Debt capital markets review thomson reuters năm 2024

If press relations managers are caught lying to the media, it is impossible to return to a position where people automatically believe anything they say. Why would they? Michelle Mone, the UK baroness and businesswoman who recently admitted misleading the media, is currently finding this out to her cost. In the world of PR, you can knowingly lie only once. Then you are doomed. Firstly, journalists have long memories; secondly, they chat to each other. A PR caught lying will be tagged, flagged and made into a “Wanted” poster to be stuck on the walls of newsrooms across the land. And rightly so. A PR's job is not to defend an institution at all costs; it is to ensure the media has the facts and the context. The latter can sometimes have different shades but no one benefits from outright lying, misleading or omission – not the firm, not the journalist or their readers, and definitely not the PR. I have known bankers who have certainly tried, if not to lie, to manipulate the truth when talking to the media. Even worse, I have been lied to myself by my colleague bankers. I have seen situations where PRs have innocently perpetuated that lie to a journalist. When the PR finds out, they are faced with the option of maintaining their lie or dropping the banker in it. I know what I would do. PRs trade on their reputation for straight, honest communication. This reputation takes years to build within a community trained and experienced in kicking the tyres of anything a bank representative says. And, ultimately, a PR's reputation transcends the organisation they happen to be working for that year. That might be a truth employers are reluctant to hear but that is also the reason you should pay good money for good PRs. Stand up guy So what do you do when a senior banker, one used to an army of acolytes fulfilling their every whim, seeks to misrepresent what you know to be the truth to the outside world? The obvious answer is to stand up to them and prevent them abusing their office. When a banker lies, the bank lies and a PR’s job is to represent the organisation. I remember confronting one very senior banker who wanted to distort the context surrounding his departure from the bank. He suggested changing the opening sentence of the memo announcing his exit to say he had “chosen” to leave. He hadn’t – far from it – and I reminded him of that. He sniffed unhappily and looked at his soon-to-be ex-boss for support. Worryingly, his boss didn't seem too bothered with the inaccurate wording, I think on the grounds he wanted this exercise to be over with quickly and smoothly. The issue was taken to the head of risk who, having been briefed, barely raised his eyes off some other documents he had been studying throughout and said, “That’s not true. So, no,” and returned to reading his papers. I liked him a lot. Gut reaction Lies are often in the form of denials. And the denials are often the panicky gut reaction of someone suddenly caught out. Far better is to keep your head down and don’t say anything until the dust settles. A “no comment” won’t necessarily prevent a story but it does prevent a lie. And a measure of a good organisation is how it reacts to something unexpected and negative. Lying is not a good metric, even if it happens in the heat of battle. A “no comment” can buy time for an organisation that will at some point be expected to say something. It is neither an admission nor a denial but it gives a journalist a formal response that they can use in a story. And when the dust eventually settles, which it will, more thoughtful and considered language can be employed. This can often be an opportunity for an organisation or individual to show their mettle, to prove to the world that even when things go wrong, they are capable of doing the right thing. If Mone had spent less time denying her involvement with a PPE supplier accused of

