sections

Tuesday, 25 April 2017

Netflix logo

European investors chill with Netflix

25 April 2017 By , Yoruk Bahceli

Netflix came a step closer to its second tight print in six months on Tuesday, making headway in convincing European investors with its plans.

Novo Banco

Novo Banco hunting for bondholders ahead of LME

25 April 2017 By

Novo Banco is attempting to identify holders of its outstanding bonds ahead of a proposed liability management exercise, according to three market sources.

Passers-by walk in front of a branch of French bank Credit Agricole in Marseille

Credit Agricole swift to act in election afterglow

25 April 2017 By

Investors flooded Credit Agricole’s senior euro offering with almost €4bn of orders, a sign of their renewed comfort around France’s political outlook following Sunday’s first round of voting.

Abu Dhabi National Energy Company (Taqa) office

Put removal sees S&P downgrade Taqa

25 April 2017 By Robert Hogg

S&P has cut Taqa’s rating to A- from A, with a negative outlook, citing recent related-party transactions, including removal of a favourable put arrangement, as raising potential risks to their view of the level of government support for Abu Dhabi’s National Energy Company.

Citigroup gets Saudi Arabia capital markets licence

25 April 2017 By Steve Slater

Saudi Arabia has awarded a licence to Citigroup to allow it to provide a full range of investment banking and capital markets services, the US bank said on Tuesday.

Phoenix tidies up cap structure with joint tap and tender

25 April 2017 By

Phoenix Group is out with a tap of a £300m Tier 3 issue and tender for a senior bond, opting for subordinated debt over senior as it seeks to tidy up its capital structure.

HSBC sees better times ahead as restructuring nears completion

25 April 2017

HSBC said it has effectively completed its multi-year restructuring and stands to benefit from higher interest rates, as it tried to assuage investors’ concerns about its struggle to improve profitability and increase revenues.

Thames Water stirs sterling bond market

25 April 2017 By

Thames Water Utilities offered a mimimal premium for secured subordinated debt on Tuesday, despite spreads in the sterling sector edging wider ahead of the Bank of England pulling the plug on its corporate bond purchase scheme (CBPS).

DERIVATIVES-Seven jurisdictions yet to write swaps margin rules

25 April 2017 By

Seven member-jurisdictions of the Basel Committee on Banking Supervision are yet to issue final or draft rules on margin requirements for uncleared derivatives, despite the passing of the first implementation deadline last September.

MOVES-Citigroup appoints Knittel from Deutsche

25 April 2017 By

Citigroup has appointed Holger Knittel head of M&A for Germany, Austria and Switzerland, according to a memo seen by IFR.

MOVES-​Britain’s Treasury Committee chair Tyrie to step down

25 April 2017 By Andy Bruce

(Reuters) British lawmaker Andrew Tyrie, the chairman of parliament’s Treasury Committee, said on Tuesday he would not stand in the June 8 national election.

HPCL-Mittal Energy makes bold offshore debut

25 April 2017 By

HPCL-Mittal Energy made an audacious offshore debut with a US$375m high-yield offering at a 10-year tenor, attracting orders of around US$1.5bn from over 150 accounts.

Logo of the European Financial Stability Facility

EFSF wraps up Q2 with chunky duo

25 April 2017 By Matt Painvin

Renewed risk appetite following the first round of the French election on Sunday buoyed demand for a dual-tranche transaction from the European Financial Stability Facility, allowing the issuer to price its largest deal since 2014.

Anthony Peters columnist format

Remember, markets are fickle

25 April 2017 By

I closed yesterday’s column saying better to be a tad long than a tad short on the risk front. Well, was that ever the understatement of the year … to date? 

ECB - Policy exit refocus after French election result

25 April 2017 By

The lack of a hiccup in the first round paves the way for no upset in the second and final round of the French presidential election and a likely win for Emmanual Macron.

Huishan

Regulator queries banks over US$200m Huishan loan - sources

25 April 2017

Hong Kong’s banking watchdog is questioning lenders over a US$200m loan raised by China Huishan Dairy Holdings, sources involved in the matter told Reuters, as regulators try to unpick the group’s tangled finances.

