Top stories

  • Turkey trauma contained for now as cash floods into EM

    An attempted coup in Turkey last Friday threw its borrowers into a maelstrom of pulled bonds, credit rating uncertainty, and the country itself into a three month state of emergency. Unlike their loan market counterparts, bond and money market investors have been wary of calling the bottom of the resulting sell-off, but the damage is contained as EM bond inflows enjoyed another record week, writes Francesca Young.

    • 21 Jul 2016
  • Teva’s M&A swoop brings in the crowds as buyers scramble for new paper

    Israeli-American pharmaceutical company Teva ripped through a severely undersupplied European corporate bond market this week, making savage price cuts on all three tranches of a €4bn trade that still ground tighter in secondary markets. Ross Lancaster reports.

    • 21 Jul 2016
  • Japanese bedrock of US CLO market eyes up European deals

    Japan’s Norinchukin Bank is considering investing in the European CLO market, which could push triple-A spreads — already historically low — to even tighter levels. David Bell reports.

    • 20 Jul 2016
  • HY brushes off Brexit with swarm of busy Bs

    The European high yield market has taken Brexit in its stride, with already as much issuance in the four weeks since the UK referendum as in the first two months of this year, writes Victor Jimenez.

    • 19 Jul 2016
  • Enav eight times oversubscribed, lifting Italian ECM hopes

    The privatisation of Enav, the Italian air traffic control system, reached a successful conclusion on Thursday, proving that large IPOs can still happen in the post-Brexit equity market, even in Italy, where stocks have been hit hard.

    • 22 Jul 2016
  • Bank bosses report booming Brexit numbers

    US banks, which opened second quarter reporting this week and last, said Brexit had driven ‘new peaks’ in volumes at trading divisions, with signs of market share gains for the US houses as well.

    • 21 Jul 2016
  • MTN market MAR-red by 'serious concerns'

    New European rules on market abuse, which came into force on July 3, are a source of worry to MTN bankers who fear that too strict an interpretation could prevent them from conducting normal business.

    • 21 Jul 2016
  • European Central Bank reveals might as it publishes CSPP list

    The true scale of the Eurosystem’s Corporate Sector Purchase Programme was revealed to the investment grade corporate bond market this week as it published its list of purchased bonds.

    • 21 Jul 2016

People and Markets

  • Goldman’s DCM boost came from secret securitization of Barclays portfolio

    Goldman Sachs’s excellent DCM numbers this quarter were driven in large part by the lucrative exit from a large book of ex-Barclays loans, sold from the British bank’s non-core division to a consortium including Goldman last autumn.

    • 21 Jul 2016
  • Europe's bail-in case leaves banks in limbo

    The European Court of Justice ruled on Tuesday that criteria set by the European Commission in 2013 for funnelling public money into ailing banks — requiring first a bail-in of private capital — are neither contrary to EU law nor binding on member states.

    • 19 Jul 2016
  • People Moves in Brief

    Jefferies CLO head leaves - DB names EMEA corpfin heads - Mizuho hires US fixed income trading head

    • 21 Jul 2016

Olly Copplestone's Cartoon

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Old Money

  • 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
  • Old Money: Rogues’ gallery

    ‘Rogue traders’ have struck again — Tijane Thiam, Credit Suisse’s chief executive, doesn’t seem sure quite how his traders ran up such large positions, but they’re being blamed for $750m of losses and writedowns since October 2015. The Swiss bank’s distressed debt desk joins a long line of unauthorised big losers stretching back four decades.

    • 20 Apr 2016

The GlobalCapital View

  • The periphery’s Brexit blues have vanished

    The immediate post-Brexit result landscape looked like a daunting one for eurozone periphery issuers. But just under a month later, one could argue they have never had it so good.

    • 21 Jul 2016
  • Even the Chinese find China bonds confusing

    The Brics New Development Bank (NDB) executed a landmark trade on Monday, making its capital markets debut with a Rmb3bn ($450m) bond in China. But when even the authorities have trouble knowing whether to classifying it as green or Panda debt, it is clear the need for unambiguous and official bond regulation is long overdue.

    • 21 Jul 2016
  • Indian IPOs: in demand if you’re disciplined

    India’s IPO market has been on a high recently as investors seek out new and interesting homes into which to park their money, and companies look to take advantage of the growing liquidity. The window for new deals is wide open but if issuers want to succeed, a pragmatic approach to valuations is needed.

    • 21 Jul 2016
  • Negative yielding covered bonds come of age

    The floodgates to negative yielding covered bonds have taken four months to properly open, but with two such deals seen in less than a week, many should now follow.

    • 19 Jul 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 224,809.92 893 8.72%
2 Citi 198,357.42 701 7.70%
3 Barclays 185,152.03 584 7.18%
4 Bank of America Merrill Lynch 179,762.77 612 6.97%
5 HSBC 161,839.60 645 6.28%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Jul 2016
1 UniCredit 17,972.82 85 6.51%
2 HSBC 15,472.49 70 5.60%
3 Barclays 14,090.61 26 5.10%
4 SG Corporate & Investment Banking 13,689.22 64 4.96%
5 Citi 13,185.70 46 4.77%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Jul 2016
1 JPMorgan 9,247.73 50 9.54%
2 Goldman Sachs 7,585.06 47 7.83%
3 Citi 6,898.60 35 7.12%
4 Morgan Stanley 6,370.84 33 6.58%
5 UBS 6,174.97 31 6.37%