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  • BT’s bid for EE offers long term prospect of block trades

    Equity capital markets bankers hoping for a jumbo rights issue to finance British Telecommunications’ acquisition of EE, the UK mobile phone group, may be disappointed. But the deal will certainly create two large overhangs in BT’s stock, worth about £6.3bn at current prices, which could lead to some juicy block trades once lock-ups expire.

    • 16 Dec 2014
  • Hedge funds, CVA desks play Italy cash/CDS basis

    Hedge funds and credit valuation adjustment desks are playing the cash versus credit default swap basis on Italian government bonds after it was driven tighter by the performance of the 30 year swap, which went below 1.50% last week for the first time in its history.

    • 16 Dec 2014
  • Sovereigns set to launch auctions on choppy market

    Eurozone periphery sovereigns holding auctions this week will have to brave a volatile backdrop where Greek yields are thrashing around like a beached shark, while other periphery countries’ borrowing costs are bobbing more gently.

    • 16 Dec 2014
  • Dick Clark Productions ABS to rock in the new year

    Dick Clark Productions (DCP) is planning to securitize the fees and revenues from its group of televised event programmes ahead of this year’s Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest.

    • 16 Dec 2014
  • RBS to sell AT1 after scraping pass in stress test

    Royal Bank of Scotland announced on Tuesday that it would issue £2bn of additional tier one capital in 2015, helping to boost its common equity tier one ratio after barely passing the Bank of England’s stress tests.

    • 16 Dec 2014
  • Sovereigns set to launch auctions on choppy market

    Eurozone periphery sovereigns holding auctions this week will have to brave a volatile backdrop where Greek yields are thrashing around like a beached shark, while other periphery countries’ borrowing costs are bobbing more gently.

    • 16 Dec 2014
  • Hybrids on the way from Repsol, maybe BT

    Repsol will aim to issue hybrid bonds to finance an acquisition announced this week, with British Telecommunications widely expected to do the same to help finance its takeover of Everything Everywhere.

    • 16 Dec 2014

People and Markets

  • Aviva Investors hires Connolly from SWIP

    Aviva Investors has appointed Mark Connolly, formerly of Scottish Widows Investment Partnership, as chief investment officer for fixed income.

    • 15 Dec 2014
  • Starwood Waypoint CAO resigns after just 4 months

    Starwood Waypoint Residential Trust filed an SEC notice on Friday stating that the company’s chief accounting officer John Farias resigned from his post on Monday. His resignation comes as Starwood Waypoint seeks to finalise its first single-family rental securitization.

    • 12 Dec 2014
  • Citi’s Apac head of debt syndicate becomes MD

    Citi has promoted its head of Asia Pacific debt syndicate, Duncan Phillips, to managing director, a move that will come into effect at the start of 2015, according to a bank spokesman.

    • 15 Dec 2014
  • BTMU loses one in Singapore loans team

    Huang Wei, who joined Bank of Tokyo Mitsubishi-UFJ’s loans team just over a year ago, is leaving the firm.

    • 17 Dec 2014

GlobalCapital View

  • There are only bears left in Russia

    In a bid to support the weakened rouble, the Central Bank of Russia surprised the market on Monday night, hiking its main policy rate by 650bp to 17%. But the move has failed and has only served to demonstrate that even Russia’s hardiest investors have finally given up.

  • Equity-linked: New Year needs new resolutions

    China Petrochemical Development Corp (CPDC) issued a convertible bond last week that was backed by not one but two SBLCs — allowing the company to join a very small list of issuers that have used unusual structures this year to pull off successful deals. The success of transactions with new features this year shows Asia needs more innovation if it wants to develop its equity-linked market

  • Securitization shouldn’t over-promise on real economy benefits

    Securitization has come a long way in the past two years, not least in the minds of regulators. But the industry needs to start managing expectations. It is not going to solve Europe's problems on its own.

  • What Joseph Conrad might say about the European bond markets

    Even if you’ve never sailed a boat through a storm, avoiding a potential one is the obvious choice. But investors in the European bond markets have been sailing into storms they knew were coming all year.

  • Get your dollar funding hats on, but be prepared

    Dollar issuance from sovereign, supranational and agency borrowers is set to be a big theme next year as a negative euro/dollar basis swap, plus low rates in euros, encourages euro-funders to look across the Atlantic. But market participants should be prepared for a rough ride in a market which will remain vulnerable to volatility.

  • Morgan Stanley brings in new co-heads for China IB

    Morgan Stanley has appointed Richard Chen and Jing Qian as co-heads of its investment banking business in China.

    • 11 Dec 2014
  • More seats to fill at Fitch amid US structured credit boom

    Fitch Ratings has grown its structured credit ratings team in the US significantly over the past 18 months or so and is continuing to do so, with several more positions to fill as the market grows, especially in collateralised loan obligations.

    • 11 Dec 2014
  • Ex-Deutsche man takes CEO job at VTB Capital plc

    Nick Hutt has been appointed as CEO of VTB Capital plc, VTB Capital’s international operations. Hutt, who is based in London, had been interim CEO of VTB Capital plc since July 2014 and before that had been working as its CFO. He replaces Atanas Bostandjiev, who left to pursue other business opportunities.

    • 11 Dec 2014
  • Natixis add Liu to Asia Pacific debt origination team in HK

    Natixis has hired Ken Liu for its debt origination team in Hong Kong. Liu joins the French lender from GE Capital, where he spent the past seven years and was most recently head of structured and corporate finance.

    • 11 Dec 2014

Southpaw

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Leaders

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Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Dec 2014
1 JPMorgan 6,166.62 4279 8.05%
2 Bank of America Merrill Lynch 5,122.26 4191 6.69%
3 Goldman Sachs 5,117.84 2582 6.68%
4 Morgan Stanley 4,638.97 3272 6.05%
5 Deutsche Bank 4,140.49 3184 5.40%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Dec 2014
1 Goldman Sachs 1,931.22 485 9.75%
2 JPMorgan 1,620.27 379 8.18%
3 Morgan Stanley 1,321.38 388 6.67%
4 Bank of America Merrill Lynch 1,197.38 322 6.04%
5 Citi 1,013.77 333 5.12%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Dec 2014
1 JPMorgan 342,922.92 1311 8.41%
2 Barclays 300,648.86 1032 7.37%
3 Citi 290,963.57 1128 7.14%
4 Deutsche Bank 287,219.96 1136 7.04%
5 Bank of America Merrill Lynch 282,489.76 1009 6.93%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Dec 2014
1 BNP Paribas 52,003.11 221 7.02%
2 Deutsche Bank 51,241.89 139 6.92%
3 Citi 40,105.19 112 5.41%
4 JPMorgan 36,476.66 84 4.92%
5 Credit Agricole CIB 36,447.56 151 4.92%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Dec 2014
1 JPMorgan 26,935.89 136 8.98%
2 Goldman Sachs 26,008.57 92 8.68%
3 UBS 23,085.08 92 7.70%
4 Deutsche Bank 22,844.76 91 7.62%
5 Bank of America Merrill Lynch 21,916.84 81 7.31%