Ivory Coast resurrects bond supply from Sub-Saharan Africa

Ivory Coast successfully revived Sub-Saharan Africa bond issuance last week after a two-year hiatus, but the deal is unlikely to spur a broad renewal of supply from the region. The sovereign raised US$2.6bn through a dual-tranche transaction on Tuesday, which got more than US$8bn of orders, highlighting pent-up demand for new paper from the region. The financing was split across a US$1.1bn 7.625% January 2033 sustainability bond and a US$1.5bn 8.25% January 2037 conventional note. Both tranches were amortisers, with respective weighted-average lives of 8.5 and 12.5 years. “This is the first US dollar-denominated issuance from the West African country since 2017,” said Philip Fielding, co-head of emerging markets debt at MacKay Shields, adding that market technicals were one supportive factor. In its most recent transactions, Ivory Coast (Ba3/BB–/BB–) has preferred to borrow in euros, to which the local currency is pegged. However, most investors in Sub-Saharan credit are naturally US dollar based, and less keen to hold euro debt. This has created scarcity in Ivory Coast US dollar paper, exacerbated by buybacks of US dollar-denominated bonds in recent years. Investors are also generally upbeat about the country's economic fundamentals. While it faces some headwinds – lower levels of cocoa production are weighing on exports and putting pressure on FX reserves – Fielding highlighted Ivory Coast's strong growth, improving fiscal deficit and relatively low debt-to-GDP ratio. Other investors said the economy is becoming more competitive. “Oil production is increasing, and it is successfully starting to move up the value chain into commodity processing, cocoa and cashew nuts specifically. Both of these developments will lead to a much more sustainable external position in the medium term," said Scott Fleming, global emerging markets portfolio manager at Fideuram Asset Management. Social initiatives The country is also turning its attention to ESG matters. Proceeds of the sustainability bond can be channelled into social initiatives, including improving access to basic services, basic infrastructure and increasing employment, as well as green projects. The combination of strong market technicals and a positive economic outlook led to the heavy demand for the new issuance, which in turn meant lead managers BNP Paribas, Citigroup, Deutsche Bank, JP Morgan, Societe Generale and Standard Chartered could set very tight pricing. The 2033 bond priced at a yield of 7.875% and the 2037 at 8.50%, levels not only comfortably inside the starting points of 8.375% area and 8.875% area, but inside fair value by 12.5bp on the shorter bond and in line on the longer, according to two lead bankers. “The smaller size on the shorter tranche helped us push that little bit harder on pricing,” said one of the lead bankers. “Also, on the shorter one, there is an existing bond already at that point in the curve, so you have a good idea of fair value. On the longer one, it was more subjective, which can increase the investor sensitivity around pricing.” The new issues are part of a liability management exercise that includes an any-and-all tender offer targeting Ivory Coast's €239.15m 5.125% June 2025s and a capped US$300m offer on its US$497.04m 5.75% December 2032s. More coming? The degree to which the Ivory Coast deal translates into further supply from Sub-Saharan Africa is debatable, however, with the country being something of an outlier in the region. “Ivory Coast is indeed one of the best credits in the Sub-Saharan African region thanks to sound and responsible economic management,” said Kaan Nazli, senior economist and portfolio manager at Neuberger Berman. Other countries have political or economic reasons why they won't be able to issue as easily. “Senegal and Cameroon have election cycles, while Nigeria, Angola or Kenya would struggle to issue at levels that the

Univar sprints to the finish line

Dutch chemicals distributor Univar accelerated through an upsized US$500m-equivalent loan deal to fund a dividend distribution, as investors looked past ratings damage from the exercise to cling on to a slab of new money. With issuers swamping the European and US markets with repricings, Univar and sponsor Apollo took a different tack by bringing the first term loan to the European leveraged loan market this year with explicit use of proceeds for a dividend recap. "The Univar business has been performing well, there is demand for paper, so the sponsors are trying their luck," said an investor. "We saw divi recaps return at the back end of last year on the basis that the demand is out there and sponsors can be creative about issuing paper and getting money back." Univar enjoyed the buoyant market conditions, increasing its US dollar and euro fungible loans due in August 2030 and also squeezing the OID. The US$360m dollar tranche marked a US$35m increase over the initial target, while the euro tranche was bumped up by US$15m-equivalent to US$140m-equivalent. Both facilities landed at par, versus earlier OID guidance of 99–99.50. The margins were 450bp over SOFR/Euribor with a 0% floor. There was still some uplift compared to many of the margins secured by issuers in the recent wave of repricings, with some Single B issuers able to clinch margins as tight as 375bp at par. A second investor sensed that Apollo would be the first of a group to market loans for a dividend distribution. "So far this is mercifully the only divi recap," she said. "Univar is primarily driven by US dollar market dynamics and the sponsor Apollo is known for its aggressiveness." Rating actions Ratings agencies in their updates on the credit referred to Apollo's willingness to add leverage to Univar. Those updates saw Moody's cut the outlook to negative from stable on its B1 corporate rating, while Fitch dropped Univar by one notch into Single B territory, marking it at B+ with a stable outlook. S&P left its rating unchanged at B+ with a stable outlook. Facility ratings are B2/B+/BB–. The previous Fitch rating was BB+. Pro forma for the transaction, Moody's said adjusted leverage is expected to increase to 5.6 times in 2024 from 5.1 times at the end of 2023, with interest coverage declining to two times. "The revision of the ratings outlook to negative reflects further increase in Univar's leverage following the proposed US$450m incremental issuance and shareholder distribution, which follows the near doubling of balance sheet debt from the leveraged buyout by Apollo and a wholly owned subsidiary of Abu Dhabi Investment Authority in August 2023," said Moody's, referring to the loan size before the increase. Victory lap Univar raised US$4.15bn in June via leveraged loans and a secured bond to back its buyout by Apollo. The deal included a minority investment from a subsidiary of ADIA. The seven-year loans comprised a US$2.4bn TLB and an €870m TLB – now subject to the new add-on facilities. The secured bond was US$800m. "Univar is just fresh from last summer. We aren’t even onboarded properly on the reporting side and Ebitda still contains lots of add-back," said the second investor. "Their fourth-quarter update ... looked decent so the sponsor and management are maybe doing a victory lap." Univar had enough wind in its sails to accelerate the timing for the trade, offering an encouraging data point for follow-on efforts. "We are likely to see divi recaps and some of these will be aggressive, others justified," said Pieter Staelens, lead fund manager at CVC Income & Growth. "If there had been, say, four times opening leverage, and this came down to 1.5 times, and it is now going back up to four times, and it is generating cash, and you have enough headroom, then it can work." Although bankers are pitching divi recaps to clients, the knock-on effect for leverage means not all sponsors are keen to travel down the path of fin

