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Sovereign Sells US$1Bn Sukuk but Drops Conventional Tranches MARCH 31 2018 ISSUE 2227 www.ifre.com Bargain basement Bahrain: sovereign sells US$1bn sukuk but drops conventional tranches Tesla stumbles as markets face reality: fatal crash and downgrade push bonds below 90 Deutsche Bank hangs Cryan out to dry: Achleitner sounds out replacement CEOs EQUITIES PEOPLE & MARKETS LOANS EMERGING MARKETS Jitters hurt Asia Successful Golden €7.3bn of debt to Mannai gets IPOs: listings Belt law suit fund leveraged Qatar Inc back from China and prompts broader buyout of Akzo in the US dollar India struggle disclaimers Nobel unit bond market 06 07 09 12 SAVE THE DATE: MAY 22 2018 GREEN FINANCING ROUNDTABLE TUESDAY MAY 22 2018 | THOMSON REUTERS BUILDING, CANARY WHARF, LONDON Sponsored by: Green bond issuance broke through the US$150bn mark in 2017, a 78% increase over the total recorded in 2016, and there are hopes that it will double again this year. But is it on track to reach the US$1trn mark targeted by Christina Figueres? This timely Roundtable will bring together a panel of senior market participants to assess the current state of the market, examine the challenges and opportunities and provide an outlook for the rest of the year and beyond. This free-to-attend event takes place in London on the morning of Tuesday May 22 2018. If you would like to be notified as soon as registration is live, please email [email protected]. Upfront OPINION INTERNATIONAL FINANCING REVIEW Dead man walking? Rocket man t was another terrible week for Deutsche Bank. But this ast November, an analyst at Germany’s Nord/LB said it Itime it wasn’t John Cryan’s fault. Lwas reasonable to ask which thing Elon Musk would do Instead, the person who should be embarrassed is Paul lRSTûmYûAûROCKETûTOû-ARSûORûOPERATEû4ESLAûATûAûPROlT Achleitner, the bank’s chairman, whose cack-handed efforts -USKûISûSOMETIMESûAûlGUREûOFûFUNûFORûHISûBOLDûhVISIONARYvû to line up a new CEO were splashed all over the media. ideas, but there is nothing amusing about what has Like when football clubs “tap up” prospective new happened at Tesla of late. managers, the crime isn’t so much readying a suitable His electric-car company lost almost US$8bn in market cap replacement, but being caught doing so. (And yes, we’re fully over two days last week when shares plummeted after the US aware of the irony of those of us trying to uncover such National Transportation Safety Board said it would developments complaining when they become public.) INVESTIGATEûAûFATALûCARûCRASHûANDûlREûINVOLVINGûAû4ESLAû356 Late in the week, Cryan released a statement saying that he Meanwhile, Moody’s downgraded the company by one was “absolutely committed” to Deutsche and that he would notch to B3 and dropped its sole outstanding junk bond continue in the role. rating to Caa1, citing both a liquidity shortfall and Tesla’s But the statement didn’t say that Deutsche was absolutely continuing problems rolling out its Model 3 sedan. committed to Cryan and it is hard to see how he is anything The crash may turn out not to be a problem, but the cash but a lame duck who will have to go sooner rather than later. most certainly is. So who will replace him? Tesla raised US$1.8bn with the junk bond issue last August Not, it seems, any of the prominent bankers mentioned in to ramp up production of the Model 3. Musk talked about the various press reports. The Times suggested that Richard manufacturing 5,000 of the sedans per week by the end of Gnodde, Jean-Pierre Mustier and Bill Winters had all told 2017 and 10,000 per week by year-end 2018, as Tesla Achleitner where to stick his job offer. transformed itself from a boutique marque to a mass-market automaker. But the company managed to make only 2,400 Model 3s in the whole of the fourth quarter last year, according to Richard Gnodde, Jean-Pierre Mustier Moody’s. Others put that number even lower. Tesla is burning through money, and Moody’s analysts and Bill Winters all told Achleitner think the company will need to raise another US$2bn in the short term – and have to raise again late next year. where to stick his job offer Tesla now has the much more modest target of making 2,500 Model 3s per week – and will provide an update on PRODUCTIONûINûTHEûlRSTûWEEKûOFû!PRILû!NOTHERûMISSûWILLûMEANû Besides, it seems that the bank in fact wants to put a even more trouble. German into the CEO’s job. Musk has long had the Midas touch with investors, and he That means that the only real candidates are internal should be able to muster up the cash Tesla needs