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Friday, 25 May 2018

New Vodafone bonds rally in secondary

24 May 2018 By

The newly issued US$11.5bn bond sold by British telecom company Vodafone, its first US offering in more than five years, rallied in secondary on Thursday, according to MarketAxess data.

Comcast's M&A plans prompt Moody's rating warning

24 May 2018 By

Moody’s warned late Wednesday it may cut Comcast’s A3 rating after the company said it is considering and is in advanced stages of preparing an all-cash offer for the same assets that Twenty-First Century Fox has agreed to sell to Walt Disney.

IFR SNAPSHOT-Down shifting in IG primary, but high-yield revs up

24 May 2018 By

One deal is expected in the IG primary, while possibly up to four offerings are expected in the high-yield arena this Thursday.

Deutsche Bank headquarters

Deutsche to cull equities platform

24 May 2018 By

Deutsche Bank is to cut a quarter of its equities sales and trading jobs as part of its wider plan to trim 7,000 positions across the bank to 90,000, with the main casualties in non-electronic roles and less lucrative parts of prime finance.

Natixis logo

MOVES-Natixis appoints Fraisse, others to exco

24 May 2018 By

French bank Natixis has appointed Dominique Fraisse, head of energy and natural resources, to its executive committee.

Tukey

Remarkable events in Turkey

24 May 2018 By

The Turkish lira is bouncing around despite a 300bp hike in its key interest rate on Wednesday after an emergency central bank meeting.

A pedestrian passes the head office of Lloyds Banking Group in central London

Demand from Japanese regional investors lifts Lloyds Samurai

24 May 2018 By

Lloyds Banking Group returned to the Samurai market with a bang on Thursday, raising a massive ¥169bn (US$1.54bn) from multi-tranche loss-absorbing-capacity bonds amid growing demand from Japanese regional investors.

UBS logo

MOVES-UBS appoints heads of new Greater China IB team

24 May 2018 By

UBS has merged its Greater China investment banking teams, shortly after applying for majority ownership of its mainland securities joint venture.

Kexim eyes yen/euros after bold US dollar print

Kexim eyes yen/euros after bold US dollar print

24 May 2018 By

The Export-Import Bank of Korea (Aa2/AA/AA–) has set its sights on issues of yen and euro-denominated bonds, hot off the heels of an aggressive US$1.5bn dual-tranche print yesterday.

Santander

Santander UK joins rush of Yankee banks tapping dollar market

23 May 2018 By

Santander UK (Aa3/A/A) has joined an increasing number of Yankee financials tapping a dollar market that still remains attractive compared to euros despite rising funding costs.

Buyers take a bite out of burger bonds

Buyers take a bite out of burger bonds

23 May 2018 By

Investors gobbled up new burger bonds from CKE Restaurants, the fast-food operator behind Carl’s Jr. and Hardee’s.

Vodafone

Vodafone bonds get strong reception; three times covered

23 May 2018 By ,

Investors dialed in for British telecom giant Vodafone’s first dollar bond in over five years on Wednesday, inundating the company with US$35bn in orders.

Bank of America Merrill Lynch sign

MOVES-BAML names Gadkari and Zapparoli to head capital markets

23 May 2018 By

Bank of America Merrill Lynch named Sarang Gadkari and Elif Bilgi Zapparoli co-heads of global capital markets, replacing Alice “AJ” Murphy who announced her decision to exit the bank earlier this month, according to an internal memo obtained by IFR.

Caisse Centrale Desjardins du Quebec

CCDJ plays on rarity in covereds

23 May 2018 By

Federation des caisses Desjardins du Quebec achieved a good outcome for its five-year deal that reignited Canadian supply in the euro covered market after garnering around €1.3bn of demand from 55 investors.

Landeskreditbank Baden-Wuerttemberg (L-Bank) logo

L-Bank shakes up new issue process with hybrid auction

23 May 2018 By

L-Bank’s attempt to shake up the new issue process with an auction appeared to work on Wednesday, though market participants were dubious as to whether this approach will be rolled out more broadly.

Berlin Hyp sign is seen on an office building

Berlin Hyp takes no chances in covered

23 May 2018 By

Berlin Hyp filled a gap in its curve with Wednesday’s five-year covered, the defensive maturity and sensible concession paying off in a choppy market.

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Top News

The logo of the company is seen on a barrel at the plant of Swiss chemical group Sika

Sika jumbo revives Europe's struggling CB market

IFR 2234 19 May to 25 May 2018 By

Fresh from settling a three-year plus battle over its future, Sika secured SFr1.65bn (US$1.65bn) from an upsized seven-year convertible bond through sole bookrunner UBS with a conversion premium set 36% above its all-time high share price.

Hong Kong set for first bitcoin-linked IPO

Hong Kong set for first bitcoin-linked IPOs

IFR 2234 19 May to 25 May 2018 By , Jennifer Hughes

Two Chinese bitcoin mining equipment makers are set to test equity investors’ faith in the cryptocurrency’s long-term future, with plans to raise up to US$1bn each in the world’s largest bitcoin-focused IPOs to-date.

