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  • Top EU politician lifts lid on five years of financial reform

    Sharon Bowles, who chaired the ECON committee of the European Parliament from 2009 to 2014, and was instrumental in all of the recent European Union’s financial market and banking reforms, testified to the UK House of Lords on Tuesday, exposing the inner workings of the financial regulatory agenda.

    • 12:15 PM
  • High yield investors push back on terms, green craze reaches loans

    While other markets might slowly be coming to a close for the summer, high yield is experiencing one of its busiest weeks this year. Investors are using the strong demand for speculative grade debt to push for better terms and higher rates. Meanwhile, UK supermarket chain J Sainsbury has signed what it says is the first ever corporate green loan.

    • 11:00 AM
  • Bankers work to persuade SSAs to market

    Bankers are looking to non-core markets and unconventional trades to tempt well-funded sovereign, supranational and agency issuers into considering a print, as this week is set to be the last before benchmark activity stops for the summer break.

    • 12:00 PM
  • Senegal starting point surprises debt bankers

    Senegal’s initial price thoughts for a new 10 year benchmark bond on Wednesday surprised bankers away from the deal, who felt the sovereign had started with an over aggressive level. But the lead managers countered there was no push back from investors, and that Senegal’s secondary curve was by no means the sole reference point for pricing.

    • 12:15 PM
  • Private investors prove thirst for SME ABS

    IKB Leasing has been inundated with orders for its first public syndication of German SME ABS since the financial crisis this week, but private buyers were fighting for what was left after the European Investment Bank supported the deal from an early stage.

    • 02:00 PM
  • Afrexim five year strong in secondary

    African Export-Import Bank’s $500m five year bond was trading up in the secondary market on Wednesday. The borrower had to contend with a downgrade from Standard & Poor’s in the run up to the deal, but still managed to price a three times subscribed bond with respectable new issue premium.

    • 12:15 PM
  • Primary market falls short of hopes as geopolitical risk grows

    Hopes that the primary market would remain open for business for another week have been all but dashed by heightened geopolitical risks, as Israel’s ground war in Gaza intensified and tension grew between the west and Russia after the downing of a passenger airliner in Ukraine.

    • 11:15 AM

Derivatives

  • ESMA eye Main and Crossover CDS for clearing

    European untranched index credit default swaps on the iTraxx Main and iTraxx Crossover are set to become subject to the clearing obligation, according to the European Securities and Markets Authority.

    • 14 Jul 2014
  • Markit moves to towards IOSCO benchmark compliance

    Markit aims to become fully compliant with the International Organization of Securities Commission’s principles for financial benchmarks by the end of the year.

    • 14 Jul 2014
  • CFTC pauses SEF permanent registration

    The US Commodity Futures Trading Commission has put on hold issuing permanent registration for over-the-counter derivative swap execution facilities, as the new chairman and commissioners take up their posts and review the regulator’s processes.

    • 14 Jul 2014

Securitization

  • Portuguese RMBS spikes amid BES mess

    Senior Portuguese RMBS bonds have found buyers at a level some 30bp wider in spread terms than they were before investors lost faith in the health of Banco Espírito Santo last week, while some offered Spanish RMBS have struggled to find suitable homes, traders told GlobalCapital this week.

    • 17 Jul 2014
  • Premium collapses on Fannie’s latest risk-sharing deal

    Fannie Mae has issued a second round of price guidance after seeing weaker than expected demand for the senior notes in this week’s $2.1bn risk-sharing issuance with private investors.

    • 17 Jul 2014
  • BlackRock preps $4.4bn auction after mega subprime sale

    BlackRock will manage next Tuesday a $4.38 billion sale of Alt-A residential mortgage-backed securities in a second and even bigger sale than the record $3.7bn subprime RMBS sale it managed for UBS AG this week.

    • 17 Jul 2014

People and Markets

  • BAML loses co-head of EMEA levfin

    David Ross, co-head of European leveraged capital markets at Bank of America Merrill Lynch, has left the firm, GlobalCapital has learned, while three more junior leveraged finance bankers also quit earlier this month.

    • 17 Jul 2014
  • Bostandjiev quits VTB, Hutt appointed interim CEO

    Atanas Bostandjiev will be leaving his position as VTB Capital’s international CEO to pursue other business opportunities. Nick Hutt has been appointed interim CEO.

