche deal.

    Kiwi structured market deepens

    Kiwi structured market deepens

    IFR 2246 11 August to 17 August 2018

    New Zealand’s structured finance market is showing signs of growth ahead of a potential rule change designed to make local securitisations more attractive to the country’s major banks.

    UAE: ADIB hires for Tier 1 sukuk

    IFR 2246 11 August to 17 August 2018

    Abu Dhabi Islamic Bank (ADIB), the largest sharia-compliant lender in Abu Dhabi, has hired international banks to arrange the sale of US$750m in Islamic bonds, three sources familiar with the matter told Reuters.

    Russian assets weaken after further US sanctions

    IFR 2246 11 August to 17 August 2018

    Russian assets were on the back foot after the US government announced further sanctions following the State Department’s finding that Moscow violated international law in a chemical attack on a Russian spy and his daughter in the UK earlier this year.

    Week in Numbers - August 10 2018

    Week in Numbers - August 10 2018

    IFR 2246 11 August to 17 August 2018

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      Loans

      CEO of Tesla Motors Elon Musk reacts following the company's IPO at the NASDAQ market

      Musk tweet gets Wall Street guessing

      IFR 2246 11 August to 17 August 2018 By

      Elon Musk’s plan to take Tesla private is forcing investment banks and investors to put scepticism aside and see if they can dream up possible ways to make such a deal work.

      A Petronas fuel station is seen with the Petronas Twin Towers in the background in Kuala Lumpur, Malaysia.

      Petronas, Aramco set for Rapid return

      IFR 2246 11 August to 17 August 2018 By

      Malaysia’s Petroliam Nasional and Saudi Arabia’s national oil company are lining up US$8bn of long-term debt for their Malaysian refinery less than six months after finalising the joint venture.

      India seeks bad loan investors

      India seeks investors for bad bank

      IFR 2246 11 August to 17 August 2018 By

      India is to invite foreign and domestic investors to support an initiative to clean up major bad debts in the country’s banking system, following recommendations from a banking committee led by Punjab National Bank chairman Sunil Mehta.

      Gazprom

      Gazprom suspends external borrowing

      IFR 2246 11 August to 17 August 2018 By

      Russia’s Gazprom has suspended its external borrowing programme because of a deepening legal dispute with Ukraine’s Naftogaz over gas supplies, three banking sources said.

      Japan: JT to back purchase with loans

      IFR 2246 11 August to 17 August 2018

      Japan Tobacco Inc will fund its planned US$1.5bn acquisition of the tobacco business of Bangladesh’s Akij Group with loans and existing cash.

      Indonesia: PLN relaunches debut dollar loan

      IFR 2246 11 August to 17 August 2018

      State-owned utility Perusahaan Listrik Negara has relaunched its debut foreign currency loan of up to US$2bn following changes to the terms after an earlier launch last month.

      India: Duo to fund Vedanta buyout

      10 August 2018

      Credit Suisse and Standard Chartered are underwriting a US$1.1bn loan for the proposed buyout of London-listed Vedanta Resources.

      IRC seeks refi of Russia project loan

      IFR 2246 11 August to 17 August 2018 By Yan Jiang

      Hong Kong-listed miner IRC is in talks to refinance a US$340m bilateral loan it obtained in 2010 to fund an iron ore mining project in Russia, according to stock exchange filings.

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      Equities

      Ireland: Glenveagh reports 33.2% take-up on open offer

      IFR 2246 11 August to 17 August 2018

      Homebuilder Glenveagh has reported 33.2% take-up for the open offer tranche of its €213m firm placing, placing and open offer, following the end of subscription last Thursday.

      Finland: Restamax to float Smile subsidiary as sales soar

      IFR 2246 11 August to 17 August 2018

      Restamax is planning to float its personnel provider subsidiary Smile Henkilostopalvelut to raise around €50m by the end of 2018.

      Russia: Sibur mulls capital market options

      IFR 2246 11 August to 17 August 2018

      Petrochemicals producer Sibur is exploring possible capital markets activity but has not decided on specific plans to float the company, the chairman of its management board, Dmitry Konov, told Reuters on Tuesday.

      UK: Mobius explores investment trust float

      IFR 2246 11 August to 17 August 2018

      Mobius Capital Partners, an emerging and frontier markets investment business, is considering a London Stock Exchange float of Mobius Investment Trust, which will invest in companies with the potential for operational and environmental, social and governance improvements.

      Switzerland: Leonteq reports 99.1% take-up

      IFR 2246 11 August to 17 August 2018

      Investment technology business Leonteq has reported 99.1% take-up for its SFr118m (US$118.36m) rights issue.

      Germany: Accentro explores fundraising options

      IFR 2246 11 August to 17 August 2018

      Real estate company Accentro is looking into fundraising options to spur growth, as it reported sales and profit increases in the first half of 2018.

      Netherlands: LeasePlan reiterates IPO plans

      IFR 2246 11 August to 17 August 2018

      Auto-leasing firm LeasePlan has reiterated in its Q2 2018 financial results that a potential flotation is among the strategic options it is exploring.

      Germany: Westwing targets up to €150m IPO

      IFR 2246 11 August to 17 August 2018

      Online furniture seller Westwing is targeting up to €150m in a potential IPO that may come before the end of 2018.

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      Digital Edition

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      Beckett

      Secondary loan supply increases as IFRS 9 bites

      By David Beckett, head of Europe, SC Lowy

      Participants in the secondary loan market are eyeing the possibility that more supply will be up for sale from banks as the IFRS 9 accounting regime is expected to be applied with rigour in its first year.

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      Special Reports and Roundtables

      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.

      IFR ECM Roundtable 2018 IFR+ECM+RT+2018+Cover+
      Thomson Reuters IFR’s 2018 ECM Roundtable took place in London on April 11. It was a fascinating moment-in-time discussion that covered general market matters but more specifically looked under the bonnet of deal management and tactics, and how to get transactions over the line in the challenging environment the year had become.

      Funding secured

      IFR 2246 11 August to 17 August 2018

      THAT “WHOOSH” YOU heard on Tuesday was the sound of securities regulators and M&A bankers rushing to create Twitter accounts. Or starting to follow more CEOs.