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  • Europe hurls Sberbank into sin bin in latest Russia blow

    Sberbank, the largest of Russia’s state owned banks has been included on the list of EU sanctioned entities, shocking some investors who had hoped the sanctions would be limited to policy banks. But although the identities of the institutions sanctioned were clear enough, bankers are now deciphering just what it is they are not allowed to do for them.

    • 31 Jul 2014
  • Argentina slumps on default but investors eye 'immense pay-off'

    Argentina’s debt saga as the stage for some of the best theatre of the absurd ever seen in finance culminated this week in an apparent breakdown in communication that caused the nation’s assets to rally wickedly in the hours leading up to a default.

    • 31 Jul 2014
  • BSkyB and Iliad jumbo deals fuel M&A loans wave

    Loan bankers looking for positives this week away from Russian sanctions turmoil have had much cause to celebrate the arrival of British Sky Broadcasting Group (BSkyB)’s financing package and an unexpected bid on Thursday for T-Mobile US by French telco Iliad.

    • 30 Jul 2014
  • UK issuers still not crazy for converts

    While issuers from the UK continue to dominate equity capital markets, accounting for almost a quarter of EMEA’s total ECM volume in the first half of 2014, their activity in the equity-linked market remains disproportionately small.

    • 31 Jul 2014
  • BNP Paribas courts controversy with sole-led debut covered bond

    BNP Paribas faced the wrath of the covered bond market this week after successfully placing a debut trade for Banca Popolare di Sondrio (BPS). Despite the €500m five year attracting more than 50 orders, worth €1.1bn, not one rival banker or investor had a good word to say about the syndication.

    • 30 Jul 2014
  • BES fails to dent Portugal, Italian politics worry

    The Portuguese sovereign proved itself all but immune to the latest woes stemming from Banco Espírito Santo this week, as even the bank’s worse than expected results failed to make much of a dent on the country’s secondary yields. But while the outlook for the periphery is bullish, some analysts warned that political risks are rising in Italy.

    • 31 Jul 2014

Derivatives

  • ISDA asked to consider Argentine CDS credit event

    The International Swaps and Derivatives Association determinations committee will consider Friday whether a failure to pay credit event has occurred on Argentinian credit default swaps. The request came after Standard and Poor’s placed the country’s credit rating on selective default following a failure to pay interest due Wednesday.

    • 31 Jul 2014
  • Matrix Capital plans trust sponsored equity structured products

    Washington D.C.-based brokerage Matrix Capital Group is looking to launch a capped structured product that will track the Russell 2000 index via exchange-traded options, while using a unit investment trust-sponsored wrapper to help eliminate credit risk.

    • 31 Jul 2014
  • Lyxor launches maiden AIFMD funds

    Lyxor Asset Management has launched two multi-strategy funds, the Lyxor Diversified Fund and the Lyxor Focus Fund which are fully compliant with the Alternative Investment Fund Managers Directive.

    • 31 Jul 2014

Securitization

  • Standardised CLO Volckerisation methods still a way off

    Even after large CLO-buying banks banded together with the Clearing House Association to come up with standardised legal language to make legacy CLOs compliant with the Volcker rule, the language and methods used by CLO managers to Volckerise their deals still varies widely, market participants told GlobalCapital this week.

    • 31 Jul 2014
  • Republicans bleed Ocwen to aid smaller banks

    House Republicans are continuing to hammer away at Dodd-Frank and non-bank mortgage servicer Ocwen Financial as a means to help regional and community banks compete for servicing assets.

    • 31 Jul 2014
  • BES results hit Lusitano RMBS, but peripheral softening muted

    The release of Banco Espírito Santo’s results on Thursday led to a widening in its Lusitano RMBS programme, causing modest weakness across other peripheral ABS markets.

    • 31 Jul 2014

People and Markets

  • JPM cuts senior FIG DCM positions

    JP Morgan has slashed its European financial institutions debt capital markets operation, taking three senior members off the team. All three are understood to still be employed by the bank.

    • 30 Jul 2014
  • Barclays hires MDs for two London teams

    Barclays has hired a managing director from Bank of America Merrill Lynch for its UK leveraged finance business, and relocated another banker to its UK financial sponsors group.

    • 31 Jul 2014
  • RBS’s Wade resurfaces as Natixis head of syndicate

    John Wade, who left Royal Bank of Scotland in February this year just before the bank announced a restructuring, has resurfaced at Natixis as head of syndicate and MTN desk for Asia Pacific.