Direct lenders come under growing pricing pressure

Private equity sponsors are looking to take advantage of the rally in the leveraged loan secondary market to strong-arm direct lenders into taking an axe to pricing on expensive vintage loans. Direct lenders have had the edge over banks since Russia's invasion of Ukraine, providing liquidity for leveraged buyouts, refinancing and add-on acquisitions. Speed and certainty of execution provided the silver bullets to win against banks' ostensibly cheaper rival product. But the syndicated loan market in 2024 has started off with a bang, flooded by repricing exercises in the US and Europe. The febrile atmosphere of margin cutting has triggered sponsors to review costly loans, especially if they are nearing the end of their typical 12 to 18-month call protection periods, or already sit outside. “There is pressure to reprice existing deals down, given the tighter spreads and low OID for syndicated markets, making the payback maths attractive,” said an executive at a sponsor firm. “The amount cut will be determined by where the existing loan is priced, but 75bp–100bp is not out of question.” Over the past two years, most direct loans were priced at 625bp–700bp over benchmark rates, although that has shifted down to 575bp–600bp for solid credits. “We often get enquiries from borrowers who want to reprice existing deals with their incumbent lenders and ask us to run a process of a market price check in order to create competitive tension,” said Floris Hovingh, head of EMEA debt advisory at Perella Weinberg Partners. “The preference for borrowers is to amend the terms with existing lenders if they are outside their prepayment penalty, as refinancing with new lenders will incur extra costs and time.” The repricing push in the direct lending market has been supported by bids in the secondary market for broadly syndicated loans, which have been rising this year. Average bids for the top 40 European leveraged loans sat at 98.35 as of Wednesday, from 97.48 on January 1, according to LPC data. “The direct lending community is getting that tap on the shoulder from private equity, who say 'this was priced at 650bp last year and we would like you to reprice it as the incumbent lender', so they then tighten in on themselves – say, 650bp down to 550bp,” said a CLO fund manager. Worth the price Some direct lenders said they have not engaged in any repricing dialogue on existing deals as performing credits can bring the price down if they have a margin ratchet linked to elements such as leverage or ESG performance. In addition, direct lenders argue that private loans have always had a historical pricing premium to the public syndicated market given the flexibility and resilience offered by the asset class. “The private markets have historically maintained a 150bp–200bp premium to the liquid markets. There will inevitably be some negotiation, but I don’t see that a wave of repricing activity in the liquid markets is sufficient rationale to break that historical premium,” said Marc Chowrimootoo, a private credit portfolio manager at Hayfin Capital Management. “And I think sponsors will continue to value the flexibility we offer and remember that direct lending was the only asset class that was open and viable in the recent period of heightened volatility.” Others take a different view, suspecting that strong technicals in the syndicated market will lead to some direct lenders feeling pressure to adjust their terms. “The [syndicated] and the direct lending markets have been quite correlated, so we have to adjust pricing accordingly for new [private credit deals],” said Cecile Levi, head of private debt at Tikehau Capital. Risky bets Banks have sensed an opportunity and have been aggressively pitching sponsors to take out private loans in the syndicated market, particularly names that at one time were part of the liquid marke

