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  • Investors fight back as QE yield train hits the buffers

    Investors mobilised this week, revolting against the European Central Bank’s quantitative easing programme, forcing eurozone periphery sovereigns to fund themselves at yields that predate central bank buying for the first time since the ECB’s public sector purchase programme began last month.

    • 16 Apr 2015
  • Airbus, car makers’ CDS curves distorted by bank hedging as dollar climbs

    The strong dollar is giving banks rising counterparty exposure to export-heavy European companies that they need to hedge in the credit default swap market, pushing spreads for those firms wider, writes Dan Alderson.

    • 15 Apr 2015
  • German companies go for dated hybrids amid tax puzzle, but keep issuing

    It has become harder for German companies to obtain tax rulings for hybrid capital issues, but that has not stopped them issuing — even if it has diminished some of the accounting benefits, writes Richard Metcalf.

    • 16 Apr 2015
  • CBA reveals appetite for complexity with euro T2

    Commonwealth Bank of Australia highlighted European sub debt investors’ growing ease with unusual structures this week, selling a chunky tier two bond with contractual point of non-viability language and an equity conversion component, writes Nathan Collins.

    • 16 Apr 2015

People and Markets


The GlobalCapital View

  • Too much, too soon will spell trouble for India overseas debt

    A panel set up by India’s Ministry of Finance to review the rules for companies borrowing money from overseas has made the radical suggestion of doing away with the current system and immediately liberalising the regime. Such an approach is likely to be too much of a shock to the country’s financial system. The government would be wise to adopt a more gradual approach.

    • 14 Apr 2015
  • Why won’t Europe’s central banks back Europe?

    European central bankers might be buying the market, but they still lack faith in the European project. That is the only conclusion to draw from the securities lending arrangements announced before Easter.

    • 13 Apr 2015
  • Stock Connect: so is this what RMB internationalisation looks like?

    Mainland purchases of Hong Kong H shares exhausted the southbound daily quota of the Shanghai-Hong Kong Stock Connect for the second straight day on April 9. The new enthusiasm among Chinese buyers will be a boon for many, but it is also a sharp reminder of the potential and risks associated with China’s opening.

    • 10 Apr 2015

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Apr 2015
1 JPMorgan 110,653.09 398 8.38%
2 Barclays 105,441.39 326 7.98%
3 Citi 100,383.91 365 7.60%
4 Bank of America Merrill Lynch 86,983.19 331 6.58%
5 Deutsche Bank 85,937.41 354 6.51%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Apr 2015
1 JPMorgan 14,425.67 22 8.53%
2 Deutsche Bank 11,472.46 35 6.78%
3 RBS 9,903.76 28 5.85%
4 Credit Agricole CIB 9,199.37 38 5.44%
5 HSBC 8,654.87 42 5.12%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Apr 2015
1 UBS 10,904.58 26 12.59%
2 Goldman Sachs 10,004.01 27 11.55%
3 Bank of America Merrill Lynch 8,484.65 32 9.80%
4 Morgan Stanley 7,105.06 32 8.20%
5 Deutsche Bank 6,805.54 27 7.86%