    • 31 Jul 2014
  • People Moves in Brief

    Internal moves into Deutsche's SSA syndicate — Barclays hires BAML levfin banker — All change at JP Morgan ECM — StanChart makes switch to replace Nelson

    • 31 Jul 2014

GlobalCapital View

  • Ireland’s early IMF repayment sets a dangerous precedent

    Ireland’s finance minister Michael Noonan has proposed refinancing part of Ireland's bailout loans from the International Monetary Fund, while keeping its less expensive borrowing from the European Union — a decision that contravenes the original terms of the programme. It is good news that Ireland is strong enough to even consider this option, but EU leaders should think of the precedent it sets before agreeing.

  • How long until the Deutsche naysayers pipe down?

    Deutsche Bank, according to recent wisdom, trades too many bonds. Or rather, it doesn’t trade nearly as many as it had planned to. Global fixed income volumes are on the floor, banks cannot hold much inventory, margins are under pressure. Clients are over-broked, prop trading is over, and you still have to pay everyone. But is the German giant ramming that back down critics' throats?

  • South Korean issuers should rise to the IPO bait

    South Korea’s Cuckoo Electronics priced a blockbuster W255bn ($248m) IPO this week that saw the institutional tranche close to 600 times covered. But others looking to emulate it need to act sooner rather than later. With Samsung Group set to raise large amounts of equity later this year, they risk losing out.

  • Don’t expect the bear to bounce yet

    The Russian-Ukraine crisis has risen from its slumber in a roaring angry temper. Russia’s next recovery in the capital markets may not be as quick or as painless.

  • Summer is no solution for Russian loans

    Loans bankers are looking for silver linings in the imminent prospect of deeper Western sanctions against Russia. At least the market has shut down in August, when Russians take their summer holidays. No deals would have been done anyway, so no matter. But the situation will not be over by the autumn, and August is not the listless month many market participants assume.

  • FCA finds firms rarely manage 'best execution'

    The Financial Conduct Authority’s review into “best execution” founds that most firms are not doing enough to meet the regulator’s standards. It also highlights continued payment for order flow at some firms, which contravenes its guidelines.

    • 31 Jul 2014
  • UBS’s debt team outperform thanks to FIG and levfin

    UBS reported this week that its DCM revenues for the second quarter were up 50.8% on the year — an incredible performance relative to its peer group and to the broader market. It credits US leveraged finance for much of the increase, but in Europe, bank capital raising was the sector which stood out.

    • 31 Jul 2014
  • UK regulators consult on 'Fred Goodwin's law'

    The UK has laid out a final set of rules for clawing back bonuses, increasing the clawback period to seven years, and is consulting on even tougher rules designed to hold bank management personally accountable — dubbed “Fred Goodwin’s law” by one market commentator, after the disgraced former CEO of RBS.

    • 31 Jul 2014
  • BNPP eases pain of US fine with strong results and restructuring

    BNP Paribas was in the spotlight on Thursday as it posted the largest loss in its history, but underneath the red numbers — caused by a huge fine for violating US sanctions — was a very strong performance.

    • 31 Jul 2014

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Leaders

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Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 JPMorgan 3,842.12 2838 8.31%
2 Goldman Sachs 3,153.97 1661 6.82%
3 Bank of America Merrill Lynch 2,959.85 2499 6.40%
4 Morgan Stanley 2,724.55 2042 5.89%
5 Deutsche Bank 2,533.61 1983 5.48%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 Goldman Sachs 1,083.63 309 10.17%
2 JPMorgan 961.71 245 9.02%
3 Morgan Stanley 660.84 259 6.20%
4 Bank of America Merrill Lynch 624.49 214 5.86%
5 Barclays 539.98 188 5.07%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 JPMorgan 211,014.28 786 8.00%
2 Barclays 198,779.14 670 7.54%
3 Deutsche Bank 190,910.54 750 7.24%
4 Citi 184,833.75 681 7.01%
5 Bank of America Merrill Lynch 172,658.98 609 6.55%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 BNP Paribas 30,731.58 128 7.53%
2 Credit Agricole CIB 22,312.48 83 5.47%
3 HSBC 19,860.98 105 4.86%
4 UniCredit 19,386.12 93 4.75%
5 Commerzbank Group 19,255.22 109 4.72%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 JPMorgan 19,788.15 91 9.16%
2 Goldman Sachs 19,506.73 60 9.03%
3 Deutsche Bank 18,418.04 61 8.52%
4 UBS 16,709.68 64 7.73%
5 Bank of America Merrill Lynch 16,063.51 53 7.43%
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