sections

Sunday, 21 July 2019

Never mind the quality, feel the yield

IFR 2293 20 July to 26 July 2019

Not long ago – and forever before that – the prospect of Greece raising debt at 1.9% would have been unthinkable.

Top News

Greek

Investors turn blind eye to Greek growth outlook

IFR 2293 20 July to 26 July 2019 By

Investors jumped into Greece’s first deal since a new government came to power earlier this month, gambling that the state’s huge debt pile will continue to be supported by the country’s official creditors.

Siena

BMPS overcomes doubts with much-needed Tier 2

IFR 2293 20 July to 26 July 2019 By

Banca Monte dei Paschi di Siena negotiated concerns over its chequered past and an uncertain future to complete a long-awaited sale of subordinated debt last week.

Home Credit czechs in for HK IPO

Home Credit checks in for HK IPO

IFR 2293 20 July to 26 July 2019 By

Czech consumer finance company Home Credit has filed for a Hong Kong IPO, in a sign that Anheuser Busch InBev’s high-profile flop has not deterred other foreign companies from seeking to list on the exchange.

Evonik

Arrangers work to shift Evonik unit loan

IFR 2293 20 July to 26 July 2019 By

Lead banks are in talks with private debt funds and family offices to shift the unsold portion of a €1.8bn buyout financing for German chemicals group Evonik’s methacrylates plastics unit Madrid, and are considering launching a second syndication process.

Election relief for Aussie banks

Aussie big four make capital inroads

IFR 2293 20 July to 26 July 2019 By

Two of Australia’s four biggest banks last week made sizeable inroads into their newly increased capital requirements with a pair of record-breaking Tier 2 offerings that highlighted the gulf in size, tenor and pricing between local and international markets.

The headquarters of Scout24

Lev lenders play high stakes with P2P loans

IFR 2293 20 July to 26 July 2019 By

European leveraged loan bankers desperate for fees as a result of the ongoing low deal flow are frustrated after a handful of lucrative public-to-private financings have collapsed.

Federal Deposit Insurance Corp (FDIC) logo

FDIC eyes regulatory roll-back to boost bank RMBS

IFR 2293 20 July to 26 July 2019 By

The Federal Deposit Insurance Corporation is considering dropping loan disclosure requirements for bank issued private RMBS, in a bid to boost bank participation in a market that has struggled to recover from the financial crisis and is now dominated by non-bank issuers.

Fujian Aonong Biotech plans to raise Rmb1.39bn from private share placement

Genmab sets high bar in Nasdaq IPO

IFR 2293 20 July to 26 July 2019 By

Danish cancer drug developer Genmab collected US$581.8m in a record-setting Nasdaq debut last week.

Budweiser

Investors snub 'overpriced' Bud

IFR 2293 20 July to 26 July 2019 By ,

The withdrawal of the up to HK$76.6bn (US$9.8bn) IPO of Budweiser Brewing Company APAC dealt a blow to the Hong Kong stock exchange, and some bankers even questioned whether Asian markets have the depth to absorb listings of its size.

NDRC sparks new property rush

NDRC sparks new Chinese property rush

IFR 2293 20 July to 26 July 2019 By

International bond sales from China’s property sector show no sign of abating despite new restrictions on the use of offshore bond proceeds in a bid to clamp down on property speculation.

CDC nets lowest Samurai coupon

CDC nets lowest Samurai coupon

IFR 2293 20 July to 26 July 2019 By

French public sector financial institution Caisse des Depots et Consignations priced a ¥15bn (US$140m) three-year Samurai bond issue at par to yield 0.06%, thought to be the lowest coupon ever achieved in the Samurai market.

IFR Magazine Top News in Full (subscription required)

People & Markets

Goldman eyes Morgan Stanley crown

IFR 2293 20 July to 26 July 2019

Goldman Sachs stepped up efforts to unseat Morgan Stanley as the top bank in equities trading in the second quarter and came closer than analysts expected.

Deutsche revival plan: this time it's different

IFR 2293 20 July to 26 July 2019

This time it’s different. No, really, it is.

