IFR International - 03.11.2018

Contents

INTERNATIONAL FINANCING REVIEW

NOVEMBER 3 2018 ISSUE 2258

TOP NEWS 04

LOANS Big game PE firms hunt elephants for 2019. Bankers see deals with up to

US$20bn of debt as possible. 04

LOANS Nice earner IBM’s US$20bn buyout bridge rouses the loan market.

Arranging banks will reap in about US$37m in fees. 05

BONDS Convincing SMBC helps sun rise on Japan covered bond market. Debut deal

attracts €1.4bn despite unusual structure. 06

PEOPLE & MARKETS Paralysis Italian bad loan clean-up threatened by budget stand-off with

Brussels. Political risks and government bond sell-off make life more difficult. 06

Help Evergrande chairman lends a hand with US$1.8bn bond sale. 08

Abandoned Investors cast doubt over Mexico’s policy direction after airport shock. 08

Progress Brexit deal on financial services is finally done. Or not. 10

Controversial Fitch condemns Galton mortgage bond’s take on Triple As. 12

PEOPLE & Results Credit Suisse trading slumps. CS and Deutsche come out worst 13

MARKETS^ from mixed Q3 for Europe’s banks.

Health check EU stress test shines light on Barclays, Deutsche and Lloyds.

These banks fared badly in terms of capital strength or leverage ratios. 14

DOJ Goldman bankers indicted in 1MDB fraud case. Charged with stealing

billions from the proceeds of bond sales. 15

Exodus BAML to move top bankers to Paris after Brexit. 18

Midterms Banks face headline risk in US election. 21

Bitter spat India’s RBI rift threatens bond market. 23

BONDS Repricing Change in tide as KfW prices euro jumbo. 25

Hefty price Victoria falls on debut bond. 26 Market worries Little love left for Triple Bs. 32

EMERGING Record lows Property deals roil China high-yield market. 53

MARKETS^ Revival US demand lifts Pertamina.^58 Remarket Neighbourly support smoothes Noga deal.^60

LOANS Legal hit Banks wary of financing cannabis firms, for now. 63

End of road Abertis takeover saga finishes. 70 Falls New Turkish bank loans hit secondary pricing. 71

EQUITIES Craze Cannabis grower Curaleaf raises US$400m on Canadian exchange. 81

Roadshows Slovenia plans to exit NLB through IPO. 81 Cancelled IPO Primepulse has no pulse. 85

STRUCTURED AXA Bank of America Merrill Lynch abandons its own exchangeable. 90

EQUITY^ Closure Safran carries out buyback of OCEANE convertible due 2020.^90