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  • Altrad pulls sub-benchmark trade

    The European corporate bond market hit a bump in the road on Wednesday as unrated Altrad pulled its sub-benchmark sized transaction on another busy day of primary activity.

    • 04 May 2016
  • SG eyes IB cuts after surprise profit increase

    Société Générale will seek further savings from its investment bank, after posting a surprise first quarter profit on the back of a strong retail banking performance.

    • 04 May 2016
  • Earnings add to gloomy picture in FIG

    Covered bonds have reclaimed the FIG primary market this week, as poor earnings figures from European banks and weak economic data have softened the backdrop.

    • 04 May 2016

People and Markets

Olly Copplestone's Cartoon


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Old Money

  • 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
  • Old Money: 'A good sweating' — turning up the heat in oil

    "Big Oil peers into the abyss," declared The Economist in the summer of 1986, hailing the world’s third oil shock. Its famous forerunners of 1973 and 1979 featured huge OPEC price hikes. The 1986 shock, by contrast, starred a 70% price fall — from $32 a barrel to below $10.

    • 18 Feb 2016
  • 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

The GlobalCapital View

  • Rating agencies need to start speaking out

    Rating agency Fitch went against the norm last week when it publicly questioned the investment grade status given to Chinese online retailer by its peers. While commenting on rival deals tends to be a rarity in Asia, such an approach can only be good for the long-term development of capital markets.

    • 01:15 PM
  • In defence of complicated banks that do everything

    As the banking industry’s painful readjustment continues, the first quarter’s awful market numbers show that big, diverse, universal banks, contrary to recent management mantras, actually do have an advantage.

    • 03 May 2016
  • Funding Circle shouldn't set the tone for deals that follow

    The first ever public marketplace loan securitization in Europe has finally priced. The deal’s difficult execution isn’t a great advert for marketplace lending, but deals from other platforms should have a different experience — they are, after all, different asset classes.

    • 03 May 2016
  • Banks need to respond to short term funding threat

    Money market fund reform regulation which comes into force in October this year will have serious consequences for banks’ funding. What are they doing about it?

    • 03 May 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 JPMorgan 125,987.25 502 8.19%
2 Citi 117,969.90 406 7.67%
3 Barclays 114,759.09 324 7.46%
4 Bank of America Merrill Lynch 111,151.62 353 7.23%
5 HSBC 93,290.22 369 6.07%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 May 2016
1 UniCredit 11,374.17 39 7.57%
2 Barclays 10,366.49 9 6.90%
3 Morgan Stanley 9,493.83 4 6.32%
4 HSBC 9,477.11 32 6.31%
5 Rabobank 7,364.24 11 4.90%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 May 2016
1 Citi 3,985.32 21 7.77%
2 Goldman Sachs 3,882.02 29 7.57%
3 JPMorgan 3,829.20 27 7.46%
4 Bank of America Merrill Lynch 3,730.53 20 7.27%
5 Morgan Stanley 3,635.31 17 7.09%