Oman softens at the long end

Oman’s curve has been underperforming, particularly at the long end, with traders citing the potential for new issuance from the sovereign or more technical position rotations as being behind the move. The sultanate’s US$2.75bn 6.75% January 2048s are bid at a yield of 6.82%, 30bp higher than a fortnight ago, according to LSEG data. In benchmark spread terms, the bonds are now marked at 244bp, almost 29bp wider over the past two weeks. Similar moves have been seen in the US$1bn 7% January 2051s, which are now bid at a yield of 6.82% and...

MOVES-Top Goldman banker Esposito steps down

Jim Esposito, co-head of global banking and markets at Goldman Sachs and one of its biggest names, is retiring after 29 years at the US bank. He will become a senior director at the firm. Esposito is based in London and has moved between senior roles in investment banking and fixed income and equities trading far more than most senior bankers. He had been seen as a potential future CEO or president, and his departure may reflect that he saw that as unlikely in the near future. He is 56. "I thrived given the variety of experiences on offer but...

NAB blowout underlines strength of buoyant covered market

Conditions for euro covered bond issuers are getting better and better, bankers said on Monday, after seeing the substantial levels of demand National Australia Bank, Arkea Home Loans SFH and Hypo Noe received for new issues at various parts of the curve. NAB in particular stood out, with a €1.25bn seven-year covered bond that drew over €4bn in orders (including €185m of lead interest), the second largest book ever recorded for a euro covered deal out of Australia and the biggest since 2012, according to a lead banker. “What a result,” the lead...

NAB blowout underlines strength of buoyant covered market

Conditions for euro covered bond issuers are getting better and better, bankers said on Monday, after seeing the substantial levels of demand National Australia Bank, Arkea Home Loans SFH and Hypo Noe received for new issues at various parts of the curve. NAB in particular stood out, with a €1.25bn seven-year covered bond that drew over €4bn in orders (including €185m of lead interest), the second largest book ever recorded for a euro covered deal out of Australia and the biggest since 2012, according to a lead banker. “What a result,” the lead...

China Evergrande ordered to liquidate by Hong Kong court

China Evergrande Group was ordered to be wound up by the Hong Kong High Court on Monday after the world's most indebted property developer failed to come up with a concrete restructuring plan before the hearing. The court also appointed Tiffany Wong and Eddie Middleton, both from Alvarez & Marsal, as joint liquidators. Justice Linda Chan said the liquidation order is appropriate because of the company's lack of progress on providing a viable plan. She said the previous adjournment of the hearing was to give the company more time to further...

China AMC bonds rally in response to consolidation news

Bonds from Chinese asset management companies China Cinda Asset Management, China Orient Asset Management and China Great Wall Asset Management traded tighter on Monday following news that the trio could be reorganised. State news agency Xinhua reported on Sunday that China will consolidate Cinda, Orient and Great Wall into sovereign wealth fund China Investment Corp, as part of a plan to reform China's financial institutions. China's ministry of finance is the largest shareholder of the three AMCs. There has not been an official...

China Evergrande ordered to liquidate by Hong Kong court

China Evergrande Group was ordered to be wound up by the Hong Kong High Court on Monday after the world's most indebted property developer failed to come up with a concrete restructuring plan before the hearing. The court also appointed Tiffany Wong and Eddie Middleton, both from Alvarez & Marsal, as joint liquidators. Justice Linda Chan said the liquidation order is appropriate because of the company's lack of progress on providing a viable plan. She said the previous adjournment of the hearing was to give the company more time to further...

