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  • Rumours fly, opinions split as FIG market awaits its test results

    Senior figures in the European FIG market were oddly calm heading into what is perhaps the biggest regulatory event in Europe since the crisis era began: the release of the results of the European Central Bank’s comprehensive assessment of 130 banks on Sunday. Nonetheless, investors are bracing themselves for what is likely to be at least a short term bout of increased volatility after the results.

    • 23 Oct 2014
  • Govvie and corporate bond bankers brace for QE…

    Capital markets are rife with talk of the European Central Bank wading in to buy everything in sight in new markets in an attempt to stimulate economic activity in the single currency bloc. But although sovereign bond bankers are hopeful of attracting an official bid, corporate bond counterparts, whose market was at the forefront of speculation of an ECB visit earlier in the week, were unenthused about what would be an unwelcome guest. Jon Hay, Tessa Wilkie and Craig McGlashan report.

    • 23 Oct 2014
  • … but ECB covered bond buying scheme dead on arrival as supply slumps

    The European Central Bank is estimated to have bought well over €1bn, and possibly close to €2bn, in the first week of its third covered bond purchase programme (CBPP3) and traders have reported a tripling of flows. But limited dealer inventories are finite and issuance prospects mean it can only be a matter of time before the programme peters out, writes Bill Thornhill.

    • 23 Oct 2014
  • Nigeria set for loans rush but macro concerns mount

    Nigeria is set for a busy run of syndicated loans, with bankers saying there could be at least six deals before the end of the year and that two of those – for IHS and Helios Towers – could be up to $1bn each. But while loans officials are optimistic about African lending and Nigeria in particular, analysts suggested there could be a rush to beat the storm clouds gathering over the country’s economy in 2015.

    • 23 Oct 2014
  • SSA issuers hike new issue premia in tougher conditions

    A pair of borrowers braved dollar issuance this week after volatility in US Treasuries last week led to a pair of undersubscribed deals. But so far the market recovery has taken the shape of a pair of ultra conservative German borrowers at the short end of the curve. Bankers will have to wait until next week to see an issuer test demand in the belly of the curve.

    • 23 Oct 2014

People and Markets

  • Credit Suisse looks to untapped talent

    Credit Suisse has been on the road less travelled. Over the past few years, the bank has analysed how to manage an investment bank, overhauling recruitment, talent management, and performance. With the European fee pot turning, the work looks like it is paying off.

    • 23 Oct 2014
  • Cédulas left with dregs in new Spanish covered law

    Spain’s new covered bond law, if passed, will mean a vast improvement in the quality of the country’s covered bond collateral – but could come at the expense of holders of the old bonds, who will find their deals backed by a dwindling pool of poor quality loans, unless they exchange into new deals.

    • 23 Oct 2014
  • Morgan Stanley almost doubles equity underwriting revenues

    Morgan Stanley reported third quarter (Q3) earnings of $1.7bn last Friday, up from $889m in the same period the year before. The improvement was driven by its wealth management and institutional securities businesses.

    • 23 Oct 2014
  • SocGen turns its back on the Tower

    Société Générale will move its London operations to Canary Wharf, consolidating its three different London sites into one building.

    • 23 Oct 2014

GlobalCapital View

  • BoC's AT1: big but not that clever

    You’ve got to hand it to Bank of China. This week it priced the biggest Basel III bank capital deal ever, in what bankers are calling the worst market conditions since 2008. But while the deal was certainly one step forward for Bank of China, it looked like two steps back for the international capital markets.

  • This was never about ABS — the ECB is rudderless

    The European Central Bank put a lot of effort into telling everyone securitization’s direct link to the real economy was the reason it deserved to be the principal target of asset purchases. Now that illusion has been shattered by reports it is considering corporate bond purchases, the ECB should just get on with the broad-based cash injection it clearly intends.

  • AQR and stress tests: this time, it's a real step forward

    European banks have been in limbo this month, waiting for their regulators' verdict to be handed down in the Comprehensive Assessment (the Asset Quality Review and stress tests). There are gaping holes in the assessment process but, even so, it is something quite new and potentially revolutionary.

  • Kredi where it's due: Yapi was right to defy market tone

    Turkish bank Yapi Kredi printed a $500m five year bond last week on a day when its curve widened 25bp. Going ahead with the deal seemed self-defeating to many, but GlobalCapital believes Yapi Kredi behaved honourably, and investors should reward its honesty in future deals.

Southpaw

More Stories

Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Oct 2014
1 JPMorgan 5,098.05 3806 7.99%
2 Goldman Sachs 4,189.85 2172 6.57%
3 Bank of America Merrill Lynch 4,177.56 3469 6.55%
4 Morgan Stanley 3,838.40 2755 6.02%
5 Deutsche Bank 3,502.24 2706 5.49%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Oct 2014
1 Goldman Sachs 1,483.35 400 9.36%
2 JPMorgan 1,269.13 322 8.01%
3 Morgan Stanley 1,017.18 339 6.42%
4 Bank of America Merrill Lynch 954.62 273 6.03%
5 Citi 849.07 296 5.36%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Oct 2014
1 JPMorgan 274,362.92 1088 8.09%
2 Barclays 246,500.00 850 7.26%
3 Citi 241,124.13 935 7.11%
4 Deutsche Bank 240,786.09 977 7.10%
5 Bank of America Merrill Lynch 235,519.40 841 6.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Oct 2014
1 BNP Paribas 45,034.29 183 7.39%
2 Citi 34,532.35 96 5.67%
3 Deutsche Bank 34,196.96 122 5.61%
4 Credit Agricole CIB 30,654.20 126 5.03%
5 Barclays 28,791.02 107 4.72%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Oct 2014
1 JPMorgan 23,663.67 112 9.36%
2 Goldman Sachs 22,917.78 77 9.07%
3 Deutsche Bank 20,595.54 76 8.15%
4 UBS 19,458.10 79 7.70%
5 Bank of America Merrill Lynch 18,899.80 68 7.48%