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  • Abengoa failure puts Spain insolvency reforms on trial

    Banks, investors and even the Spanish and US governments are bracing themselves for a long and bruising battle to restructure Abengoa, the Spanish renewable energy group likely to enter a pre-insolvency period on Friday.

    • 26 Nov 2015
  • Is 40 the new 30? ESM scores after going long ahead of ECB

    The eurozone’s rescue fund forged a new benchmark maturity in public sector bond markets this week, treating yield-starved investors to a 40 year deal that was doubled from a launch size of €500m, writes Virginia Furness.

    • 26 Nov 2015
  • Argentina’s back as Hipotecario wastes no time after Macri win

    Argentina will offer a rare high point for Latin American new issuance volumes next year, predict bankers and investors, after voters in South America’s second largest economy elected the most business friendly candidate as their next president.

    • 26 Nov 2015
  • Solvay's €3.25bn hybrid/senior shows risk in vogue

    Solvay, the Belgian chemical company, enjoyed the benefit of the European corporate bond market's blistering return to form this week, when it raised €3.25bn of hybrid and senior debt for its acquisition of Cytec Industries.

    • 26 Nov 2015
  • Hunger for green funding unabated ahead of Paris talks

    BPCE is on the road for its own green bond this week and, after HSBC added to the recent green glut with a tightly priced €500m five year deal, banks are far from quenching their thirst for the asset class.

    • 26 Nov 2015
  • Fear factor up a notch in Brazil as Lava Jato takes new dimension

    The arrest of BTG Pactual’s chairman and chief executive dragged the Brazilian banking sector into the Petrobras corruption investigation this week, as bond market participants said fears were running high that Lava Jato would uncover even more skeletons in the closet.

    • 26 Nov 2015
  • Investors on standby for Christmas coupons after AIB AT1

    Bankers say higher yielding instruments could coax investors from their Christmas slumber next month, after Allied Irish Banks’ (AIB) priced its well subscribed debut additional tier one on Thursday.

    • 26 Nov 2015

People and Markets

  • Did capital or liquidity do more to repair the European banking system?

    Europe’s authorities might be winning the fight against broken banks but who gets the credit?

    • 26 Nov 2015
  • CFTC fights the machines over futures trading

    The US Commodity Futures Trading Commission has proposed rules to increase oversight and risk controls for high speed electronic trading — particularly the use of algorithms — in a bid to limit disruptions in the futures market.

    • 26 Nov 2015
  • Natixis looks for fixed income niches

    An aura of misery has hung over fixed income businesses for years. UBS slashed its business in 2012; now Deutsche, Barclays, Credit Suisse and Standard Chartered are also taking “tough decisions” about the size of their bonds businesses. So it was a pleasant surprise to see Alain Gallois, head of fixed income at Natixis, in good spirits.

    • 26 Nov 2015


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Old Money

  • Old Money: US banks — masters of the universal banking model

    Recent weeks have seen an attack of existential angst among Europe’s major banks, on account of the challenges they face from America’s big universal banks.

    • 17 Nov 2015
  • Old Money: 'Tell Sid' — the sequel

    The recent announcement of the sale of £2bn of Lloyds Bank shares to individual investors on special terms has put UK privatisation and widening share ownership back on the agenda.

    • 19 Oct 2015
  • 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

The GlobalCapital View

  • Regulators' next big question: who knows what?

    Transparency has been among the top priorities of regulators and policy makers in the post-crisis era, but they don’t seem to understand what kind of information is important or when it becomes so.

    • 24 Nov 2015
  • Russian ratings agency will matter if it survives scrutiny

    A list of 27 Russian banks and corporates have set up the Analytical Credit Rating Agency, and staffed it with some of the biggest names in the Russian capital markets. But while Russia needs a domestic ratings agency more than ever, its biggest challenge will be establishing credibility.

    • 24 Nov 2015
  • What the banks refuse to finance

    In the build-up to the Paris-based United Nations Climate Talks this weekend, banks are falling over themselves to demonstrate green credentials through their lending, their asset books and their borrowing. But just as important is what they choose not to finance, and why.

    • 24 Nov 2015
  • Dear Sebi, please leave India’s IPO market alone

    The Securities and Exchange Board of India (Sebi), the country’s financial markets watchdog, is understood to be vexed about the lack of retail participation in two recent high-profile IPOs. But this is much ado about nothing, and it would be a mistake for the regulator to start meddling again to protect the interests of small investors.

    • 24 Nov 2015

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Nov 2015
1 JPMorgan 321,632.02 1265 8.79%
2 Bank of America Merrill Lynch 288,597.54 1018 7.89%
3 Citi 277,283.51 1054 7.58%
4 Barclays 268,690.20 902 7.34%
5 Deutsche Bank 221,761.09 912 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Nov 2015
1 HSBC 46,107.99 162 6.82%
2 BNP Paribas 43,118.10 220 6.37%
3 Deutsche Bank 35,629.14 141 5.27%
4 ING 30,639.38 139 4.53%
5 Citi 29,648.96 82 4.38%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Nov 2015
1 Goldman Sachs 23,301.02 87 9.50%
2 UBS 22,449.52 85 9.15%
3 JPMorgan 19,541.88 96 7.97%
4 Bank of America Merrill Lynch 19,343.25 78 7.88%
5 Morgan Stanley 18,539.05 84 7.56%