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Wednesday, 25 April 2018

Aroundtown Property Holdings logo

Aroundtown hits wall despite juicy spread

25 April 2018 By

Aroundtown has found the going tough on its third euro outing this year despite starting the marketing process at a mouth-watering pricing level.

Manufactured credit events may "damage" CDS market - CFTC

25 April 2018 By

Manufactured credit events may be market manipulation and “severely damage the integrity” of the credit default swaps markets, a US regulator said on Tuesday.

IFR SNAPSHOT-IG market quiet as stocks, Treasuries gyrate

25 April 2018 By

The investment-grade corporate bond market is taking a bit of a breather on Wednesday, offering just one deal.

phone.jpg

NFON on the road with €120m Frankfurt IPO

25 April 2018 By

German cloud telephony provider NFON opened books today on a Frankfurt IPO that will raise €120m.

Kommunalbanken sign

KBN dollar sails through despite tight print

25 April 2018 By

Kommunalbanken sailed through the US dollar market on Wednesday, attracting orders of over US$1.65bn for a US$1bn no-grow three-year despite the tight print on offer.

Caja Rural de Navarra logo

Caja Rural de Navarra finds sustainability en vogue

25 April 2018 By

Investors reacted strongly to Caja Rural de Navarra’s second Sustainable covered benchmark, supporting one of the biggest pricing squeezes seen for some time.

The company logo of United Company RUSAL is displayed during a news conference in Hong Kong

Russians edge nearer to return

25 April 2018 By

A reprieve for Rusal could open up the possibility of Russian issuers returning to the market, after the US Treasury gave US consumers until October 23 instead to wind down business with the aluminium producer.

tidjane thiam credit suisse

Markets weakness shaded by wealth management at Credit Suisse

25 April 2018 By

Credit Suisse chief executive Tidjane Thiam appeared unconcerned that US investment banks had outperformed the Swiss bank in equities during the first quarter, claiming the group was now principally focused on wealth management after two years of “deep restructuring”.

A woman walks past the logo of French bank Societe Generale as she enters the bank's headquarters in La Defense near Paris.

MOVES-SG promotes pair to head global markets sales Europe, Asia

25 April 2018

Societe Generale has appointed new heads of global markets sales for Europe and for Asia-Pacific within its corporate and investment banking business.

A view shows the Standard & Poor's building in New York's financial district

Global bond issuance in 2018 to decline around 2.3%: report

25 April 2018 By

S&P Global Fixed Income Research said in a report that it expects global bond issuance in 2018 to decline by roughly 2.3% from the 2017 total.

NAFIN logo

Nafin readies local auction with Euroclearable securities

25 April 2018 By

Mexico’s Nafin is looking to raise up to Ps4bn (US$212m) on Wednesday when it carries out a local bond auction that will include Euroclearable securities.

Logo of U.S. co-working firm WeWork

WeWork start-up poised for junk-bond debut

24 April 2018 By

Office space provider WeWork on Tuesday announced its first ever bond sale, a junk-rated offering to help fund faster growth for the cash-burning start-up.

In weak market, investors less than cheery on IG bonds

24 April 2018 By ,

It was slow going attracting investors to 10 investment-grade bond deals up for sale Tuesday, in a sign that broader market weakness was making buyers price-sensitive and selective.

Angola

Angola turns to bond markets to support public finances

24 April 2018 By

Angola is meeting investors ahead of what would be only the second international bond from the oil-rich African sovereign.

An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London

Bankers prepare for UK DMO's longest Gilt yet

24 April 2018 By

Bankers are putting together proposals ahead of the UK DMO’s first syndication of the new fiscal year, a trade that will be the issuer’s longest Gilt yet.

Flag of Norway

Debut Sparebanken Sor senior draws crowd

24 April 2018 By

Sparebanken Sor joined the string of smaller Norwegian issuers venturing into the international market and attracted nearly €700m of orders in a couple of hours, a sturdy response for the sub-benchmark three-year floater.

All Latest news

Mizzed opportunity

IFR 2230 21 April to 27 April 2018

As mishaps go, this was as high-profile as it gets.

