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Wednesday, 18 July 2018

MUFG lifts this week's volume closer to US$20bn with deal

17 July 2018 By

Mitsubishi-UFJ Financial Group seized on a positive market sentiment for bank issuers on Tuesday to raise US$4.6bn in a multi-part issue that was over 2.5 times covered.

Debt-laden Altice France refinances debt

17 July 2018 By

Telecoms giant Altice chipped away at its debt maturities Tuesday after selling an upsized high yield bond which some analysts expect to be the first of several refinancing trades.

Goldman enjoys FICC rebound as equity trading stalls

17 July 2018 By

Goldman Sachs missed analysts’ expectations for equity trading in the second quarter despite a rebound in its fixed income commodity and currency division.

MOVES-SG hires Calmejane to lead digital, innovation

17 July 2018

Societe Generale has hired Claire Calmejane from Lloyds Banking Group as its chief innovation officer, tasked with leading digital innovation and automation efforts at the French bank.

Emsland Group signs €150m syndicated loan

17 July 2018 By Nischal Schwager-Patel

Food processing company Emsland Group has signed a €150m, five-year syndicated loan, which was arranged by co-ordinators and bookrunners DZ Bank and NordLB.

Logo of cable and telecommunications company Altice

Altice France pays up for full 2022 refinancing

17 July 2018 By

Attractive levels on Altice’s first European high-yield bond outing since its woes last winter are helping the telecom company’s French operations push out its debt maturities.

London Stock Exchange

London gets added Grit

17 July 2018 By

Pan-African real estate investor Grit Real Estate Income Group is adding a London listing to its Johannesburg and Mauritius lines, offering up to 250m shares.

Investec overhauls Tier 2 via tender, new issue

Investec overhauls Tier 2 via tender, new issue

17 July 2018 By

Investec Bank bolstered its Tier 2 capital with a £420m 10NC5 transaction on Tuesday, part of a broader exercise that also took out £267m of a costly legacy bond that carries a 9.625% coupon.

IFR SNAPSHOT-IG primary quieter as Fed speaker takes stage

17 July 2018 By

The IG primary, after a busy Monday, slowed today ahead of Fed Chairman Jerome Powell’s remarks to the US Senate Banking Committee.

The stimulus connection

FIG market flares back into life

17 July 2018 By

Three banks raised €3bn of euro funding on Tuesday, a burst of activity in what is likely to be a quiet week with the majority of European borrowers in blackout.

A man walks past a sale poster in a shopping mall in Mumbai.

EPP raising cash to fund King Cross Marcelin purchase

17 July 2018 By

Polish REIT EPP has launched a R700m (US$52m) equity placing that part-funds its purchase of Kings Cross Marcelin shopping centre in Poznan for an enterprise value of €91.1m, alongside debt and existing cash reserves.

Blackstone Group office

Blackstone Property Partners Europe back for second leg

17 July 2018 By

On the back of conducive market sentiment and low supply, Blackstone Property Partners Europe Holdings has returned with a €650m seven-year, the second leg of a dual-tranche debut trade mandated mid-June.

David Solomon, Goldman Sachs

Goldman Sachs names Solomon as CEO, putting a banker in charge

17 July 2018 By Matt Scuffham, Jessica DiNapoli

(Reuters) - Goldman Sachs Group named David Solomon as its next chief executive officer on Tuesday, ushering in a new era for the Wall Street bank as it expands into different businesses and revamps familiar ones.

Goldman Sachs

Goldman Sachs beats on strength in bond trading, investment banking

17 July 2018 By Aparajita Saxena

(Reuters) - Goldman Sachs Group reported a better-than-expected quarterly profit on Tuesday, driven by growth in bond trading and investment banking.

A Credit Bank of Moscow branch

CBOM dishes up tender offer

17 July 2018 By

Credit Bank of Moscow has announced a new tender offer, targeting subordinated bonds a month after completing a buyback exercise of two of its senior notes.

Aroundtown Property Holdings logo

Banks pitch SGX REIT IPO to Europe’s Aroundtown

17 July 2018 By

Banks are pitching to Luxembourg-based real estate firm Aroundtown to list some of its European assets through a REIT IPO in Singapore, which could potentially raise up to US$500m in 2019.

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

    Bonds

    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

      Loans

      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

      Equities

      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

      Digital Edition

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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.