CS poaches Goldman's Shawki to lead Saudi push

IFR 2293 20 July to 26 July 2019

Credit Suisse has hired Hazem Shawki from Goldman Sachs to head its investment banking and capital markets business for the Middle East, Turkey and Africa, including building up its business in Saudi Arabia.

Who's moving where

IFR 2293 20 July to 26 July 2019

Victoria Land, formerly HSBC’s head of sustainable bonds for EMEA, has joined Credit Agricole’s sustainable banking Asia-Pacific team. Land (nee Clarke) is based in Hong Kong and reports to Dominique Duval, head of sustainable banking for Asia-Pacific. Her mandate will include the development of green and sustainability financial products, including bonds, loans, structured finance and investment products in several Asian countries, both with issuers and investors. Land left HSBC in 2018 after joining the bank in June 2015, and previously worked as an ESG investment analyst at Fidelity International.

NAB picks RBS's McEwan as new CEO

IFR 2293 20 July to 26 July 2019

National Australia Bank has turned to Ross McEwan, the architect of Royal Bank of Scotland’s post-crisis recovery, to become its CEO as it looks to turn the page on a period of turmoil stemming from Australia’s inquiry into financial misconduct.

    More from People & Markets

    Bonds

    China: Bright Scholar plans dollar debut

    IFR 2293 20 July to 26 July 2019

    Bright Scholar Education Holdings has hired JP Morgan as global coordinator and bookrunner for a proposed debut US dollar Reg S senior notes offering.

    China: Oil and Gas pays generously

    IFR 2293 20 July to 26 July 2019

    China Oil and Gas Group has priced US$320m 5.50% 3.5-year non-call two senior bonds at 99.373 to yield 5.70%, the tight end of final guidance of 5.75% (+/–5bp) and well inside initial guidance of the 6.00% area.

    China: CMIG concerns weigh on Yida

    IFR 2293 20 July to 26 July 2019

    Fitch last Thursday downgraded the ratings on Chinese business park developer Yida China Holdings and its US$300m 6.95% bonds to CCC from B– to reflect the company’s weakening access to funding.

    BoQ markets REDS RMBS

    IFR 2293 20 July to 26 July 2019

    Bank of Queensland has mandated ANZ, Macquarie, NAB and Westpac to market a potential Australian dollar RMBS transaction under its REDS programme.

    People's Choice RMBS

    IFR 2293 20 July to 26 July 2019

    People’s Choice Credit Union has released initial price guidance for an indicative A$500m prime RMBS offering, via Light Trust 2019-1, expected to be launched this week.

      More from Bonds

      Loans

      Evonik

      Arrangers work to shift Evonik unit loan

      IFR 2293 20 July to 26 July 2019 By

      Lead banks are in talks with private debt funds and family offices to shift the unsold portion of a €1.8bn buyout financing for German chemicals group Evonik’s methacrylates plastics unit Madrid, and are considering launching a second syndication process.

      Nexon deals blow to LBO market

      IFR 2293 20 July to 26 July 2019 By

      Asia’s leveraged finance market suffered a major disappointment after the founder of South Korean video game publisher Nexon scrapped plans to sell a controlling stake in its parent NXC, dashing hopes for what could have been the country’s biggest private equity buyout.

      Banks, loan market told to step up Libor switch plans

      IFR 2293 20 July to 26 July 2019 By

      Progress on the transition from Libor rates to risk free rates in the loan markets is needed in the next year or so ahead of the discontinuation of Libor at the end of 2021, Britain’s top financial regulator said last week.

      The headquarters of Scout24

      Lev lenders play high stakes with P2P loans

      IFR 2293 20 July to 26 July 2019 By

      European leveraged loan bankers desperate for fees as a result of the ongoing low deal flow are frustrated after a handful of lucrative public-to-private financings have collapsed.

      L&T Finance debuts with US$375m facility

      IFR 2293 20 July to 26 July 2019 By

      L&T Finance has launched a maiden US$375m multi-tranche financing, joining a slew of Indian non-bank financial companies that are also tapping the offshore syndicated loan market for the first time.

      Hong Kong: IFC Development closes HK$10bn refi

      IFR 2293 20 July to 26 July 2019

      IFC Development has closed its self-arranged five-year refinancing at HK$10bn (US$1.28bn) with 12 banks joining in syndication.