JP Morgan steps up succession plans with CIB shake-up

JP Morgan has named Jennifer Piepszak and Troy Rohrbaugh to run an expanded commercial and investment bank, which draws commercial banking into the enlarged business and positions them as leading candidates to take over from long-time CEO Jamie Dimon whenever he steps down. Daniel Pinto, who has built the corporate and investment bank arm into a Wall Street powerhouse during his 12 years running the business, will step down as CIB chief but remain president and chief operating officer of the bank. The changes are effective immediately and...

China AMC bonds rally in response to consolidation news

Bonds from Chinese asset management companies China Cinda Asset Management, China Orient Asset Management and China Great Wall Asset Management traded tighter on Monday following news that the trio could be reorganised. State news agency Xinhua reported on Sunday that China will consolidate Cinda, Orient and Great Wall into sovereign wealth fund China Investment Corp, as part of a plan to reform China's financial institutions. China's ministry of finance is the largest shareholder of the three AMCs. There has not been an official...

Ivory Coast resurrects bond supply from Sub-Saharan Africa

Ivory Coast successfully revived Sub-Saharan Africa bond issuance last week after a two-year hiatus, but the deal is unlikely to spur a broad renewal of supply from the region. The sovereign raised US$2.6bn through a dual-tranche transaction on Tuesday, which got more than US$8bn of orders, highlighting pent-up demand for new paper from the region. The financing was split across a US$1.1bn 7.625% January 2033 sustainability bond and a US$1.5bn 8.25% January 2037 conventional note. Both tranches were amortisers, with respective...

Allocs out for OPEC Fund USD500m 3yr

* Allocs out. Final books closed USD4.3bn+ ex JLM. Citi is B&D and DM. Hedge deadline 14:15 UK / 09:15 NY. HR 101% vs CT3 (T 4 01/15/27). Pricing later today. (1:52pm) * Launched: USD500m at MS+78bps. Books closed USD4.4bn+ ex JLM. Allocs & pricing later today. Citi is B&D and DM. (1:05pm) * Books USD3.1bn+ ex JLM. Spread set at MS+78bps. EMEA & APAC books to close at 09:40 UK & Americas books to close at 08:00 NY. (9:23am) * IoIs USD2.4bn+ ex JLM. Guidance MS+80bps area. Pricing today. ISINs: XS2758114164 (Reg S) / US683483AB71 (144A). (8:23am) --------- LONDON, Jan 29 (IFR) * IPTs SOFR MS S/A 30/360 +low/mid 80s (currently equiv to ~CT3 +low/mid 60s), no-grow USD500m, tbp Tues. Maturity 8 Feb 2027, settle 8 Feb, S/A coupons, GMTN docs, English law, LSE main market listing, 200k+1k denoms, Reg S/144A/3c7. (10:55am) THE OPEC FUND FOR INTERNATIONAL DEVELOPMENT, rated AA+ /AA+ (S&P -Stable/Fitch - Stable), has mandated BofA Securities, Citi, Goldman Sachs Bank Europe SE and Nomura to lead manage a new USD 500m (no grow) 3-year fixed rate RegS/144a benchmark transaction. The issue is expected to be launched in the near future, subject to market conditions. FCA/ICMA stabilisation. The base offering memorandum dated 31 May 2022, as supplemented by the supplemental base offering memorandums dated 21 October 2022, 13 January 2023 and 26 January 2024, respectively, is available at https://opecfund.org/investor-relations/funding. The manufacturer target markets (MiFIR/MIFID II product governance) are eligible and professional counterparties only (all distribution channels). (10:55am)

BUZZ-USD/JPY uptrend stalls into week's event risks, Fed cut caution key

USD/JPY is flat, but below tenkan & 13-DMA pre-JOLTS, cons conf, Fed Tiny 147.16-57 range so far on Tues, but first lower hi & low since Wed Softer longer-term Tsy yields than JGB yields weigh on prices But so far just seeing reversion to the 100-DMA at 147.48 on EBS JOLTS and consumer confidence up next today, along with home prices Confidence seen at 115 from 110.7, JOLTS 8.750M from 8.790M last Fed event on Wed eyed for Chair Powell view on rate cut prospects Also on any changes in the pace of the Fed's balance sheet Wed also brings BoJ meeting minutes and ADP But jobless claims and mfg ISM on Thur and jobs data Fri are bigger risks USD/JPY uptrend sustained between props by 146 and hurdles near 149 But uptrend is only one bad day away from flipping momentum negative For more click on FXBUZ Chart https://tmsnrt.rs/4buT5YP Chart https://tmsnrt.rs/48REMLP

