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Capital Markets News, Data & Analysis

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  • SSA green market warms to double debut but pricing to be battleground

    A pair of leading SSA green bond issuers have investors and bankers hot under the collar at the prospect that they could soon make debuts in the format in a new currency — dollars. But pricing these deals will be a sensitive issue. Borrowers may have ratcheted in pricing on conventional benchmarks all month but there were signs this week that investors will not tolerate much more of a squeeze.

    • 25 Sep 2014
  • Hope for Russia’s borrowers as Promsvyazbank makes shock loan approach

    The Russian loans market is set for a surprise reopening after a leading lender, Promsvyazbank, requested proposals to tap the European market, writes Dan Alderson.

    • 25 Sep 2014
  • Concerns mount as derivatives players pile on the risk to counter low vol, rates

    Concerns are mounting in the derivatives market and beyond that it is all starting to feel a bit like 2007 as market players pile into ever-riskier trades and strategies — in turn devouring greater amounts of precious capital — in a bid to overcome the deleterious effect of an enduring era of low volatility and rates on P&L targets.

    • 22 Sep 2014
  • ECB under German fire as ABS details emerge

    No sooner had European Central Bank president Mario Draghi outlined more details of the ECB’s proposed ABS purchases this week, limiting senior bond purchases to those eligible for repo, than German finance minister Wolfgang Schäuble was making doubly clear his country’s opposition to the plan.

    • 25 Sep 2014
  • Blocks fall victim to new ECM caution as markets turn rocky

    Disappointing secondary and primary markets are leading to increased caution among ECM investors, two deals showed this week, as accounts enter large, liquid and well known stocks that are easy to escape in a crisis — and disregard smaller ones.

    • 25 Sep 2014
  • Scarcity drives demand for senior, as yield hunt makes longer better

    Expectations of low supply in the remaining part of the year and a hunger for yield benefited FIG issuers this week. Barclays, Credit Suisse, Goldman Sachs and Morgan Stanley all received strong receptions for new senior prints.

    • 25 Sep 2014

People and Markets

  • Romania aims to break down market barriers

    Romania is making a push to gain emerging market status, alongside a raft of other proposals to increase liquidity in its markets and encourage foreign investment. The initiative, launched by the Romanian financial supervisor, is called “STEAM”, and is supposed to cut the costs of investing in the country. But political holdups, including a presidential election in November, could slow the process.

    • 25 Sep 2014
  • Société Générale turns on capital taps

    Société Générale is ready to allocate more capital to its investment banking and lending businesses. The capital-light “originate-to-distribute” model which has prevailed as European banks have deleveraged is still delivering returns at SG, but the bank is willing to use more balance sheet to fuel the business.

    • 25 Sep 2014
  • TD Securities eyes sterling in DCM expansion

    TD Securities has been on a mission. From its profitable but limited redoubt covering the niche currencies, it has fought its way into one of the biggest, toughest markets in fixed income — that for dollar agencies.

    • 24 Sep 2014
  • Fannie operations head to step down

    The chief operating officer of Fannie Mae, the government-sponsored entity which provides the largest source of funding for US mortgages, is stepping down. Joy Cianci will take over some of his responsibilities.

    • 24 Sep 2014

GlobalCapital View

  • Don’t worry, be happy: loans to pick up in Q4

    Dollar loans out of Asia ex-Japan have taken a massive tumble in the third quarter, falling 40% compared to the same period last year. The figures are certainly dismal, but it’s not time to hit the panic button just yet. All the signs are that the next few months will be promising for loans.

  • Move fast — Mongolia could be back

    Mongolia’s potential to be one of the fastest growing economies in the world could soon be unlocked. The smart money had better move fast.

  • The hardest loan in history

    Last October Promsvyazbank signed a loan that its chief executive officer Artem Konstandian told GlobalCapital was the “easiest deal in our history”. A year on and the bank is back — but if it gets a loan away it could be the hardest financing Promsvyazbank will ever raise.

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Leaders

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Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Sep 2014
1 JPMorgan 4,724.11 3561 8.02%
2 Goldman Sachs 3,904.95 2044 6.63%
3 Bank of America Merrill Lynch 3,858.28 3220 6.55%
4 Morgan Stanley 3,453.42 2580 5.86%
5 Deutsche Bank 3,245.07 2533 5.51%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Sep 2014
1 Goldman Sachs 1,310.40 373 9.38%
2 JPMorgan 1,141.53 295 8.17%
3 Morgan Stanley 839.22 316 6.01%
4 Bank of America Merrill Lynch 822.89 249 5.89%
5 Citi 714.36 269 5.11%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Sep 2014
1 JPMorgan 254,655.78 1002 7.90%
2 Barclays 234,653.49 808 7.28%
3 Deutsche Bank 230,967.73 925 7.16%
4 Citi 228,452.88 872 7.08%
5 Bank of America Merrill Lynch 222,858.56 797 6.91%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Sep 2014
1 BNP Paribas 42,463.51 167 8.09%
2 Barclays 27,312.09 101 5.20%
3 Credit Agricole CIB 26,843.33 105 5.11%
4 HSBC 25,174.37 144 4.79%
5 RBS 24,568.34 97 4.68%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Sep 2014
1 JPMorgan 21,644.79 102 9.22%
2 Goldman Sachs 21,203.35 66 9.03%
3 Deutsche Bank 19,184.24 67 8.17%
4 UBS 17,986.91 71 7.66%
5 Bank of America Merrill Lynch 17,949.90 61 7.65%