Contents
INTERNATIONAL FINANCING REVIEW
JULY 7 2018 ISSUE 2241TOP NEWS 04
BONDS Post turbulence Italian banks back by popular-ish demand. Supply returns
after 10-week lull, but covered issues are only a partial test of real demand. 04EQUITIES Placements Goldman rapped over Australia block. Wider discounts might
be necessary on stock sale underwritings, as regulators crack down. 04BONDS/LOANS Too risky Sea change as Atlantia turns to loans. Infrastructure company
taps relationship banks for M&A funding. 05PEOPLE & MARKETS Big long Bets pile up on German property. Capital markets fuel exponential
growth for real estate companies. 06Panda China vows more bond connections, improving access for foreign issuers and investors. 08
Bonanza Final payday set for Lehman’s European claimants. 09
Private equity Adjusted Ebitda could be masking higher leverage. 10
Government change Malaysia insurance IPOs in doubt. 11
Delays South Korean IPOs under scrutiny after regulatory probe. 12PEOPLE & Strategy SG snaps up Commerzbank unit. French bank buys structured 13
MARKETS^ equity platform to expand in Germany.
Blockchain Bond issuance fintech innovators get FCA leg-up. Britain’s
financial regulator chooses handful of companies to test new ideas. 14
Double role Kexim raises the Samurai standard, making the most of the
momentum generated by summit between Donald Trump and Kim Jong Un. 15
Planning JP Morgan prepares dozens for Brexit relocations. 17
Tech leads Global equity-linked bond deals hit 10-year high. 19
Long-term thinking Indonesia launches a state-owned infrastructure investment fund. 20
Precedent Goldman Sachs loses court appeal versus Novo Banco. 21BONDS Triple Bs Eurozone recession could lead to billions of euros of downgrades. 23
Basis swap Euros in demand, move against dollars. 24 Duration Banks find deep pockets in 10-year. 33EMERGING Conciliatory Investors take comfort from tone after AMLO victory. 49
MARKETS^ Argentina Financial plan provides calm.^49 Asia Tough months ahead for high-yield.^50LOANS First half Lending volumes steady despite macro fears. 55
Schuldschein Market set for rebound. 59 CEEMEA Lenders fear long-term slump. 60EQUITIES Strong pace US bankers ready for more tech/biotech IPOs. 71
SMCP rises Shandong Ruyi cashes in. 71 Biotechs IPOs thrive in golden age. 81