to keep anyway (and suggests the embarrassing leaks that dropped going. The company could raise equity (yet again), get Achleitner in it might also have come from inside the bank). holders of its convertible debt to roll over into new bonds, or Either way, will anyone with any sense want to go even try its luck again in the junk-bond market. ANYWHEREûNEARûTHEûJOBûINûTHEûlRSTûPLACE That market is more expensive for everyone this year Not only has the bank become woefully dysfunctional (as compared with last and, after the downgrade, it will be more the leaks make clear), it’s also not obvious what a new CEO expensive still for Tesla. Yet it could probably get a deal done MIGHTûDOûTHATûISûSIGNIlCANTLYûDIFFERENTûFROMûWHATû#RYANûHASû without too much trouble, especially if it decided to secure done. the trade against some of its prized assets. And there’s also this: would a banker with the stature of But at some point Musk will surely have to stop focusing Gnodde, Mustier or Winters be interested in taking a pay cut ONûmYINGûSPACESHIPSûTOû-ARSûANDûlGUREûOUTûHOWûTOûDOûWHATû to join an institution that now has a smaller market cap than automakers are supposed to do: make a lot of cars, and sell Danske Bank? THEMûATûAûPROlTû)TSûNOTûROCKETûSCIENCE International Financing Review March 31 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 MARCH 31 2018 ISSUE 2227 TOP NEWS 04 EMERGING Bargain basement Bahrain sells US$1bn 7.5-year sukuk bond but was MARKETS forced to revise its triple-tranche offering following pressure from investors. 04 BONDS Battered Tesla got hammered in the markets last week, as its stocks and bonds plunged on negative news about how the cash-burning company will raise funds. 04 P&M Head hunting Following its profit warning the previous week Deutsche Bank was under pressure to give news on its hunt for a replacement for John Cryan. 05 EQUITIES Market correction Sell-offs across global equities have dented investor sentiment for IPOs out of Asia, forcing issuers to compromise on valuations. 06 Liable Arrangers are strengthening disclaimers in issue documentation after BNPP loses court case. 07 New release Music streaming outfit Spotify discloses numbers ahead of its landmark direct listing. 08 Cashbuilding Banks have lined up as much as €7.3bn-equivalent of debt for Akzo Nobel buyout. 09 Thaw Mannai gets Qatar back on track with first US dollar bond since spat. 12 PEOPLE & Pay gap Bonuses paid to men were 66% bigger than awards to women on 13 MARKETS average across the big corporate and investment banks in London last year. Eyeing expansion Big banks may be ready to make a splash in M&A after a long hiatus, which could see JPM and Goldman getting acquisitive from next year. 14 Top slot London maintained its position as the world’s leading financial centre, though its lead over New York, Hong Kong and Singapore narrowed. 15 Back on the gravy train Wall Street bonuses jumped 17% to an average US$184,220 last year. 19 Gaining ground Green bonds are set to play catch-up in Asia, with two borrowers rushing to sign up. 21 Doubtful Singapore Exchange is questioning whether the restructuring of Noble Group can succeed. 23 BONDS Hanging fire Tough market forces Banca Carige to put Tier 2 plans on hold. 25 US high-grade Difficult conditions endure. 26 Getting ahead Euroclear beats the rush. 32 EMERGING Kept on hold STLC was forced to wait last week to revive a pulled trade. 45 MARKETS China Issuers rush to beat NDRC clock. 46 Deaf ear Court refuses to hear Dana appeal. 51 LOANS Toothless Bankers question how ECB can police lending guidelines. 55 US J&J diabetes unit bid prompts loans. 66 Europe Imagina LBO debt delayed. 71 EQUITIES Revamp Dominion Energy rethinks its strategy after tax ruling. 73 Muddled Overstock pulls share sale. 80 Ready Tech IPOs set for April launch. 81 STRUCTURED Go-ahead Ping An Bank has approval to issue convertible bonds. 83 EQUITY China CB approval for Shanying. 83 US Chegg hatches CB to fuel growth. 83 International Financing Review March 31 2018 3 Top news Jitters hurt Asia IPOs 06 Golden Belt prompts disclaimers 07 Spotify direct listing nears 08 Bahrain’s bargain basement sukuk Emerging Markets Islamic bonds left to fend for themselves as conventional tranches scrapped BY ROBERT HOGG just US$1bn of 7.5-year sukuk, audience in the capital markets been very expensive – even for a after accounts lasered in on the even though its bonds aren’t 12-year it would be very BAHRAIN’s trade wilted under credit quality of a country that eligible for the indices.
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