Swedish debut expands unique IFAD funding

An inaugural deal in Swedish kronor has broadened the International Fund for Agricultural Development’s unique approach to capital markets, which centres on ESG private placements. It also reinforced Nordic institutions as key buyers of impact investments, following the World Bank's recent plastic pollution outcome bond. SEB sold the SKr1bn (US$95m) sustainable note. The seven-year, priced at par to pay 3.085%, marked the Rome-headquartered United Nations agency’s first issue outside the core euro and US dollar markets. The same bank placed IFAD’s first capital markets issue, a US$100m seven-year note in mid-2022 that was also documented under IFAD’s sustainable development finance framework. Swedish insurer Skandia was the new issue’s lead buyer, taking SKr900m. Local peer Folksam – buyer of IFAD’s entire 2022 note – accounted for the remaining SKr100m. Skandia also participated in the World Bank’s plastic pollution outcome bond alongside Denmark’s Velliv, a lead buyer. Notably, Skandia and SEB were also key players in the first labelled green bond, a SKr2.325bn World Bank deal in 2008. Diversification appetite IFAD is the only UN body outside the World Bank group to issue in capital markets. This form of borrowing, plus bilateral loans from development financiers like Germany’s KfW and Agence Francaise de Developpement, funds its “ordinary terms” market-rate loans to middle and upper middle-income countries. These represent some 20% of its US$8bn lending for agriculture, food systems and rural economies in developing countries. IFAD is looking to raise another US$95m this year, head of funding Natalia Toschi said. It appears likely that this will all come from capital markets – possibly in another new currency such as Australian dollars, though Toschi will “prioritise” the lowest after-swap cost of funds. Having previously noted IFAD’s appetite to expand its investor base, she “of course will be happy to diversify in other currencies if the opportunity arises and levels are within our grid”. IFAD is set to have greater borrowing capacity of around US$1bn across the three years of its next replenishment cycle in 2025–27. The agency joined the now 23-strong DFI Working Group on Blended Concessional Finance earlier this month and said it would accelerate its efforts to catalyse greater private sector investments in rural and agricultural development. This will see it “blend borrowed funds from all sources with its own resources to increase funding available to invest in operations with the private sector”, according to Toschi.

Kanton Zurich upsizes sixes

The Canton of Zurich printed an upsized SFr300m (US$348m) six year senior unsecured public bond, coming inside initial guidance and its own curve on Tuesday. Books opened for a minimum SFR200m at mid-swaps plus 6bp-8bp before being swiftly revised tighter to plus 4bp-6bp (to price in range), for a minimum SFr250, finally printing SFr300m at plus 4bp. That gave a yield of 1.168% and a spread of 39bp over the Swiss government curve, and put the bonds some 5bp inside the canton's own curve. At two of the three leads, 40 all-Swiss investors took part, spearheaded by asset managers with 46%, while insurers took 20%, banks and private banks 15%, treasury accounts 10% and pension funds 9%. The canton is rated Triple-A by S&P, Fitch and ZKB. Raiffeisen Schweiz, UBS and ZKB led the deal.

EUR GOVTS - Front-end and 15s or 20s talked for EU auctions Monday

The European Union should tomorrow be set to announce next Monday’s auctions. Expectations are pretty solidly set for a shorter dated bond and something in the 15- or 20-year area, assuming of course it comes with two lines. Per the longer tranche, 15-year paper hasn’t been touched since the tap of the current 10/48 in October, and October was also the last time 20s were seen when the current 4/44 was introduced. A tap of the Green 2/48 alternatively seems like a good idea, and dealers do point out how the EU has lagged its green bond targets, but this particular idea and issue do not seem frequently suggested by the Street. Other possibilities theoretically include 30s, but €5.0bn of the 3/53 was just tapped via syndication a week ago so seems unlikely, and 10s but the preference here seems to be to reserve this maturity for a new issue at the next syndication due the week of February 19. Per the shorter end, three-year paper hasn’t featured since a tap of the 10/26 bond in October, so seems to be a favourite candidate, or perhaps an off-the-run bond in the front-end. €2.5bn per leg would fit with precedent as well as what dealers are talking.

