Nissan touts turnaround story
High-yield carmaker Nissan Motor came to the market on Monday with a multi-tranche euro and dollar-denominated US$4bn-equivalent senior unsecured bond offering, which will test whether the company's turnaround strategy can entice investors despite the challenges it faces.
Volkswagen comes in third
Volkswagen became the third German automaker to print a sterling deal in the last week on Monday when it priced a £250m July 2031 note.

Cirsa gambles IPO on strong hand after Brainlab folds
Spanish gaming company Cirsa looks to have played its cards right, with its €453m IPO multiple times subscribed just an hour into the four-day bookbuild, though caution prevails as the deal follows two recent cancelled listings in Europe that started strongly.
Societe Generale gains ground in fixed income trading push
Societe Generale’s drive to expand fixed income trading is starting to bear fruit, as the French lender pushes ahead with plans to diversify its markets division beyond the structured equity derivatives business that has underpinned its trading revenues for years.

Jezz Farr
I have a degree in fine art; sculpture, actually. I don’t think it offered much in preparation for a life in financial services communications but it was fun. One thing I learnt early on is that a finished piece rarely looked much like the original object in my mind’s eye. But that was ok. I always felt part of the art was the evolution of an idea.

Societe Generale’s drive to expand fixed income trading is starting to bear fruit, as the French lender pushes ahead with plans to diversify its markets division beyond the structured equity derivatives business that has underpinned its trading revenues for years.

Several banks are preparing to set aside misgivings about cryptocurrencies with the launch of their own stablecoins in the weeks ahead as they seek to take advantage of an imminent change of law in the US, which has until now tried to maintain a firebreak between the two worlds.
Ukraine has a trump card to play in restructuring negotiations with holders of its GDP-linked warrants, according to the lawyer who advised Greece in 2012 on its €200bn restructuring.
Top US banks have boosted their dividend payout plans after passing the Federal Reserve’s annual stress test – with quarterly payouts up 20% on average from previous levels and up 48% from three years ago, just after the pandemic.
High-yield carmaker Nissan Motor came to the market on Monday with a multi-tranche euro and dollar-denominated US$4bn-equivalent senior unsecured bond offering, which will test whether the company's turnaround strategy can entice investors despite the challenges it faces.
Banco Santander catered to huge pent-up demand for Spanish covered bond paper with tightly priced €1.25bn four-year and €1bn eight-year tranches on Monday.

Volkswagen became the third German automaker to print a sterling deal in the last week on Monday when it priced a £250m July 2031 note.
The World Bank has kicked off its new funding programme with a well-bid sterling benchmark. It cleared ahead of the European Union and KfW euro benchmarks that are set to be the week's biggest SSA deals.

IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes.

BlackRock said on Monday it agreed to acquire ElmTree Funds, a real estate developer that focuses on custom-built properties for single tenants and began financing deals in the structured finance market last year.

Moody’s downgraded five tranches of Taurus 2021-3 DEU, a CMBS backed by office, retail and parking collateral in Frankfurt airport, after top tenant KPMG announced it would be leaving the property, amid a shift towards more prime, modern locations.

UK financial technology company Ferovinum has secured a US$550m funding line from Pollen Street Capital and a bank in what is claimed to be the first asset-backed securitisation of wines and spirits.

Australian fintech company Zip completed its 10th consumer loans securitisation on Wednesday, the no-grow A$300m (US$195m) Zip Master Trust Series 2025-1, which indicated improved investor confidence in the recently beleaguered buy now, pay later asset class.

With sovereign shareholders continuing to push multilateral development banks towards securitisation and other “originate-to-share” approaches, the European Bank for Reconstruction and Development and the World Bank have moved into the sector’s asset-backed vanguard.

With sovereign shareholders continuing to push multilateral development banks towards securitisation and other “originate-to-share” approaches, the European Bank for Reconstruction and Development and the World Bank have moved into the sector’s asset-backed vanguard.

Ivory Coast has added to momentum in the sovereign sustainability-linked debt market with the launch of a World Bank-assisted framework that could make the cocoa producer the first sub-investment-grade country to issue a bond indexed to its emissions performance.
Poland’s return to the green bond market this week after a more than six-year hiatus was welcomed by investors as the sovereign advances its climate commitments.

Banks are working to combine debt financing for data centre and energy projects in the US, creating multibillion US dollar green debt deals that could debut in the market in the coming months.

The growing sovereign debt swap market has finally thrashed out its first set of voluntary “practice standards”. Market participants have been expecting a set of principles comparable to those for green and other labelled bonds administered by the International Capital Market Association for more than a year .
Spanish gaming company Cirsa looks to have played its cards right, with its €453m IPO multiple times subscribed just an hour into the four-day bookbuild, though caution prevails as the deal follows two recent cancelled listings in Europe that started strongly.
A burst of activity in Hong Kong and China boosted Asia's equity capital market in the first half, despite uncertainty over geopolitical tensions and the threat of US tariffs.

Data centre operator NTT DC REIT is set to end Singapore's IPO drought with an offering backed by a cornerstone investment from the city-state's GIC, the first time the sovereign wealth fund has invested in a local listing.

Six issuers are raising as much as HK$13.3bn (US$1.7bn) from Hong Kong listings, as the city's equity market continues its blazing start to the year.
Walgreens Boots Alliance is premarketing the US$4.25bn-equivalent buyout debt package linked to its international business ahead of the official launch into general syndication this month.
Syndicated lending in EMEA totalled US$608.7bn in the first six months of the year, an increase on the US$598.6bn raised a year previously, according to LPC data, as the threat of tariffs, trade wars and rising geopolitical tensions failed to disrupt the flow of deals.

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has closed its latest financing tied to ESG metrics at US$1.56bn, following a blowout response from nearly three dozen lenders in what is the country’s most widely syndicated loan for a bank borrower.
Bankers have taken heed of the market-stopping tariff-induced volatility from April, cramming a huge number of deals into the European leveraged finance primary and largely clearing the decks before a new tariff deadline on July 9.
Clock watching
ROBERT C TOWNSEND coined the famous phrase about consultants: “They waste time, cost money, demoralise and distract your best people, and don’t solve problems. They are people who borrow your watch to tell you what time it is and then walk off with it. Don’t use them under any circumstances.”
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Read the latest stories from the magazine IFR 2590 - 5 Jul 2025 - 11 Jul 2025
5 Jul 2025 - 11 Jul 2025
A very minor new high for the EUROSTOXX 600 with the market having run into trend resistance off highs from March. It has been an incredible rebound for stock markets in general but could be running out of momentum here. S&P futures have posted an inside day here with a sharp 0.8% loss. Japanese and Chinese markets closed today.
