IFR Magazine – June 08, 2019

Contents

INTERNATIONAL FINANCING REVIEW

JUNE 8 2019 ISSUE 2287

TOP NEWS 04

PEOPLE & MARKETS Risk Debt short-sellers back with a bang. Sudden surge of

defaults creates winners and losers among banks and funds in Europe. 04

PEOPLE & MARKETS Retrenching Europe bears brunt of latest job cuts.

ING joins HSBC, MUFG, Societe Generale and others in wielding the knife. 04

LOANS Testing times Banks take hit on challenging loans.

Deals for Evonik unit and Iberconsa priced with painfully deep discounts. 06

LOANS Beleagured Direct lenders cut fees as they are forced to adapt to survive.

Market has matured and lenders are facing intense competition. 06

Critical Rushed Popular resolution casts long shadow over Europe’s banks. 08

Back on London Connect launch in sight. Huatai Securities revives US$500m GDR sale. 10

Aonia landmark South Australia raises A$500m using new reference rate. 10

Under pressure Sales from gated Woodford fund accelerate. 11

PEOPLE & Pressure Bank of England calls time to stop Libor “limping on”. 13

MARKETS^ Progress is being made, but regulator warns legacy rate switch slow.

Reassuring China’s central bank has urged investors not to panic after the

takeover of Baoshang Bank left creditors facing losses. 14

Scrutiny Companies told to pay more attention to how their potential advisers’

deals have performed rather than to the volume of work they have undertaken. 15

Uprating Greenhill bolsters restructuring team by hiring Chetan Bhandari from Lazard. 17

Action needed Regulators pledge to tackle growing fragmentation of financial markets. 19

Defection Deutsche’s US regulatory chief Kate Clifford-Toomey jumps to Wells Fargo. 21

BONDS Uncertainties The rapid uptake in Sonia ABS masks a raft of thorny issues. 23

SSAR Iceland sticks to trusted formula. 26 France BFCM’s perfect timing for Tier 2. 33

EMERGING Trade wars Investors hope for quick resolution. 51

MARKETS^ India Dewan default increases contagion risk.^51 South Korea Issuers join ESG crowd.^53

LOANS Off-putting Brexit uncertainty deters investors from buying up distressed debt. 59

India NBFCs flock offshore. 62 Mexico Pemex starts US$8bn bookbuilding. 68

EQUITIES Carrying on regardless ESR Cayman braves trade war jitters. 77

China Three pass first tech board hearing. 79 Philippines Liquidity crimps ECM. 81

STRUCTURED Japan Yaoko prices CB at bottom of indicative conversion premium range. 96

EQUITY^ US Altair raises US$200m with low-cost CB.^97 Canada Mullen hauls in C$110m from CB.^97