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Thursday, 21 February 2019

Ecuador bonds rally on IMF funding agreement

21 February 2019 By

Ecuador bonds rallied Thursday after the government and the International Monetary Fund inked a US$4.2bn funding deal that investors hope will eliminate the pressure to borrow from the bond market.

RPT-CSX tracks path through bond market amid leverage concerns

21 February 2019 By

CSX was in the market Thursday with a two-part bond, but uncertainty around its deleveraging plan continued to spur caution when compared to its peers.

CSX tracks path through bond market amid leverage concerns

21 February 2019 By

CSX was in the market Thursday with a two-part bond, but uncertainty around its deleveraging plan continued to spur caution when compared to its peers.

Swedish flag/reuters

Sweden draws in crowds despite tight Treasury print

21 February 2019 By

The Kingdom of Sweden made a triumphant return to the US dollar market after a year’s absence, bringing a US$2bn 2.5% three-year at one of the tightest spreads against Treasuries ever achieved by the issuer and other SSA borrowers.

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Reverse Yankee issuance off to the races in 2019

21 February 2019 By

Reverse Yankee issuance has got off to a strong start this year, with volumes already at €14.7bn, according to IFR data.

The headquarter of the European Bank for Reconstruction and Development (EBRD) is seen in London

EBRD smashes own sterling record with second Sonia floater

21 February 2019 By

European Bank for Reconstruction and Development, which only reluctantly adopted issuance linked to Sonia in January, was back for a second helping on Thursday, smashing its own record in sterling with an £800m trade.

CStone Pharma to pre-market IPO next week

Addlife posts 99.3% take-up on SKr501m rights issue

21 February 2019

Swedish healthcare group Addlife reached a 99.3% take-up from shareholders on its SKr501m (US$53.5m) rights issue.

BNP Paribas

BNP Paribas racing through SNP target

21 February 2019 By

BNP Paribas bagged two further senior non-preferred deals in less than 24 hours, putting it more than halfway through its €14bn target for the format in 2019.

Vallourec logo

Vallourec assuages refinancing concerns, for now

21 February 2019 By

Short-term refinancing concerns around French industrial tube maker Vallourec were assuaged by the company’s earnings and an extension of its bank facilities.

Australian flag is planted on a sandbag wall protecting a business on a flooded street in Brisbane.

Aussie MBS issuer Pepper sells second euro tranche

21 February 2019 By ,

Pepper Group sold a €100m tranche off its latest non-conforming Australian RMBS on Thursday, the second time in three months it has tapped European investors.

IFR SNAPSHOT-IG bond volume so far for 2019 tops US$180bn

21 February 2019 By

The volume for IG offerings in 2019 passed the figure for the same period in 2018 as a revitalised corporate bond market continues to absorb deals, according to IFR data. On Wednesday, eight deals totaling US$9.700bn were priced, bringing IG issuance for the year to date to US$180.508bn, passing the US$173.975bn level for the same period last year, according to IFR.

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Delivery Hero raises €51.68m for employee stock options

21 February 2019

German takeaway business Delivery Hero carried out a €51.68m primary capital raise on Wednesday night to gather cash for an employee stock option programme.

Container ship

Tufton opens placing programme for ship buys

21 February 2019

Tufton Oceanic Assets, a UK-listed fund investing in used commercial vessels, will use its placing programme to fund the purchase of an identified pipeline of ships.

Belgium

Montea targets €160m for investment

21 February 2019

Belgian real estate firm Montea is raising €160m through a capital increase to finance a series of acquisitions and projects.

A woman walks into a branch of TSB bank in London

TSB taps debut Sonia-linked covered

21 February 2019 By

TSB Bank returned to the market to tap the £500m February 2024 covered floater it priced less than two weeks ago, going on to launch 7bp inside the original issue.

People walk past a Swedbank branch in Riga

Swedbank bonds drop further on money-laundering allegations

21 February 2019 By

Swedbank’s Additional Tier 1 bonds have dropped up to 2.5 points since Wednesday following allegations of links to the Danske Bank money-laundering scandal - branded as “very serious” by the Swedish financial authority earlier on Thursday.

