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Mine Is Bigger Than Yours: Qatar's US$12Bn Bond

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Mine Is Bigger Than Yours: Qatar's US$12Bn Bond APRIL 14 2018 ISSUE 2229 www.ifre.com Mine is bigger than yours: Qatar’s US$12bn bond raises US$1bn more than Saudi drive-by Banks and investors take heavy losses as US sanctions outlaw holding Russian assets Christian Sewing steps up for his turn as Deutsche Bank’s rabbit in the headlights LOANS EQUITIES EQUITIES EMERGING MARKETS Squeaky bum Techcombank Turkish IPO trio Finance minister time for Europe’s and Vinhomes feel the heat says Ghana is on wobbly leveraged IPOs set to raise as lira hits course for yen loan market nearly US$2bn record low market debut 06 10 11 12 INDONESIAN PROJECT BONDS ROUNDTABLE Sponsored by: The PFI Indonesian Project Bonds Roundtable takes place in Jakarta, Indonesia on the morning of Monday DATE April 23 2018. Monday April 23 2018 TIME Moderated by PFI’s Editor, Rod Morrison, the 09:00 – Registration Roundtable will consist of two 90-minute sessions: one 09:30 – Local/Domestic Bonds local/domestlic bonds international on and one on 11:00 – Break dollar bonds . 11:15 – Int’l Dollar Bonds 12:45 – Lunch and networking Each panel will contain the most senior and 14:00 – End experienced market practitioners – including lawyers, project sponsors, investors and rating agencies. VENUE The Ritz Carlton – Pacific Place For more information and to register for this free to Jakarta, Indonesia attend event, please visit goo.gl/beAwUY. Upfront OPINION INTERNATIONAL FINANCING REVIEW More joy in heaven… /FlCIALSûINû$OHAûWILLûFEEL ûHOWEVER ûTHATûITûWASûWORTHû PAYINGûUPûTOûREINFORCEû1ATARSûSTATUSûINûTHEûPRIMARYûMARKETS utside observers would be forgiven for wondering how 2UMOURSûHAVEûBEENûSWIRLINGûFORûMONTHSûTHATû1ATARûWASû Omuch really changed at Deutsche Bank last week. Yes, the TRYINGûTOûPUTûTOGETHERûAûSYNDICATEûBUTûHADûBEENûREBUFFEDûBYû BANKûlREDûCHIEFûEXECû*OHNû#RYANûANDûREPLACEDûHIMûWITHû LEADINGûBANKSûTHATûWEREûWORRIEDûABOUTûUPSETTINGûTHEû3AUDISûnû #HRISTIANû3EWING ANDûDAMAGINGûANûOPPORTUNITYûTOûPICKûUPûLUCRATIVEûBUSINESSûASû But the strategy (cuts to the areas of investment banking THEûKINGDOMûEMBARKSûONûITSûREFORMûPROCESS THATûAREûNOûLONGERûVERYûPROlTABLE ûISûHARDLYûLIKELYûTOûCHANGEû )NûTHEûEND û1ATARSûLISTûOFûBOOKRUNNERSûINCLUDEDûBANKSûINû FUNDAMENTALLY ûALTHOUGHûTHOSEûCUTSûMAYûSPEEDûUP which the Doha government has equity stakes. There is nonetheless one way in which the changing of the 4HEûIRONYûISûTHATûTHEûCOUNTRYûCOULDûHAVEûPUTûTHATûSYNDICATEû GUARDûISûSIGNIlCANT TOGETHERûMONTHSûAGOûANDûGOTûITSELFûMOREûATTRACTIVEûPRICINGû #RYANûWASûAû$EUTSCHEûOUTSIDERû(EûHADûBEENûATûTHEûBANKû TERMSûINûTHEûPROCESS FORûJUSTûUNDERûTHREEûYEARSû"EFOREûTHATûHEûHADûSPENTûMOSTûOFû 3AUDI ûTOO ûSHOULDûHAVEûARGUABLYûISSUEDûEARLIERûINûTHEûYEARûnû HISûCAREERûATû5"3 ESPECIALLYûASûBANKERSûANTICIPATEDûMARKETûRISKSûWEREû (ISûBIGGESTûCONTRIBUTIONûDURINGûHISûTIMEûATû$EUTSCHEûWASû becoming increasingly acute. PERHAPSûTHEûPUSHûFORûCULTURALûCHANGE ûASûHEûSOUGHTûTOûCONVINCEûHISû -INE IS BIGGER THAN YOURSûPOSTURINGûRARELYûENDSûWELLû)NûTHISûCASE û new colleagues that the old ways would no longer serve them well. the two quarrelling sovereigns