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  • Russia roars back to life with double deal dazzler

    It was just like the good old days in emerging market bonds this week despite the IMF's best attempts to spread doom and gloom. Riding the crest of a wave of supply though were the first Russian corporate deals longer than a year since 2013 — and how investors dived in. Francesca Young reports.

    • 08 Oct 2015
  • Goldman to bury Figsco fiasco with SumitG

    Goldman Sachs and Sumitomo Mitsui Trust Bank is set to start marketing SumitG, a bond backed by a portfolio of RMBS, but secured by claims against both institutions. Goldman will be hoping to avoid the fate of last year's Figsco issue, a note with a similar structure which never made it to market. Bill Thornhill reports.

    • 08 Oct 2015
  • Periphery PSPP boost tipped as Italy goes big

    Italy blew the doors off the market with the first eurozone periphery sovereign benchmark in a month. And with extra explosives from the European Central Bank, it may have blown a hole big enough for its peers to pile through, writes Craig McGlashan.

    • 08 Oct 2015
  • Banks turn to MTNs to avoid paying in public

    Banks are grasping at private opportunities throughout their capital curves in search of a safe and affordable source of funding, as a volatile public market proves too rich for bank treasurers' blood and funding costs. Jonathan Breen reports.

    • 08 Oct 2015
  • CEEMEA gives IMF the bird as issuance flies to 2015 highs

    Beset by dire predictions and gloomy warnings from all sides as to the future of emerging markets, CEEMEA borrowers decided to ignore the melodrama and produce the second biggest week for issuance of the entire year.

    • 08 Oct 2015
  • ICAP launches IRS index in bid for benchmark

    ICAP, the interdealer broker, has launched a euro interest rate swap index that it hopes will become the first of a series of market benchmarks for IRS, whose stature is similar to that held by Markit's iTraxx indices in the credit market.

    • 07 Oct 2015
  • EDF the star with blockbuster bond

    Electricité de France this week delivered a lesson in execution and timing as it hoovered up pent up demand for paper as corporate America skulked in earnings blackout amid perkier market conditions.

    • 08 Oct 2015
  • Green pipe swells as supra innovates

    An SSA could bring a euro denominated socially responsible bond next week, joining several others that have mandated for deals, announced roadshows or brought innovative new issues this week.

    • 08 Oct 2015


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Old Money

  • Old Money: Financial crises and Labour’s lurches to port

    The ascent of Jeremy Corbyn to lead the UK's Labour Party is ultimately an outcome of the financial crisis. As the party in power when the crisis struck, Labour’s economic competence was discredited with voters with election defeats in 2010 and 2015.

    • 23 Sep 2015
  • Old Money: The end of cheap money?

    Since March 2009 Britain’s benchmark official rate has been 0.5% — the lowest rate in the Bank of England’s 320 year history, its long term average being about 4.5%. But recently BoE's governor Mark Carney speculated that it will begin to rise from the end of the year to around 2%, possibly heralding the end of the era of cheap money.

    • 27 Aug 2015
  • Old Money: Tossing a drachma — referendums and repudiation

    The Greek Prime Minister’s decision to provide voters with an opportunity to reject the country’s bailout conditions in a referendum is an unusual move, but not without precedent.

    • 02 Jul 2015
  • Old Money: Battle of Waterloo — making a killing

    200 years might have passed since Napoleon was defeated at Waterloo. But some things in war — and finance — do not change, such as the absolute importance of being ahead of the game. Nathan Rothschild cleaned up on the Gilt market thanks to his rapid, reliable, and finely honed communications system that brought him news of Wellington's victory ahead of anyone else in Westminster and the City.

    • 09 Jun 2015

The GlobalCapital View

  • Ontario’s pulled deal shows PSPP homework still needed

    Confidence that the market has found the clearing level for euro benchmarks from all public sector borrowers in the world of eurozone quantitative easing is premature. A pulled deal by the Province of Ontario shows the need for price discovery.

    • 06 Oct 2015
  • Covered bond harmonisation won’t prevent fragmentation

    The European Commission’s plan to harmonise the covered bond market cannot minimise credit risks between different jurisdictions and prevent market fragmentation, as it hopes.

    • 06 Oct 2015
  • From zero to hero? Russia is CEEMEA’s unlikely safe haven

    It has taken 18 months or so of turmoil and a recent destruction of many other CEEMEA credit spreads, but Russia has become the surprise safe haven for investors within the emerging markets.

    • 06 Oct 2015
  • What price Korean bonds?

    South Korean bond issuers have garnered a reputation for squeezing investors for every penny possible with aggressively-priced transactions. Investors may be critical of their tactics but the market needs to recognise the savviness of this strategy.

    • 06 Oct 2015

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 05 Oct 2015
1 JPMorgan 276,350.63 1086 8.76%
2 Bank of America Merrill Lynch 245,819.57 868 7.79%
3 Barclays 232,573.07 752 7.37%
4 Citi 228,557.20 877 7.24%
5 Deutsche Bank 193,451.44 800 6.13%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Sep 2015
1 HSBC 33,949.62 136 7.27%
2 BNP Paribas 29,260.14 178 6.27%
3 Deutsche Bank 27,417.75 121 5.87%
4 JPMorgan 23,896.56 57 5.12%
5 Credit Agricole CIB 20,730.60 104 4.44%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 06 Oct 2015
1 Goldman Sachs 20,293.42 68 10.26%
2 UBS 18,859.95 66 9.53%
3 JPMorgan 15,932.45 82 8.05%
4 Morgan Stanley 15,304.78 71 7.74%
5 Bank of America Merrill Lynch 15,212.94 64 7.69%