Top stories

  • EM risk rears head as SA suffers political upheaval

    South Africa was thrown into financial uncertainty this week as its finance minister, Pravin Gordhan, became embroiled in a corruption probe by the country’s elite police unit, the Hawks. Volatility hit local currency bonds, which remain some 50bp wider, but the country’s sovereign curve is already recovering and in equities and loans it is business as usual. But some say this underplays the risk of investing in South African assets.

    • 25 Aug 2016
  • How low can euro go? SSAs to rip up plans

    A dance of low yield limbo is forcing public sector borrowers to rewrite their autumn funding plans as crushed rates have made the short end of the euro curve all but inaccessible. Lewis McLellan reports.

    • 25 Aug 2016
  • Covered issuers seize 'almost free' funding before it disappears

    A surfeit of supply hit the long end of the covered bond curve this week as issuers piled in to take advantage of extraordinarily cheap funding conditions that are unlikely to last long. Bill Thornhill reports.

    • 25 Aug 2016
  • Banks rush to comply with new margin regs

    A requirement looming next week for major banks in the US to begin posting initial margin on uncleared swaps has prompted a chaotic scramble to comply with the deadline, said observers, while also elevating concerns about the preparedness of the rest of the market to meet future mandates. Dan Alderson reports.

    • 25 Aug 2016

People and Markets

  • Crédit Agricole CIB leans on capital strength to target double revenues

    Though Crédit Agricole is rarely considered one of the glitziest houses in the capital markets, a target of doubling revenues in global markets in five years’ time stands in sharp contrast to the gloom pervading its peers. It’s a plausible plan, too — the future belongs to the well-capitalised.

    • 25 Aug 2016
  • MBA challenges FHA’s PACE guidance

    The Mortgage Brokers Association (MBA) has rallied with ten other trade associations against the Department of Housing and Urban Development's (HUD) guidance recognizing residential Property Assessed Clean Energy (PACE) liens as senior to residential first mortgage liens.

    • 22 Aug 2016
  • Nordea turned to dual advisers to structure debut CDO

    Nordea said that Barclays and JP Morgan, alongside its own investment banking arm Nordea Markets, worked on its landmark €8.4bn synthetic CDO, the bank’s first and the first from the Nordic region.

    • 25 Aug 2016


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Old Money

  • Old Money: The Full Monte

    The world’s oldest bank has trodden a 500-year line between the sacred and the profane.

    • 10 Aug 2016
  • Old Money: what makes a financial centre?

    Financial centres come and go, but they're mostly very resilient. London's been near the top of its game since the Napoleonic Wars. Will it take Brexit in its stride?

    • 13 Jul 2016
  • Old Money: ‘Nobody told us we could do that’

    Predictions from both sides in Britain’s EU referendum suggest economic disaster if the country votes the ‘wrong’ way. But history shows the dangers of doom-mongering.

    • 16 Jun 2016
  • Old Money: Happy birthday Argentina

    Argentina made its debut in the international capital markets 192 years ago. It has managed eight defaults since then, so are things any different now?

    • 18 May 2016

The GlobalCapital View

  • No regulatory relief ahead despite US-EU split

    Europe’s faltering on margin rules for uncleared swaps this year has, for some market participants, proved that the trans-Atlantic regulatory rollout has reached breaking point – a reckoning that, perversely, could buy the market some relief in the form of a slowdown in the regulatory pace.

    • 23 Aug 2016
  • Transparency and the tragedy of the commons

    Private executions, club deals, non-disclosure agreements and bilateral executions all have their place in the arsenals of syndicate desks and issuers, particularly in the securitization market. But taken together, they are harmful to the market.

    • 23 Aug 2016
  • Time for GDP-linked bonds to shine?

    A Bank of England paper has mooted the idea of GDP-linked bonds as a means of reining in governments’ ballooning debt to GDP ratios.

    • 23 Aug 2016
  • Royal loan default is a time for introspection

    Royal Industries Indonesia rattled the loans market last week when it failed to pay the first principal instalment on a $380m deal signed in June 2015. The incident has caused consternation among participating banks, with many being quick to blame the bookrunners on the trade. But this should be a wake-up call to lenders, who need to re-examine their internal approval procedures.

    • 23 Aug 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2016
1 JPMorgan 243,624.78 967 8.68%
2 Citi 218,715.75 783 7.79%
3 Barclays 205,766.70 643 7.33%
4 Bank of America Merrill Lynch 202,029.46 695 7.19%
5 HSBC 173,256.62 692 6.17%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Aug 2016
1 BNP Paribas 23,543.21 101 6.75%
2 UniCredit 23,360.96 107 6.69%
3 JPMorgan 23,076.45 41 6.61%
4 HSBC 19,192.10 94 5.50%
5 ING 16,697.84 101 4.78%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Aug 2016
1 JPMorgan 9,747.52 55 9.59%
2 Goldman Sachs 8,816.07 50 8.67%
3 Citi 6,911.91 36 6.80%
4 Morgan Stanley 6,504.18 35 6.40%
5 UBS 6,126.84 31 6.03%