Top News

A man walks past a logo of Mizuho Financial Group in Tokyo

Mizuho missed Saudi and Qatar bonds after forgetting to pick a side

IFR 2230 21 April to 27 April 2018 By ,

Losing an underwriting slot at the last minute on one US$10bn-plus sovereign bond deal is bad enough, but losing two is nothing less than a disaster.

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.

WuXi AppTec's IPO to raise just Rmb2.25bn as China's tech push meets A-share valuation cap

IFR 2230 21 April to 27 April 2018 By ,

China’s first high-profile “new economy” IPO since regulators unveiled plans to attract more technology listings underscores the challenges of going public in the domestic market.

A combination file photo shows Wells Fargo, Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America,

Right kind of volatility: equity trading surge saves first quarter for US banks

IFR 2230 21 April to 27 April 2018 By

The five largest US banks rode a wave of volatility to a record setting haul in equity trading in the first quarter, reaping a combined US$9.5bn of revenue, up 34% from the year before.

Sanofi logo

Lenders make a beeline for €1bn-plus Zentiva financing

IFR 2230 21 April to 27 April 2018 By

Goldman Sachs, JP Morgan and Morgan Stanley are in line to lead a financing in excess of €1bn to back private equity firm Advent International’s acquisition of European generic drugs company Zentiva, as other banks vie to win a spot on the aggressive deal, undeterred by its high leverage.

Nicolas Maduro

Venezuela bondholders inch towards showdown

IFR 2230 21 April to 27 April 2018 By , Maiya Keidan, Corina Pons

Investors holding billions of dollars in defaulted Venezuelan bonds have formed at least one bondholder committee that is seeking a financial adviser, several sources said, in a sign they may be gearing up for a legal dispute.

AXA

US$3.8bn bond from AXA's US unit paves way for listing

IFR 2230 21 April to 27 April 2018 By ,

The US unit of French insurer AXA raised US$3.8bn from a three-part debut bond last week that lays the groundwork for a NYSE IPO that could end up as the largest US listing of the year.

A balloon flies behind clouds

US$560m DocuSign deal heads tech IPO queue

IFR 2230 21 April to 27 April 2018 By

E-signature company DocuSign last week launched a US$560m IPO that joins a robust calendar of US cloud computing deals seeking to exploit hefty valuations in the sector.

A backdrop displays the title of Bond Connect at Hong Kong Exchanges in Hong Kong, China.

China issuers warm to Bond Connect

IFR 2230 21 April to 27 April 2018 By

Chinese issuers are increasingly targeting global investors for domestic bond offerings, as they look to take advantage of growing demand for onshore renminbi securities to broaden their investor relationships.

The company logo of United Company RUSAL is displayed during a news conference in Hong Kong

Banks assess Rusal options

IFR 2230 21 April to 27 April 2018 By

Lenders to Rusal are exploring how to get rid of their exposure to Russian aluminium company before a May deadline set by the US, as the fallout from fresh US sanctions pulls Russian loan pricing lower in Europe’s secondary market.

AT&T

AT&T disconnects spin-off of LatAm pay TV unit

IFR 2230 21 April to 27 April 2018 By

AT&T cancelled the IPO of its Latin America and Caribbean pay TV unit Vrio last week rather than accept a deeply discounted valuation.

IFR Magazine Top News in Full (subscription required)

People & Markets

Goldman, Morgan Stanley outshine rivals

IFR 2230 21 April to 27 April 2018

Morgan Stanley and Goldman Sachs bucked the slumping trend in investment banking revenues shown by their bigger money centre bank rivals in the first quarter, aided by a strong showing from Goldman in underwriting.

Bonds for retail investors plummet after MiFID II

IFR 2230 21 April to 27 April 2018

Issuance of low denomination bonds has collapsed this year as new European Union trading rules appears to have left underwriters wary of falling foul of tighter rules on marketing products to retail investors.

BAML picks Mensah to head EMEA

IFR 2230 21 April to 27 April 2018

Bank of America Merrill Lynch has promoted Bernie Mensah, co-head of fixed income trading, to head its business in Europe, Middle East and Africa, filling the position left vacant by Alex Wilmot-Sitwell’s decision to leave.