    • 17 Jul 2014
  • Assenagon appoints senior fund advisor

    Christian Maria Kreuser, co-founder of Quirin, a German private bank, has been appointed senior advisor for fund management and structured investment management at Assenagon asset management in Munich.

    • 16 Jul 2014
  • People moves in brief

    McLaughlin quits CIFC – Nomura and Citi raid Credit Ag for MTNs – Shankardass heads to HSBC – McDonald joins NBAD

    • 17 Jul 2014

GlobalCapital View

  • With time, the Royal Mail IPO looks less like a failure

    Public outrage is a lot faster than the digestion of an IPO. But thanks to a timely profit warning, at last they're getting in sync.

  • Corporate green loans make little sense without green lenders

    UK supermarket chain J Sainsbury has signed what it has called the first ever corporate green loan. But aside from some positive PR for the firm, it’s hard to see the direct benefits the green label will provide to lenders or borrowers in the loan market.

  • Don't knock EFSF's divisive strategy

    The European Financial Stability Facility, fresh from hitting the bid for short-dated bonds with a one year early this month, went to the other extreme and set out with a debut 30 year on Tuesday. With blow-out deals at the extreme ends of the curve it is proving itself to be a savvy issuer.

  • Mauritian bid to be African sukuk hotspot stacks up

    Islamic bankers don’t need new excuses to travel to the world’s sunnier climes, but meetings in Mauritius next to its pristine coral sand beaches could soon become a feature of the market — and not just for obvious reasons.

  • Pre-soundings in focus for new market abuse paper

    Primary markets bankers could face a raft of new prescriptions on how they conduct pre-soundings, following proposed technical standards from the European Securities and Markets Association to implement the EU’s new Market Abuse Regulation.

    • 17 Jul 2014
  • ESMA consults on covered bond swap carve out

    The European Securities and Markets Authority (ESMA) has published a consultation document that sets out the key factors that determine whether a covered bond swap should be excluded from central clearing. ESMA’s proposals mirror those set out by the European Banking Authority that were published in April.

    • 17 Jul 2014
  • US investment banks shrug off collapsing volumes

    All of the big US investment banks have beaten grim expectations for their fixed income trading divisions, despite a collapse in volumes far more severe than that in the first quarter and volatility that is still on the floor, writes Owen Sanderson.

    • 17 Jul 2014
  • BAML defies FICC gloom but litigation crushes profit

    Bank of America Merrill Lynch became the first US bank this year to post a year-to-date rise in revenue from their fixed income, currencies, and commodities business, announced in their second quarter earnings report on Wednesday.

    • 17 Jul 2014

Asia

More Stories

Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2014
1 JPMorgan 3,670.45 2794 8.19%
2 Goldman Sachs 3,047.69 1627 6.80%
3 Bank of America Merrill Lynch 2,899.34 2464 6.47%
4 Morgan Stanley 2,628.81 1987 5.87%
5 Deutsche Bank 2,445.80 1935 5.46%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2014
1 Goldman Sachs 1,056.35 302 10.31%
2 JPMorgan 929.99 240 9.08%
3 Morgan Stanley 636.53 250 6.21%
4 Bank of America Merrill Lynch 600.70 209 5.86%
5 Barclays 534.19 183 5.21%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2014
1 JPMorgan 206,119.24 768 7.99%
2 Barclays 197,009.75 660 7.64%
3 Deutsche Bank 185,589.88 731 7.20%
4 Citi 180,289.40 670 6.99%
5 Bank of America Merrill Lynch 168,848.11 598 6.55%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 BNP Paribas 30,619.52 128 7.74%
2 Credit Agricole CIB 22,088.50 82 5.58%
3 HSBC 19,705.60 104 4.98%
4 UniCredit 19,229.33 92 4.86%
5 Commerzbank Group 18,774.69 107 4.75%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 JPMorgan 19,623.08 89 9.25%
2 Goldman Sachs 19,369.43 59 9.13%
3 Deutsche Bank 18,401.12 61 8.68%
4 UBS 16,522.25 60 7.79%
5 Bank of America Merrill Lynch 16,020.48 53 7.55%
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