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Poptastic Adyen's Shares Double on Debut After JUNE 16 2018 ISSUE 2238 www.ifre.com Poptastic Adyen’s shares double on debut after €950m US-style Amsterdam IPO AT&T cleared to buy Time Warner, but its debt, at US$160bn and growing, worries investors Stuck in limbo: MAR adds to difficulties as bond mandates pile up across the globe LOANS LOANS EQUITIES EMERGING MARKETS Loan investors Envision’s Turkey’s SOK China regulators score small US$9.9bn LBO abandons slam low- victories against adds to deal controversial fee bond covenant creep bonanza buyback underwriting 08 08 11 14 REGISTER TODAY! GREEN FINANCING ROUNDTABLE 2pm – 4pm | Monday July 9 2018 | Thomson Reuters, Singapore Sponsored by: Association partner: The 2018 IFR Asia Green Financing Roundtable will take place on the morning of Monday July 9 2018 at the Thomson Reuters Building, Singapore. Moderated by IFR Asia’s Daniel Stanton, this 90-minute discussion will convene a panel of expert speakers to assess the current state of the market, examine the challenges and opportunities for market participants and provide an outlook for the year ahead and beyond. The event is free to attend for all capital markets professionals and you can secure your place at http://financial-risk-solutions.thomsonreuters.info/AsiaGreenFinancingRoundtable Upfront OPINION INTERNATIONAL FINANCING REVIEW Crest of a wave -ANYûRECENTû'REENûBONDSûBLURûTHEûLINEûBETWEENûMARKETINGû EXERCISESûANDûREALûlNANCINGSû4AKEû)#"#SûRECENTûmOATING RATEû T&T is set to go down in the record books after a court OFFERINGS ûTIMEDûTOûCOINCIDEûWITHû7ORLDû%NVIRONMENTû$AYû*UNEû A JUDGEûlNALLYûAPPROVEDûnûSOMEûûMONTHSûAFTERûTHEûDEALû ûANDûTHENûTHEûDAYûBEFOREûTHEû)#-!ûCONFERENCEû*UNEû WASûlRSTûANNOUNCEDûnûTHEûTELECOMSûGIANTSûACQUISITIONûOFû (ONGû+ONG ûLIKEû)#"# ûHASûTHEûCLOUTûANDûCREDITûRATINGûTOû 4IMEû7ARNERSûMEDIAûEMPIRE ISSUEû'REENûBONDSûWHENEVERûITûLIKESûANDûCALLûTHEûDEALûAû 4HEûDEALûISûSETûTOûPUSHûTHEûCOMPANYSûDEBTûLOADûBEYONDû SUCCESSû7HATSûREALLYûNEEDED ûHOWEVER ûISûANûACTIONûPLANûTHATû 53BNû,EAVINGûASIDEûPOSSIBLEûQUIBBLESûABOUTûINmATION û LINKSûAû'REENûlNANCINGûTOûREALûRESULTS 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MARKETSûAREûUNDERGOINGûSEISMICûCHANGEû"ANKERSûWILLûBEû ENVIRONMENTûANDûTACKLEûCLIMATEûCHANGE û(ONGû+ONGûnûANDû HOPEFULûTHATûWITHûLASTûWEEKSûCRUCIALû&/-#ûANDû%#"û !SIAûMOREûBROADLYûnûSTILLûHASûSOMEûCONVINCINGûTOûDO MEETINGSûOUTûOFûTHEûWAY ûTHEûPIPELINEûWILLûBEGINûTOûTHAW International Financing Review June 16 2018 1 IFR, now appearing on screens everywhere Access IFR via the industry’s most intuitive desktop and mobile platform. On Thomson Reuters Eikon, all the actionable intelligence from IFR is easier to view, search and use in your wider trading, investment, FI and capital raising strategies. The full range of IFR editorial content, now accessible in one location – that’s a powerful combination. Try Thomson Reuters Eikon Free. For more information or a free Eikon trial, go to: inancial.thomsonreuters.com/eikon © 201 Thomson Reuters. 03/15. INTERNATIONAL FINANCING REVIEW Contents JUNE 16 2018 ISSUE 2238 TOP NEWS 04 EQUITIES Poptastic Adyen soars following US-style IPO. Payments company’s float in Amsterdam leads to “unprecedented” book and share price rise. 04 BONDS Ruling AT&T legal win to spur another jumbo bond. Investors await deluge of debt to fund new round of M&A deals. 04 BONDS Debt pile Extent of AT&T’s debt worries investors; concentration limits and potential downgrades give world’s biggest corporate borrower reasons to fret. 06 LOANS Investment pressure Investors on large European LBO loans are winning concessions on documents, but these are small victories. 08 Strong volumes Envision leveraged buyout adds to deals bonanza. 08 Limbo Market abuse regulation adds to aggro as mandates pile up. 10 Premium Retailer SOK abandons controversial buyback. 11 Runaway competition Chinese regulators slam low-fee underwriting. 14 PEOPLE & Regulation EU banks in US stress test spotlight; capital should be fine, but 15 MARKETS qualitative test harder to call. Tech edge HSBC targets 11% return and steps up revenue push; sets out plans to turn round the US business. 16 Conflict Compensation decision looms in Banco Popular spat. Creditors will have opportunity to respond to EU draft decision. 17 Chairman BNP Paribas shakes up Americas CIB leadership. 19 Sour investments Deutsche Bank offloads US$1bn of shipping loans. 21 Falling volatility Markets may not price Brexit risks until they hit. 23 BONDS Dovish guidance ECB signals ready, steady, go for primary; BTPs lead charge. 25 Monsanto Bayer to make history with funding. 26 Vivat Investors call the shots in tough trade. 36 EMERGING Debut Ecobank hopes to beat tough market conditions with first deal. 57 MARKETS Ecuador Sovereign meets investors in US. 57 Asia Green debt supply doubles. 62 LOANS Conflict Tensions
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