Top Stories

• Glaxo drinks deep with $9bn bond as US brims with cash

  It was another $30bn week in the all-guns-blazing US investment grade bond market, but the clear star of the show was the $9bn four tranche offering for UK pharmaceutical firm GlaxoSmithKline, which pulled a staggering $17.8bn of orders. read more »

• Capital-hungry banks relish retail investors’ infatuation with perps

  The keen appetite of retail investors around the world for pumping hybrid capital into banks showed no signs of abating this week as yet more tier one debt was sold to private banking networks. read more »

• Sweaty cédulas fiesta pulls crowds of buyers, leaves secondaries intact

  Covered bond specialists were astonished this week when three Spanish banks crowded into the market, all with jumbo two year deals, as cédulas issuance gets going again after a six month hiatus. Remarkably, the crush did not damage spreads, but left the market stronger than before. read more »

• Year’s biggest IPO is a hit for coal miner NWR

  Czech coal mining company New World Resources priced Europe’s largest IPO of the year at the top of the range on Tuesday, raising £1.1bn after a more than seven times oversubscription. read more »

People & Markets

• Soanes, Fox, Barg get regional jobs in new UBS capital markets group

  UBS has named the regional heads of its new global capital markets (GCM) group, formed last week to combine all its debt and equity origination businesses for cash and derivative products. read more »

• UBS cuts Elder from loans team

  Fergus Elder, one of UBS’s most senior syndicated loan bankers in London, is to lose his position as part of the swathe of redundancies across its fixed income business this week, EuroWeek has learnt. read more »

• The Naked Broker: Tantric broking

  It’s been another week of Tantric broking — plenty of exquisite build-up but no relief. I just have to face up to the fact that the world isn’t ready for Post-Modern sales-trading. Hard-assed American hedge fund managers are most certainly not ready for it. read more »

• RBC takes 11 more ex-CIBC levfin bankers

  Despite the damaged state of the European leveraged finance market, RBC Capital Markets is continuing to build up its newly created European leveraged finance team by adding 11 members to the existing four. read more »

• Market agog for Pandit’s plans: $400bn non-core assets may go

  Investors and followers of the US banking market are eager to discover today (Friday) how Vikram Pandit plans to turn round Citigroup, after its disastrous losses in the credit crunch. read more »

Inside EuroWeek

• LatAm companies come back with a bang
• Secondary market rally may spur funds’ return to primary
• Bharti acquisition of MTN to set record for Indian loans

  Bharti Airtel wants to borrow up to $21bn to finance its potential acquisition of MTN Group, Africa’s biggest mobile phone company, in what would be the biggest ever loan for an Indian borrower, Euroweek has learnt. read more »