Top stories

  • Resilient FIG market weathers Deutsche storm

    Intense fear about Deutsche Bank’s capital position has once again threatened to mess with the best laid plans of Europe's banks. But the once bulging subordinated bond pipeline may not have emptied out entirely, and that suggests investors are still willing to buy bank bonds.

    • 29 Sep 2016
  • Turkey: downgraded but not out

    Turkey’s spreads have not recovered almost a week after Moody’s junked its credit rating, but bankers insist the sovereign and other Turkish borrowers will have access to the capital markets once stability has returned, even if borrowing costs rocket. Virginia Furness reports.

    • 29 Sep 2016
  • Super Zopa a European P2P ABS landmark

    A favourable market and the esteem of rating agencies helped P2P Global Investments land the inaugural European securitization of marketplace originated consumer loans on Monday. That could spur other online lending platforms into the capital markets, writes David Bell.

    • 29 Sep 2016
  • France prepares feast of green OATs

    In a week of firsts for the green bond market the Agence France Trésor (AFT) has outlined to GlobalCapital its plan to issue a bond next year in the hitherto untapped sovereign green bond market. Lewis McLellan and Craig McGlashan report.

    • 29 Sep 2016
  • US RMBS litigation looms large over Europe’s banks

    The US Department of Justice is locked in settlement negotiations with Deutsche Bank over crisis era RMBS activity, as US RMBS settlements continue to take their toll on Europe's cash strapped banks.

    • 29 Sep 2016
  • BoE kicks off CBPS, IG has £1.1bn week

    The sterling market's strength was on full display this week, with £1.1bn in new investment grade deals heading into investor pockets — a good sign that supply may be able to replace the BoE’s intended £10bn in purchases.

    • 29 Sep 2016
  • Bumper ECM September ends with Steinhoff hit but volatility looms

    There was a cheerful mood in European equity capital markets throughout September, despite clear risks of volatility on the horizon and the IPO of Telxius falling into difficulty. The health of the market was highlighted this week by the success of a €2.5bn capital raising by Steinhoff, the South African retail group.

    • 29 Sep 2016

People and Markets

  • Europe revives plan to tranche sovereign debt, and create new supply of safe assets

    European policymakers are working on a plan to create synthetic pan-European bonds backed by a pool of member state sovereign debt, giving the continent and its banks a more stable supply of safe assets.

    • 29 Sep 2016
  • How Deutsche’s troubles will hit the rest of the industry

    Deutsche Bank isn’t even close to being the most-litigated-against bank in the post-crisis era — that honour goes to Bank of America, which has paid more than $150bn in fines, settlements and lawsuits since the crisis. But any potential settlement it strikes with Department of Justice over RMBS mis-selling will keep on hurting the bank's peers, for years afterwards.

    • 29 Sep 2016
  • Commission set to save covered bonds from swap rules

    The European Commission could ignore the advice of the European Supervisory Authorities, and carry on carving out covered bond swaps from onerous collateral posting rules.

    • 29 Sep 2016
  • Commerzbank firms up cuts to trading

    Commerzbank confirmed on Thursday morning that it planned a new revamp of it’s strategy, dubbed Commerzbank 4.0, which would cut back further on trading activities, merge the investment bank with the Mittelstandbank, write off goodwill and intangibles, and axe its dividend.

    • 29 Sep 2016

Olly Copplestone's Cartoon



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Old Money

  • 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
  • Old Money: ‘Nobody told us we could do that’

    Predictions from both sides in Britain’s EU referendum suggest economic disaster if the country votes the ‘wrong’ way. But history shows the dangers of doom-mongering.

    • 16 Jun 2016

The GlobalCapital View

  • What’s in a pulled deal?

    Pulled deals are traumatic for those involved but unlikely to derail European corporate bond issuance while the European Central Bank is still buying the market.

    • 27 Sep 2016
  • Easy money makes an easy scapegoat

    There's lots to criticise about the European Central Bank's recent policies, but the brunt of responsibility for any failures lies squarely with the European Union’s various politicians. When they turn around and blame the central bank, it's pure opportunism.

    • 27 Sep 2016
  • Come on Angie, of course Deutsche gets a bailout

    Deutsche Bank jitters are spreading again, about seven months after the last round of panic washed over the troubled bank. The cause, this time, seems to be that German chancellor Angela Merkel ruled out a bailout, even if US regulators impose a settlement for RMBS mis-selling so large it threatens the solvency of the bank.

    • 27 Sep 2016
  • No GIFTS yet from India's finance hub

    India has made great strides with the setting up of its first international financial services centre. The move is laudable, and most of the market feedback has been positive. But the authorities should not get complacent — a lot more needs to be done before the centre becomes the go-to destination for international capital market participants.

    • 27 Sep 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Sep 2016
1 JPMorgan 289,804.60 1219 8.81%
2 Citi 261,914.62 960 7.96%
3 Barclays 242,960.70 769 7.39%
4 Bank of America Merrill Lynch 234,940.65 844 7.14%
5 HSBC 199,787.93 812 6.08%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Sep 2016
1 JPMorgan 27,842.68 49 6.95%
2 BNP Paribas 27,066.67 131 6.76%
3 UniCredit 26,306.88 128 6.57%
4 HSBC 21,119.91 104 5.27%
5 ING 18,225.10 113 4.55%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Sep 2016
1 JPMorgan 13,539.40 70 10.98%
2 Goldman Sachs 10,577.65 57 8.58%
3 Morgan Stanley 9,254.31 46 7.50%
4 Citi 7,573.69 40 6.14%
5 Bank of America Merrill Lynch 7,346.61 35 5.96%