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  • CEEMEA volumes may rally but 'miracle' needed to match 2013

    Bankers are hopeful that CEEMEA bond volumes could still rally enough to get close to the $180.9bn printed in 2013, but data analysis of volumes and predicted deal numbers indicates a record breaking year is highly unlikely — a big disappointment for the market considering the much higher volume of bond maturities this year.

    • 14 Aug 2014
  • Russian loan return leaves market divided

    The arrival of the first Russian loan since the most recent rounds of European Union and US sanctions against the country were put into force has left loans bankers deeply split. Some claim the deal from steelmaker Evraz, along with others that are in discussion such as Slavneft Yanos, are proof that syndicated lending is still open to Russian borrowers, but less optimistic bankers see these as the last sputterings of life from a dying market.

    • 14 Aug 2014

Derivatives

  • Compression usage spikes as firms wrestle with SLR

    Banks looking to cut their Supplementary Leverage Ratio (SLR) are turning to compression techniques in ever larger volumes to ratchet down the individual numbers of swap trades on their books as well as the overall notional amount they have outstanding.

    • 14 Aug 2014
  • Citi consolidates derivs with new equities head

    David Haldane, head of equity derivatives for Australia and New Zealand at Citigroup in Sydney, has been appointed head of equity derivatives for EMEA in London with effect from September.

    • 14 Aug 2014
  • ISDA moves to protect netted capital during bank resolution

    The International Swaps and Derivatives Association has clarified the meaning of appropriate protection for netted capital under the Bank Recovery and Resolution Directive in response to queries by government officials in the European Union.

    • 14 Aug 2014

Securitization

  • CLO deal flow piques interest of listed fund

    Fair Oaks Income Fund, the first CLO fund to float on the London Stock Exchange since the financial crisis, has said developments in the European market have opened the door to it becoming an originator.

    • 15 Aug 2014
  • Crédit Agricole sets up for European structured ABCP

    Crédit Agricole has adapted the documentation of its European asset backed commercial paper (ABCP) programme to enable it to issue floating rate structured notes, in what Moody’s said is the first such move by a bank sponsored conduit outside the US.

    • 14 Aug 2014
  • ECB influence revealed as Solvency II tweaks mean concessions for ABS

    ABS experts have suggested to GlobalCapital that new revisions to ABS capital charges for insurers are a welcome demonstration of European Central Bank influence over regulators. But they insisted the changes will have little impact on the market because they focus on lower-rated assets in a market dominated by triple-A paper.

    • 14 Aug 2014

People and Markets

  • Court steps in to free foreign banks from US control

    A court judgement in New York has taken foreign banks out of the direct control of US courts, in a decision which pulls back the scope of their jurisdiction. The judgement clarifies that the New York courts do not have jurisdiction over a bank simply because it has a branch or subsidiary in the state.

    • 14 Aug 2014
  • Another CLO expert leaves RBS

    A well-known face on CLO conference panels is the latest departure from Royal Bank of Scotland’s US office in Stamford, Connecticut, as the bank sheds its staff in that market.

    • 14 Aug 2014
  • Citi consolidates derivs with new equities head

    David Haldane, head of equity derivatives for Australia and New Zealand at Citigroup in Sydney, has been appointed head of equity derivatives for EMEA in London with effect from September.

    • 14 Aug 2014
  • Reinhart to join revamped UBS DCM team

    Sam Reinhart will join UBS as head of banks and specialty finance for DCM Americas. He joins from Barclays, where he covered US regional banks, Canadian banks and insurance companies, as well as specialty finance and business development companies.

    • 14 Aug 2014

GlobalCapital View

  • Dealers, not investors or issuers, should pay for credit ratings

    News last week that a minor tweak in S&P’s corporate loan rating methodology could win them back market share in the lucrative new issue CLO market reignited the debate about the business model of issuers paying to be rated. Even if S&P’s internal controls and the Chinese wall which they insist exists between commercial and analytical considerations is robust, market participants clearly do not believe it. It is time to overhaul the way the credit ratings industry works.

  • Don’t cut now, the only way for CEEMEA bond volumes is up

    With all that has happened in the last few months in Russia and Ukraine, heads of DCM must be thinking about taking axes to their headcounts. But to start swinging them would be foolish when the market could still bounce back and annual refinancing volumes are about to rocket.

  • SEC's money fund plan adds worst parts of banking

    The Securities and Exchange Commission has tried to cut the risk of runs in the money market fund industry by introducing liquidity fees and redemption gates. But as the Federal Reserve has just pointed out, by doing so it has done the opposite of what it intended, and made the funds more like banks.

  • You can’t offer risk without paying up

    Indonesia’s Berau Coal Energy tried to tip the balance in its favour with its bond offering last week by asking investors to take on greater risk but not compensating them for it. Unsurprisingly, the deal did not see the finish line. BCE would do well to keep in mind the age old adage that you can’t have your cake and eat it too.

  • Credit Suisse veteran to lead new hires at Element

    Element Financial Corporation has added six US structured products experts to its transportation finance team in Connecticut, including a managing director from Credit Suisse.

    • 08 Aug 2014
  • Lloyds goes for securitization growth as RBS’s structured exodus accelerates

    Lloyds Banking Group is continuing its push into the US credit and asset-backed securities markets but is taking a very different approach to that of Royal Bank of Scotland, whose Connecticut office had several more structured credit departures this week amid its retrenchment in the country.

    • 13 Aug 2014
  • CLO experts leave RBS for CIFC

    CIFC Asset Management has picked up two CLO bankers from Royal Bank of Scotland's US headquarters in Stamford, Connecticut, as the UK government-owned bank retrenches from the market.

    • 13 Aug 2014
  • Ignis veteran leaves for TwentyFour AM

    Ignis Asset Management’s former head of credit is leaving the firm to join Twenty Four Asset Management, following Ignis’s takeover by Standard Life last month.

    • 11 Aug 2014

Southpaw

More Stories

Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Aug 2014
1 JPMorgan 4,146.29 3102 8.26%
2 Goldman Sachs 3,379.58 1787 6.73%
3 Bank of America Merrill Lynch 3,271.33 2721 6.52%
4 Morgan Stanley 2,931.98 2203 5.84%
5 Deutsche Bank 2,776.17 2144 5.53%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Aug 2014
1 Goldman Sachs 1,145.09 327 9.61%
2 JPMorgan 1,029.30 265 8.63%
3 Bank of America Merrill Lynch 722.37 224 6.06%
4 Morgan Stanley 708.35 270 5.94%
5 Credit Suisse 618.72 217 5.19%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Aug 2014
1 JPMorgan 215,971.90 822 7.91%
2 Barclays 203,469.57 697 7.45%
3 Deutsche Bank 198,268.00 785 7.26%
4 Citi 192,847.53 709 7.07%
5 Bank of America Merrill Lynch 184,602.45 658 6.76%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 33,407.13 146 7.57%
2 Credit Agricole CIB 24,087.32 95 5.46%
3 HSBC 22,170.66 125 5.02%
4 UniCredit 20,938.85 102 4.74%
5 Commerzbank Group 20,285.28 116 4.60%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 20,184.94 96 9.22%
2 Goldman Sachs 19,786.26 62 9.04%
3 Deutsche Bank 18,169.79 62 8.30%
4 UBS 16,830.14 66 7.69%
5 Morgan Stanley 16,000.53 68 7.31%
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