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INTERNATIONAL FINANCING REVIEW
AUGUST 3 2019 ISSUE 2295TOP NEWS 04
LOANS/BONDS Funding LSE nets US$13.5bn for Refinitive buy. Bridge loan refinances
LBO financing just 10 months after Blackstone-led buyout. 04PEOPLE & MARKETS Cherry-picking BNP Paribas to take on hundreds of Deutsche Bank staff.
French bank could pick up half of prime brokerage unit’s balances. 04LOANS Thirsty lenders Asahi brews jumbo bridge take-out.
Banks eye opportunity to refinance ¥1.2trn loan. 05BONDS New benchmark EnBW breaks hybrid yield record.
€1bn dual-tranche bond is swamped with orders. 06Call for change Banca Carige rescue highlights BRRD flaws. 06
Escalating tensions Wanda Sports flop threatens China-to-US IPO pipeline. 07
Protection Edison cuts fire risk with US$3.1bn dual-tranche financing. 08
Softer stance India loosens offshore borrowing restrictions. 10PEOPLE & Leading the pack Credit Suisse and Barclays trading outpaces rivals. 11
MARKETS^ Mixed Q2 shows that not all European banks are being left behind.
On the up Standard Chartered is on track to lift returns to above 10% in the
medium term after posting a forecast-beating 3% rise in first-half profits. 13
Spike In a reversal of recent trends, growth in first-half trading volumes in
the US high-grade and junk bond markets outpaced the increase in new debt. 14
Ramp-up The decline in yields has helped fuel substantial growth in the bond repack market. 14
Optimistic M&A boutiques look to fourth quarter for rebound. 19
Prepared Banks braced for Brexit no-deal challenges. 19BONDS Under pressure Fears of no-deal Brexit push UK financials’ spreads wider. 21
SSAR Barclays gets nod for AT1 calls. 25 Debut AS Roma kicks off in high-yield. 33EMERGING Preference UAE education services provider GEMS eschews euros for dollars. 45
MARKETS^ Philippines Samurai sails through.^47 South Korea No premium needed for Shinhan.^50LOANS Ethical investment Fund managers grapple with ESG dilemma. 53
Pipeline LBO loans stack up over summer. 59 Change of heart Glass Mountain pulls loan. 61EQUITIES ASX listings Modest IPO from Irish company highlights lack of major deals. 65
China Chipscreen sets Star board P/E record. 67 Canada Cannabis grower gets smoked by dilution. 72STRUCTURED Hedging exercise JP Morgan sells Tencent-referenced exchangeable bond. 74
EQUITY^ China Chuantou Energy passes CB hearing.^74 South Korea LG Display raises US$687.8m.^74