Wednesday, 18 July 2018

Information for stock in Morgan Stanley is displayed above the floor of the New York Stock Exchange

Morgan Stanley quarter powered by trading

18 July 2018 By

Morgan Stanley continued to dominate equity trading in the second quarter posting revenues of US$2.5bn from the segment which helped power its best six-month period in more than a decade.

Bees are seen near their beehive

Liquidity a worry for Triple B "bad boy bonds": report

18 July 2018 By

The record size of Triple B rated corporate debt is a concern, but focusing entirely on the size of the market oversimplifies the issue, Wells Fargo credit analysts say in new report.

Goldman Sachs sign

Goldman Sachs ends four-year hiatus in sterling

18 July 2018 By

A four-year absence and a healthy concession helped Goldman Sachs notch up a £2bn-plus book in the sterling sector on Wednesday, the second US bank to visit the European market this week.

Demand soaks up dollars from World Bank

Demand soaks up dollars from World Bank

18 July 2018 By

The World Bank visited the US dollar market for the first time this fiscal year on Wednesday, and healthy demand meant it could set final terms on a US$5bn three-year 2bp inside IPTs.


M25 takes to the road for refi deal

18 July 2018 By

Connect Plus (M25) Issuer is inching closer to refinancing loan facilities linked to a 30-year contract for improvement works to the M25 motorway, having mandated banks for a senior secured sterling transaction.


Back-up in Italian funding costs continues with BPM

18 July 2018 By

Banco BPM ventured into the market to sell the fourth Italian covered this month, but each deal has priced up to 15bp wider than the last to twist the arm of investors spooked by the political backdrop and limited performance.


Vukile Property Fund raises R1.63bn for Morzal stake buy

18 July 2018 By

South African real estate investor Vukile Property Fund raised R1.63bn (US$122m) from an equity raise, with proceeds going towards the acquisition of a 66% stake in Morzal Properties Ibiza for €152m.

IFR SNAPSHOT-Another light day in IG primary

18 July 2018 By

Financial markets overall are mixed this morning, as equities try to gain traction and US Treasuries meander.

Facing the future

Future to fund B2C buy with £105.7m rights issue

18 July 2018 By

UK media group Future is buying the B2C business of US digital media publisher Purch for US$132m and will fund the acquisition through a fully underwritten £105.7m rights issue.

Permira Logo

Permira Debt Managers finances Doctari’s buyout

18 July 2018 By Nischal Schwager-Patel

Direct lending firm Permira Debt Managers is financing the buyout of German healthcare staffing company Doctari by private equity firm Vitruvian Partners.


Glenveagh raises €213m for land pipeline

18 July 2018 By

Irish homebuilder Glenveagh Properties has raised more funds just nine months after completing a €550m float in Dublin as the company considers potential acquisitions and/or joint ventures.

Diamond at Barclays branch in Canary Wharf in 2010 (Reuters)

Ex-Barclays boss Diamond: I quit after becoming "lightning rod"

18 July 2018 By

Former Barclays boss Bob Diamond said he considered fighting the Bank of England when it said he needed to resign in 2012, but opted not to because he had become “a lightning rod” for the bank’s troubles.

Sign of China Tower Corp is seen at the PT Expo China in Beijing

China Tower eyes US$8.8bn from Hong Kong IPO

18 July 2018 By

Mobile phone infrastructure company China Tower is planning to raise up to about US$8.8bn from a Hong Kong IPO at a valuation of up to US$35bn, according to people close to the deal.

A woman walks down the stairs of the Standard Chartered headquarters in Hong Kong.

SFC bans former StanChart banker for three years over 2009 IPO

18 July 2018 By

Hong Kong’s securities regulator has banned former Standard Chartered banker Joseph Hsu from re-entering the industry for three years following a probe into the bank’s sponsorship of a 2009 IPO.

The company logo of Hong Kong Exchanges & Clearing Ltd (HKEx) is displayed outside its exhibition hall in Hong Kong.

