IFR International - 28.07.2018

Contents

INTERNATIONAL FINANCING REVIEW

JULY 28 2018 ISSUE 2244

TOP NEWS 04

LOANS Post-Libor US$4trn of loans will have to be repriced when new benchmarks

are introduced. Treasurers face difficulties calculating borrowing costs. 04

LOANS In demand Ares forges ahead with record-setting private debt fund. Cash

pours into direct lending funds as opportunities grow. 04

EMERGING MARKETS Singapore Temasek swoops on strong window to sell US$1.35bn 10-year

bond. State investor breaks six-year absence. 05

EQUITIES Giant China Tower aims for broad base. World’s largest IPO in four years

comes with modest cornerstone tranche. 06

Stellar debut Pinduoduo shows that US appeal remains. 07

Jumbo financing Bankers weigh multi-billion dollar Aramco-Sabic debt financing. 08

Breach Carige given one more chance to boost capital. 08

Navya Driverless car maker finds route to IPO. 09

Activist investor Clifden’s Fairhold CMBS saga heads to court. 10

PEOPLE & Way to go Deutsche looks to recapture trading share, yet fixed income and 11

MARKETS^ equities underperform US peers in Q2.

Good news Investment banking profits soar at UBS. Tight control on costs

enabled Swiss bank to increase profits by 44% last quarter. 12

M&A Lazard and Moelis post record revenues, helped by hefty global

merger and acquisition dealmaking in the first half of this year. 13

Growth Rothschild hires trio for US financial advisory business. 15

Market share UBS beefs up for Asia-US listings. 17

Tumble Nomura’s profit slumps on wholesale banking woes. 18

New regime India’s bad debts draw early bets. 20

BONDS Feedback EBRD snubs Sonia to keep Libor alive. 23

Debut trade Fannie Mae gives SOFR a boost. 23 CASHES EBA sides with UniCredit. 24

EMERGING Torrid time Eskom hopes to lure back investors. Hopes to regain trust. 47

MARKETS^ New ground Gazprom creates rouble market history.^47 South Korea Issuers ride rebound.^52

LOANS Immigration US shrugs off financing protests over detention centres. 55

China Mezzanine loans catch on. 57 Taiwan KKR targets record LBO. 61

EQUITIES Explosive debut Bloom Energy sees boom times after IPO. 75

IPO Spartan approach to SPAC. 75 Expansion Tenable secures beachhead. 82