All Latest news

Get the job done

IFR 2271 16 February to 22 February 2019

Say what you like about Deutsche Bank ­– and many have made full use of the opportunity to do just that in no uncertain terms – but its funding team could not be accused of having failed in its duty over the past few weeks.

Top News

Santander

AT1 market shrugs off Santander debacle

IFR 2271 16 February to 22 February 2019 By

The bank capital market brushed off Banco Santander’s unprecedented decision to extend an Additional Tier 1 bond last week, but the bank’s reputation among investors was left in tatters after a controversial and confusing sequence of decisions.

Deutsche Bank

Deutsche bites the bullet to secure funding

IFR 2271 16 February to 22 February 2019 By

Deutsche Bank’s latest bail-in bond may not have been a blow-out in terms of investor demand, but it proved the challenged German bank has market access and wraps up around half of its senior non-preferred funding for the year.

Uzbekistan

Uzbekistan wields full pricing power

IFR 2271 16 February to 22 February 2019 By

Uzbekistan displayed no nerves about squeezing out every drop of value from its debut international venture, even as the aggressive price tightening saw the book for its US$1bn dual-tranche trade haemorrhage nearly US$5bn of orders.

Richard Branson, head of the Virgin Group

Investor pushback derails Virgin Trains USA's listing

IFR 2271 16 February to 22 February 2019 By

The US$500m Nasdaq IPO of Virgin Trains USA became the first major casualty of tough capital raising conditions in 2019 when investors declined to back its audacious plan to spend billions over the next few years on intercity passenger rail projects.

Levi Strauss logo is seen on a button

Levi Strauss dressed for IPO success

IFR 2271 16 February to 22 February 2019 By

Iconic jeans maker Levi Strauss is at the front of a queue of high-profile companies that bankers hope will lead a resurgence of the US IPO market in the coming months.

Juventus

Golazo! Juventus scores with debut bond

IFR 2271 16 February to 22 February 2019 By

Juventus scored with its debut bond on Wednesday, raising €175m through a five-year offering that was also the first investment-grade-style bond from a football club.

Jumbo Wanda IPO takes shape

China high-yield turns selective

IFR 2271 16 February to 22 February 2019 By

Bonds from China’s high-yield property developers started the Year of the Pig on a strong note, in sharp contrast to high-yield industrial names, where poor investor demand forced a first-time issuer to pull a deal last week.

Altria Group logo

Investors U-turn on Triple B threat

IFR 2271 16 February to 22 February 2019 By ,

Sentiment has turned 180 degrees in the investment-grade corporate market as investors pile into every deal that comes - even those from Triple B credits.

A diabetes patient has her pulse checked by a diabetes specialist doctor during a medical check-up at a hospital in Beijing, China.

Distressed debt funds eye healthcare

IFR 2271 16 February to 22 February 2019 By

Managers of distressed debt funds in the US are touting investment opportunities in the healthcare services space, as heightened competition and aging infrastructure take a toll on the companies’ ability to service their debt.

AT&T

AT&T dials up US$5bn for deleveraging plan

IFR 2271 16 February to 22 February 2019 By

AT&T promised to focus on deleveraging during its fourth-quarter earnings call earlier this month, and on Wednesday it began to make good on that promise with a new bond deal and cash offer to pay down its debts and lessen its burdensome short-term maturities.

Royal Bank of Canada (RBC) logo

RBC under fire for whistleblowing policy

IFR 2271 16 February to 22 February 2019 By

More than 65 employees from Royal Bank of Canada have come forward with concerns around culture and compliance at the bank after it was ruled to have unfairly dismissed a currency trader, a UK whistleblower support group said.

IFR Magazine Top News in Full (subscription required)

People & Markets

Q1 revenue revival seen as unlikely

IFR 2271 16 February to 22 February 2019

After a bruising fourth quarter in fixed income trading and debt and equity underwriting, banks are warning that the first quarter may not snap back as expected – partly due to the US government shutdown.

