
M&A movers take advantage of quiet FIG senior market
Banco Bilbao Vizcaya Argentaria showed investors still have plenty of demand for the right trade heading into the summer break with a €1bn five-year senior non-preferred on Tuesday, while fellow M&A mover Banca Ifis tapped the senior preferred market.
Long dollar bid shows up for IDB
The Inter-American Development Bank has lengthened this year's chain of well-bid long-end US dollar SSA benchmarks , undermining that part of the market's reputation for more prickly interest. "It was an incredibly strong reception right from the start," said a lead on the trade.

Jezz Farr
I have a degree in fine art; sculpture, actually. I don’t think it offered much in preparation for a life in financial services communications but it was fun. One thing I learnt early on is that a finished piece rarely looked much like the original object in my mind’s eye. But that was ok. I always felt part of the art was the evolution of an idea.

Former UK prime minister Rishi Sunak has rejoined Goldman Sachs as a senior adviser, his first major role since he resigned as leader of the Conservative Party after the party's heavy defeat in the July 2024 general election.

BNP Paribas has reorganised the leadership of its corporate and institutional banking unit as part of a wider range of changes.
Jane Street rejects the substance of India’s financial regulator’s order banning the US proprietary trading firm from accessing the local securities market, and is preparing a formal response, according to an internal company email seen by IFR.

Societe Generale’s drive to expand fixed income trading is starting to bear fruit, as the French lender pushes ahead with plans to diversify its markets division beyond the structured equity derivatives business that has underpinned its trading revenues for years.

Several banks are preparing to set aside misgivings about cryptocurrencies with the launch of their own stablecoins in the weeks ahead as they seek to take advantage of an imminent change of law in the US, which has until now tried to maintain a firebreak between the two worlds.

Banco Bilbao Vizcaya Argentaria showed investors still have plenty of demand for the right trade heading into the summer break with a €1bn five-year senior non-preferred on Tuesday, while fellow M&A mover Banca Ifis tapped the senior preferred market.
After a record month of supply in June, the pace of issuance in the Europe's high-yield markets has slowed, with just three deals on offer this week.
Lifestyle ecommerce group Prosus found strong demand for its €750m 10-year deal on Tuesday in its first outing in the currency since 2022.
The Inter-American Development Bank has lengthened this year's chain of well-bid long-end US dollar SSA benchmarks , undermining that part of the market's reputation for more prickly interest. "It was an incredibly strong reception right from the start," said a lead on the trade.

IFR hosts a comprehensive programme of conferences, seminars and roundtables throughout the year, providing authoritative insight into the trends and outlooks for specific regions and asset classes.

Nothing Bundt Cakes, a US baked goods franchiser, is seeking to whet the appetite of investors with its US$260m whole business securitization, which will refinance its debut deal sold in 2021.

MultiLease, the captive auto ABS issuer of Swiss car dealer Emil Frey, is marketing its first euro-denominated auto lease ABS via BNP Paribas, having established a longstanding presence in Swiss francs.

BlackRock said on Monday it agreed to acquire ElmTree Funds, a real estate developer that focuses on custom-built properties for single tenants and began financing deals in the structured finance market last year.

Moody’s downgraded five tranches of Taurus 2021-3 DEU, a CMBS backed by office, retail and parking collateral in Frankfurt airport, after top tenant KPMG announced it would be leaving the property, amid a shift towards more prime, modern locations.

With sovereign shareholders continuing to push multilateral development banks towards securitisation and other “originate-to-share” approaches, the European Bank for Reconstruction and Development and the World Bank have moved into the sector’s asset-backed vanguard.

Ivory Coast has added to momentum in the sovereign sustainability-linked debt market with the launch of a World Bank-assisted framework that could make the cocoa producer the first sub-investment-grade country to issue a bond indexed to its emissions performance.
Poland’s return to the green bond market this week after a more than six-year hiatus was welcomed by investors as the sovereign advances its climate commitments.

Banks are working to combine debt financing for data centre and energy projects in the US, creating multibillion US dollar green debt deals that could debut in the market in the coming months.

The growing sovereign debt swap market has finally thrashed out its first set of voluntary “practice standards”. Market participants have been expecting a set of principles comparable to those for green and other labelled bonds administered by the International Capital Market Association for more than a year .

TSX-listed Almonty Industries launched a US$75m Nasdaq IPO late Monday as part of the Canadian tungsten miner’s plan to redomicile in the US.
Canadian gold and copper miner Aura Minerals launched its circa US$200m all-primary Nasdaq IPO late Monday to broaden its shareholder base and increase financial flexibility.
NSE International Exchange, located in India's Gujarat International Finance Tec-City, or GIFT City, is set to get its first-ever equity listing as early as September, people with knowledge of the transaction said.
India's Emmvee Photovoltaic Power has filed for an up to Rs30bn (US$350m) IPO and is targeting the launch for later this year.
Walgreens Boots Alliance is premarketing the US$4.25bn-equivalent buyout debt package linked to its international business ahead of the official launch into general syndication this month.
Syndicated lending in EMEA totalled US$608.7bn in the first six months of the year, an increase on the US$598.6bn raised a year previously, according to LPC data, as the threat of tariffs, trade wars and rising geopolitical tensions failed to disrupt the flow of deals.

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has closed its latest financing tied to ESG metrics at US$1.56bn, following a blowout response from nearly three dozen lenders in what is the country’s most widely syndicated loan for a bank borrower.
Bankers have taken heed of the market-stopping tariff-induced volatility from April, cramming a huge number of deals into the European leveraged finance primary and largely clearing the decks before a new tariff deadline on July 9.
Clock watching
ROBERT C TOWNSEND coined the famous phrase about consultants: “They waste time, cost money, demoralise and distract your best people, and don’t solve problems. They are people who borrow your watch to tell you what time it is and then walk off with it. Don’t use them under any circumstances.”
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Read the latest stories from the magazine IFR 2590 - 5 Jul 2025 - 11 Jul 2025
5 Jul 2025 - 11 Jul 2025
A very minor new high for the EUROSTOXX 600 with the market having run into trend resistance off highs from March. It has been an incredible rebound for stock markets in general but could be running out of momentum here. S&P futures have posted an inside day here with a sharp 0.8% loss. Japanese and Chinese markets closed today.