HKEx reaches "consensus" over inclusion of DCS in Stock Connect

18 July 2018 By

Hong Kong’s bourse said it had “reached a consensus” with its counterparts in China over the inclusion of companies with dual-class shares in both Stock Connect schemes, just days after the Shanghai and Shenzhen stock exchanges said they would exclude such companies.

Australian thongs

Cooler demand for Australia's 2041 Treasury bond

18 July 2018 By

The Australian Office of Financial Management bridged a gap in the country’s sovereign curve with Tuesday’s smaller-than-expected A$3.6bn (US$2.67bn) syndicated sale of 2.75% May 21 2041 Treasury bonds.

All Latest news

Xiaomi’s reboot

IFR 2242 14 July to 20 July 2018

What a relief. Xiaomi’s first week as a listed company has drawn a line under the recent run of shaky IPOs from China’s technology sector – but it could have been very different.

Top News

Banks cull EM traders as losses mount

Banks cull EM traders as losses mount

IFR 2242 14 July to 20 July 2018 By

At least 15 London-based emerging markets bond traders have left their roles over the past couple of months as heavy losses in the asset class take their toll, sparking fears about the commitment of financial institutions to the secondary trading business.

Xiaomi founder, Chairman and CEO Lei Jun (2nd R) attends the listing of the company at the Hong Kong Exchanges in Hong Kong, China.

Xiaomi’s debut provides listing relief for Hong Kong

IFR 2242 14 July to 20 July 2018 By

Hong Kong IPO hopefuls breathed a sigh of relief after newly listed Xiaomi reversed last Monday’s weak debut to end its first week as a public company 26% above its IPO price.

Credit Suisse

Credit Suisse sets new landmark for AT1 market

IFR 2242 14 July to 20 July 2018 By ,

Credit Suisse Group gave the Additional Tier 1 market a much needed fillip last week, landing the biggest order book of the year for a bank capital bond but the chunky price it had to pay could set an uncomfortable benchmark for those that follow.

Coaxial TV Cables are seen in front of AT&T and Time Warner logos

M&A spurs US loan fees to record high

IFR 2242 14 July to 20 July 2018 By

A record US$1.45trn of US syndicated lending in the first half of the year has propelled bank fees from arranging loans to an all-time high.

hemp cannabis

Canadian weed grower rolls up at Nasdaq

IFR 2242 14 July to 20 July 2018 By

The business of growing cannabis on an industrial scale is being led by Canadians, after the federal government last month moved ahead with measures to legalise recreational consumption of the drug across the country from October.

The Sempra Energy building is pictured in San Diego

Sempra raises US$1.6bn in Oncor encore

IFR 2242 14 July to 20 July 2018 By

US regulated utility Sempra Energy forged ahead with the second and final leg of the equity financing for its US$9.45bn acquisition of Texas-based power distribution company Oncor, raising US$1.6bn in a dual-tranche equity/equity-linked offering even as it battles activists pushing for a wider overhaul of the company.

A gas injection site of Xiangguosi underground gas storage run by PetroChina is seen in Chongqing, China.

Default pressures weigh on China bonds

IFR 2242 14 July to 20 July 2018 By ,

More sudden shocks in China’s bond markets sent investors running for cover last week, dealing a further blow to Asia’s fragile US dollar high-yield credit market.

Palo Alto Networks

Palo Alto lands US$1.5bn from year's biggest CB

IFR 2242 14 July to 20 July 2018 By

The US convertible bond market has taken on an element of wash, rinse and repeat, with Palo Alto Networks the latest tech company to take the dip with an opportunistic US$1.5bn five-year CB, the largest CB this year.

Jean-Paul Clozel, CEO of Swiss pharmaceutical company Idorsia

Idorsia equity/CB combo raises US$508m

IFR 2242 14 July to 20 July 2018 By

Switzerland’s Idorsia Pharmaceuticals raised SFr505.18m (US$508m) on Tuesday night, with proceeds to fund the Phase 3 development of the biotech company’s late-stage pipeline, as well as its early-stage and pre-clinical pipeline.

