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Thursday, 14 December 2017

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  • A booth of Lufax is seen during an exhibition in Beijing, China, August 4, 2016.

    Lufax nears IPO as HK pipeline swells

    Chinese online wealth management and peer-to-peer lending company Lufax has set the ball rolling on a Hong Kong IPO that could raise US$3bn–$5bn, even as China takes steps to crack down on consumer finance.

  • Indonesian President Joko Widodo (C) makes a statement on the U.S. recognition of Jerusalem as Israel's capital, at the Presidential Palace in Bogor, West Java, Indonesia.

    Indonesia goes Global with SEC trade

    The Republic of Indonesia capped its return to full investment-grade status with a strong US response to last Monday’s US$4bn Global offering, its first SEC-registered bond issue in more than 20 years.

  • A farmer removes dried plants from his parched paddy field on the outskirts of Ahmedabad, India.

    Banks reject aggressive buyout loans

    Bank lenders to European leveraged loans are increasingly rejecting deals due to aggressive pricing and documentation, but are being quickly replaced by institutional investors targeting higher-yielding term loan B paper.

  • A CVS pharmacy

    CVS lines up US$49bn jumbo loan

    By Lynn Adler

    US drugstore operator CVS Health Corp has lined up US$49bn of loans to back its US$69bn acquisition of health insurer Aetna, supporting the largest corporate merger of the year with the second biggest US acquisition financing on record.

  • Freddie Mac headquarters

    Freddie Mac tunes HARP for new bond deal

    Freddie Mac has sold its first ever securitisation of mortgages from the HARP relief programme that helped underwater borrowers stay in their homes after the financial crisis.

  • Vehicles are displayed at a Carvana dealership

    Carvana raises cash without scrutiny

    Fast-growing used car retailer Carvana, known for its vending-machine distribution centres, has as many detractors as supporters.

  • An olive branch is seen during harvest

    Regulators to soften US loan rules

    US regulators said they are open to revising restrictions on leveraged lending, offering an olive branch to a Republican-controlled Congress keen to roll back banking regulations.

  • DZ Bank headquarters

    Bond platform raises small-cap hopes

    Attempts to extend capital markets funding to small and mid-cap firms took a step closer to reality last week as a new European private placement platform aimed at low-cost bond issuance completed its first deal, a €1m two-week commercial paper transaction for DZ Bank via ABN AMRO and DZ Bank.

  • Us dollar and euro banknotes

    High-yield issuers in late-year frenzy

    The junk bond market is ending the year on a frantic note with some 25 different issuers from both sides of the Atlantic jumping into the primary last week after a brief spell of weakness a month back.

  • ADNOC Distribution

    Smaller ADNOC caps strong IPO year

    The Abu Dhabi Securities Exchange IPO of ADNOC Distribution, operator of retail fuel stations in the UAE, closed on Thursday with pricing off the bottom of guidance at Dh2.50 for a Dh3.125bn (US$851m) deal size. The IPO saw 10% of the company sold, having launched with ambitions of up to 20%.

  • Steinhoff International logo

    Steinhoff scandal leaves banks gauging exposure

    Banks that financed Steinhoff International’s rapid expansion have been left gauging their exposure – both financial and legal – to the South African retailer after “new information” emerged relating to possible accounting irregularities.

  • Christmas trees await recycling

    Busy Christmas looms for banks' MiFID geeks

    Holiday leave has been cancelled and hundreds of technology and compliance staff are set for a busy holiday period in Europe as banks rush to prepare systems for MiFID II, one of the biggest overhauls of trading ever seen.

  • Alibaba Group Executive Chairman Jack Ma attends a Jumpstarter conference in Hong Kong, China.

    Investors mob Alibaba's return

    Alibaba Group attracted global demand of nearly US$40bn for its second offering of US dollar bonds, as investors ignored tepid market conditions in pursuit of the Chinese e-commerce giant’s sizzling growth and big data ambitions.

  • Pakistan's Prime Minister Shahid Khaqan Abbasi speaks with a Reuters correspondent during an interview at his office in Islamabad, Pakistan.

    Pakistan maintains market access

    The Islamic Republic of Pakistan added to its track record in the international markets last week with a US$2.5bn two-tranche 144a/Reg S offering that drew strong demand, despite recent political and monetary concerns.

  • Anil Ambani, Chairman of India's Reliance Communications, addresses a news conference in Mumbai, India.

    CDB loses patience with RCom

    China Development Bank has thrown Reliance Communications’ slow-moving debt restructuring into disarray with an application to push the telecoms company into insolvency proceedings.

  • Bitcoin sign

    Nasdaq joins bitcoin futures race

    Nasdaq has joined the list of exchanges vying for a leading role in cryptocurrency derivatives trading, as its plans for a bitcoin futures contract emerged alongside new records for the currency.

  • The Millennium BCP flag and the Portugal flag are seen at the bank headquarters in Lisbon

    BCP's Tier 2 cements Portuguese revival

    Banco Comercial Portugues shrugged off an investor boycott to raise new Tier 2 capital last week, an encouraging sign as the Portuguese banking sector ramps up its efforts to rebuild its capital through the institutional debt market.

  • South African flag

    Growthpoint puts SA in spotlight

    A South African real estate company is hoping that investors will look beyond the country’s economic plight and home in on its expansion strategy as it seeks to make a debut bond issue.

  • Carlyle Group logo

    A chance to invest alongside Carlyle

    Want to invest alongside Carlyle Group on a private equity deal? Good luck. Outside of owning its publicly-traded equity – which is a poor proxy for its PE investments – there has been no way to gain access, other than through pension funds or endowments that are among the firm’s limited partners.

  • Brazil

    Brazil's last-minute rush to equity markets

    Brazilian companies could raise up to R$10.6bn (US$3.2bn) through IPOs in December as they rush to sell shares ahead of any potential volatility caused by the general election in October 2018.

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