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  • Eurozone sovereigns in race to escape escalating Ukraine crisis

    Senior SSA bankers have named the Russia-Ukraine crisis as the one thing that could disrupt the issuance plans of the eurozone’s peripheral sovereigns. As Ukraine on Thursday accused Russia of marching troops into its territory, core eurozone bond yields rallied away from their peripheral cousins leaving market participants hoping that Greece, Portugal and Spain would complete their remaining funding before things got any worse.

    • 28 Aug 2014
  • Bankers bay for more as AT1 deals hit screens but warn it will be no cakewalk this time

    The additional tier one deal pipeline may have shuddered back into life earlier than expected this week as two banks announced roadshows following a rally inspired by inspired by dovish comments from European Central Bank president Mario Draghi. But volatility has since set back into the market and looks ready to test the asset class’s hardiness, writes Graham Bippart.

    • 28 Aug 2014
  • Magnificent seven keep Russian loans alive

    The deepening crisis between Russia and Ukraine escalated further this week and talks at the Minsk summit achieved little. But despite the lengthening odds, new Russian loan deals are still coming through and six – or possibly seven – European banks are widely held to be working hard to keep the market going.

    • 28 Aug 2014
  • ICMA revamps sovereign default rules

    The International Capital Market Association is releasing revised and updated collective action clauses (CACs) to deal with defaults for syndications not already subject to the euro area model collective action clauses introduced in January 2013. The documentation includes for the first time a standard pari passu clause in a move intended to allow for a more predictable process in sovereign debt restructurings.

    • 28 Aug 2014
  • BMW’s bold €1.75bn opens new phase of minuscule coupons

    BMW reopened the European benchmark investment grade corporate bond new issue market on Tuesday with a punchy €1.75bn deal that sent a strong signal: spreads — and especially yields — for corporate issuers are set for a very tight autumn. BMW paid a coupon of just 0.5% on its €1bn four year tranche. But despite these pitifully thin yields, investors are eager to buy.

    • 28 Aug 2014
  • South Africa gets sukuk ball rolling as flurry of sovereigns expected

    The Republic of South Africa has scheduled investor meetings in September for its debut international sukuk, bringing closer to reality its plans to be among an expected flurry of deals before the end of the year.

    • 28 Aug 2014

People and Markets

  • Upstart UBS threatens CS’s home market hegemony

    Zurich based debt bankers are preparing for an exciting close to the year, with September set to bring a four month race between the Swiss franc market’s two top dogs as perpetual bridesmaid UBS threatens to take the top spot for the first time since the 1990s.

    • 28 Aug 2014
  • Canada launches new North America RMB trade hub initiative

    Canada is stepping up its efforts to promote itself as a new renminbi trading hub and secure a leading position in RMB settlement in the Americas. The Toronto Financial Services Alliance (TFSA) and AdvantageBC, a lobby group for British Columbia, said this week that they are working with officials from the federal and provincial governments, as well as the financial industry, to put the country on the RMB map.

    • 29 Aug 2014
  • Senior levfin banker joins Credit Suisse

    Credit Suisse has hired a managing director to its EMEA leveraged finance and sponsors group in London.

    • 28 Aug 2014
  • Deutsche fills gap as German giant parks Clarke in SSA hot seat

    Deutsche Bank has hired a new head of dollar SSA trading to replace Hiren Gudka. It is the latest in a round of moves within the bank’s public sector bond team this year.

    • 28 Aug 2014

GlobalCapital View

  • Africa won’t make up for loss of Russian loans

    The international Russian syndicated loan market is in dreadful shape, as relations between Russia and the west plumb new depths. Lending banks are trying to reorient their personnel and capital to other regions — Africa and the Middle East are natural places to turn. But while they could be promising areas of growth in the future, banks should be wary of quick fixes.

  • CBs to price through swaps if QE comes

    European inflation, as well as expectations of inflation, is continuing to fall, and the European Central Bank is likely to announce a quantitative easing (QE) programme in December, economists told GlobalCapital on Thursday. With core eurozone yields set to tumble ever further, the allocation of real money demand to the currency bloc’s periphery will accelerate and pricing of core covered bonds could become established at sub-Euribor levels.

  • Africa is no quick fix for dearth of Russian loans

    The international Russian syndicated loan market is in dreadful shape, as relations between Russia and the West plumb new depths. Lending banks are trying to reorient their personnel and capital to other regions. Africa and the Middle East are natural places to turn. But while they could well be promising areas of growth for the future, banks should be wary of jumping for quick fixes.

  • Don't ignore Sing dollars once the summer lull is over

    While the rest of Asia’s markets have been taking their summer breaks, Singapore dollars have been revving up. Recent deals have shown that the market can offer a strong alternative, with bigger sizes and longer tenors than dim sum — and even the opportunity to price through the dollar curve.

  • One in, one out at CIFC board

    CIFC Asset Management, one of the most active CLO managers in the US, has appointed a former Ares Management senior partner to its board of directors. Another CIFC board member has resigned.

    • 26 Aug 2014
  • Deutsche Bank hires BAML equity chief

    John O’Brien, former managing director and head of New York derivatives sales at Bank of America Merrill Lynch, started at Deutsche Bank this week.

    • 28 Aug 2014
  • Up-and-coming CLO shop adds analyst

    A new North Carolina-based CLO manager is continuing to build up its small team, adding another analyst with the eventual aim of run high-diversity portfolios.

    • 27 Aug 2014
  • Grisdale takes charge of commercial banking at HSBC

    HSBC has promoted Andy Grisdale to chief of staff for commercial banking in Asia Pacific, with Mahbub Rahman moving into his old role as head of commercial banking HSBC Malaysia.

    • 28 Aug 2014
  • Euronext hires post-trade chief

    Andrew Simpson, ex-coo at Rate Validation Services, has been appointed head of post-trade at Euronext as the exchange operator makes a push to expand its post-trade services following a demerger with parent company IntercontinentalExchange earlier this year. Simpson will be responsible for developing Euronext’s relationship with LCH.Clearnet and its clearing strategy for both cash and derivatives markets.

    • 22 Aug 2014
  • Grisdale moves up the commercial banking ladder at HSBC

    HSBC has promoted Andy Grisdale to chief of staff for commercial banking in Asia Pacific with Mahbub Rahman moving into his old role as head of commercial banking HSBC Malaysia.

    • 26 Aug 2014

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Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,236.04 3185 8.14%
2 Goldman Sachs 3,483.04 1827 6.69%
3 Bank of America Merrill Lynch 3,385.29 2814 6.51%
4 Morgan Stanley 3,018.53 2271 5.80%
5 Deutsche Bank 2,842.19 2216 5.46%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2,238.03 337 0.00%
2 JPMorgan 2,027.71 276 0.00%
3 Bank of America Merrill Lynch 1,434.33 232 0.00%
4 Morgan Stanley 1,410.17 281 0.00%
5 Credit Suisse 1,232.54 231 0.00%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 219,570.04 844 7.84%
2 Barclays 211,559.30 719 7.56%
3 Deutsche Bank 202,783.22 804 7.24%
4 Citi 196,122.83 726 7.01%
5 Bank of America Merrill Lynch 191,612.71 668 6.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Aug 2014
1 BNP Paribas 33,407.13 146 7.57%
2 Credit Agricole CIB 24,087.32 95 5.46%
3 HSBC 22,170.66 125 5.02%
4 UniCredit 20,938.85 102 4.74%
5 Commerzbank Group 20,285.28 116 4.60%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Aug 2014
1 JPMorgan 20,187.61 96 9.15%
2 Goldman Sachs 19,786.26 62 8.97%
3 Deutsche Bank 18,686.20 63 8.47%
4 UBS 16,830.14 66 7.63%
5 Bank of America Merrill Lynch 16,179.41 55 7.33%