Search League Tables

Wednesday, 19 June 2013

RSS feed for IFR's daily digest of views & news for capital markets professionals

IFR's daily digest of views & news for capital markets professionals

Germany

Banks hired for inaugural German Federal-regional bond

Five banks have been hired on Tuesday to manage the first ever joint bond issue between the German Federal Republic and its regions, with the deal expected to come to market as early as next week.

Divyang Shah

IFR Comment: Bernanke at Fed "a lot longer than he wanted"

You can’t get any clearer signal than that from President Obama on the prospect of Bernanke leaving the Fed when his term expires early next year.

Slovak flag

IFR Comment: Hurray for Slovakia

Hurray! A deal in CEEMEA at last! OK, it’s not a market opener as such, given the transaction in question is a ¥30bn 3s/5s offering from the Slovak Republic. But it’s the first sniff of new supply from the region this month.

Tesla Chief Executive Officer Elon Musk attends a celebration at his company's factory in Fremont, California

SolarCity amps up pressure on short sellers

Elon Musk once again has seemingly defied market expectations. A month after a surprise US$600m CB deal for electric-car maker Tesla, the enigmatic chief of all things future is seeking to defy critics with a US$175m raise from the planned sale of convertible bond by SolarCity, the solar-power utility Musk took public late last year.

True Corp

EQUITIES: Two advising Thailand's True on US$1bn IPO

Credit Suisse and UBS are advising Thai telecoms operator True Corp on the feasibility of setting up and listing an infrastructure fund. A domestic bank is also expected to be involved.

Analysis: Why Citi wants to rack up US taxes

(Reuters) - Over the past few years, Citigroup Inc has been grappling with an unusual problem – how to incur more US taxes.

China - Hong Kong

China likely to end 9-month IPO freeze at end of July - sources

(Reuters) - China is likely to resume approving initial public offerings at the end of July, sources quoted a senior regulator as saying on Tuesday, after a freeze since October as part of efforts to crack down on wrongdoing and restore investor confidence.

Yellen

Factbox: Likely candidates to replace Bernanke at Fed in 2014

(Reuters) - Federal Reserve Chairman Ben Bernanke is widely expected to step down when his second term at the helm of the US central bank expires on January 31, 2014. If history is any guide, President Barak Obama will pick a candidate to succeed the one-time Princeton University professor sometime during the summer, allowing ample time for the Senate to consider the nominee before a final confirming vote. Here is a quick look at the likely leading choices:

A Chinese national flag flies in front of the HSBC headquarters in Hong Kong

Hong Kong investigates HSBC, other banks for inappropriate market conduct

(Reuters) - Hong Kong’s de facto central bank said on Tuesday that its investigation into possible benchmark rate manipulation has been extended to include HSBC and a number of other banks.

China building

In China, they built it... and no one came Video

A building boom tied to China’s economic rise shows no signs of abating, despite slowing growth and excess capacity in some cities. Are commercial ‘ghost towns’ a sign of further trouble to come?

Divyang Shah

IFR Comment: ECB still in search of a SME solution

Identifying a problem is sometimes easier than trying to deliver a solution. For the eurozone the problem in question is the starved state of financing for SMEs especially in the peripheral countries.

The offices of Swiss bank UBS are seen in the financial district of the City of London

UK charges ex-UBS trader Hayes in Libor investigation

Britain’s fraud prosecutor on Tuesday charged former UBS trader Tom Hayes with eight counts of conspiracy to defraud, as part of a global investigation into the manipulation of benchmark interest rates.

A Caterpillar tractor lifts a piece of construction equipment in Somerville, Massachusetts

BONDS: ICICI follows Caterpillar back to Dim Sum

The return of two overseas issuers this week has underlined the appeal of the offshore renminbi as an alternative to the volatile global funding markets.

More Capital City & Live Blog

IFR Top 250 Borrowers Special Report 2013

IFR Top 250 Borrowers Special Report 2013

The past year has been characterised by spread-tightening across the credit spectrum. This has left investors scrambling for yield in a low-rate, low-return market, with a few changing the way they viewed their mandates.

