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Saturday, 30 May 2015

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Weak foundations

IFR 2085 30 May 2015 to 5 June 2015

Spanish construction outfit Obrascon Huarte Lain made headlines for all the wrong reasons earlier this year, when a trio of banks running its high-yield bond booked losses of up to €20m on the deal.

Top News

TWC

Charter locks in US$31bn for TWC

IFR 2085 30 May 2015 to 5 June 2015 By ,

Bankers and investors are gearing up for a jumbo US$31bn financing to back Charter Communications’ long-expected merger with Time Warner Cable, which would combine the fourth and second-largest cable players in the US.

OHL

OHL paper slides further after Mexico margin call

IFR 2085 30 May 2015 to 5 June 2015 By Robert Smith

Obrascon Huarte Lain’s bonds were under pressure yet again last week, after the Spanish construction firm revealed that it had to post more collateral against a Mexican margin loan.

Ukraine

Ukraine's US$1bn bond a 'drop in the ocean'

IFR 2085 30 May 2015 to 5 June 2015 By

It was a week of good news for Ukraine, with a US$1bn sovereign bond issue completed and a core group of creditors provisionally agreeing to state-owned Ukreximbank’s debt restructuring terms. But emerging market watchers warn that troubles in the country are far from over.

A Hong Kong Exchanges (HKEx) flag

Stock wobble hangs over IPO rush

IFR 2085 30 May 2015 to 5 June 2015 By

An abrupt correction in Chinese equities has clouded the outlook for the US$5.7bn pipeline of Hong Kong IPOs set to hit the market in June.

Europris

IPO season arrives in Europe

IFR 2085 30 May 2015 to 5 June 2015 By , Graham Fahy

Over 20 initial public offerings are currently vying for investors’ attention in a rush of issuance across the EMEA region. Just two – Spie and Inwit – stand out with deal sizes in excess of €750m, so each offering will have to prove its value to investors, unable to claim must-have status.

A labourer (R) gestures to his colleague outside their dormitory at a residential construction site of Evergrande, near a wall painted with the company logo, in Guangzhou, Guangdong province.

Timing hurts Evergrande placement

IFR 2085 30 May 2015 to 5 June 2015 By

Evergrande Real Estate dragged a HK$4.65bn (US$600m) top-up placement across the finish line last Thursday after finding itself caught in a plunging stock market.

FireEye

FireEye blazes toward future on US$800m CB

IFR 2085 30 May 2015 to 5 June 2015 By

FireEye’s fundraising could hardly have been better timed, with the cyber security company tapping investors just as news broke that 100,000 US taxpayers’ records had been illegally accessed. Adding the Internal Revenue Service to the list of recent hacking victims of JP Morgan, Target and Anthem helped underline the investment case for the convertible bond.

HK

Momentum builds for Asian sukuk market

IFR 2085 30 May 2015 to 5 June 2015 By Frances Yoon

Asian sukuk offerings are drawing more demand from the Middle East, boding well for regional hubs trying to raise their profiles in the Islamic finance market.

Movil

Equity-linked gets Slim's backing

IFR 2084 23 May 2015 to 29 May 2015 By

Carlos Slim’s America Movil last week gave the equity-linked market a much-needed shot in the arm with a record-breaking €3bn bond exchangeable into Dutch telecoms firm KPN. Investors rushed to buy with a flood of orders at strike, allowing the deal to be priced at the best terms for the issuer and still be 2.5 times covered.

IFR Magazine Top News in Full (subscription required)

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Capital CityCapital City logo    

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

No pain, no Gayne

IFR 2085 30 May 2015 to 5 June 2015

CORPORATE BROKERS HAVE a spring in their stride again, if the “Gayne to UBS” story is anything to go by. The UK’s tight-knit corporate broking industry has been giving UBS a kicking for most of the year, claiming that the Swiss bank’s loss of a couple of FTSE 100 mandates suggested an irreversible decline.

Fees

Goldman Sachs tops tables, but JP Morgan narrows gap

Goldman Sachs remained atop the global investment banking fee league table in May, although its lead over second-placed JP Morgan narrowed after a number of big deal wins for its larger rival.

Logo of the Financial Stability Board

Global regulators seek to fill the gaps

Senior regulators have acknowledged that significant gaps remain in how the world’s largest banks are being monitored, with a number accepting that the biggest weakness remains in working out how regulators would act if such a major cross-border institution failed.

Brian Moynihan

Fixed income set for poor second quarter

The three-year decline in fixed-income trading shows little sign of abating, with the chief executive of one of the biggest trading houses warning that revenues are likely to be down again when the second-quarter reporting season begins in July.

US banks paying more bonuses than their European rivals

Goldman Sachs tops London bonus league

US banks have surged ahead of their European rivals as the biggest bonus payers in London’s financial industry, with Goldman Sachs coming out on top, according to an analysis of pay data from salary benchmarking site Emolument.com.

Christine Lagarde

On Lagarde, Cretans and the logic of FIFA

Peters caps the week with a global spin on Greece, China, the Fed and football.

Goldman Sachs sign

Goldman shakes up Asia management

Goldman Sachs has named Andrea Vella and Kate Richdale as co-heads of investment banking for Asia, excluding Japan. They will replace Matthew Westerman, who is relocating to London to become chairman of investment banking for Europe, Middle East and Africa.

December 02, 2014

China passes the parcel on provincial debt

China needs to rethink its bonds-for-loans scheme, says Gareth Gore. 

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Lagarde's Grexit comments cause a stirVideo

A German newspaper which quoted IMF Chief Christine Lagarde as saying “A Greek exit is a possibility” – later changed the quote to “Nobody would wish a Grexit on the Europeans,” amid conflicting reports and increasing nervousness over whether Greece is about to secure a cash for reforms deal. Kirsty Basset reports.

All Spotlight

GW38

IFR Fantasy Football League: Dutch Glory wins on the final day

After flirting with the top prize over the past few years, Albert de Waard and his Dutch Glory side finally surged past his Netherlands-based colleagues to give him a first IFRFFL crown in a nail-biting finale.

IFR Eurozone Special Report

IFR Eurozone: Stimulating times

After years of bailouts, downturn, debt, fouls and penalties, it would appear the eurozone first team is finally showing signs of being ready to compete. The technical staff’s promise to do “whatever it takes” to keep the team together gave both players and supporters a lift. And after overcoming question of its legality, the additional stimulus provided by quantitative easing is providing additional confidence that they can cope should the team come unstuck once again.

IFR Private Placements Roundtable 2015 Cover image

IFR Private Placements Roundtable 2015

Private placements have received a lot of attention in Europe in the past year to 18 months. They have been captured fully by the Capital Markets Union debate in Europe as a potentially new funding alternative to bank lending for the benefit of SMEs.

All Special Reports