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  • Sanctions hit Russian DCM desks, investors shrug off impact

    Russian DCM desks are reeling from the impact of the EU and US’s latest sanctions but investors are weighing up opportunities in scarce issues and unsanctioned names as some bonds even rallied on Wednesday morning.

    • 30 Jul 2014
  • Leveraged loan market defies summer slowdown

    There’s a feeling that with August almost upon us, the slowdown in leveraged activity some were starting to doubt may be here. But while new launches have been few and far between, loan bankers still have a substantial amount to do before setting off on holiday.

    • 30 Jul 2014
  • LCR implementation delay may help ABS

    Implementation of the liquidity coverage ratio (LCR) in Europe is set to be delayed by 10 months according to a leak last week of a draft European Commission document. The treatment of ABS in the LCR, seen by the industry as unfavourable compared to covered bonds, was not changed in the leaked draft, but the delay could provide time to hammer out the details of more equitable regulatory treatment, said bankers on Monday.

    • 28 Jul 2014
  • Transparency on uncleared swaps, substituted compliance needed

    US regulators are not operating with enough transparency when considering rules that will govern margin for uncleared swaps and substituted compliance issues, according to market participants.

    • 30 Jul 2014
  • Lindorff on the road for €1.45bn LBO bond

    Lindorff, the Norwegian credit management firm, began roadshowing €1.45bn of senior notes on Tuesday, in part to finance its takeover by Nordic Capital.

    • 29 Jul 2014
  • Rare Latvian 4Finance embarks on roadshow

    Latvian short term finance company 4Finance has mandated Credit Suisse to arrange 144A/Reg S bond. When it prints, it will be the first time a non-sovereign Latvian issuer has tapped the international markets for seven years.

    • 29 Jul 2014
  • CDS notional drops by a third

    Overall credit default swaps notional that was reported to swap data repositories last week dropped by 30% from the previous week, according to data from the International Swaps and Derivatives Association. Overall interest rate derivatives trading that was reported, however, climbed by 19%.

    • 29 Jul 2014
  • Phase one down, two to go: Bank of Cyprus raises €1bn from share placing

    Bank of Cyprus has completed the first phase of its capital raise, taking in €1bn by placing new shares with institutional investors.

    • 29 Jul 2014

Derivatives

  • CME to acquire Trayport, FENICS in strategic transaction

    CME Group will acquire Trayport and FENICS from GFI Group through a two-step equity transaction aimed at creating value for their stockholders as well as qualifying for tax-free exchanges of stock for both firms.

    • 30 Jul 2014
  • Investors seen buying long volatility hedges

    Investors are entering long strategies on the CBOE VIX, with call spread strategies proving to be the most popular trade, in a bid to protect against higher volatility.

    • 29 Jul 2014
  • DTCC, Goldman, JPM launch central client data hub

    The Depository Trust and Clearing Corporation, together with six banks, has created a secure database of client data and documentation called Clarient Entity Hub. The aim is for the hub to allow banks and their clients to access standard data and documentation whenever they need it to comply with regulatory requirements, whether that be for clearing under the European Markets Infrastructure Regulation or Dodd Frank.

    • 29 Jul 2014

Securitization

  • Bayview sells unrated RPL after scuppered deal

    Bayview Financial is foregoing the ratings process on a securitization of once-defaulted mortgages after a ratings disagreement in May scuppered an attempted transaction.

    • 30 Jul 2014
  • Headline risk doesn’t faze CarFinance, ACAR

    CarFinance and American Credit Acceptance this week both sold subprime auto ABS at cheaper levels than any deal they have issued over the past two years, despite an increase in headline risk.

    • 30 Jul 2014
  • Lehman RMBS holders set to cash in

    A £44m block of Eurosail 2007 6NC A2A is up for sale on Thursday afternoon, following a restructuring process that could have made the holders as much as 40 points.

    • 30 Jul 2014
  • CIFC and Black Diamond prep new CLOs after record quarter

    CIFC Asset Management and Black Diamond Capital Management are soon to hit the US market with new CLO deals, with new issuance showing no sign of abating after the most active quarter since the inception of the market, according to data from Fitch Ratings.

    • 29 Jul 2014

People and Markets

  • StanChart makes syndicate and DCM switch

    Standard Chartered Bank has moved Hussain Zaidi to EM syndicate from its DCM team in Dubai. He replaces James Nelson, who is moving to Johannesburg to cover African DCM.

    • 30 Jul 2014
  • JPM makes cuts to senior FIG DCM positions

    JPMorgan has slashed its European financial institutions debt capital markets operation, taking three senior members off of the team. All three are understood to still be with the bank, however.

    • 30 Jul 2014
  • Rates horror show continues at Barclays

    Barclays has had a shocking quarter for rates revenues, with macro (rates and FX) down 27% to £504m. While the US banks, Credit Suisse and Deutsche Bank had softer landings in their fixed income trading businesses than expected, thanks to a pick-up in volumes during June, Barclays, which has committed to cutting long-dated and structured rates, seems to have been hit hard.

    • 30 Jul 2014
  • RBS’s Wade resurfaces at Natixis

    John Wade, who left the Royal Bank of Scotland in February this year just ahead of announcements on the bank’s restructuring, has resurfaced at Natixis as head of syndicate and MTN for Asia Pacific.

    • 30 Jul 2014

GlobalCapital View

  • Ireland’s early IMF repayment sets a dangerous precedent

    Ireland’s finance minister Michael Noonan has proposed refinancing part of Ireland's bailout loans from the International Monetary Fund, while keeping its less expensive borrowing from the European Union — a decision that contravenes the original terms of the programme. It is good news that Ireland is strong enough to even consider this option, but EU leaders should think of the precedent it sets before agreeing.

  • How long until the Deutsche naysayers pipe down?

    Deutsche Bank, according to recent wisdom, trades too many bonds. Or rather, it doesn’t trade nearly as many as it had planned to. Global fixed income volumes are on the floor, banks cannot hold much inventory, margins are under pressure. Clients are over-broked, prop trading is over, and you still have to pay everyone. But is the German giant ramming that back down critics' throats?

  • South Korean issuers should rise to the IPO bait

    South Korea’s Cuckoo Electronics priced a blockbuster W255bn ($248m) IPO this week that saw the institutional tranche close to 600 times covered. But others looking to emulate it need to act sooner rather than later. With Samsung Group set to raise large amounts of equity later this year, they risk losing out.

  • Don’t expect the bear to bounce yet

    The Russian-Ukraine crisis has risen from its slumber in a roaring angry temper. Russia’s next recovery in the capital markets may not be as quick or as painless.

  • Summer is no solution for Russian loans

    Loans bankers are looking for silver linings in the imminent prospect of deeper Western sanctions against Russia. At least the market has shut down in August, when Russians take their summer holidays. No deals would have been done anyway, so no matter. But the situation will not be over by the autumn, and August is not the listless month many market participants assume.

  • Bank management jump at chance to join Markets Review

    The Bank of England’s Fair and Effective Markets Review has appointed its market practitioner committee, taking in senior investment bank management from HSBC, Nomura, Barclays, BNP Paribas, Goldman, RBS, JP Morgan, Deutsche Bank and Morgan Stanley.

    • 30 Jul 2014
  • Roberts back to UK to head JP Morgan EMEA ECM execution

    Chris Roberts has returned to JP Morgan’s London office from San Francisco to head the bank’s EMEA equity capital markets execution team.

    • 28 Jul 2014
  • Debt heavy Deutsche misses out on IPO boom but stays firm in FICC

    Deutsche Bank’s debt heavy investment banking model meant that it did not reap the outsize rewards of its ECM and advisory focused US peers from the rebound in the IPO market this year. Deutsche reported a 30% bounce in ECM revenues on the year, but this translates to an increase of just €61m to a total of €265m.

    • 29 Jul 2014
  • Cost-cutting propels UBS to higher profits

    Sustained costcutting measures allowed UBS to report almost a 20% increase in profits on Tuesday. By cutting expenses the bank was able to shrug off declining profits in both its investment bank and wealth management business.

    • 29 Jul 2014
  • Rates horror show continues at Barclays

    Barclays has had a shocking quarter for rates revenues, with macro (rates and FX) down 27% to £504m. While the US banks, Credit Suisse and Deutsche Bank had softer landings in their fixed income trading businesses than expected, thanks to a pick-up in volumes during June, Barclays, which has committed to cutting long-dated and structured rates, seems to have been hit hard.

    • 30 Jul 2014

Southpaw

More Stories

Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 JPMorgan 3,842.12 2838 8.31%
2 Goldman Sachs 3,153.97 1661 6.82%
3 Bank of America Merrill Lynch 2,959.85 2499 6.40%
4 Morgan Stanley 2,724.55 2042 5.89%
5 Deutsche Bank 2,533.61 1983 5.48%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 Goldman Sachs 1,083.63 309 10.17%
2 JPMorgan 961.71 245 9.02%
3 Morgan Stanley 660.84 259 6.20%
4 Bank of America Merrill Lynch 624.49 214 5.86%
5 Barclays 539.98 188 5.07%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 JPMorgan 211,014.28 786 8.00%
2 Barclays 198,779.14 670 7.54%
3 Deutsche Bank 190,910.54 750 7.24%
4 Citi 184,833.75 681 7.01%
5 Bank of America Merrill Lynch 172,658.98 609 6.55%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 BNP Paribas 30,731.58 128 7.53%
2 Credit Agricole CIB 22,312.48 83 5.47%
3 HSBC 19,860.98 105 4.86%
4 UniCredit 19,386.12 93 4.75%
5 Commerzbank Group 19,255.22 109 4.72%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 JPMorgan 19,788.15 91 9.16%
2 Goldman Sachs 19,506.73 60 9.03%
3 Deutsche Bank 18,418.04 61 8.52%
4 UBS 16,709.68 64 7.73%
5 Bank of America Merrill Lynch 16,063.51 53 7.43%
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