U.S. Food and Drug Administration (FDA) headquarters in Silver Spring

IQVIA bails out buyers by cancelling US$1bn block

IFR 2234 19 May to 25 May 2018 By

Morgan Stanley and its buyside clients won a stunning reprieve late on Thursday when sponsor-backed contract research company IQVIA and selling shareholders agreed to unwind a US$1.02bn block trade.

Foxconn's computer motherboards are seen during the annual Computex computer exhibition in Taipei, Taiwan.

Foxconn sets template for CDRs

IFR 2234 19 May to 25 May 2018 By ,

The planned Shanghai IPO of Foxconn Industrial Internet is emerging as an important template in China’s push to attract more listings from the world’s biggest technology companies.

Italian flag waves in front of The "Altare della Patria"

Markets wake up to Italian political risk

IFR 2234 19 May to 25 May 2018 By

Italian government debt, which until last week had shown remarkable resilience in the face of uncertain politics, lost its footing as the prospect of an alliance between the country’s two anti-establishment parties became a reality.

Sub-scale banks feel MiFID squeeze

Sub-scale banks feel MiFID squeeze

IFR 2234 19 May to 25 May 2018 By ,

The launch of MiFID II trading rules four months ago has not wreaked havoc on Europe’s markets in the way doom-mongers warned, but it is causing a subtle and significant shake-up in equities trading and research.

Shopping mall

Banks shy away from UK high street

IFR 2234 19 May to 25 May 2018 By

Banks are increasingly wary of lending to the UK retail sector as shoppers continue to desert the high street in favour of lower cost online rivals, raising the prospect of further loan losses.

Roadblocks ahead for Russia’s bond market rehabilitation

Russia sanctions threaten capital markets shutdown

IFR 2234 19 May to 25 May 2018 By ,

Russian companies are facing months of being shut out of global capital markets, as investors continue to digest the latest round of sanctions against the country introduced last month.

He Lifeng, Chairman of China's National Development and Reform Commission, speaks at the annual session of China Development Forum (CDF) 2018 at the Diaoyutai State Guesthouse in Beijing, China.

China offshore debt rush accelerates

IFR 2234 19 May to 25 May 2018 By ,

Dozens more Chinese companies are lining up to sell offshore bonds, adding to the pressure on a market already buckling under the weight of supply.

Bertelsmann logo

Reality check for European corporate market

IFR 2234 19 May to 25 May 2018 By

The European high-grade bond market got a jolt on Thursday after Bertelsmann pulled a new issue in what may be a warning that borrowers need to respect the shift in pricing power to investors.

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People & Markets

Solomon to revamp trading at Goldman

IFR 2234 19 May to 25 May 2018

David Solomon will begin to remake Goldman Sachs’ trading business as soon as this summer after the departure of long-time heads of the securities division.

A woman walks past a signboard of MUFG Bank in Tokyo, Japan.

Japan's MUFG revamps in global push

IFR 2234 19 May to 25 May 2018

Mitsubishi UFJ Financial Group will implement a major revamp as it looks to increase earnings from corporate and investment banking overseas by more than a half over the next three years.

Competition hits Commerzbank corporate banking profits

IFR 2234 19 May to 25 May 2018

Commerzbank blamed the competitive nature of German corporate banking for a 46% drop from a year earlier in operating profits to €145m in its corporate clients division during the first quarter.

After setback, BNPP says well set for US growth

IFR 2234 19 May to 25 May 2018

BNP Paribas’ US banking operation is poised to benefit from a steady and balanced build-up that has allowed it to recover from a US$8.9bn fine four years ago to leave it well set as one of Europe’s strongest banks in the country.

Who's moving where...

IFR 2234 19 May to 25 May 2018

Barclays has rehired Neil Staff from Credit Suisse as global head of exotics trading and head of derivatives trading for Europe and the Middle East. Staff will be based in London and report to Stephen Dainton, the global head of equities who joined in September - also from CS. Staff will be tasked with growing the UK bank’s structured products and corporate derivatives businesses. He previously worked at Barclays from 1997 until 2013, during which time he was part of the equity derivatives business.

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    Bonds

    PLN sidesteps US Treasury spike

    IFR 2234 19 May to 25 May 2018

    Indonesian power utility Perusahaan Listrik Negara, rated Baa2/BB/BBB, sold two long-dated tranches of US dollar bonds on Tuesday, even though the 10-year Treasury yield hit a seven-year high during bookbuilding.

    A Tigerair Australia plane sits on the tarmac near Virgin Australia aircraft at Melbourne's Tullamarine International Airport, Australia.

    Virgin birth for Aussie HY

    IFR 2234 19 May to 25 May 2018

    Virgin Australia Holdings has pushed Australia’s developing high-yield bond market further down the credit curve with the first low Single B rated offering.

    Cambodia: Nagacorp bonds open new frontier

    IFR 2234 19 May to 25 May 2018

    Nagacorp, which owns and operates the only integrated casino and hotel resort in Phnom Penh, has become the first Cambodian issuer of offshore bonds, overcoming a weak Asian high-yield market.

    Singapore rate swing delays Lloyds T2

    IFR 2234 19 May to 25 May 2018

    Lloyds Banking Group is delaying plans for a Singapore dollar bank capital offering after rising rates made the local market less competitive.

