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Friday, 25 May 2018

HSBC

MOVES-HSBC takes Sharaka for SSA syndicate

25 May 2018 By

HSBC has hired Shade Sharaka to work on its syndicate desk for sovereign, supranational and agency (SSA) debt, according to market sources.

Barclays bank

MOVES-Barclays hires Sandoz to run Americas equities

25 May 2018 By

Barclays named Todd Sandoz head of equities, Americas, leading the banks Barclays’ Americas equities business across cash, derivatives, and prime.

IFR SNAPSHOT-Deals abandon ship as fleet week sets sail

25 May 2018 By

Essentially no IG or HY deals are expected this Friday as the Memorial Day holiday kicks off after a slow week in the primaries. US markets are closed on Monday.

Italy

Italian volatility rattles SSA markets

25 May 2018 By

Caution was the word of the week in the SSA market after ructions in the Italian government bond market complicated deal execution, and with little let-up expected in the weeks ahead issuers will need to remain vigilant.

Bank of America Merrill Lynch sign

MOVES-BAML bolsters SSA syndicate

25 May 2018 By

Bank of America Merrill Lynch has hired Raman Gangahar from Deutsche Bank’s treasury to work on its sovereign, supranational and agency desk, according to market sources.

A researcher holds pipette tips on a holder at a work for developing assay to detect a specific gene of corn at a lab in Syngenta Biotech Center in Beijing, China.

Atotech prints rare PIK toggle bond despite pushback

25 May 2018 By

German chemicals company Atotech pushed through a new US$300m payment-in-kind (PIK) toggle bond Thursday despite terms considered aggressive even by the standards of such structures.

Peruvian soldiers march

Peru's Hunt Oil breaks lull in primary markets

25 May 2018 By

Hunt Oil Company of Peru (HOCP) broke the silence in the LatAm primaries on Thursday quickly printing a will-not-grow US$600m 10-year amortizer.

Petrobras

Petrobras bonds fall after diesel price cuts

25 May 2018 By

Bonds issued by Brazil’s Petrobras took a hit on Thursday after the state-controlled oil company temporarily cut diesel prices in an effort to resolve a truck drivers’ strike.

Vodafone logos

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.

The offices and studios of Comcast Entertainment Group is pictured in Los Angeles

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.

All Latest news

Top News

Visitors are seen at a Foxconn booth at the World Intelligence Congress in Tianjin, China.

IPO pricing reform costs Foxconn

IFR 2235 26 May to 1 June 2018 By ,

Foxconn Industrial Internet last week nudged China’s IPO market a step closer to market-based pricing with a new approach to its landmark Rmb27.12bn (US$4.25bn) Shanghai listing.

Malaysia's Finance Minister Lim Guan Eng speaks during a news conference in Putrajaya, Malaysia.

Malaysia swallows bitter 1MDB pill

IFR 2235 26 May to 1 June 2018

The new Malaysian government has agreed to honour the obligations of scandal-hit state investment vehicle 1Malaysia Development.

Toshiba Corp's CEO Nobuaki Kurumatani attends a news conference at the company's headquarters in Tokyo, Japan.

Toshiba adds to M&A bonanza

IFR 2235 26 May to 1 June 2018 By Wakako Sato

After months of inertia, Asia’s largest-ever leveraged buyout is closer to becoming a reality following approval of the ¥2trn (US$18bn) private equity buyout of Toshiba’s chip unit.

Rusal

Sanctioned firms EN+ and Rusal set for Russian bank lifeline

IFR 2235 26 May to 1 June 2018 By

Russia is preparing to rewire parts of its financial system to prevent the latest round of US sanctions, which were ratcheted up last month to target 24 people close to the Kremlin, from wreaking further damage on its banks and wider economy.

Russian Viktor Kirpichnikov pulls a cart on which his pet bear rides during a stroll around the Siberian town of Mariinsk

Credit wobble rears its ugly head again

IFR 2235 26 May to 1 June 2018 By

Europe’s credit markets were wobbling again last week, as a combination of oversupply and fears about Italy’s political direction undermined investor conviction.

The company logo of Sina Corp is seen atop their headquarters in Beijing.

Sina plans secondary listing in Hong Kong

IFR 2235 26 May to 1 June 2018 By , Julie Zhu

Chinese web portal and social medial firm Sina is planning a secondary listing in Hong Kong, in what would be one of the first floats to take advantage of the city’s new rules designed to attract tech equity offerings.