      Hong Kong: Xtep launches HK$1.6bn refi

      IFR 2293 20 July to 26 July 2019

      Hong Kong-listed sportswear manufacturer Xtep International Holdings has launched a HK$1.6bn (US$205m) four-year amortising term loan into general syndication.

      Hong Kong: Shandong Qingyuan into general

      IFR 2293 20 July to 26 July 2019

      Shandong Qingyuan Group has launched a US$750m three-year structured term loan into general syndication.

      More from Loans

      Equities

      NBFCs approach nervous market

      IFR 2293 20 July to 26 July 2019

      India’s non-banking financial companies are still looking to raise money in the country’s capital markets, even as analysts warn that the risks of another collapse in the sector are rising.

      China: Yihai Kerry Arawana plans ChiNext IPO

      IFR 2293 20 July to 26 July 2019

      Yihai Kerry Arawana Holdings, one of the largest agricultural and food processing companies in China, has filed with the China Securities Regulatory Commission for a proposed ChiNext IPO to raise Rmb13.9bn (US$2bn).

      China: EAL files for Shanghai IPO

      IFR 2293 20 July to 26 July 2019

      Eastern Air Logistics has filed with the China Securities Regulatory Commission for a proposed Rmb2.41bn (US$350m) Shanghai IPO.

      China: CSRC warns tech board candidate

      IFR 2293 20 July to 26 July 2019

      The China Securities Regulatory Commission has sent warning letters to Shanghai tech board candidate Shanghai Friendess Electronic Technology and its sponsor, Citic Securities, for improperly revising documents related to a Rmb835m (US$121m) IPO.

      China: Bear Electric plans Shenzhen IPO

      IFR 2293 20 July to 26 July 2019

      Bear Electric Appliance, a manufacturer of household electrical goods, conducted price consultations on July 17–18 for a Rmb1.08bn (US$157m) Shenzhen IPO.

      China: CSRC clears three tech board IPOs

      IFR 2293 20 July to 26 July 2019

      The China Securities Regulatory Commission has approved the IPO registrations of three Shanghai tech board candidates that plan to raise a combined Rmb3.15bn (US$458m).

      China: Alibaba gets share split green light

      IFR 2293 20 July to 26 July 2019

      Alibaba Group Holding’s shareholders have approved a one-to-eight share split ahead of a listing in Hong Kong later this year.

      China: Alphamab Oncology files for HK IPO

      IFR 2293 20 July to 26 July 2019

      Biopharmaceutical company Alphamab Oncology has filed with the Stock Exchange of Hong Kong for an IPO.

      More from Equities

      UPDATE 1-High-yield primary market on course for busiest July since 2014

      19 July 2019 By

      The primary market for US high-yield corporates is on course to seeing its busiest July since 2014 as issuers take advantage of buoyant conditions to refinance debt and fund acquisitions.

      xcibs canada

      CORRECTED-CIBC pays price for Canada's first callable TLAC trade

      19 July 2019 By

      Canadian Imperial Bank of Commerce paid a hefty price this week for a call option - the first ever on a Canadian total loss absorbing capacity bond - raising questions over the logic of the debut trade.

      British and EU flags

      Victoria tightens pricing on refi

      19 July 2019 By

      UK carpet maker Victoria managed to bring its revived refinancing deal at a more attractive level than that indicated on the deal it abandoned last year.

      Sinclair Broadcast Group headquarters in Hunt Valley, Maryland

      Diamond Sports bonds trade up in secondary

      19 July 2019 By

      High-yield bonds sold by Sinclair Broadcast Group’s Diamond Sports subsidiary traded up in the secondary market on Friday as investors scrambled for a piece of the biggest junk bond sold so far this year.

      Logo of Sinclair Broadcast Group

      Diamond prints year's biggest junk bond despite covenant worries

      19 July 2019 By

      Diamond Sports Group, a subsidiary of Sinclair Broadcast Group, raised US$4.875bn on Thursday in what was the largest high-yield bond trade so far this year.