BUZZ-Bitcoin trickles higher on lower UST yields ahead of Fed Wednesday

BTC= steady by Tues low into NorAm +0.05% at 43.2k; Tues range 43.9k-43k BTC off o/n highs, finds support at 55-30/DMAS just below 43k Lower US yields lends support ahead of Wednesday's Fed announcement ETHBTC moving lower despite spot ETH ETF chatter, BTC dominance intact BTC shrugs off early Jan dip, +3% for month, if gain holds up for 5th month Invesco And Galaxy Drop The Sponsor Fee On Invesco Galaxy Bitcoin ETF (BTCO) Res Tuesday high 43.9k, Jan 12 high 46.5k, upper 30-d Bolli 46.8k Support at 55-DMA 42.9k, Jan 29 low 41.8k, 10-DMA 41.3k For more click on FXBUZ Bitcoin Chart: https://tmsnrt.rs/3UgtufX

Allocs out for DekaBank EUR500m 5yr SP

* Allocs out. Final book good at reoffer closed over EUR1.75bn ex JLM. Benchmark DBR 0.25% 02/2029 (HR 101%). Hedge book to close 14:50cet. Pricing thereafter. Deka B&D/DM. (1:34pm) * Final terms: EUR500m at MS+75bps. Books EUR2bn+ ex JLM pre-rec, now subject. Allocs & pricing later today. Deka is DM. (10:27am) * Books EUR2bn+ ex JLM, subject 11.20cet. Guidance MS+80bps area (+/-5bps wpir). (9:50am) * Books EUR1.5bn+ ex JLM. (8:55am) * IPTs MS+105bps area, no-grow EUR500m, tbp today. Maturity 8 Feb 2029, settle 8 Feb, off DIP, German law, Frankfurt & Lux listing, 100k+100k denoms, Reg S bearer NGN. ISIN XS2760218003. Deka is B&D. (7:51am) ---------- LONDON, Jan 29 (IFR) DekaBank Deutsche Girozentrale rated Aa2/A by (Moody’s/S&P) has mandated Commerzbank, Credit Agricole CIB, DekaBank, Natixis and UniCredit as Joint Bookrunners for its upcoming EUR 500mn (No-grow) fixed rate senior Preferred transaction. The notes will have a 5 year maturity and are expected to be rated Aa2/A by (Moody’s/S&P) and MREL eligible. The deal will be launched in the near future, subject to market conditions. The issuer is available for 1o1 Calls upon request. UniCredit coordinating logistics. The target market for the Bonds is eligible counterparties and professional clients, each as defined in MIFID II. Link to Rating overview: DE: https://www.deka.de/deka-gruppe/investor-relations/ratings EN: https://www.deka.de/deka-group/investor-relations-en/ratings-1 Link to Investor presentations: DE: https://www.deka.de/deka-gruppe/investor-relations/publikationen-und-praesentationen EN: https://www.deka.de/deka-gruppe/investor-relations/publikationen-und-praesentationen Comps: Issue Date Security ESG Size(mn) Coupon Maturity I-sprd Rating Rank Jan-23 BPCEGP 1,250 3.50% Jan-28 + 84 A1/ A+/ A SP Jun-23 BPCEGP Social 500 4.125% Jul-28 + 81 A1/ A+/ A SP Oct-23 HASPA 500 4.375% Feb-29 + 95 Aa3 SP Nov-23 LBBER 400 4.125% Nov-28 + 87 Aa3 SP Mar-23 BFCM 1,500 4.125% Mar-29 + 88 Aa3/ AA-/ A+ SP Feb-23 ACAFP 1,000 4.125% Mar-30 + 82 Aa3/ AA-/ A+ SP Apr-23 FRLBP 1,000 4.000% May-28 + 81 A2/ A+/ A+ SP Nov-23 SWEDA 1,000 4.125% Nov-28 + 91 Aa3/ AA/ A+ SP Apr-23 SEB 1,000 3.875% May-28 + 85 Aa3/ AA/ A+ SP Jun-23 OPBANK 650 4.000% Jun-28 + 74 Aa3/ N.A./ AA- SP Jul-23 DEKA 300 4.125% Aug-28 + 93 A2/ N.A./ A- SNP Jan-23 BYLAN Green 500 3.750% Feb-29 + 107 A2/ A-/ N.A. SNP Jan-23 HESLAN Green 750 4.000% Feb-30 + 100 A2/ A+/ N.A. SNP May-23 NDAFH 1,000 4.125% May-28 + 91 A3/ AA-/ A SNP Jan-23 SWEDA Green 750 4.250% Jul-28 + 115 Baa1/ AA-/ A- SNP Apr-23 BFCM 1,250 4.375% May-30 + 124 A3/ A+/ A- SNP