Banks' ploys on Gulf bond deals stir controversy

Banks' ploys on Gulf bond deals stir controversy

IFR 2235 26 May to 1 June 2018 By

The way in which lead banks put orders into Middle East bond deals is coming under the spotlight, with some bankers arguing the practice is misleading investors as it is not clear how real those orders are.

A worker demonstrates how to check reverse osmosis units at a NEWater plant in Singapore.

Bondholders risk Hyflux hosing

IFR 2235 26 May to 1 June 2018 By

Water treatment company Hyflux sought protection from its creditors last week, setting the stage for Singapore’s first debt restructuring involving retail bondholders.

Abe waves to children with Indonesian and Japanese flags at the Bogor Palace

Yen market stays open for Indonesia

IFR 2235 26 May to 1 June 2018 By

The Republic of Indonesia priced a ¥100bn (US$911m) multi-tranche Samurai bond issue last week, highlighting the Japanese debt market’s value as a stable funding source amid emerging market jitters.

IFR Magazine Top News in Full (subscription required)

People & Markets

People walk under an electronic board showing stock information at the Shanghai Stock Exchange in Lujiazui Financial Area before the visit of Britain's Chancellor of the Exchequer George Osborne in Shanghai, China.

London plans GDRs for Shanghai Connect

IFR 2235 26 May to 1 June 2018

UK-based investors will soon be able to trade global depositary receipts issued by Chinese companies under plans for the long-awaited London-Shanghai Stock Connect scheme.

Singapore plots Indian derivatives despite court battle

IFR 2235 26 May to 1 June 2018

Singapore Exchange is ploughing ahead with plans to launch new Indian equity derivative products despite an injunction from the Bombay High Court.

Australian banks step up Asia asset sales

IFR 2235 26 May to 1 June 2018

Australia and New Zealand Banking Group and Commonwealth Bank of Australia are offloading more assets in Asia, continuing the pull-back of Australia’s big four banks in the region.

Marsaglia joins private equity

IFR 2235 26 May to 1 June 2018

Stefano Marsaglia is to join private equity firm Peninsula Capital as managing partner after stepping down earlier this month as executive chairman of corporate and investment banking at Mediobanca.

JP Morgan promotes Hillery, Baygual in EMEA rejig

IFR 2235 26 May to 1 June 2018

JP Morgan has promoted bankers Conor Hillery and Guillermo Baygual to give them wider responsibility for corporate companies and financial firms across Europe, Middle East and Africa.

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    Bonds

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

    Westpac NZ on European mission

    IFR 2235 26 May to 1 June 2018

    Westpac New Zealand is about to test European demand for Antipodean bank issuance in the wake of the headline-grabbing scandals exposed by the Australian inquiry into bank practices.

    'Zombie' deals PRC haircut blow

    IFR 2235 26 May to 1 June 2018

    For the second time in less than a year, a Chinese state-owned steelmaker has imposed a haircut on holders of its onshore bonds, further demonstrating the government’s resolve to let “zombie” companies default as part of its deleveraging campaign.

    Guotai Junan buys back perps

    IFR 2235 26 May to 1 June 2018

    Guotai Junan International Holdings has agreed to buy back US$255m of its 4.5% subordinated perpetual securities following the completion of a tender offer.

    CEBHK eyes dual-currency

    IFR 2235 26 May to 1 June 2018

    China Everbright Bank Hong Kong branch, rated Baa2/BBB (Moody’s/Fitch), has hired banks for a proposed offering of notes denominated in US dollars and/or euros.

    Firstmac plans quick return

    IFR 2235 26 May to 1 June 2018

    Non-bank lender Firstmac has released initial price thoughts for four tranches of the A$1bn Firstmac Mortgage Funding Trust No. 4 Series 2-2018 RMBS after pre-placing the reverse-enquiry-driven A$850m Class A1 notes.

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      Loans

      Bhushan boost for debt workouts

      IFR 2235 26 May to 1 June 2018 By ,

      Tata Steel is borrowing Rs165bn (US$2.42bn) to fund the acquisition of a controlling stake in Bhushan Steel in a significant step forward under India’s new bankruptcy rules.

      An Aboriginal man plays a traditional musical instrument called a didgeridoo as he performs a "Welcome to Country" ceremony in front of the Sydney Opera House.

      Green loans set to grow

      IFR 2235 26 May to 1 June 2018 By Sharon Klyne

      Australia’s Green loan market is poised to grow as the economy transitions away from fossil fuel investments, but bankers are concerned that borrowers could be overstating, or “greenwashing”, their environmental credentials.