All Latest news

Loan time coming

IFR 2180 22 April to 28 April 2017

Rules are made to be broken, but some US Republicans want to throw them out entirely - at least when it comes to leveraged lending.

Top News

Deutsche Bank

Deutsche looks to lighten load of 'panic' deal

IFR 2180 22 April to 28 April 2017 By

Deutsche Bank has launched a bid to lessen the burden of an expensive US$4.5bn bond it issued last October at the height of investor concerns about the bank’s future.

Senator Pat Toomey

Ruling could undo US lending curbs

IFR 2180 22 April to 28 April 2017 By ,

The investigative arm of Congress has been asked to review guidelines on US lending released in 2013 that critics say have put a crimp in bank loans to businesses.

Russia

Russia struggles to entice foreign banks

IFR 2180 22 April to 28 April 2017 By

Russia’s attempts to woo international banks to underwrite a forthcoming sovereign bond deal appear to have failed, with the country’s finance minister saying it will be led by domestic banks only.

Ecuador

Ecuador tests appetite after election

IFR 2180 22 April to 28 April 2017 By

Ecuador is back for more.

An employee walks in a shipping container area at a port near Yangtze River in Wuhan

Esoteric ABS gains favour with investors

IFR 2180 22 April to 28 April 2017 By

Investors looking for a break from auto ABS have been steaming into esoteric issues in recent weeks, looking for the pick-up that has become hard to find in the crowded auto space.

An employee walks past the logo of Netmarble Games at its headquarters in Seoul, South Korea.

Netmarble runs up South Korea's score

IFR 2180 22 April to 28 April 2017 By Robert Hartley

The W2.65trn (US$2.3bn) listing of Netmarble Games last week confirmed South Korea’s appeal among equity investors, despite ongoing political turmoil and rising tensions with North Korea.

Goldman misses the FICC, underwriting revival

Goldman loses mojo after Cohn's departure

IFR 2180 22 April to 28 April 2017 By Philip Scipio

While most banks saw a rebound in fixed-income trading in the first quarter from the abysmal levels of a year ago, Goldman Sachs surprised to the downside with a poor performance.

Intel

Intel takes a hit in Cloudera IPO

IFR 2180 22 April to 28 April 2017 By

Chipmaker Intel plans to buy 10% of the shares in data management software firm Cloudera’s US$210m IPO to support the deal at a far lower valuation than the price paid when it took a strategic stake three years ago.

British Pound Sterling banknotes

Issuers test the limits of high-yield

IFR 2180 22 April to 28 April 2017 By Yoruk Bahceli

Issuers pushed the boundaries of the European high-yield market last week as investors paid above the norm to buy paper despite weak credit profiles, aggressive call options or loose covenant packages.

Theresa May

ECM shrugs off UK election concerns

IFR 2180 22 April to 28 April 2017 By

UK Prime Minister Theresa May’s decision to call a snap election stunned markets and pundits alike, but is not expected to make much of a dent in the equity pipeline. Despite coming to power in 2015 for a term of five years, the Conservative government has called for a general election on June 8.

IFR Magazine Top News in Full (subscription required)

People & Markets

Corporate debt binge buoys DCM revenues

IFR 2180 22 April to 28 April 2017

Investment banking revenue came roaring back in the first quarter, powered by a surge in fees for debt and equity underwriting.

Morgan Stanley treasurer moves to Fannie Mae

IFR 2180 22 April to 28 April 2017

Morgan Stanley’s global treasurer Celeste Brown is leaving the bank to move to Fannie Mae.

Goldman woes show maybe balanced isn't best

IFR 2180 22 April to 28 April 2017

Goldman Sachs’ position as the most evenly balanced investment bank across fixed income, equities, and advisory and underwriting did it little good last quarter, as it underperformed its US peers across all areas.

Ex-Barclays distressed trading head starts US investment firm

IFR 2180 22 April to 28 April 2017

Peter Benoist, the former head of US distressed trading at Barclays, has set up Oakland Capital Partners to provide growth capital and management support to small businesses, according to sources.