Who's moving where

IFR 2230 21 April to 27 April 2018

UK GOVERNMENT INVESTMENTS, the body that manages the government’s stake in Royal Bank of Scotland, has hired Charles Donald as head of financial institutions. Donald joined from Credit Suisse, where he was vice-chairman of UK advisory and corporate broking. He was previously co-head of CS’s UK investment banking division – at the time a colleague of both James Leigh-Pemberton, now deputy chairman of UKGI, and Ewen Stevenson, now finance director at RBS. Donald’s main task will be to start the sale of Britain’s 71% stake in RBS.

Watchdog takes bite at bad apples

IFR 2230 21 April to 27 April 2018

Financial firms need to be more rigorous when interviewing potential employees to make sure they do not hire “bad apples” with a record of misconduct who move from job to job without disclosing previous issues, the Financial Stability Board said.

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    Bonds

    The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan.

    SoftBank clears way for IPO

    IFR 2230 21 April to 27 April 2018

    SoftBank Group has raised US$2.5bn-equivalent from dual-currency bonds to help release guarantee obligations ahead of the planned public listing of its telecoms unit SoftBank Corp.

    Unrated Iliad dials dual-trancher

    IFR 2230 21 April to 27 April 2018

    Unrated French telecoms company Iliad jumped in with a €1.15bn dual-tranche outing last Wednesday, the day after holding an investor call.

    KommuneKredit back in style in sterling

    IFR 2230 21 April to 27 April 2018

    KommuneKredit returned to the sterling market with panache last week, pricing its first new line in the currency since 2015 alongside a liability management exercise that was the first buyback of sterling paper by an agency.

    Unilever announces €6bn max share buyback in May

    IFR 2230 21 April to 27 April 2018

    Unilever said in its first-quarter results announcement it intends to start a share buyback programme of up to €6bn in May to return expected after-tax proceeds from the disposal of its spreads business.

    Canadian regulator to reconsider covered issuance limit

    IFR 2230 21 April to 27 April 2018

    The 4% limit currently imposed on the amount of covered bonds that Canadian banks can issue could be changed this year by the regulator.

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      Loans

      ONGC targets onshore dollars

      IFR 2230 21 April to 27 April 2018 By

      India’s biggest oil explorer Oil and Natural Gas Corp is looking to raise US$1bn in the onshore market, in the first big deal to target foreign-currency deposits with domestic lenders.

      Sanofi logo

      Lenders make a beeline for €1bn-plus Zentiva financing

      IFR 2230 21 April to 27 April 2018 By

      Goldman Sachs, JP Morgan and Morgan Stanley are in line to lead a financing in excess of €1bn to back private equity firm Advent International’s acquisition of European generic drugs company Zentiva, as other banks vie to win a spot on the aggressive deal, undeterred by its high leverage.

      Citigroup veteran Vanderslice departs for Cantor

      IFR 2230 21 April to 27 April 2018 By

      Paul Vanderslice has left Citigroup after nearly three decades to head the real estate securities arm of Cantor Fitzgerald, a person familiar with the matter told IFR.

      SC Lowy, UOB AM shelve CLO plan

      IFR 2230 21 April to 27 April 2018 By

      Hong Kong-based credit trading firm SC Lowy and Singapore’s UOB Asset Management have dropped plans for a US$400m collateralised loan obligation due to waning investor appetite.

      Austria: Verbund bags first digital Green SSD

      IFR 2230 21 April to 27 April 2018

      Electricity company Verbund has closed a €100m 10-year Schuldscheindarlehen, becoming the first company to issue a Green SSD on a digital, blockchain-capable platform.

      GTT markets US$2.1bn deal

      IFR 2230 21 April to 27 April 2018

      Cloud networking company GTT Communications launched approximately US$2.1bn of loans to support its purchase of London-based rival Interoute, and to refinance debt.

      MFG launches £1.5bn loans

      IFR 2230 21 April to 27 April 2018

      Motor Fuel Group has launched £1.476bn-equivalent of loans backing its acquisition by MRH, one of several larger buyout deals due to come to market in the coming weeks.

      Bulgaria: Vivacom refis with €345m loan

      IFR 2230 21 April to 27 April 2018

      Bulgarian Telecommunications Co (Vivacom) has refinanced its existing €400m senior secured bond by drawing down on a €345m syndicated loan that was arranged at the end of 2017.