      Toshiba Corp's CEO Nobuaki Kurumatani attends a news conference at the company's headquarters in Tokyo, Japan.

      Toshiba adds to M&A bonanza

      IFR 2235 26 May to 1 June 2018 By Wakako Sato

      After months of inertia, Asia’s largest-ever leveraged buyout is closer to becoming a reality following approval of the ¥2trn (US$18bn) private equity buyout of Toshiba’s chip unit.

      Fosun launches US$550m takeout

      IFR 2235 26 May to 1 June 2018

      A unit of Hong Kong-listed Chinese conglomerate Fosun International has launched a US$550m three-year senior loan that will refinance a bridge facility backing the parent’s acquisition of of India’s Gland Pharma last year.

      Reliance Worldwide backs UK buy

      IFR 2235 26 May to 1 June 2018

      Plumbing products maker Reliance Worldwide is backing its £687.5m acquisition of UK-based John Guest Holdings with a A$750m (US$567m) syndicated loan.

      Nature's Care LBO loan launched

      IFR 2235 26 May to 1 June 2018

      Mandated lead arrangers and bookrunners Standard Chartered and UOB Bank have launched into general syndication a A$280m (US$211m) five-year amortising loan to back a Chinese state-backed consortium’s buyout of Australian vitamin company Nature’s Care Manufacture.

      Autoliv nets bridge for spin-off

      IFR 2235 26 May to 1 June 2018

      Automotive safety company Autoliv is backing the spin-off of its Veoneer electronics unit subsidiary with a US$800m six-month bridge loan from JP Morgan and SEB.

      Dubai Aerospace signs US$480m RCF

      IFR 2235 26 May to 1 June 2018

      Dubai Aerospace Enterprise has signed a US$480m unsecured four-year revolving credit facility with an accordion feature that allows the facility to be increased to up to US$800m at any time after the initial closing.

      More from Loans

      Equities

      Residential apartment complex Vinhomes Metropolis of Vingroup is seen under construction in Hanoi, Vietnam.

      Vinhomes stumbles on debut

      IFR 2235 26 May to 1 June 2018

      Waning euphoria for emerging market shares led to a weaker than expected listing last week for Vinhomes,  Vietnam’s largest IPO.

      Senco Gold plans IPO later this year

      IFR 2235 26 May to 1 June 2018

      Jeweller Senco Gold is planning an IPO that could raise Rs5bn-Rs6bn (US$74m-$88m) later this year, people with knowledge of the transaction have said.

      Sansera hires banks for IPO

      IFR 2235 26 May to 1 June 2018

      Sansera Engineering has hired Credit Suisse, ICICI Securities, IIFL Holdings and Nomura for a domestic IPO of up to Rs15bn (US$220m), people with knowledge of the transaction said.

      Qingdao Haier cuts CB size

      IFR 2235 26 May to 1 June 2018

      Chinese home appliances company Qingdao Haier has reduced the target size to up to Rmb4.28bn (US$671m) for a proposed issue of six-year convertible bonds from the original Rmb5.64bn.

      Zhengzhou lender heads for Shenzhen

      IFR 2235 26 May to 1 June 2018

      Bank of Zhengzhou has cleared a China Securities Regulatory Commission hearing for a proposed Shenzhen IPO of up to 600m shares, or about 10% of its enlarged capital.

      Huanshuo joins Hong Kong IPO fever

      IFR 2235 26 May to 1 June 2018

      Shanxi Huanshuo Electronic Technology has become the latest Chinese third board company seeking to list in Hong Kong under a newly introduced arrangement.

      Puxin files for NYSE IPO

      IFR 2235 26 May to 1 June 2018

      Puxin, a K-12 after-school tuition provider in China, has filed for a US$300m NYSE IPO.

      Cango plans US IPO

      IFR 2235 26 May to 1 June 2018

      Cango, a provider of automotive transaction services in China, is planning to raise about US$400m from a US IPO this year, according to people familiar with the situation.

      More from Equities

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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.

      IFR Review of the Year 2017 IFR+RoY+Cover+2017+Homepage
      IFR's review of 2017 looks at bank regulation, the latest developments in Green loans, bank hiring, standalone investment banks, Saudi reforms and more, including a visit to Save the Children projects part-funded by donations at the IFR Awards dinner.

      Also includes the IFR Awards 2017.

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

      Forbidden Fruit

      IFR 2235 26 May to 1 June 2018

      AT DEUTSCHE BANK, oranges are not the only fruit – there’s no fruit at all.