Fed slaps Deutsche Bank with Volcker Rule fine

IFR 2180 22 April to 28 April 2017

The US Federal Reserve has fined Deutsche Bank US$157m for “unsafe practices” in its foreign exchange markets business and sloppy record-keeping related to Volcker Rule compliance.

    More from People & Markets

    Bonds

    Brussels Airport to roadshow €300m seven-year

    IFR 2180 22 April to 28 April 2017

    Brussels Airport Company, Belgium’s main national airport operator, last week began testing investor demand ahead of an expected €300m seven-year deal.

    Trillion-dollar central bank purchases support markets - for now

    IFR 2180 22 April to 28 April 2017

    The world’s central banks bought US$1trn of financial assets in the first quarter, underpinning the strong start to the year for both fixed income and equity markets.

    EFSF targeting window this week

    IFR 2180 22 April to 28 April 2017

    The European Financial Stability Facility is looking to print a deal this week, testing market appetite between the two rounds of the French presidential election.

    JICA extends Japanese US dollar offer

    IFR 2180 22 April to 28 April 2017

    Japan International Cooperation Agency returned to the syndicated market last week with a Japan-guaranteed 10-year SEC-registered US dollar bond, its longest deal in the currency.

    International investors show up for safe KfW

    IFR 2180 22 April to 28 April 2017

    KfW took advantage of a thin pipeline and the recent safe-haven rally ahead of the French presidential election to launch its lowest yielding five-year syndicated euro benchmark.

      More from Bonds

      Loans

      Senator Pat Toomey

      Ruling could undo US lending curbs

      IFR 2180 22 April to 28 April 2017 By ,

      The investigative arm of Congress has been asked to review guidelines on US lending released in 2013 that critics say have put a crimp in bank loans to businesses.

      Yingde in covenant breach talks

      IFR 2180 22 April to 28 April 2017 By Yan Jiang

      Yingde Gases Group , which is China’s largest producer of industrial gases, is in talks with lenders after breaching a covenant on its debut offshore loan completed in 2015.

      Stepping up for project financings

      IFR 2180 22 April to 28 April 2017 By Wakako Sato

      Japanese insurance companies are beginning to play bigger roles in the loans market, including building up their lending teams. This is seen as a move that gives project financings a particularly significant boost with the addition of a new liquidity pool.

      CIMB deal into general

      IFR 2180 22 April to 28 April 2017

      A US$400m five-year term loan for CIMB Bank has been launched into general syndication at three ticket levels. 

      Sawai to raise US buy funds

      IFR 2180 22 April to 28 April 2017

      Sawai Pharmaceutical will raise bank loans and use cash to finance its US$1.05bn purchase of US generic drugmaker Upsher-Smith Laboratories.

      Minsheng upped to US$335m

      IFR 2180 22 April to 28 April 2017

      Minsheng Financial Leasing has increased a three-year bullet loan to US$335m from US$200m following an overwhelming response in general syndication. 

      Huiyuan aims for more

      IFR 2180 22 April to 28 April 2017

      China Huiyuan Juice Group is casting its net wider to attract more banks and raise a larger amount of around €280m through a three-year loan after luring three lenders in general syndication.

      Trio provide Spotless funds

      IFR 2180 22 April to 28 April 2017

      Three banks are providing loans to Downer EDI, which is raising debt and equity to finance its A$1.27bn (US$982m) offer for cleaner-caterer Spotless Group. 

      More from Loans

      Equities

      Stobart heads to market

      IFR 2180 22 April to 28 April 2017

      Logistics company Eddie Stobart has raised £122m in fresh capital from new shares placed alongside a sale of existing shares by its controlling shareholder, as part of a public offering that values the company at £572.7m.

      Second time around for second-hand car dealer

      IFR 2180 22 April to 28 April 2017

      Used car retailer Kamux is back with an IPO after an up to €105.25m tilt collapsed last year when an internal audit found that the company had not paid all of its taxes.