seem to have got away with it. #RYANûWASûABLEûTOûDOûTHATûRELATIVELYûSUCCESSFULLYûBECAUSEûnû UNLIKEû!NSHUû*AINûANDûHISûLIEUTENANTS ûWHOûTRIEDûTOûDOûTHEû SAMEûnûHEûWASûNOTûCOMPLICITûINûTHEûWORSTûEXCESSESûOFûTHEûPAST Promises, promises 3EWING ûTHOUGH ûISûAû$EUTSCHEûLIFERû(EûISûTHEREFOREûSTEEPEDû in the I’ll-be-gone-you’ll-be-gone/eat-what-you-kill/every-man- ORûALLûTHEûHYPEûAROUNDûLASTûWEEKSûSTATEMENTS û#HINASûPLEDGEû FOR HIMSELFûCULTUREûTHATûPREVAILEDûATû$EUTSCHEûFORûMANYûYEARS F TOûOPENûUPûITSûlNANCIALûMARKETSûLOOKSûAûLOTûLIKEûLIPûSERVICE )NDEED ûTHOUGHû3EWINGûHASûMOSTûRECENTLYûRUNûTHEûPRIVATEû #HINESEûOFlCIALSûUSEDûLASTûWEEKSû"OAOû&ORUMûTOûTELLûTHEû ANDûCOMMERCIALûBANK ûHEûWORKEDûASûAûSENIORûRISKûOFlCERûANDû WORLDûTHATûTHEYûAREûCOMMITTEDûTOûOPENINGûUPûTHEûCOUNTRYSû HEADûOFûGROUPûAUDITûDURINGû*AINSûHEYDAY lNANCIALûSECTORû&OREIGNûINVESTORSûAREûTOûGETûMAJORITYûSTAKESû Garth Ritchie, the new sole head of the investment bank, is also INûDOMESTICûBROKERS û3TOCKû#ONNECTûQUOTASûAREûTOûBEû Aû$EUTSCHEûMANûTHROUGHûANDûTHROUGHû(EûTOOûWASûAûSENIORûlGUREû QUADRUPLEDûANDûAûNEWûLINKûWITHû,ONDONûISûONûTHEûWAY when Deutsche was doing deals that it certainly wouldn’t do now. But these moves are hardly new. Foreign banks have been 0EOPLEûCHANGEûWHENûTIMESûCHANGEû!ND ûASûTHEû"IBLEûSAYS û PROMISEDûûSTAKESûINûTHEIRûSECURITIESûJOINTûVENTURESûSINCEû THEREûISûMOREûJOYûINûHEAVENûFORûONEûSINNERûTHATûREPENTSûTHANû LASTû.OVEMBER ûANDûTHEûFORMALûRULESûONûTHEûPARTNERSHIPSû OVERûûJUSTûPERSONSûWHOûNEEDûNOûREPENTANCE HAVEûLEFTûMANYûDISAPPOINTED "UTû$EUTSCHESûNEWûLEADERSHIPûMUSTûENSUREûTHATû#RYANSû "IGGERû3TOCKû#ONNECTûQUOTASûAREûNECESSARYûTOûALLOWûINDEXû effort to move the culture away from the bad old days is not INCLUSIONûFORû#HINASû! SHARES ûWHICHûAGAINûHASûALREADYûBEENû another casualty of the recent turmoil. AGREEDû!NDûAûSYMBOLICûLINKûBETWEENû,ONDONûANDû3HANGHAIûnû TWOûMARKETSûWITHûNOûTRADINGûOVERLAPûnûHASûBEENûONûTHEûCARDSû SINCEû Line in the sand &ORûTHOSEûONûTHEûFRONTûLINEûOFûCAPITAL RAISING ûREFORMSûAREû PROVINGûPAINFULLYûSLOW t had all the ingredients of a classic drama. Two rivals, involved in 4HEû0ANDAûBONDûMARKETûISûAûCASEûINûPOINTû3INCEû#HINAûREOPENEDû IAûBITTERûDISPUTE ûGOINGûTOE TO TOEûTOûWINûOVERûNEUTRALSûAFFECTIONS the market over two years ago, issuance has grown far more slowly 7ASûITûPUREûCOINCIDENCEûTHATû3AUDIû!RABIAûANDû1ATARûWEREû THANûEXPECTED ûANDûEVENûNOWûREMAINSûTIGHTLYûCONTROLLEDû-ARKETû on the screens at the same time? Or were other forces at work? PARTICIPANTSûAREûSTILLûWAITINGûFORûFORMALûGUIDELINES ûANDûTHEû Those involved deny that the deals were the latest shots in APPROVALSûNEEDEDûTOûUSEûTHEûPROCEEDSûOVERSEASûAREûHARDûTOûCOMEûBY AûBITTERûDISPUTEûTHATûHASûHUNGûOVERûTHEû'ULFûREGIONûSINCEû 2ECENTûANNOUNCEMENTSûOFû#HINESEûDEPOSITARYûRECEIPTSû ERUPTINGûINTOûTHEûOPENûINû*UNE have attracted a lot of attention, but the format will be -AYBEû"UTûITûSEEMSûCONVENIENTûTHATûAFTERû1ATARûANNOUNCEDû RESTRICTEDûTOûAûHANDFULûOFûOVERSEASû#HINESEûlRMSûINûHIGHLYû ITSûINTENTIONûTOûISSUEûITSûlRSTûPUBLICûBONDûINûNEARLYûTWOûYEARS û PRIZEDûINDUSTRIESû7HILEûSOMEûOFûTHOSEûWILLûNOûDOUBTûANSWERû 3AUDIûSLIPPEDûINûWITHûANûINTRA DAYûTRADEûWHILEû$OHAûOFlCIALSû 8Iû*INPINGSûCALLûTOûLISTûATûHOME ûTHEûPROCESSESûINVOLVEDûANDû were on the