Top stories

  • Molson Coors jump starts euros after Brexit stall

    US brewer Molson Coors didn’t miss a beat as it hopped into the European corporate bond market on Wednesday, sweeping away Brexit-related uncertainty to issue an €800m eight year bond after closing a $5.3bn deal the day before.

    • 29 Jun 2016
  • Mercedes-Benz to reopen European ABS market

    The European primary market will reopen this week with a €1.1bn German auto ABS deal from Mercedes-Benz Bank, with public ABS issuance expected to be restricted to only the most vanilla, short dated assets in the near term.

    • 29 Jun 2016
  • First blood for Brexit: Euro doubts may drive clearing houses from London

    Clearing looks set to be one the first areas of London’s dominance as a financial centre to be challenged, following last week’s vote to leave the European Union, with uncertainty over the future of euro business putting pressure on central counterparties based in the UK to relocate their clearing operations elsewhere.

    • 29 Jun 2016
  • Italian bank bailout plan hangs in the balance

    Italy could soon inject much needed capital into its banking sector, but the new measures, planned in the wake of the UK's vote to leave the EU last week, must first get past EU state aid and bail-in laws.

    • 29 Jun 2016
  • Istanbul attacks fail to shake investors

    In Turkey a series of explosions at Istanbul’s Atatürk international airport on Tuesday left at least 41 people dead and many more injured. But the market response has been muted.

    • 29 Jun 2016
  • Russia a Brexit beneficiary, US elections eyed as next sanctions loosener

    Russia may benefit from UK’s vote to leave the EU as analysts suspect the resolve to maintain sanctions against the former may wain over coming months. Attention is now turning to the US presidential elections in November as another event that may corrode the West’s desire to keep sanctions.

    • 29 Jun 2016
  • Hessen reopens SSA market with cautious post-Brexit trade

    The SSA market is bouncing back from the Brexit shock more strongly than many bankers anticipated, as the State of Hessen picked up more than triple its minimum €250m target in the first trade to hit screens since the UK vote.

    • 29 Jun 2016

People and Markets

  • Banks reassure staff, but recruiters expect carnage

    Despite the carnage in UK and European bank shares, the bosses of major investment banks have reassured staff that immediate changes won’t follow. But recruitment industry sources predict the opposite, with one headhunter citing client plans to move 37,000 jobs to countries that plan to stay in the European Union.

    • 24 Jun 2016
  • Regulators seek to bandage up broken bail-in regime

    The European Commission has laid out its thoughts on how to clean up the diverse bail-in regimes in Europe, since some approaches could lead to a slew of lawsuits if a bank goes into resolution, according to a document obtained by GlobalCapital. The document also shows the European Central Bank's preference for the Italian approach.

    • 23 Jun 2016
  • Investors back former Intesa boss Passera in race to run UniCredit

    Corrado Passera is the favoured candidate to become the next chief executive of UniCredit, but the bank’s international investors are on a collision course with its board over the appointment of a successor to Federico Ghizzoni, who stepped down last month.

    • 23 Jun 2016
  • BAML puts loans and bonds together in new debt unit

    Bank of America Merrill Lynch has created a new debt solutions unit in Asia Pacific and has named two bankers to run it.

    • 23 Jun 2016


Olly Copplestone's Cartoon


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Old Money

  • 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
  • Old Money: Less than zero

    “The rate of interest is never negative,” declared John Maynard Keynes in his masterwork, The General Theory of Employment, Interest and Money (1935). Keynes was expressing the universally held view that the nominal interest rate had a “zero lower bound” (ZLB) — a holder of a £5 note would simply hold it as cash earning no interest rather than placing it on deposit at, say, minus 1%, making it worth £4.95 in a year’s time.

    • 17 Mar 2016

The GlobalCapital View

  • Open Letter to the First Minister of Scotland from a City publisher

    An impassioned Brexit-inspired request from the managing director of the GlobalCapital group

    • 28 Jun 2016
  • Brexit wreckage: the moment private equity has been waiting for

    Private equity funds have spent the last two or three years clearing out their cupboards, selling business after business. They have plenty of new money, too – but have not been buying assets. Brexit could bring them out of hiding.

    • 28 Jun 2016
  • Brexit is almost certain to lead to Brexplosion

    Even if the terms of the UK’s exit from the European Union are tied up soon, market volatility will remain high — with a second referendum on Scottish independence almost a certainty. And this time, a vote to leave the UK is highly likely.

    • 28 Jun 2016
  • The end of the 'Wimbledon effect'?

    Wimbledon (the tennis tournament, not the suburb), like the City of London, attracts the world’s top talent, very little of which is home-grown. But how stable will this effect be in a post-Brexit reality? And can we have some certainties about how it’s going to work, please?

    • 28 Jun 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jun 2016
1 JPMorgan 190,134.60 737 8.55%
2 Citi 167,602.93 595 7.54%
3 Bank of America Merrill Lynch 157,718.07 538 7.09%
4 Barclays 157,372.40 494 7.08%
5 HSBC 143,081.97 559 6.43%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jun 2016
1 UniCredit 16,222.21 72 6.97%
2 Barclays 13,415.31 22 5.76%
3 HSBC 12,901.44 59 5.54%
4 SG Corporate & Investment Banking 11,180.05 48 4.80%
5 Citi 10,861.06 38 4.67%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jun 2016
1 JPMorgan 8,073.30 46 9.01%
2 Goldman Sachs 6,987.69 43 7.79%
3 Citi 6,616.14 33 7.38%
4 Morgan Stanley 6,038.47 31 6.74%
5 Deutsche Bank 5,516.56 33 6.15%