      Logo of the Federal Deposit Insurance Corporation (FDIC)

      FDIC eyes regulatory roll-back to boost bank RMBS

      19 July 2019 By

      The Federal Deposit Insurance Corporation is considering dropping loan disclosure requirements for bank issued private RMBS, in a bid to boost bank participation in a market that has struggled to recover from the financial crisis and is now dominated by non-bank issuers.

      Credit Suisse

      MOVES-Credit Suisse hires banks dealmaker Wiant from Lazard

      19 July 2019 By Harry Brumpton

      (Reuters) Credit Suisse has hired Jerry Wiant as a managing director and head of American Banks coverage team, according to an internal memo seen by Reuters.

      IFR SNAPSHOT-HY active as IG primary goes quiet

      19 July 2019 By

      The IG primary is idle this Friday, but the high-yield market is expecting up to three deals, making it one of the busiest weeks of the year.

      AB InBev

      AB InBev bonds rally on planned US$11.3bn asset sale

      19 July 2019 By

      Anheuser Busch InBev bonds were rallying on Friday after the company got its deleveraging plans back on track, with the announced US$11.3bn sale of its Australian subsidiary.

      US one-hundred dollar bills

      High-yield primary market on course for busiest July since 2014

      19 July 2019 By

      The primary market for US high-yield corporates is on course to seeing its busiest July since 2014 as issuers take advantage of buoyant conditions to refinance debt and fund acquisitions.

      BNP Paribas

      MOVES-BNP Paribas bolsters French client coverage in ECM

      19 July 2019

      Thierry Petit, head of equity-linked in EMEA at BNP Paribas, is moving to Paris to enhance coverage of French clients across cash equity and equity-linked.

      RBS

      MOVES-NAB turns to RBS's McEwan to lead transformation

      19 July 2019 By

      National Australia Bank has turned to Ross McEwan, the architect of Royal Bank of Scotland’s post-crisis recovery, to become its CEO as it looks to turn the page on a period of turmoil stemming from the country’s inquiry into financial misconduct.

      JP Morgan

      JP Morgan goes its own way with €1.5bn senior

      19 July 2019 By

      JP Morgan took a different tack to other US banks rushing into the primary market post-results, opting for euros over US dollars with a €1.5bn 12-year non-call 11 trade.

      A morning commuter walks past the CIT Group Inc. building in New York

      Market-based pricing disappearing on blue-chip US loans

      19 July 2019 By

      Market-based pricing is disappearing in US investment-grade lending as credit default swaps become a less relevant measurement of risk, and lenders feel less need to buy protection against the loans as top companies continue to perform in a stable economy.

      Bank of America Merrill Lynch sign

      MOVES-BAML hires TMT banker Aghili from Credit Suisse

      18 July 2019 By

      Bank of America Merrill Lynch has hired TMT banker Shar Aghili away from Credit Suisse, naming him as a managing director focused on software and infrastructure clients.

      The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong.

      MOVES-BAML hires Vitols from Barclays

      18 July 2019 By

      Bank of America Merrill Lynch has named Janis Vitols head of global asset management investment banking, reporting to Will Addas, vice chairman and head of Americas Financial Institutions Group.

      All Latest news

      Digital Edition

      Access a digital edition of the latest print magazine here.

      To read the IFR Magazine Digital Edition you will need to enter your details in the login section.

      If you have forgotten your password, or would like to find out more about IF subscriptions, please email rm.clientsupport@refinitiv.com.

      Special Reports and Roundtables

      IFR Green Financing Roundtable 2019 IFR+Green+Financing+Roundtable+2019+Cover
      Green finance has become one of the most important themes driving global finance. It has captured the attention of banks, companies, investors, governments and the general populace. And it continues to gather pace as the notion of a climate emergency demanding urgent action increasingly takes hold.

      IFR SSA Special Report 2019 IFR+SSA+Special+Report+2019
      Best laid plans: Few would be so presumptuous as to lay claim to the ability to plot the progress of the global economy with unerring accuracy on a constant basis. But there are still many that make the prediction game their stock in trade – with varying degrees of success.

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

      Milk, no sugar

      IFR 2293 20 July to 26 July 2019

      IN AN ERA when banks are retreating from the high street and branches are being turned into bars, it’s fitting that bank-turned-failed-headhunting firm Santander is combining both concepts.