IFR Magazine 2019 №2283 (May 11)

London: Thomson Reuters, 2019. — 102 p.In global capital markets, impeccable market intelligence lies at the heart of success. It informs and encourages excellent decision-making, which, in turn, breeds great performance. With a pedigree stretching back over four decades, IFR (International Financing Review) is the world’s leading provider of global capital markets intelligence.
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Inside...
Insufficient A cautious approach to pricing made little apparent difference to the Uber IPO as its shares opened 6.7% below expectations;
Competition US issuers spar for largest bond of the year. Bristol-Myers and IBM together print US$39bn in back-to-back days;
Resistance Buyside boycott threatens reintroduction of HCOB. Investors to pass on new issue from former Landesbank;
Disappointing AIIB’s debut hits tight price but splits opinion. Deal prices in line with peers but demand comes in below expectations;
Helping hand Changes to credit derivatives rules come to the aid of Deutsche Bank;
Environmentally friendly Hong Kong adds to Green bond impetus;
Over the line International Saudi IPO sneaks home;
Flare-up Revived China-US trade row hits Asian ECM pipeline;
Restructuring Societe Generale unveils investment banking overhaul;
French bank appoints new fixed income head.Unfazed Commerzbank’s wholesale business remained steady in the first quarter despite the distraction of merger talks with Deutsche Bank;
Transparency Investors in sovereign debt should soon to be able to see outstanding liabilities of borrowers as IMF backs plan for greater disclosure;
Bowing out Goldman equities trades co-head Brian Levine will retire this summer;
Money laundering Former Goldman banker Roger Ng pleads not guilty on 1MDB charges;
Gaining ground With the Uber listing IPOs are on pace tocatch 2018 after a weak start;
Strong showing Blowout covered bond issues see spreads pushed tighter;
Dearer Tier 2 reforms add to costs for NAB;
Volatility Junk market hit, but no panic;
Global appeal Gold Fields raises US$1bn in a dual-tranche offering;
CEE United Group pays up for PIK;
Middle EastBahrain mulls bond issue;
AlertInvestors sound the alarm over use of projected earnings in LBOs;
China Lenders snub PRC property rush;
USRegulators voice concerns over lev loan risk;
Comeback Parsons to return to NYSE. Cyber-security firm readies offensive;
US Pimco goes big on mortgage REIT;
Biotech Cortexyme stands tall in debut;
China Nuclear power group raises Rmb7.8bn from convertible bonds;
Fundraising Gangfeng Lithium reveals plan;
US Intercept raises US$400m with combo.