      Sibanye Gold prepares US$1bn rights issue

      IFR 2180 22 April to 28 April 2017

      Sibanye Gold plans to issue new shares to raise US$1bn in fresh capital, to partly fund the takeover of US-based Stillwater Mining that was approved by the Committee on Foreign Investment into the US on April 14.

      Instalco begins pre-marketing

      IFR 2180 22 April to 28 April 2017

      Pre-marketing has begun for plumbing, electricity and ventilation installation business Instalco. The all-secondary float involves selling from FSN Capital, which created Instalco from five companies in 2014.

      Global Ports returns with UK listing

      IFR 2180 22 April to 28 April 2017

      Failed deals are being revived, with cruise ports operator Global Ports Holding following Finland’s Kamux earlier last week with another attempt at an IPO.

      Shareholder approval for Arabtec

      IFR 2180 22 April to 28 April 2017

      Shareholders of Dubai-based infrastructure business Arabtec have given their approval for a Dh1.5bn (US$408m) rights issue, according to Reuters.

      Equities week in numbers April 22 2017

      Week in numbers - April 22 2017

      IFR 2180 22 April to 28 April 2017

      Global Green prices IPO at top

      IFR 2180 22 April to 28 April 2017

      Global Green Chemicals will raise Bt3.2bn (US$92m) from its IPO on pricing the shares at the top of the Bt10.70-Bt11.20 indicative range.

      More from Equities

      Derivatives

      Equity loses listed derivatives market share

      IFR 2180 22 April to 28 April 2017 By

      Equity derivatives accounted for less than half of the exchange-traded derivatives market last year for the first time on record, data from the World Federation of Exchanges show.

      CME to relist energy futures after London closure

      IFR 2180 22 April to 28 April 2017 By

      CME Group is set to re-list its entire range of European energy contracts on the US-based Nymex after saying it will close its London-based derivatives exchange and clearinghouse later this year.

      NEX SEF gets CFTC nod

      IFR 2180 22 April to 28 April 2017 By

      NEX Group has received CFTC approval for a new swap execution facility, NEX SEF, which will offer trading in non-deliverable FX forwards from late May.

      CDS trigger concerns return for Novo Banco

      IFR 2179 15 April to 21 April 2017 By

      Portugal’s highly contentious proposal to sell Novo Banco, the nationalised part of Banco Espirito Santo, to private equity investor Lone Star looks likely to reignite controversy over whether such actions will trigger Novo Banco CDS.

      Swaps clearing hits record as margin rules bite

      IFR 2178 8 April to 14 April 2017 By

      Record volumes of interest rate swaps were cleared through central counterparties in March, as new rules forcing derivatives users to exchange daily margin on their uncleared swaps exposures raised the cost and operational burden associated with bilateral trades.

      More from IFR Derivatives

      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@thomsonreuters.com.

      Special Reports

      IFR Review of the Year 2016
      It’s normally fair to say that bankers grumbling about the state of the markets deserve the same sympathy as farmers moaning about the weather. It goes with the territory. And it is up to them to simply get on with it.

      IFR Americas Review of the Year 2016
      Markets are more agnostic about elections than the public at large. Even as half (or more) of America was gnashing its teeth over the election of the country’s first non-politician president since Eisenhower, the “Trump Rally” was in full flight.

      IFR German Corporate Funding Roundtable 2016
      IFR convened its fifth annual German Corporate Funding Roundtable in Frankfurt in mid-November just as bond markets, led by US Treasuries, were starting their sharp re-pricing off the back of higher inflation expectations and tighter US money.

      IFR India's Path to Sustainable Growth Roundtable 2016
      IFR recently convened a highly insightful roundtable discussion in Washington DC, entitled “India’s Path to Sustainable Growth: Challenges and Opportunities”. State Bank of India chair Arundhati Bhattacharya delivered some affirmative opening comments that eloquently framed the discussion that followed./p>

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

      Getting the chop

      IFR 2180 22 April to 28 April 2017

      THERE’S SOMETHING GRIMLY literal about the identity of the man replacing Patrick Johnson as CEO of Panmure Gordon, less than a month after the broker was acquired by Bob Diamond-backed vehicle Atlas Merchant Capital.