TECHNICALS - BUND TRADER -

Bunds spiked up to 135.45 early so a stiff pullback and close to a shaven bottom on the candlestick or similar. 134.16 Jan 26 lows then minor trend support at 133.83 could be of interest ahead of the lows now. 10yr has bounced ahead of 38.2% Fibo from the end of Dec at 2.19%. 2.28% could be resistance ahead of the highs at 2.37%.

Allocs out for Rentenbank USD950m 7yr

* Allocs out. Hedge deadline 14:00 UKT / 9:00 EST. Hedge ratio 100% vs CT7 (T 4 01/31/31). CIBC is B&D / DM. Pricing to follow. (1:34pm) * Launched: USD950m at MS+49bps. Books USD1.95bn+ (incl 100m JLM). EMEA books are closed, North America books to close at 8:30 EST. (11:32am) * Books USD1.7bn+ (incl 100m JLM). Spread set at MS+49bps (CT7 +17.7bps equiv). EMEA books to close at 10:30 UKT, North America books to close at 8:30 EST. (10:07am) * IoIs USD1bn+ (incl 100m JLM). Guidance MS+50bps area (CT7 +18bps equiv). Pricing today. (8:06am) --------- LONDON, Jan 29 (IFR) * IPTs SOFR MS (SA 30/360) +50bps area (CT7 +17.2bps equiv), USD500m size, tbp Tues. Settle 6 Feb, annual coupons, EMTN docs, German law, Lux regulated market listing, 1k+1k denoms, Reg S registered NSS (Tefra rules may apply). CIBC is B&D and DM. (12pm) Rentenbank, rated Aaa/AAA/AAA (Moody's/S&P/Fitch, all stable) and guaranteed by the Federal Republic of Germany, has mandated Barclays, CIBC Capital Markets, Nomura and Scotiabank to lead manage its USD 7-year Reg S transaction due 6 February 2031. The transaction is expected to be launched off the issuer's EMTN Programme in Registered Note format, in the near future, subject to market conditions. The manufacturer target markets (MIFID II product governance) as assessed by the lead managers are eligible counterparties, retail and professional (all distribution channels). FCA/ICMA stabilization. (12pm)

What is the best bank in the debt capital markets?

Barclays. Brondeau..

BBVA - Banco Bilbao Vizcaya Argentaria. Warrain..

Goldman Sachs Asset Management. Thierry Sancier | Céline Méchain..

RBS. Glenat..

UniCredit. Edouard Lemardeley | Audrey Sebban..

Is DCM better than ECM?

DCM, on the other hand, poses less risk and provides lower potential returns compared to ECM. The prices of debt securities fluctuate less than stocks. In the event of a company's liquidation, bondholders in the DCM are prioritized and are the first to be paid.

Is DCM a good career?

DCM is very much a “learning through doing” type of career, and those who do well can achieve incredible successes. Career mobility is often determined by one's ability to generate fees or based on the strength of relationship with borrowers/investors.

Is DCM part of IB?

The debt capital markets (DCM) is a product group within the investment banking division that offers capital raising services in the form of corporate bonds and government bonds on behalf of their clients.