    Provident doorsteps investors as Hastings reopens sterling

    IFR 2234 19 May to 25 May 2018

    Hastings Group revived the sterling senior bond market with a well-received £250m seven-year, but a five-year from Provident Financial - clawing its way back from a dire 2017 - could prove a much more difficult sell.

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      Loans

      A pedestrian stands next to a medical diagnostic imaging center for Australia's I-MED Radiology Network, Australia's biggest X-ray provider, located in northern Sydney in Australia.

      I-Med buyout loan lures funds

      IFR 2234 19 May to 25 May 2018 By Sharon Klyne,

      Asian banks and institutional investors ended up with much less of I-Med’s A$690m (US$519m) buyout loan than they expected following a strong response to the deal, underlining the growing appetite for high-yielding financings in the region.

      Shopping mall

      Banks shy away from UK high street

      IFR 2234 19 May to 25 May 2018 By

      Banks are increasingly wary of lending to the UK retail sector as shoppers continue to desert the high street in favour of lower cost online rivals, raising the prospect of further loan losses.

      Japan: Nikkiso refis Cryogenic bridge

      IFR 2234 19 May to 25 May 2018

      Nikkiso, the pump maker, is seeking a ¥34bn bullet term loan to refinance short-term debt backing its acquisition of US-based Cryogenic Industries.

      Indonesia: Delta Merlin Dunia Textile returns

      IFR 2234 19 May to 25 May 2018

      Delta Merlin Dunia Textile is returning to the loan market after a two-year absence for a term loan of up to US$250m.

      Hong Kong: Three more join Aoyuan

      IFR 2234 19 May to 25 May 2018

      Hong Kong-listed developer China Aoyuan Property Group increased its latest club loan to HK$2.458bn after three more lenders joined as mandated lead arrangers.

      Hong Kong: CR Land raises HK$14.8bn club

      IFR 2234 19 May to 25 May 2018

      Property developer China Resources Land has raised a HK$14.8bn (US$1.9bn) five-year club loan.

      China: Haitong signs US$600m loan

      IFR 2234 19 May to 25 May 2018

      Haitong International Holdings has closed a US$600m five-year term loan with six banks.

      China: Yixin makes offshore debut

      IFR 2234 19 May to 25 May 2018

      Online car retailer Yixin Group is seeking a US$150m three-year loan, marking its debut in the offshore loan market.

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      Equities

      Mercari Inc. CEO Shintaro Yamada poses for a photograph during an interview with Reuters in Tokyo.

      Mercari readies rare e-commerce IPO

      IFR 2234 19 May to 25 May 2018

      The Tokyo listing of second-hand goods marketplace app Mercari is set to offer investors a rare opportunity to buy into a Japanese technology unicorn.

      Switzerland: Polyphor prices well but trades badly

      IFR 2234 19 May to 25 May 2018

      Biopharma company Polyphor disappointed on debut last Tuesday, particularly after achieving early coverage, pricing in the top half of guidance, and twice being upsized.

      Italy: Astaldi to press ahead with €300m raising

      IFR 2234 19 May to 25 May 2018

      The board of directors at construction company Astaldi has approved plans for a €300m capital increase as part of a €2bn capital strengthening plan which includes asset sales and debt refinancing.

      UK: LoopUp gets £50m for MeetingZone buy

      IFR 2234 19 May to 25 May 2018

      LoopUp Group, an AIM-listed online conferencing business, has raised £50m through a placing of 12.5m shares at 400p.

      UK: Greencoat closes Clyde funding early

      IFR 2234 19 May to 25 May 2018

      Renewable infrastructure fund Greencoat UK Wind opted to close a fundraising to increase its stake in Clyde wind farms early last week, on heavy demand.

      UK: Carpetright sets pricing for £65m cash call

      IFR 2234 19 May to 25 May 2018

      Floorings chain Carpetright has set terms for its £65m placing and open offer, with proceeds to repay loans and fund the company’s turnaround plan.

      UK: Domestic money dominates Team17 float

      IFR 2234 19 May to 25 May 2018

      Games maker Team17 Group priced its AIM IPO at 165p on Thursday for a market capitalisation on admission of £217m. Primary proceeds were fixed at £45m for repayment of loans, with the deal pricing in the middle of a 150p-180p range. Guidance had been tightened to 155p-165p on the penultimate day of bookbuilding, having achieved coverage on the fourth day of roadshows.

      UK: Permira follows Cinven out of Just Group

      IFR 2234 19 May to 25 May 2018

      Four months after Cinven exited, Permira closed the door on its investment in annuity provider Just Group on Thursday night.

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      Special Reports

      IFR SSA 2017 SSA+Cover+2018
      Rising interest: Investors have long been bemoaning the fact that returns have been way lower than they would crave, especially in the rarefied realms of the public sector.

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

      They think it’s all over

      IFR 2234 19 May to 25 May 2018

      GIVEN THE UNPREDICTABILITY and complexity of the current political and economic backdrop, it’s no surprise that every four years economists look for some light relief and pour their energies into predicting who will win the World Cup.