IFR Magazine Top News in Full (subscription required)

People & Markets

JP Morgan soars, Citi dips in Q2

IFR 2242 14 July to 20 July 2018

JP Morgan outperformed expectations in the second quarter as trading revenue and capital markets activity soared.

Pick emerges as Morgan Stanley heir apparent

IFR 2242 14 July to 20 July 2018

The battle to succeed James Gorman as chief executive of Morgan Stanley is heating up again with two fresh heavyweights entering contention: Ted Pick and Franck Petitgas.

Ex-SG banker Escoffier joins 18 East Capital

IFR 2242 14 July to 20 July 2018

Former senior Societe Generale banker David Escoffier has joined Eighteen East Capital, which advises on capital markets activity with the aim of improving living standards in Africa.

Banks tear into Britain's Brexit plans

IFR 2242 14 July to 20 July 2018

Britain’s finance industry attacked the government last week for ditching its blueprint for trade with the European Union after Brexit, saying it was a blow for Britain’s biggest export industry.

Who's moving where

IFR 2242 14 July to 20 July 2018

HSBC has hired Alexander Glawe from Credit Suisse as head of northern Europe financial sponsors. Glawe will join in December and be responsible for advising private equity clients in Germany, Austria and the Nordics. Glawe was most recently head of financial sponsors for Germany and Austria at Credit Suisse. He started his career at Sal Oppenheim as an M&A banker and joined CS in 2005 in Frankfurt and subsequently worked on its corporate finance team in Singapore and M&A team in London. He will be based in Frankfurt.

    More from People & Markets


    Agile flop adds to high-yield woes

    IFR 2242 14 July to 20 July 2018

    Agile Group Holdings, one of the best-known overseas issuers from China’s property sector, pushed its borrowing costs more than 100bp higher last Wednesday as it struggled to complete a modest US$200m new issue in a weak market.

    Australia's Westpac Banking Corp's Chief Executive Officer (CEO) Brian Hartzer speaks during a media conference in Sydney, Australia.

    Westpac reopens euro market for Australians

    IFR 2242 14 July to 20 July 2018

    Westpac Banking Corporation took advantage of an improved market backdrop and a dearth of senior issuance with the first senior unsecured bond from an Australian bank in euros since the start of the damning Royal Commission into banking practices.

    South Korea readies US dollar return

    IFR 2242 14 July to 20 July 2018

    The Republic of Korea is preparing to return to the global bond market as early as September, taking advantage of a calmer geopolitical backdrop even as markets remain volatile.

    Brazil: Cemig brings spark to primaries

    IFR 2242 14 July to 20 July 2018

    Brazilian energy company Cemig helped bring a well-needed spark of life to a Latin American primary market that has been in the doldrums since last month.

    AA Bond Co prices £550m Class A7 notes

    IFR 2242 14 July to 20 July 2018

    AA Bond Co, rated BBB- (stable) by S&P, last Tuesday priced £550m 4.875% sub-Class A7 fixed-rate 2024/2043 notes at Gilts plus 385bp.

      More from Bonds


      Coaxial TV Cables are seen in front of AT&T and Time Warner logos

      M&A spurs US loan fees to record high

      IFR 2242 14 July to 20 July 2018 By

      A record US$1.45trn of US syndicated lending in the first half of the year has propelled bank fees from arranging loans to an all-time high.

      A security guard stands outside a Yes Bank branch at its headquarters in Mumbai, India.

      Yes Bank lines up offshore loan test

      IFR 2242 14 July to 20 July 2018 By ,

      Yes Bank is testing appetite for Indian bank risk among international lenders with the first sizeable offshore loan from the sector since authorities uncovered the biggest fraud in the country’s banking history.

      Alantra buys KPMG asset portfolio advisory unit

      IFR 2242 14 July to 20 July 2018 By

      Investment banking and asset management firm Alantra has bought KPMG UK’s business advising banks on the sale of non-performing loans and non-core assets, which has worked on deals worth €180bn in the last four years.

      People walk past a branch of Mitsubishi UFJ Financial Group's bank of Tokyo-Mitsubishi UFJ (MUFG) in Tokyo, Japan.

