IFR's daily digest of views & news for capital markets professionals
Keith Mullin finds the continued focus on remuneration astounding.
(Reuters) - HSBC Holdings Plc will pay US$12.5m to resolve charges that its Swiss private banking unit illegally offered services to US clients without being properly registered, the US Securities and Exchange Commission said on Tuesday.
The US high-yield new issues market slowed to a trickle on Tuesday, with just one deal for Springleaf Finance Corp expected to price ahead of the Thanksgiving holiday.
A small trade pushed through the US high-grade market on Tuesday, likely the last deal out of the gates this month ahead of a snow storm on Wednesday and the Thanksgiving holiday.
Leading US futures exchange and self-regulatory organisation CME Group has been told by the CFTC to step up enforcement processes for overseeing automated trading models in futures markets.
Moody’s has affirmed Abengoa’s B2 corporate family rating with a stable outlook, but the rating agency has warned that its positioning in this category “has weakened considerably.”
John Lewis’ new bond is expected be around £250m–£300m with a December 2033 maturity, according to investors attending the London roadshow on Monday.
Lower energy prices should stick, boosting growth and risky assets like stocks but increasing risks of deflation.
Nomura is going it alone in the financials market on Tuesday, opening books on its second senior transaction of the month as it seeks to take advantage of reverse enquiries and attractive funding levels. On this occasion, it is targeting a five-year sterling-denominated transaction.
Market ignores talk from other ECB board members…
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CGN Power, China’s largest nuclear energy producer, is so confident of securing orders for its US$3bn Hong Kong IPO that it has limited most of its bookrunners from premarketing the deal.
Alibaba Group wowed the markets last Thursday with the largest US dollar bond sale on record from an Asian company, pricing its US$8bn debut at levels even tighter than some of the world’s best-known issuers.
Two Indian issuers sold US dollar bonds last week at their lowest credit spreads so far, in the latest sign that surging demand for Indian assets is luring more companies to the international markets.
Adani Enterprises last week took a first step towards raising the funds it needs to develop its US$7bn Carmichael mine project in Australia with a memorandum of understanding for a US$1bn loan.
Signs that private banks are reining in their appetite for Singapore dollar bonds could spell trouble for the small and medium-sized companies that are streaming to the city’s capital markets.
China’s latest offering of offshore renminbi bonds last week put paid to fears of a liquidity squeeze following the launch of a landmark cross-border stock trading scheme between Shanghai and Hong Kong.
Singapore’s IPO market is finally showing some signs of revival, after a series of pulled and downsized transactions in the past few months.
France’s Total priced its first Kangaroo bond last week, raising A$350m (US$306m) in a modestly sized debut that did little to open the market for other overseas issuers.
Natural gas and power supplier SK E&S priced South Korea’s first corporate hybrid last week, but the cautious response underlined the challenge in attracting international investors to subordinated credit from the country’s industrial sector.
New South Wales Treasury Corp broke new ground last Wednesday when it printed the first Dim Sum bond from an Australian state, underlining the country’s growing trade and currency links with China.
The looming departure of Deutsche Bank’s renowned China dealmaker Henry Cai is the latest sign of a generational change in the Greater China capital markets.
China’s first cross-border equity trading scheme got off to a slow start last week, but market participants say the lack of major technical problems so far should entice more international funds to the landmark link-up.