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  • Pulled Länder deal: primary dealers 'throwing in the towel'

    The extraordinary sight of a German public sector borrower pulling a syndication mid-week led not only led to criticism of the deal’s execution but also reawakened fears over banks' diminishing ability to take down and warehouse sovereign and sub-sovereign bonds. Craig McGlashan reports.

    • 04 Feb 2016
  • IG corporates take off with Easyjet but bankers cool hopes of full return

    After nearly three weeks of radio silence, Europe’s investment grade corporate bond market has re-opened, with four successful issues this week, But issuers must still tread warily, as investors' interest is capricious, writes Ross Lancaster.

    • 04 Feb 2016
  • HY upbeat with LeasePlan’s €1.5bn bond

    Green shoots began to appear in Europe's high yield market this week after a dire start to the year, with less than €1bn of issuance in January. Five deals were marketed, two of which were priced, but bankers will not be sure the market is reviving until LeasePlan brings the first big deal, writes Victor Jimenez.

    • 04 Feb 2016
  • First signs of IPO health lift ECM mood in Europe

    Equity capital market participants this week hailed the successful IPO of Clydesdale and Yorkshire Bank Group, and its strong first two days of trading. If other listings also deliver in the aftermarket, bankers think it could spark a surge of new deals, regardless of volatility, writes Olivier Holmey.

    • 04 Feb 2016
  • ChemChina $43bn deal yields jumbo loans bonanza

    The prospect of a huge financing package to back ChemChina’s $43bn acquisition of Syngenta has left bankers guessing how the two banks arranging the funding are going to structure and distribute the debt, especially as the lenders are working under separate mandates. Despite their size, the loans are expected to be well supported thanks to abundant liquidity in Europe and the target’s strong credentials, writes Shruti Chaturvedi.

    • 04 Feb 2016
  • University of Leeds picks banks for debut sterling

    The UK higher education sector maintained its love affair with capital markets this week, as the University of Leeds announced a roadshow for its debut bond.

    • 04 Feb 2016
  • Pronto! Italy’s stormer clears 30 year path

    Italy set bankers’ hearts aflutter this week with an early contender for deal of the year, breaking several records with a €9bn 30 year benchmark. But more importantly, the trade blasted open a hole at the long end that other sovereigns could pile through.

    • 04 Feb 2016

People and Markets

  • Goldman promotes in primary markets, names levfin head

    Goldman Sachs has named a new head of its EMEA financing group, which houses primary capital markets, as Jim Esposito switches roles to become chief strategy officer of the securities division.

    • 03 Feb 2016
  • Numis pulls out of UK retail bond trading as Orb issuance dwindles

    Numis Securities is pulling out of market making in UK retail bonds and its head of fixed income is leaving the firm, after a period when new issuance of bonds on the London Stock Exchange's Orderbook for Retail Bonds has dwindled.

    • 03 Feb 2016
  • BoE suggests major changes to regulations

    From bonus caps to pre-trade transparency, the Bank of England has suggested big changes to proposed European Union financial regulation in response to a call for evidence from the European Commission.

    • 03 Feb 2016
  • Barclays cuts in primary ABS

    Barclays has cut a structurer from its primary ABS business in Europe, following last year's sweeping cuts to its secondary business.

    • 03 Feb 2016

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Old Money

  • Old Money: UK banks finally losing concentration?

    Britain's banking market is a frenzy of new arrivals and challengers to the old order. The Bank of England even set up a New Banks Unit this week to welcome them all. But for most of history, the trend has run in the opposite direction.

    • 20 Jan 2016
  • Old Money: In the trenches of a currency war

    Currency wars are back in the headlines. First it was Japan’s endeavours to weaken the yen. Then, in August, China’s surprise 3% devaluation of its pegged exchange rate against the dollar, with some analysts predicting an eventual depreciation of 15%-20%. Now the US is raising interest rates while Europe pursues further easing, risking a soaring dollar, wilting euro, and heightened danger of US accusations of currency manipulation.

    • 16 Dec 2015
  • Old Money: US banks — masters of the universal banking model

    Recent weeks have seen an attack of existential angst among Europe’s major banks, on account of the challenges they face from America’s big universal banks.

    • 17 Nov 2015
  • Old Money: 'Tell Sid' — the sequel

    The recent announcement of the sale of £2bn of Lloyds Bank shares to individual investors on special terms has put UK privatisation and widening share ownership back on the agenda.

    • 19 Oct 2015

The GlobalCapital View

  • Private banking and investment banking: The problem with blurring the boundaries

    It’s been an axiom of recent bank restructurings that more private banking and wealth management is better. Gather the substantial and sticky deposits of the wealthy, harness their investments, and skim fees off the top, using as little balance sheet as possible. Dodge the tax evasion fines, and it’s a good and stable business to be in.

    • 02 Feb 2016
  • ECB breathes life back into covered bonds

    It is no coincidence that Tuesday’s €1bn covered bond from BPCE attracted more investors for a French seven year deal than at any time in the last year. The European Central Bank has started to scale back its purchases.

    • 02 Feb 2016
  • The Brexit fight is on: look to the big issues

    Capital market participants tend to keep their heads below the political parapet. Brexit is one issue they must not ignore. It would sabotage the City’s leadership in financial services and be an assault on the fabric of global governance.

    • 02 Feb 2016
  • Primary dealer problems can no longer be a secondary concern

    Another week, another bank exits a major European primary dealership. Problems that have been apparent for several years are now having tangible effects — and it is about time politicians took note.

    • 02 Feb 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 01 Feb 2016
1 Barclays 32,828.49 74 9.02%
2 Citi 24,327.69 73 6.68%
3 JPMorgan 19,485.37 90 5.35%
4 Bank of America Merrill Lynch 19,402.46 63 5.33%
5 Deutsche Bank 18,951.64 53 5.21%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 Feb 2016
1 SG Corporate & Investment Banking 1,007.03 4 9.22%
2 BNP Paribas 826.35 4 7.56%
3 Credit Agricole CIB 786.20 2 7.20%
4 ING 684.56 3 6.26%
5 Commerzbank Group 659.85 3 6.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 Feb 2016
1 UBS 722.88 2 16.74%
2 Deutsche Bank 576.16 4 13.34%
3 Citi 447.50 3 10.36%
4 BNP Paribas 352.81 3 8.17%
5 Credit Agricole CIB 347.03 2 8.04%