      MUFG steps up ASEAN focus

      IFR 2242 14 July to 20 July 2018 By

      Mitsubishi UFJ Financial Group is making a big bet on commercial banking in South-East Asia to fuel its international expansion as it edges closer to increasing its stake in Indonesia’s Bank Danamon.

      Germany: HaGe Nord signs €320m refi

      IFR 2242 14 July to 20 July 2018

      Agricultural trade company Hauptgenossenschaft Nord has signed a €320m syndicated revolving credit facility to refinance its existing facility.

      Sivantos taps for Widex merger

      IFR 2242 14 July to 20 July 2018

      Hearing aid maker Sivantos has launched dual-currency loans backing its merger with Widex.

      Ceva eyes US$1bn refi

      IFR 2242 14 July to 20 July 2018

      Dutch-headquartered logistics company Ceva is aiming for a US$1bn refinancing of its existing debt facilities.

      Inseec U seeks €275m loan

      IFR 2242 14 July to 20 July 2018

      French private education provider Inseec U has launched a €275m loan that will repay existing debt and fund a shareholder dividend.

      More from Loans


      Construction workers walk past a billboard of Trump Tower, a luxury apartment building, at a construction site in Kolkata, India.

      Indian IPOs face valuation hurdles

      IFR 2242 14 July to 20 July 2018

      Global market volatility is frustrating the valuation ambitions of two Indian companies marketing large IPOs, reflecting the challenges facing the country’s equity capital markets following rapid growth in 2017.

      A customer fills his car with petrol at a gas station, where unleaded petrol is priced at A$1.219 ($0.86) per litre, in Sydney, Australia.

      Viva pumps up Aussie IPO scene

      IFR 2242 14 July to 20 July 2018

      Viva Energy completed the largest IPO in Australia in four years last week with a A$2.65bn (US$1.96bn) float that played on the issuer’s defensive qualities to overcome global market turmoil.

      Bloom brings long-awaited US$270m IPO

      IFR 2242 14 July to 20 July 2018

      Fuel cell power company Bloom Energy admits making sense of its prior year numbers is a challenge for investors as it seeks to price a NYSE IPO raising up to US$270m.

      Switzerland: Oerlikon puts GrazianoFairfield float on hold

      IFR 2242 14 July to 20 July 2018

      The market reception for 100% free-float IPOs in Europe is mixed to date, with one performing fantastically, another heavily under water - and now one cancelled.

      Rocket completes bonds buyback

      IFR 2242 14 July to 20 July 2018

      Start-up incubator Rocket Internet bought back approximately €253.9m of its 3% 2022 convertible bonds, following a modified Dutch auction process managed by JP Morgan.

      France: Kalray slips after partial greenshoe

      IFR 2242 14 July to 20 July 2018

      Kalray, a producer of processors for intelligent systems, has partially exercised the greenshoe on its Paris Euronext Growth IPO. The business had raised €43.5m on the base deal, increasing to €47.7m after a partial exercise of the greenshoe.

      Ireland: Greencoat Renewables launches share placing

      IFR 2242 14 July to 20 July 2018

      Greencoat Renewables, an Irish renewable infrastructure company, has launched a 12-month share issuance programme of up to 250m new shares.

      UK: ASA International debuts in London up 4.95%

      IFR 2242 14 July to 20 July 2018

      Microlender ASA International shares debuted up 4.95% at 328.5p on Friday, having priced the £125m London Stock Exchange IPO at 313p, the mid-point of the 285p-340p price range.

      More from Equities

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      IFR/Save the Children

      A tale of two tragedies

      A tale of two tragedies

      It is difficult to imagine that the already heartbreaking predicament of two peoples, the Ethiopians and the Rohingya, could get even worse. Yet the current weather is delivering more hardship to both.

      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.

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

      Leverage Island

      IFR 2242 14 July to 20 July 2018

      NOTHING CAPTURES THE imagination like the World Cup, and the potential race for consolidation between Europe’s banks is nothing like the World Cup.