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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. 

EQY

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. 

P&M BON
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NTT DC sparks REIT revival hopes in Singapore

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.

EQY
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Sterling corporate market wakes up

Only a week after EDF signed the first part of its exceptional £4.5bn deal with private credit investor Apollo Global Management, and in doing so highlighted the lack of public supply for high-grade corporate investors, the sterling market has roared back to life with unusually high demand for what is often considered a relatively shallow market.

ESG BON

Adani flagship tests public demand

Adani Group is gearing up for record borrowings from the rupee market as it readies the first public bond offering by its flagship company since executives from the group were indicted last year in the US.

BON

Hong Kong listing frenzy continues

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.

EQY
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.

P&M
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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. 

P&M BON
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Banks rush into stablecoins despite central bank warnings about risks

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.

P&M
Ukraine's hidden negotiating powers revealed

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.

P&M BON RATE
Top US banks swell dividends

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.

P&M
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Bank trading bonanza continues in second quarter

Banks are on track to report another strong quarter in sales and trading after US president Donald Trump’s chaotic tariff announcements in April rocked financial markets and triggered a flurry of client activity.

P&M
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Adani flagship tests public demand

Adani Group is gearing up for record borrowings from the rupee market as it readies the first public bond offering by its flagship company since executives from the group were indicted last year in the US.

BON
Sterling corporate market wakes up

Only a week after EDF signed the first part of its exceptional £4.5bn deal with private credit investor Apollo Global Management, and in doing so highlighted the lack of public supply for high-grade corporate investors, the sterling market has roared back to life with unusually high demand for what is often considered a relatively shallow market.

ESG BON
Poland: green pioneer returns

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.

BON ESG
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SoftBank flooded with orders

SoftBank Group's US$4.21bn-equivalent US dollar and euro senior unsecured deal was over four times subscribed at one point on Wednesday, with investors attributing the strength of demand mostly to its low loan-to-value ratio and various sources of liquidity. 

BON
Asian bond issues push ahead

The Asian bond market navigated geopolitical concerns and US Treasury volatility to post a strong first half for deal volume, showing steady growth year on year.

BON
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IFR Events

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.

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Project Cork: UK fintech securitises wines and spirits

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.

SEC
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Zip revives BNPL market

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.

SEC BON
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EBRD and World Bank boost MDB securitisation

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.

BON SEC ESG
Euro CLOs set to power through tariff deadline day

Activity in the European CLO primary market shows no sign of slowing down ahead of the July 9 deadline for tariff deals with the US, as managers tout a range of new issues and resets to investors.

SEC LOA
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Jumbo Concord music deal draws audience

Concord drummed up strong demand for a US$1.65bn refinancing that pushed tenors out beyond five years for the first time in a music royalty deal. 

SEC
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EBRD and World Bank boost MDB securitisation

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.

BON SEC ESG
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Ivory Coast accelerates sovereign sustainability linkers

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.

ESG LOA BON
Poland: green pioneer returns

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.

BON ESG
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Banks to merge power and data centre financings into mega deals

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.

ESG SEC
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Sovereign debt swappers set 'practice standards'

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 .

P&M ESG
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. 

EQY
A-to-H listings boost Asia ECM

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.

EQY
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NTT DC sparks REIT revival hopes in Singapore

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.

EQY
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Hong Kong listing frenzy continues

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.

EQY
Ninja stars with US$1.5bn valuation ahead of IPO

Saudi delivery company Ninja has reached unicorn status ahead of an IPO expected by 2027.

EQY
Walgreens Boots takes soundings for jumbo LBO

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.

LOA
EMEA loans continue to flow

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.

LOA
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VPBank scores with largest loan

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.

LOA
Leveraged loans frontrun next tariff hurdle

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.

LOA
NWD seals mammoth refinancing

New World Development has raised a HK$88.2bn (US$11.24bn) borrowing, completing a crucial refinancing of existing bank debt with a covenant waiver expiring in June.

LOA

Chart Of The Day

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.   

 |  Updated:  | John Ratcliffe
Chart of the Day - EUROSTOXX 600 runs into trend resistance