From this week's IFR Magazine

Released on Fridays
16:00 London / 11:00 New York


________________________________________________________________________________________

Upfront

iTraxx crossover index

Irrational despair

IFR 1988 15 June to 21 June 2013

Has Big Ben struck midnight to end the bond markets’ ball? Judging by the scale of the credit markets sell-off in recent weeks investors certainly think so.

Euro statue

Banks eye sovereign bond reductions

IFR 1988 15 June to 21 June 2013

European governments look set to lose the backing of their biggest group of creditors, with some of the region’s banks likely to trim the €1.72trn they own in low-yielding government debt in coming quarters, in a bid to boost profitability.

China Central Television helicopter flies over Chinese national flag in Tiananmen Square

China IPO 'breakthrough' gets mixed reviews

IFR 1988 15 June to 21 June 2013

The China Securities Regulatory Commission is preparing IPO reforms that would allow market forces, rather than regulators, to dictate the key terms of future listings.

Duck

More pressure on Hong Kong IPOs

IFR 1988 15 June to 21 June 2013

Rising market volatility claimed another victim, as Hopewell Hong Kong Properties, a spin-off of the property and hospitality arm of Hopewell Holdings, pulled its Hong Kong IPO of up to HK$6.05bn (US$780m).

Emblems of VW Golf VII car are pictured in a production line at the plant of German carmaker Volkswagen in Wolfsburg

VW gives 2012 CBs a facelift

IFR 1988 15 June to 21 June 2013

European equity-linked issuance had dropped off so much in the second quarter that any deal is an event, but the return of 2012’s convertible bond poster child Volkswagen truly was a significant moment for this small but cherished market.

Germany

Investors see through D-Bond marketing spiel

IFR 1988 15 June to 21 June 2013

Germany has been doing its utmost to hype up its new-fangled regional funding initiative, the Deutschland Bond, but that has not stopped bank strategists calling the product a political charade and investors cursing its complexity.

Workday CB capitalises on post-IPO surge

IFR 1988 15 June to 21 June 2013

One of 2012’s hottest US IPOs, human resources software company Workday, has taken advantage of highly favourable financing terms in the US convertible bond market to raise up to US$600m, almost as much as it raised from its October IPO.

Coty

Coty IPO breaks issue

IFR 1988 15 June to 21 June 2013

After a long drawn-out and somewhat turbulent stay in the US IPO pipeline, Coty completed its US$1bn flotation last week. Following a 12-month dual-track process, Coty’s IPO drama continued into the aftermarket as the newly-issued shares immediately broke offer on Thursday, despite assurance from syndicate managers that the deal was well-covered.

Deutsche Bank

Secondary PE offers alpha opportunity

IFR 1988 15 June to 21 June 2013

As part of the never-ending search for alpha, institutional investors are taking a closer look at secondary opportunities in the private equity space and other private markets, where they are able to pick up assets at significantly improved valuations, and often with a lower risk profile than is available in primary markets.

Shuanghui

Chinese banks step up for M&A deals

IFR 1988 15 June to 21 June 2013

A jumbo loan backed by a standby letter of credit facility for Chinese pork producer Shuanghui International has underlined the ability of China’s banks to support overseas acquisitions.

Banorte

Banorte rides Mexico ECM wave

IFR 1988 15 June to 21 June 2013

Mexico’s third-largest bank Grupo Financiero Banorte is awaiting the green light for a follow-on of up to US$3bn that could become the biggest deal in the country this year. The transaction also highlights the country’s burgeoning attraction versus former investor favourite Brazil.

More Top Stories from IFR

Capital City - Live
Human-curated capital markets social media

Bellwether

Bellwether. n. From the practice of placing a bell around the neck of a castrated ram

Thanks, but no thanks

IFR 1988 15 June to 21 June 2013

NOW THAT STEPHEN Hester has left RBS, there are two jobs in the City that bankers want to avoid at all costs.

RSS feed for Letter from the Editor

Letter from the Editor

Davies

Which are your best deals ever?

28 May 2013

In September, IFR will publish its 2,000th edition. To celebrate, we’re going to publish a special supplement examining the best – and most significant – capital markets deals of the last 40 years.