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      Equities

      CBA spin-off to lift Aussie IPOs

      IFR 2230 21 April to 27 April 2018

      Commonwealth Bank of Australia is set to hand the Australian IPO market a much-needed boost with plans to list its investment management business later this year.

      Malaysia preps post-election IPOs

      IFR 2230 21 April to 27 April 2018

      Bankers in Malaysia are preparing to pull the trigger on IPOs of close to US$5bn once the May 9 federal elections are out of the way.

      UK: Oaktree gets out of Countryside

      IFR 2230 21 April to 27 April 2018

      Oaktree Capital exited its investment in Countryside Properties on Thursday night, selling its remaining 8% stake in the UK homebuilder at 358p, a 3.5% discount to the 371p close. Countryside floated in February 2016 and Oaktree made its first post-IPO selldown in late January 2017, coming to the market again in May and November.

      Finland: Altia mostly exercises greenshoe

      IFR 2230 21 April to 27 April 2018

      There was stabilisation on just the first day of trading for drinks company Altia following its IPO, when the shares finished up at €7.72 versus pricing at €7.50.

      Italy: IDG completes financing for portfolio buy

      IFR 2230 21 April to 27 April 2018

      Retail property group Immobiliare Grande Distribuzione SIIQ completed its €150m rights issue with 98.1% take-up. The fundraising will finance the acquisition of a portfolio of four shopping galleries and a retail park in northern Italy from Eurocommercial Properties.

      Norway: Elkem completes stabilisation

      IFR 2230 21 April to 27 April 2018

      Stabilisation manager Morgan Stanley burnt through 12.1m shares supporting the stock price of Elkem, with the remaining 21.16m shares in the greenshoe exercised for a final deal size of NKr7.89bn (US$1bn). The 15% greenshoe was all-secondary.

      Turkey: Beymen files early guidance

      IFR 2230 21 April to 27 April 2018

      Books are due to open this week for the Istanbul floats of retailers Beymen Magazacilik, SOK Marketler and Defacto with the price range for the former filed with the regulator on Friday.

      Norway: Partial 'shoe exercise for Fjordkraft

      IFR 2230 21 April to 27 April 2018

      There was a partial exercise of the 15% secondary greenshoe for electricity supplier Fjordkraft on Friday, with 2.64m shares exercised out of the 3.23m available. Stabilisation took place over the first three days of trading, when the shares closed flat to the NKr31 IPO price, before shifting up and remaining above water since.

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      Derivatives

      Deutsche links new security to JP Morgan

      IFR 2230 21 April to 27 April 2018 By

      Deutsche Bank introduced an innovative security with the sale on Wednesday of a US$225m, five-year cash-settled exchangeable bond tied to the performance of JP Morgan shares.

      Employees take telephone bids during a contemporary art day auction at Sotheby's in London

      High finance helps hype art sales

      IFR 2230 21 April to 27 April 2018 By

      Art prices have been hitting record highs in recent years, helped in part by dealers and financially savvy collectors making use of financing techniques more commonly seen at investment banks, such as futures trading and asset-backed lending.

      Plug Power pays it forward with US$100m CB

      IFR 2226 24 March to 30 March 2018

      Plug Power believes in its future even as its critics do not.

      Virgin Media revives sterling high-yield

      IFR 2226 24 March to 30 March 2018

      Virgin Media revived the sterling high-yield market with a new receivables financing notes offering last week.

      Euroclear eyes hybrid tranche in second offering

      IFR 2226 24 March to 30 March 2018

      Euroclear Investments is gearing up for a maximum €700m two-part outing that could come this week and will include a hybrid tranche.

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      IFR/Save the Children

      Save the Children STC IFR Awards Watkins Kaplinsky

      Save the Children recognises IFR and financial community

      Save the Children has recognised IFR for its 23 years of support for the charity. 

      Special Reports

      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.

      German Corporate Funding Roundtable 2017 IFR+German+Corporate+Funding+RT+2017+Cover
      IFR’s seventh annual German Corporate Funding roundtable, which took place in Frankfurt in early November, found participants upbeat but at the same time pensive and rather preoccupied. It was an unusual emotional juxtaposition.

      Kim. Oh no!

      20 April 2018

      THE OUSTING OF John Cryan as Deutsche Bank’s CEO might have been a shock, but the departure of the bank’s chief operating officer Kim Hammonds was only a matter of time.