road. THEûCHALLENGESûOFûTAKINGûTHEûPROCEEDSûOFFSHOREûMAKEûITûAûPOORû 4HEûFEELINGûTHATûSOMEûSORTûOFûGRANDSTANDINGûWASûATûPLAYû FUNDINGûOPTIONûFORûAûlRMûLOOKINGûTOûRUNûAûGLOBALûBUSINESS WASûFURTHERûFUELLEDûWHEN ûTWOûDAYSûAFTERû3AUDIûPRINTEDûITSû When it comes to attracting foreign investors, however, the 53BNûTRADE û1ATARûDECIDEDûTOûRAISEû53BN DOORSûAREûWELLûANDûTRULYûOPENû#ENTRALû(UIJIN ûTHEûCENTRALû Posturing aside, the good news is that the market absorbed government fund that controls stakes in the country’s biggest 53BNûOFûBONDSûWITHOUTûANYûTROUBLEû!NDûWITHûEACHûDEALû BANKS ûISûMARKETINGûITSûNEXTûONSHOREûBONDûISSUEûSPECIlCALLYûTOû GENERATINGûABOUTû53BNûOFûDEMAND ûINVESTORSûSHOWEDû FOREIGNûBUYERSûTHROUGHûTHEû"ONDû#ONNECTûSCHEME THEIRûAFFECTIONSûWEREûEVENLYûSPLITûBETWEENûTHEûTWO #HINAûISûCLEARLYûWILLINGûTOûIMPORTûFOREIGNûCAPITAL ûBUTûITûISû /FûCOURSEûTHERESûAûPRICEûFORûTHATûAFFECTIONû"OTHûSOVEREIGNSû LESSûINTERESTEDûINûIMPORTINGûFOREIGNûRISK PAIDûNEWûISSUEûCONCESSIONS ûWITHûINVESTORSûEXTRACTINGûAû )FûITûISûSERIOUSûABOUTûPLAYINGûAûBIGGERûROLEûINûTHEûGLOBALû HEALTHYûPREMIUMûFROMû1ATARûINûPARTICULAR markets, that will eventually have to change. International Financing Review April 14 2018 1 Register Now 50th ICMA Annual General Meeting and Conference May 30 to June 1, 2018 Madrid Join us in Madrid for our AGM and Conference. Meet the international capital market under one roof. High profile speakers and expert panellists on the latest market developments. Open to all ICMA members and to qualifying market participants. Sponsors: Platinum Gold Silver Bronze ™ Registration enquiries: [email protected] or call +41 44 363 4222 Sponsorship enquiries: [email protected] or call +44 20 7213 0327 www.icmagroup.org/agm2018 INTERNATIONAL FINANCING REVIEW Contents APRIL 14 2018 ISSUE 2229 TOP NEWS 04 EMERGING MARKETS Political rivalry Saudia Arabia and Qatar go toe to toe with deals, but investor interest is apparently undimmed by the bitter stand-off in the region. 04 LOANS/BONDS Sanctions bite Banks and investors struggle to dump Russian exposure as they wrestle with fallout from fresh US sanctions. 04 LOANS Shredded nerves The bulging European leveraged loan market’s pipeline is making bankers increasingly nervous. 06 PEOPLE & MARKETS New CEO Christian Sewing takes his turn in Deutsche Bank’s top seat, with fixing the investment bank top of his challenges. 08 Vietnam Techcombank and Vinhomes to capitalise on booming stock markets with IPOs. 10 Turkish IPOs Trio of listings feel the heat as lira hits record low. 11 Panda bonds Lack of a loss-absorbing framework is holding back global banks. 12 Ghana Finance minister outlines plans for yen debut to broaden investor base. 12 PEOPLE & Bank results Underwriting wanes at JP Morgan and Citi; Big jump in equities 13 MARKETS revenues, but DCM and ECM falter. Renaming Jefferies is ready to stand on its own feet again, emerging from the protective wing of Leucadia National. 15 Millionaires UK is home to the vast majority of EU’s wealthy bankers, with almost 4,600 paid a €1m or more in 2016. 19 Expand investment HSBC sees US$45bn opportunity for its new Chinese joint venture. 21 Debt investor Oaktree looks to expand into Asia, eyes China and India. 22 Singapore
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