Top stories

  • Barclays sets terms on $1.5bn AT1

    Barclays has set final pricing on its AT1 deal, placing the deal at 7.875%, the tight end of guidance, on a book of over $11.5bn. The deal follows UK trades from RBS and Standard Chartered a fortnight ago, which gathered combined books of $40bn.

    • 24 Aug 2016
  • South Africa sells off on Gordhan rumours

    South Africa’s dollar debt had dropped up to two cash points on Wednesday after reports that the country’s finance minister could be charged with an offence rocked the market. While investors are concerned, the relentless bid for EM assets contained the sell-off, an EM banker said.

    • 24 Aug 2016
  • UniCredit pays tiny NIP to defy pricing expectations

    UniCredit Italy took advantage of constructive conditions and scarce Italian covered bond supply to launch a 10 year and got a well oversubscribed order book, paying little new issue premium on Wednesday

    • 24 Aug 2016
  • High yield heartache as LBOs lead on

    The investment grade bond market saw raging demand for the one small deal of the week, lining the market up for a strong September, while the high yield market has seen appetite for European credits weaken. Investment grade and leveraged loans alike have settled into the summer lull, though Cinven’s latest acquisition could raise hopes for more LBOs in the final quarter.

    • 24 Aug 2016
  • Jumbos return as market readies for September rush

    The European Investment Bank returned to capital markets with a splash on Tuesday, indicating that, what passed for 2016’s summer break is coming to an end.

    • 24 Aug 2016
  • Colombia to issue dollars soon despite TES announcement

    DCM bankers covering Colombia said they expect the South American sovereign to issue in the autumn despite announcing on Tuesday it would increase local market bond sales by Cp8tr ($2.74bn) this year.

    • 24 Aug 2016
  • Mexico bonds flat on S&P negative outlook

    Standard & Poor’s said on Tuesday that there was at least a one-in-three chance of Mexico receiving a downgrade to its BBB+ rating within the next two years, although bond markets showed no reaction to the announcement.

    • 24 Aug 2016
  • Two borrowers add to CEEMEA pipeline

    Two CEEMEA issuers have picked banks for dollar transactions this week — Russia’s EuroChem and Sharjah Islamic Bank.

    • 24 Aug 2016

People and Markets

  • Saudi Arabia to open up IPOs to foreign capital

    Foreign investors will be allowed to participate in Saudi Arabian IPOs from January, the country’s regulator said on Thursday in a move that has been signalled for some time but was nevertheless warmly welcomed by bankers.

    • 18 Aug 2016
  • UK corp QE raises liquidity concerns

    The Bank of England’s revamped quantitative easing programme hit an early snag last week when the central bank failed to source enough Gilts on just the second day of purchases.

    • 18 Aug 2016
  • Are primary dealerships essential to DCM?

    The cost of primary dealerships is a constant source of trouble for banks, and following several high profile departures from European dealerships, GlobalCapital dug into the data to examine how performance in primary dealerships matches up with the wider world of DCM.

    • 18 Aug 2016

GlobalCapital Bond Comments

View detailed issuer and bookrunner commentary and market appraisal for the key deals in the market. Choose from SSA, FIG, IG Corporates and Emerging Market deals.


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Old Money

  • Old Money: The Full Monte

    The world’s oldest bank has trodden a 500-year line between the sacred and the profane.

    • 10 Aug 2016
  • Old Money: what makes a financial centre?

    Financial centres come and go, but they're mostly very resilient. London's been near the top of its game since the Napoleonic Wars. Will it take Brexit in its stride?

    • 13 Jul 2016
  • Old Money: ‘Nobody told us we could do that’

    Predictions from both sides in Britain’s EU referendum suggest economic disaster if the country votes the ‘wrong’ way. But history shows the dangers of doom-mongering.

    • 16 Jun 2016
  • Old Money: Happy birthday Argentina

    Argentina made its debut in the international capital markets 192 years ago. It has managed eight defaults since then, so are things any different now?

    • 18 May 2016

The GlobalCapital View

  • No regulatory relief ahead despite US-EU split

    Europe’s faltering on margin rules for uncleared swaps this year has, for some market participants, proved that the trans-Atlantic regulatory roll out has reached breaking point – a reckoning that, perversely, could buy the market some relief in the form of a slowdown in the regulatory pace.

    • 23 Aug 2016
  • Transparency and the tragedy of the commons

    Private executions, club deals, non-disclosure agreements and bilateral executions all have their place in the arsenals of syndicate desks and issuers, particularly in the securitization market. But taken together, they are harmful to the market

    • 23 Aug 2016
  • Time for GDP-linked bonds to shine?

    A Bank of England paper has mooted the idea of GDP-linked bonds as a means of reining in governments’ ballooning debt to GDP ratios.

    • 23 Aug 2016
  • Royal loan default is a time for introspection

    Royal Industries Indonesia rattled the loans market last week when it failed to pay the first principal instalment on a $380m deal signed in June 2015. The incident has caused consternation among participating banks, with many being quick to blame the bookrunners on the trade. But this should be a wake-up call to lenders, who need to re-examine their internal approval procedures.

    • 23 Aug 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2016
1 JPMorgan 243,624.78 967 8.68%
2 Citi 218,715.75 783 7.79%
3 Barclays 205,766.70 643 7.33%
4 Bank of America Merrill Lynch 202,029.46 695 7.19%
5 HSBC 173,256.62 692 6.17%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Aug 2016
1 BNP Paribas 23,543.21 101 6.75%
2 UniCredit 23,360.96 107 6.69%
3 JPMorgan 23,076.45 41 6.61%
4 HSBC 19,192.10 94 5.50%
5 ING 16,697.84 101 4.78%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Aug 2016
1 JPMorgan 9,747.52 55 9.59%
2 Goldman Sachs 8,816.07 50 8.67%
3 Citi 6,911.91 36 6.80%
4 Morgan Stanley 6,504.18 35 6.40%
5 UBS 6,126.84 31 6.03%