Morgan Stanley wades into M&A market

IFR 2271 16 February to 22 February 2019

Morgan Stanley dipped its toe into the M&A market - not as an adviser, but a buyer - as it bought Canadian employee stock plans manager Solium Capital for roughly US$900m.

Commerzbank moving 40 as Brexit costs build for banks

IFR 2271 16 February to 22 February 2019

Germany’s Commerzbank is moving about 40 staff from London to Continental Europe in the next two months as it prepares for Brexit.

M.Stanley banker Chalmers jumps to Lloyds as CFO

IFR 2271 16 February to 22 February 2019

Lloyds Banking Group has hired senior Morgan Stanley banker William Chalmers as its new chief financial officer.

Who's moving where...

IFR 2271 16 February to 22 February 2019

Olivier Biraud has been appointed to lead Societe Generale’s relationship with a portfolio of large French corporates. Biraud will be based in Paris and report to Jacques Bitton, co-head of coverage and investment banking for France. Biraud started his career at BNP Paribas and moved to Schroders in 1997. After Citi bought the firm he became co-head of its M&A team in France, with responsibility for media and telecoms. In 2004, he moved to Mediobanca, becoming chief executive of France in 2012. Two years later he joined Barber Hauler Capital Advisers as a partner.

    More from People & Markets

    Bonds

    NAB passes post-Commission tests

    NAB passes post-Commission tests

    IFR 2271 16 February to 22 February 2019

    National Australia Bank wasted little time after the publication of the damming Royal Commission report into banking misconduct to test investor appetite for its paper.

    KDB rides global risk rally

    IFR 2271 16 February to 22 February 2019

    Korea Development Bank, rated Aa2/AA/AA–, drew a strong response for a US$1bn dual-tranche global bond offering, as subsiding concerns over interest rate rises have improved risk appetite for high-quality paper.

    Indonesia cuts to the chase

    IFR 2271 16 February to 22 February 2019

    The Republic of Indonesia (Baa2/BBB–/BBB) sprung a surprise with a US$2bn dual-tranche sukuk deal that came ahead of schedule to make the most of market conditions.

    GM prints modest Kangaroo debut

    GM prints modest Kangaroo debut

    IFR 2271 16 February to 22 February 2019

    General Motors Financial (Baa3/BBB/BBB), the wholly owned captive finance subsidiary of GM, has reopened the corporate Kangaroo market, but with a whimper rather than a bang as neither pricing nor size are likely to trigger a rush of copycat US issuance.

    Indonesia: Arpeni Pratama cruises into new chapter

    IFR 2271 16 February to 22 February 2019

    Shipping company Arpeni Pratama Ocean Line has taken a big step forward in its restructuring plan, after US dollar bondholders approved its proposal.

      More from Bonds

      Loans

      Netherlands: Arcadis gets sustainable refi

      IFR 2271 16 February to 22 February 2019

      Consultancy firm Arcadis has refinanced €200m of its syndicated committed credit facilities, linking the margins of the loans with certain sustainability key performance indicators.

      Switzerland: Barry Callebaut closes debut SSD

      IFR 2271 16 February to 22 February 2019

      Cocoa and chocolate maker Barry Callebaut has closed a debut €600m Schuldscheindarlehen that includes tranches that meet sustainability criteria.

      US: Lexington refinances

      IFR 2271 16 February to 22 February 2019

      Lexington Realty Trust has agreed a new credit agreement, replacing one dated in September 2015, for a US$600m senior unsecured revolving credit and a US$300m unsecured term loan.

      US: Keurig Dr Pepper nets US$2bn TL

      IFR 2271 16 February to 22 February 2019

      Drinks company Keurig Dr Pepper has signed a US$2bn four-year term loan that will be used to refinance the company’s term loan, which was originally agreed in February 2018 as part of the merger of Dr Pepper Snapple Group and Keurig Green Mountain.

      Mexico: IEnova ups, extends RCF

      IFR 2271 16 February to 22 February 2019

      Sempra Energy’s Mexican subsidiary Infraestructura Energetica Nova has increased its revolving credit facility to US$1.5bn from US$1.17bn and extended the tenor of the facility to February 2024 from August 2020.

