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  • Russian bond prices take hit as Yukos ruling announced

    A court ruling on Yukos Oil made in The Hague on Monday became the latest of a growing number of bad news stories involving the country, putting further pressure on its bond prices. A number of market participants are expecting harsher EU sanctions on Russian entities later this week that more closely mimic moves by the US a fortnight ago.

    • 28 Jul 2014
  • Westfield deal emerges to bring volume to European CMBS

    Crédit Agricole and Deutsche Bank have started officially marketing a single tranche CMBS transaction tied to the Westfield Stratford shopping centre in East London, which will put more than twice the volume of bonds on the market as the next biggest European deal this year.

    • 28 Jul 2014
  • Virgin AT1 subscription highlights opportunity despite volatility

    Even as geopolitical risks caused spikes in volatility and many in the European FIG market headed off on holiday, Virgin Money Holdings opportunistically placed a £160m perpetual non-call five year additional tier one (AT1) deal, bringing in an oversubscribed book and highlighting that issuers can still tap the market at attractive levels.

    • 28 Jul 2014
  • Italian SME group cuts out banks with first minibond ABS trade

    A group of eight Italian water utility companies have issued asset-backed securities backed by their own minibonds, in a novel technique that its structurers hope can be replicated to unlock funding for small and medium-sized companies throughout Europe and offer them an alternative to bank borrowing.

    • 24 Jul 2014
  • Agencies unlikely to follow CDC’s Samurai

    Caisse des Dépôts et Consignations sold its debut Samurai and the first in syndicated format from a western European issuer in more than two years this week. But despite super low pricing versus yen swaps — two tranches were priced through swaps, the first time for a syndicated Samurai in decades, according to the leads — a difficult basis swap means that few eurozone agencies are likely to follow.

    • 24 Jul 2014

Derivatives

  • Canadian dealers turn to Europe as SEF rules bite

    Volume of €-denominated interest rate swaps between European and Canadian dealers has steadily increased since August 2013, while US dealer volume with Canadian dealers has trended lower, according to data from the International Swaps and Derivatives Association.

    • 28 Jul 2014
  • Funds play for normalisation of DB CDS vs Barclays

    Hedge funds and real money accounts have been selling credit default swaps on Deutsche Bank and buying CDS on Barclays, expecting Deutsche Bank to tighten relative to Barclays in light of litigation risk that could impact both banks.

    • 24 Jul 2014
  • Hedge funds seen playing skew via down-and-out-puts

    Bearish hedge funds are taking advantage of record elevated skew levels on the S&P500 this week, entering at-the-money three-month down-and-out put options.

    • 23 Jul 2014

Securitization

  • Aussie banks snap up RMBS for LCR boost

    A strong bid from Australian banks looking to bolster their stock of liquidity coverage ratio (LCR) assets has helped Members Equity Bank triple the size of its SMHL 2014-1 RMBS and price a few basis points tighter than the last comparable deal.

    • 24 Jul 2014
  • Mission for Mars: exit UK mortgages from housing market peak

    Mars Capital is looking to price its second capital markets exit of a purchased mortgage portfolio next week after mandating Citi to sell Thrones 2014-1, a UK non-conforming RMBS transaction backed by loans originated at the peak of the country’s housing market in 2007 and 2008.

    • 24 Jul 2014
  • SolarCity, Hooters, One Main price latest deals

    A spate of asset-backed securities totaling $3.85bn were sold Thursday afternoon this week, including the latest from SolarCity, a debut from Hooters Restaurant Group and a billion dollar consumer loan ABS from One Main Financial.

    • 24 Jul 2014

People and Markets

  • Financials trading head leaves HSBC

    Jose Mosquera, ex-head of financials trading, and Rob Illingworth, ex-senior investment grade corporates trader, have both left HSBC in London, writes Hazel Sheffield.

    • 24 Jul 2014
  • CFTC's O'Malia takes on global data mission as ISDA head

    When Scott O’Malia, commissioner at the Commodity Futures Trading Commission in Washington DC, takes up his new role as chief executive officer of the International Swaps and Derivatives Association, derivative trade data will be top of the agenda. Though swap data reporting has been running for two years in the US, there is still no automated way to crunch the data — a problem on both sides of the regulatory fence which O'Malia has been trying to solve for years at the CFTC.

    • 24 Jul 2014
  • Citi loses equity derivatives sales official to BAML

    Kim Stolz, vp in equity derivatives sales at Citigroup in New York, has left the firm and will join Bank of America Merrill Lynch as a director, Americas equity derivatives flow sales.

    • 24 Jul 2014
  • BAML’s David Ross emerges on the buyside

    David Ross, former head of EMEA leveraged finance at Bank of America Merrill Lynch, has joined a leveraged loan-focused buyside firm as chief operating officer.

    • 24 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.

  • 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.

    • 23 Jul 2014
  • Euribor reforms to take in wider bank panel

    Euribor is likely to keep its status as the main unsecured reference rate for euro currency markets but will be heavily reformed, taking in a wider range of banks and transaction-based short term lending from a wider range of instruments, according to a report from the Financial Stability Board.

    • 23 Jul 2014
  • Barclays hits back over dark pool lawsuit

    Barclays has roundly rejected the New York attorney general’s complaint about its dark pool, saying that it is based on “clear and substantial factual errors” and that the very documents that the suit is based on “along with the complaint’s other fatal flaws” should get it thrown out.

    • 24 Jul 2014
  • SEC hits MMFs with FNAVs but eurozone bank reliance wanes

    US money market fund providers were faced with arguably the worst of all worlds this week when the Securities and Exchange Commission opted to impose not only redemption gates and liquidity fees — largely unopposed by the industry — but also floating net asset values. But for eurozone banks — many of which used to rely on US money funds to finance their US operations — the changes are likely to be inconsequential, after new evidence suggested their reliance on these investors has fallen.

    • 24 Jul 2014

Southpaw

More Stories

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
  • 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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