Contents
INTERNATIONAL FINANCING REVIEW
JULY 21 2018 ISSUE 2243TOP NEWS 04
LOANS Below water Buyout loans slump in secondary market. Swathe of
European leveraged loans completed in 2018 are quoted below 99. 04PEOPLE & MARKETS New leadership Goldman Sachs names Solomon CEO. Blankfein’s exit
leaves Dimon as last crisis-era CEO still standing. 04PEOPLE & MARKETS Departure I quit after becoming a “lightning rod,” says former Barclays boss
Bob Diamond, in wake of Libor rigging scandal. 05PEOPLE & MARKETS Tie-ups Banks and regulators in stand-off over consolidation. Each side
waits for the other to make the first move. 06Record Spain spearheads surge in sales of European non-performing loans. 06
Encouraging Hot demand for landmark Hong Kong biotech IPO. 08
Ransom Asia bond buyers play hardball, seeking to secure special concessions. 09
Infrastructure First project loan CLO hits Asia. 10PEOPLE & Results Goldman sees FICC revival, but stalls in equities. Q2 trading decent 11
MARKETS^ for big five US banks.
M&A Morgan Stanley shines in mergers and acquisitions and global IPOs,
while Bank of America Merrill Lynch’s investment banking revenue drops. 12
Progress Deutsche Bank halts revenue crash, a rare piece of good news as
Germany’s largest lender cuts jobs and costs. 13
Safer system Fed’s Libor alternative gaining acceptance. 17
Enforcement HSBC fined over Hong Kong bond sales. 19
Exclusion Bankers shrug off Stock Connect tiff. 20BONDS Refinancing Cable company Altice pays to push out maturities. 21
Flying colours Terna passes green test. 22 Bad boys Liquidity a worry for Triple B. 26EMERGING In demand SF delivers debut bond, reopening the investment-grade market. 47
MARKETS^ Ta p Angola breaks US dollar drought.^47 China Developers won’t be put upon.^49LOANS Borrowing Turkish banks face refi test amid political volatility and weak lira. 55
Offshore Loan rush for China non-banks. 57 Biomass Boost for Japanese project finance. 59EQUITIES Listing Canadian grower Tilray blazes trail with cannabis IPO. 73
REIT Bankers court Aroundtown for Singapore. 73 Jubilant Singapore set for first dual-class IPO. 76STRUCTURED China JP Morgan raises US$350m from Ping An exchangeable bond. 87
EQUITY^ US Calamp charges up on high-tech deal.^87 Convert Encore follows up with new deal.^87