      WSH launches sterling buyout loans

      IFR 2271 16 February to 22 February 2019

      UK hospitality company WSH Investments has launched a debt package backing its acquisition by US buyout firm Clayton Dubilier & Rice.

      Univar sets guidance

      IFR 2271 16 February to 22 February 2019

      Chemical distributor Univar has set pricing guidance on a €675m term loan B to finance its acquisition of Nexeo.

      South Africa: Standard Bank to seek smaller refi

      IFR 2271 16 February to 22 February 2019

      Standard Bank is not immediately looking to refinance a US$1bn loan that matures in April as slower domestic growth has hampered the bank’s appetite for international borrowing.

      More from Loans

      Equities

      India's Axis scores rare success

      Axis Bank scores rare success

      IFR 2271 16 February to 22 February 2019

      A successful follow-on issue in India’s Axis Bank last week provided some relief to the country’s equity capital markets after a run of weak deals, even though retail investors still stayed away.

      South Korea: Metanet MCC eyes KRX IPO

      IFR 2271 16 February to 22 February 2019

      Metanet MCC, a subsidiary of South Korean technology consulting company Metanet, is seeking to list on the KRX for about US$100m, a person close to the matter said.

      South Korea: Yido targets US$100m KRX IPO

      IFR 2271 16 February to 22 February 2019

      Yido, an operations and management service company, is seeking to raise around US$100m through a listing on the KRX, a person close to the deal said.

      Singapore: Mapletree Industrial places shares

      IFR 2271 16 February to 22 February 2019

      Mapletree Industrial Trust has raised S$201m (US$148m) through the sale of 103.3m new shares at S$1.945.

      Philippines: Khazanah sells BDO Unibank block

      IFR 2271 16 February to 22 February 2019

      State-owned investor Khazanah Nasional has raised Ps5.3bn (US$101m) through the sale of 40m shares in lender BDO Unibank at the bottom of a Ps133–Ps135 per share range.

      Philippines: PH Resorts launches follow-on offer

      IFR 2271 16 February to 22 February 2019

      Gaming and hotel operator PH Resorts Group has launched a Ps6.5bn–Ps10.5bn (US$124m–$200m) follow-on offer in a Ps3.65–Ps5.84 range, according to a term-sheet.

      New Zealand: AMP puts IPO plan on hold

      IFR 2271 16 February to 22 February 2019

      Australia’s AMP is holding off on a float of its New Zealand wealth management and advice business until after it completes the pending sale of its AMP Life unit.

      Malaysia: Eastern & Oriental plans share sale

      IFR 2271 16 February to 22 February 2019

      Property developer Eastern & Oriental is looking to raise M$250m–$550m (US$61m–$135m) from a share placement-cum-rights offer.

      More from Equities

      Digital Edition

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      Bank of the Year: JP Morgan

      Bank of the Year: JP Morgan

      IFR Awards 2018 By

      JP Morgan dominates investment banking in a way no other institution has in the modern era. Whatever the measure – wallet share, market share, revenue, profits, share price performance, or sheer presence – JP Morgan is the answer. For the second year running, it is IFR’s Bank of the Year.

      Read the write-ups on each award winner

      Special Reports and Roundtables

      IFR Awards 2018 IFR+Awards+2018+Homepage+Cover
      So here’s a funny thing. The one asset class that the great and good of the global economy seems to be worried about – leveraged loans – is just about the only one that has made money for investors in 2018.

      IFR IMF/World Bank Roundtable 2018 IFR+IMF+World+Bank+RT+2018+Cover+Homepage
      Delegates at the IMF’s annual meetings in Bali got an uncomfortable reminder of Asia’s vulnerability to unforeseen shocks with an earthquake in the small hours of October 11. The financial markets have been doing their part, too.

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

      Rough trade

      IFR 2271 16 February to 22 February 2019

      NEVER MIND CASINO banking, Citigroup seems to have remodelled itself as a nightclub in Essex from the 1980s if its new rules on equity research distribution are anything to go by.