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  • Loan banks fear clampdown on communication after FX scandal

    Bankers are becoming worried that the syndicated loan market could be scrutinised by regulators, after swingeing fines on banks for foreign exchange and Libor rigging, writes Dan Alderson.

    • 20 Nov 2014
  • Jury out on ECB as it pulls trigger on ABS purchases

    The European Central Bank could be buying primary European ABS from securitization bankers in the next few trading sessions after signing its purchase programme into law this week. But a worrying number of those bankers think the purchases will drive private investors out of the market, while an even greater number say the positive effects will not be enough to combat the regulatory barrier to more issuance.

    • 20 Nov 2014
  • UniCredit CPT revival offers boost for periphery banks

    UniCredit Italy has revitalised hopes for the conditional pass through (CPT) covered bond structure which was pioneered by NIBC over a year ago and was at risk of being ignored by everyone else. The Italian national champion has restructured one of its covered bond programmes from a soft bullet maturity and intends to sell bonds from it next year.

    • 20 Nov 2014
  • Ending of beer tie hits UK pubcos’ HY bonds

    Bonds of UK pub companies fell on Wednesday after the House of Commons passed a surprise amendment to a bill, which if it becomes law will mean pub tenants can no longer be obliged to buy beer from their owners.

    • 19 Nov 2014
  • Investors eye TRS on new Markit CoCo index

    Institutional investors looking for exposure to contingent convertible (CoCo) bonds are showing interest in total return swaps on a new CoCo index launched by Markit on Monday.

    • 17 Nov 2014
  • EBRD nips in for $1bn after World Bank epic

    A short window of issuance is open for borrowers with dollar benchmarks to do ahead of the Thanksgiving holiday next week that heralds the traditional close of the market.

    • 20 Nov 2014

People and Markets

  • Op risk avalanche starts to roll with RBS fines

    Fines UK authorities imposed on Royal Bank of Scotland could herald a much greater focus from bank overseers on operational risk — and the willingness to use penalties to keep banks in line.

    • 20 Nov 2014
  • DCM veteran returns to the market to co-head UBS corporates

    A veteran primary markets banker has returned to the market after a 20 month hiatus to co-head EMEA corporate debt capital markets at UBS.

    • 20 Nov 2014
  • UK’s bonus cap challenge binned

    The UK’s challenge to European Union’s bonus cap for bank employees has been ditched, after the advocate general for the highest court in the EU said the law was valid. UK authorities had fought against the limits, with the Bank of England arguing that it made banks weaker by raising fixed costs.

    • 20 Nov 2014
  • Financial Policy Committee’s Taylor skewers AT1

    Martin Taylor, an external member of the Bank of England’s Financial Policy Committee, on Wednesday night delivered a broadside attacking the additional tier one market as it exists today, in a speech to the Oliver Wyman Institute.

    • 20 Nov 2014

GlobalCapital View

  • Think the primary markets are clean? Prove it.

    The latest round of grubby trader banter released into the world, with its trail of monster fines and possible criminal prosecution, should make everyone sit up and pay attention. The primary markets might be cleaner and more civilised than spot FX, but it won’t be enough just to say so.

  • Through Train may yet silence critics

    Whether because of delays or last-minute decisions, naysayers of the Shanghai-Hong Kong Stock Connect have had a field day berating it as little more than a half-hearted exercise. But such an ambitious task was never going to be without its problems. More credit should be given to what’s already been achieved.

  • Plenty of pulled deals but the CEEMEA market is working fine

    On the surface, the last few weeks has been a torrid one in the CEEMEA primary markets. A string of names postponed bonds, and one printed at a yield a whopping 150bp wide of initial price thoughts. But these events are not indicative of a foundering market — they are the result of investors taking realistic decisions about where they want to invest and at what price.

  • African MTNS are worth the effort

    African MTNs may be on the verge of a boom. International banks are receiving an increasing number of reverse enquiries for privately placed MTNs, and these could finally provide African issuers with access to international bond markets in a size that suits them. Obstacles still remain but this business should be encouraged.

  • Agarwal and Williams to co-head Credit Suisse’s market solutions group

    Sandeep Agarwal, head of EMEA debt capital markets and Nick Williams, head of EMEA equity capital markets, will become co-heads of the EMEA global markets solutions group (GMSG), the wider structure that includes ECM, DCM, leveraged finance, equity derivatives, debt derivatives, restructuring, liability management and ratings advisory.

    • 20 Nov 2014
  • Nomura’s EMEA boss Bennett quits

    Jeremy Bennett, Nomura’s EMEA CEO, resigned from the bank this week to pursue other opportunities in the charitable sector and in emerging markets.

    • 20 Nov 2014
  • OCC taps First Midwest chief as CFO

    Kimberly McGarry, ex-senior vp and chief accounting officer at First Midwest Bank, has joined the Options Clearing Corporation as senior vp president and chief financial officer.

    • 19 Nov 2014
  • BNPP restructures CIB, Janbon steps back as fixed income head

    Yann Gerardin has overseen a radical restructuring of BNP Paribas's corporate and investment bank following his appointment as its head last month.

    • 19 Nov 2014

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Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 JPMorgan 5,533.36 3911 7.94%
2 Bank of America Merrill Lynch 4,652.14 3850 6.68%
3 Goldman Sachs 4,631.33 2364 6.65%
4 Morgan Stanley 4,146.34 2978 5.95%
5 Deutsche Bank 3,820.14 2946 5.48%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 Goldman Sachs 3,126.60 440 0.00%
2 JPMorgan 2,710.63 350 0.00%
3 Morgan Stanley 2,109.12 363 0.00%
4 Bank of America Merrill Lynch 2,070.67 298 0.00%
5 Citi 1,733.85 314 0.00%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 JPMorgan 298,805.91 1181 8.14%
2 Barclays 268,207.66 919 7.30%
3 Citi 262,519.94 1020 7.15%
4 Deutsche Bank 259,366.94 1042 7.06%
5 Bank of America Merrill Lynch 253,285.00 906 6.90%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 Deutsche Bank 50,391.33 134 7.40%
2 BNP Paribas 47,024.00 196 6.90%
3 Citi 37,662.62 104 5.53%
4 HSBC 32,812.42 174 4.82%
5 Credit Agricole CIB 32,328.17 135 4.75%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 JPMorgan 24,215.02 117 9.07%
2 Goldman Sachs 23,224.16 78 8.70%
3 Deutsche Bank 20,943.82 79 7.85%
4 UBS 20,462.41 83 7.67%
5 Bank of America Merrill Lynch 19,151.02 70 7.17%