Top stories

  • EM top tier leaves minnows belly-up as investors seek safety

    Heavy supply and rocky markets have taken their toll on emerging markets issuers this week. While top tier borrowers have been met with a stellar reception, two lesser known credits fell by the wayside, suggesting that EM’s bull run may be coming to an end.

    • 27 Oct 2016
  • ‘Congestion’ caution in dollars amid CP shift

    The dollar market for public sector borrowers could become “congested” in the traditional January rush next year, with issuers looking to refinance commercial paper in the term markets as a result of changes in US money market fund regulation and a dearth of options in other currencies. Craig McGlashan reports.

    • 27 Oct 2016
  • More IPO pain as Misys, O2 fall victims to turbulent market

    The wrecking of the autumn IPO calendar got worse this week as Misys, the UK banking software company, pulled its IPO, though ConvaTec managed to raise £1.7bn and Ahlsell Skr6bn. Surprisingly, writes Aidan Gregory, further companies are still coming forward with IPO plans.

    • 27 Oct 2016
  • TLAC: US banks call it but Europe lags behind

    Total loss absorbing capacity-eligible callable deals issued in euros this week by Morgan Stanley and last week by Goldman Sachs could herald the future for bank senior unsecured paper. But regulatory clarity will be needed before it is possible to see whether European banks can follow suit, writes Bill Thornhill.

    • 27 Oct 2016
  • Austria pioneers 70 years before big sell-off

    The demand for duration reached fever pitch this week as Austria sold the longest dated eurozone government bond ever and a trio of other public sector borrowers printed their longest dated syndications to date. But that momentum towards length may have been halted by a shuddering sell-off in eurozone and other government bonds on Thursday.

    • 27 Oct 2016
  • Corporate bond market accelerates, with pain and gain for issuers

    After weeks in cruise control, syndicate desks began to rev up the pace of corporate issuance this week, bringing jumbo M&A and ultra-long dated bonds to market.

    • 27 Oct 2016
  • Equate, Jordan print standout deals on Mid East bounce

    Two Middle Eastern issuers brought successful bond issues this week, catching the coat-tails of Saudi Arabia's success to print $3.25bn between them.

    • 27 Oct 2016

People and Markets

  • European Commission pledges more support for private placements

    Officials from the European Commission said on Tuesday they are prepared to change withholding tax rules and insolvency regimes to encourage private placement lending.

    • 27 Oct 2016
  • Deutsche bailed out by fixed income boost

    Deutsche Bank beat extremely low expectations for third quarter earnings by posting a €278m profit, with return on average shareholder equity up 990bp for the first nine months of the year, compared with the same period of 2015.

    • 27 Oct 2016
  • Moves in Brief — October 28, 2016

    JP Morgan trading boss leaves job - BNPP seeks bigger private equity wallet share with senior hire - Ardian appoints co-head of private debt - Goldman Sachs boosts EM trading desk

    • 27 Oct 2016


GlobalCapital Bond Comments

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Old Money

  • Old Money: Deutsche Bank — a chip off the old blocks?

    Deutsche Bank and falling foul of the rules is nothing new. It built its investment banking operation acquiring businesses battling reputational and legal risk.

    • 13 Oct 2016
  • Old Money: Goodbye Great Britain

    The last round of IMF lending to developed market countries (before the European sovereign crisis) was 40 years ago this autumn — when Britain was locked out of the capital markets and had to go ‘cap in hand’ to the Fund.

    • 12 Sep 2016
  • Old Money: The Full Monte

    The world’s oldest bank has trodden a 500-year line between the sacred and the profane.

    • 10 Aug 2016
  • Old Money: what makes a financial centre?

    Financial centres come and go, but they're mostly very resilient. London's been near the top of its game since the Napoleonic Wars. Will it take Brexit in its stride?

    • 13 Jul 2016

The GlobalCapital View

  • Lending Club auto loan platform needs to avoid speed bumps

    Lending Club finally unveiled its auto lending arm this Tuesday, after dropping hints at the LendIt USA conference in April. But auto lending is a whole new ball game, and the platform needs to muster all the ammunition it can to fight for a slice of the market.

    • 25 Oct 2016
  • Fed needs to get on message for December

    Forward looking statements from officials linked with the US Federal Reserve Board have been a bit of a controversial issue this year and have more often than not be a source of more confusion than clarity.

    • 25 Oct 2016
  • CBPP3 is not about to end

    The European Central Bank is “reaching the limits” of its covered bond purchase programme (CBPP3) according ECB board member Ewald Nowotny, but that does not mean it is about to stop buying.

    • 25 Oct 2016
  • Recalcitrant Walloons hold up Canada EU trade deal

    The EU’s most ambitious free trade agreement to date, the Comprehensive Economic and Trade Agreement (Ceta), was delayed by a Belgian region, in a development with ominous prospects for the UK’s EU negotiations and therefore, the financial services industry in London.

    • 25 Oct 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Oct 2016
1 JPMorgan 317,793.98 1355 8.72%
2 Citi 301,114.13 1092 8.26%
3 Barclays 259,580.63 846 7.12%
4 Bank of America Merrill Lynch 258,842.43 934 7.10%
5 HSBC 224,273.23 905 6.15%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Oct 2016
1 JPMorgan 32,854.00 58 6.73%
2 BNP Paribas 31,678.29 142 6.49%
3 UniCredit 31,604.22 138 6.47%
4 HSBC 25,798.87 114 5.29%
5 ING 21,769.65 121 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Oct 2016
1 JPMorgan 14,633.71 80 10.23%
2 Goldman Sachs 11,731.14 63 8.20%
3 Morgan Stanley 9,435.23 48 6.60%
4 Bank of America Merrill Lynch 9,229.95 42 6.45%
5 UBS 8,781.68 42 6.14%