People & Markets

The logo of the French BNP Paribas bank is seen in front the headquarters in Paris

BNP Paribas plays down US split

IFR 1988 15 June to 21 June 2013

BNP Paribas has played down reports that it could carve out its US operations into a separate entity as a way of minimising the impact of proposed Federal Reserve rules, with insiders saying the firm is some distance from pulling the trigger on such a reorganisation.

Royal Bank of Scotland (RBS) chief executive Stephen Hester

RBS cuts plough on as Hester exits

IFR 1988 15 June to 21 June 2013

RBS pressed on with the fresh restructuring of its investment bank last week, despite the surprise announcement that its principal architect, Stephen Hester, would leave the state-backed lender later this year.

Paul Tucker, Deputy Governor of the Bank of England

Tucker raises 8% CoCos in capital swansong

IFR 1988 15 June to 21 June 2013

The Bank of England’s deputy governor, Paul Tucker, in his last speech before he announced his resignation on Friday, reaffirmed his views on having multiple layers of loss-absorbing instruments available to bank resolution authorities.

More from People & Markets

Bonds

Logo of Dong Energy

Dong shocks investors

IFR 1988 15 June to 21 June 2013

Dong Energy’s hybrid bond suffered a sharp five-point loss early last week after the company announced an exchange offer for the instrument at a much lower price than where it was trading.

Logo of MidAmerican Energy Holdings

Solar Star seeks to issue rare project bond

IFR 1988 15 June to 21 June 2013

Berkshire Hathaway-owned MidAmerican Energy Holdings is looking to issue a rare US$700m project finance bond, at a time when selling even the most standard plain vanilla transaction has become fraught with pitfalls.

The company logo is seen on a Rolls Royce Phantom III car at the Continental Automobile dealership in Villeneuve sur Lot, Southwestern France

Rolls-Royce brushes off soft markets with dual-currency bond

IFR 1988 15 June to 21 June 2013

Corporates

More from Bonds

Equities

A logo at a Royal Bank of Scotland (RBS) branch is seen in the City of London

RBS plan gains political support

IFR 1988 15 June to 21 June 2013

The departure of Stephen Hester from Royal Bank of Scotland shows the difficulty for the 81% government-owned bank in operating without any state influence – adding credibility to those proposing a privatisation plan that could be completed before the next general election in 2015.

EQUITIES: Another US homebuilder files for IPO

18 June 2013

City Ventures has become the latest US homebuilder to publicly file for an IPO, unveiling plans for a US$150m IPO that will fund land acquisitions.

EQUITIES: Barclays sees record year for US ECM

18 June 2013

Barclays expects US equity issuance to hit a record this year, eclipsing 2007 levels both in terms of the volume of issuance and number of deals.

More from Equities

Spotlight

China building

In China, they built it... and no one came Video

A building boom tied to China’s economic rise shows no signs of abating, despite slowing growth and excess capacity in some cities. Are commercial ‘ghost towns’ a sign of further trouble to come?

Yellen

Factbox: Likely candidates to replace Bernanke at Fed in 2014

(Reuters) - Federal Reserve Chairman Ben Bernanke is widely expected to step down when his second term at the helm of the US central bank expires on January 31, 2014. If history is any guide, President Barak Obama will pick a candidate to succeed the one-time Princeton University professor sometime during the summer, allowing ample time for the Senate to consider the nominee before a final confirming vote. Here is a quick look at the likely leading choices:

Top Tables

The entrance to JP Morgan Chase's international headquarters on Park Avenue is seen in New York

JP Morgan increases wallet share in May

IFR 1986 1 June to 7 June 2013

JP Morgan increased its share of the investment banking fee wallet during May, expanding it to 7.6% from 7.2% at the end of April, despite a greater number of deals from its closest competitor Bank of America Merrill Lynch.

Digital Edition

Access a digital edition of the latest print magazine here.

To read the IFR Magazine Digital Edition you will need to enter your details in the login section.

If you have forgotten your password, or would like to find out more about IFR subscriptions, please email rm.clientsupport@thomsonreuters.com.

Capital City Daily Email

Stay up to date with what's happening in the capital markets by subscribing to the IFR Capital City daily email. It's completely FREE and you can sign-up by entering your email address below.
Email address: