IFR International - 20.10.2018

Contents

INTERNATIONAL FINANCING REVIEW

OCTOBER 20 2018 ISSUE 2256

TOP NEWS 04

BONDS Softly softly Uber’s quiet ride into the bond market.

Hush-hush deal attracts eager support and paves the way for an IPO. 04

BONDS Climbdown Disney surprises the market with an early debt exchange.

Media giant backs down after investors push back. 04

EMERGING MARKETS Appetiser Turkey chooses cautious comeback with US$2bn offering.

Sovereign returns after tumultuous few months, though the tenor surprises. 06

BONDS Playing it safe Italy stays at home for €3.7bn bond as volatility flares.

Moody’s and S&P decisions loom as sovereign takes domestic route. 06

Fillip StoneCo’s US$1.1bn IPO gets Buffett boost as Berkshire Hathaway gives its backing. 07

Feeling the heat Saudi Aramco loan on ice amid Khashoggi backlash. 08

Caution S&P flags LGFV risks. Deals continue despite warning over off-balance-sheet borrowing. 08

Rethink HSBC mulls China listing – again. Bank could be first to issue CDRs under new scheme. 10

PEOPLE & Gaining ground Goldman Sachs and Morgan Stanley take the cake. 11

MARKETS^ US pair outperform rivals in third quarter to win market share.

Going native EU banks are starting to issue more bonds under their local laws

rather than English law, which has long been the preferred jurisdiction. 12

Stronger Fixed income trading is on course for a better year than 2017 across

the five largest US banks despite a weak performance in the third quarter. 13

Lured Deutsche Bank hires Matthew Upton from Mizuho to focus on software deals. 15

French connection Wells Fargo has applied for an investment firm licence to create a Paris hub. 17

Seeking answers South Korea starts inquiry into securities firms over losses from China default. 20

BONDS Power Investors push back in sterling. One deal pulled, another relaunched. 21

Spain DIA hit by mutiple-notch downgrades. 27 Comeback Checkout queues for Tesco bond. 28

EMERGING Backlash Saudi Arabia under the spotlight. Kingdom’s bonds take a hiding. 45

MARKETS^ Indonesia Graft case rocks Lippo Karawaci.^47 Down Optimism fades for LatAm issuers.^56

LOANS Vulnerable Blue-chip borrowing costs may rise over downgrade worries. 59

Pricing Rising Hibor pressures lenders. 61 Concerned Fed warns on loosening terms. 68

EQUITIES Sights lowered Weak markets force San Miguel to pare back follow-on target. 75

Malaysia Investors play chicken. 78 US Yeti IPO faces cooling market. 85

STRUCTURED United States Evolent builds for growth with US$150m convertible bond. 88

EQUITY^