IFR 08.24.2019

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Contents


INTERNATIONAL FINANCING REVIEW
AUGUST 24 2019 ISSUE 2297

TOP NEWS 04


EQUITIES Unrest Hong Kong protests put IPOs in doubt. Alibaba waits while others
will have to compromise on valuation. 04

BONDS Yield-starved No dog days in August, as low yields and global demand
provide big opportunities for US borrowers. 04

BONDS Blowout Embattled Swedbank fights back with US dollar AT1. Demand for
US$500m deal tops US$7bn despite money-laundering scandal. 06

PEOPLE & MARKETS Leaving Banks, investors braced for no-deal Brexit. Finance industry steps up
preparations ahead of key deadline. 06

Going public WeWork heads for September IPO but doubts linger. 08
Politics Argentina goes back to the future as restructuring fears build. 08
On again Saudi Aramco’s jumbo IPO: once more with feeling. 09
Pressure Chinese developers face financing woes. 12

PEOPLE & Activism Rivals circle after Goldman defection. Top defence banker changes 15
MARKETS^ sides and joins Elliott.
Omission HSBC snubbed in China rate reform. Anglo-Asian lender left out
of an expanded panel that will determine new benchmark lending rate. 16
Revision Volcker gets easier to live with. Rule banning banks from
proprietary short-term trading looks set to be rewritten. 17
Reinforcing Bank of America bolsters tech banking teams. 19
Costly Deutsche Bank settles probe into hiring practices in Asia and Russia. 20
Signs of strain Westpac flags lower capital ratio. 22

BONDS Robust demand Negative-yielding senior an inevitability. 23
SSAR EBRD broadens SOFR calculation consensus. 25 Unease Companies still to load up on debt. 33

EMERGING Possible downgrade Lebanon stumbles in ratings run-up. 59
MARKETS^ Premium Yanlord thrives amid low property supply.^59 India NBFCs broaden funding options.^64

LOANS Clear decks European banks face September rush. 67
Real estate Boost for China loans. 69 Refinance Goldin woos lenders with bridge take-out. 72

EQUITIES Expansion Wayfair beats bears with upsized convertible. 89
War of words Sunrise falls out with Freenet. 89 Closed market IPO duo spook investors. 94

STRUCTURED Cleared Pudong Development Bank jumbo convertible approved. 104
EQUITY^ Backdrop Proofpoint back with new convertible.^104 Sale Southern Co plugs equity hole.^104
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