IFR Magazine - October 27, 2018

Contents

INTERNATIONAL FINANCING REVIEW

OCTOBER 27 2018 ISSUE 2257

TOP NEWS 04

LOANS Cash pours in Leveraged lending comes under fire from regulators, as CLO

machine cranks up the risk. 04

EMERGING MARKETS Boycott Flow of funds to Saudi Arabia threatened by fallout from

Khashoggi murder. 06

BONDS Bad timing AMP plans subordinated notes after share bloodbath. Stock

plunge overshadows Tier 2 roadshow. 07

BONDS Debt pile Netflix goes long to keep streaming cash. Content may be king,

but debt is essential. 08

Turmoil DIA caught in the headlights as bonds and shares plummet. 08

Bigger/better Strong get stronger in equities. Big five US banks enjoy revenue surge. 10

LBO financing Calsonic gears up for Magneti buyout. 10

Subsidies Japanese bond market turns greener. 11

PEOPLE & Results Deutsche’s trading struggles deepen. UBS, Barclays fare better 13

MARKETS^ in Q3 to take market share.

Boutique M&A revenue slips for independent investment banks, but still

remains on record pace. 14

Leadership Veteran banker Todd Leland takes Goldman reins as investment

banking head in Asia. 14

Clean up Barclays redeems costly US retail preference shares. 15

Solidify JP Morgan reshuffles healthcare after co-head leaves. 17

Severe scenario Upsets unlikely as EU stress tests loom. 19

BONDS Take off Green Schiphol encourages brown issuers. 23

Covered Lukewarm welcome for MMB’s bond. 24 Huge Fannie sees demand for SOFR bond. 26

EMERGING Benchmark Ukraine launches off IMF springboard. 47

MARKETS^ Utility Tenaga uncovers 10-year demand.^49 Pick-up KHFC makes euro covered debut.^50

LOANS Pipeline Market gears up for “juicy January” as auction processes pick up. 57

Generous Oxley seeks smaller Royal Wharf refi. 61 Qatar CBQ in market with US$750m loan. 62

EQUITIES Infrastructure Locals buy into Thailand Future. 71

Chilly Market turmoil batters Yeti IPO. 71 Cannabis Curaleaf sprouts roots with IPO. 81