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  • HSBC restores AT1 hopes ahead of hectic Q4 for capital

    Less than a week after mounting concerns that investors were turning away from additional tier one debt, HSBC’s standout trade on Wednesday showed that AT1, a crucial element of banks’ post-crisis capital structures, was firmly back in play. With $30bn of demand across the UK bank’s euro and dollar tranches, the stage is set for more lenders to issue the product, writes Nathan Collins.

    • 11 Sep 2014
  • Investors turn to EU CDS as proxy Russian hedge

    Hedge funds and asset managers with exposure to Russian banks have been buying credit default swaps on EU companies with exposure to Russia, implementing a proxy hedge in light of new sanctions against Russian reference entities, writes Hazel Sheffield, just as one law firm warned of the perils of trading CDS on the country's credits.

    • 11 Sep 2014
  • Lock-up expiries promises equity party but picky investors may crash issuers

    A $900m sale of stock in cleaning services giant ISS on Monday could be the first of a splurge of supply in the blocks market as lock-ups expire and vendors become free to sell stakes in companies they floated in H1. But investor jitters could mean that the demand might not there to meet them when they arrive, writes Andrew Griffin.

    • 11 Sep 2014

Scotland prepares to vote

  • Scotland's banks hope for No vote

    Few have been more vocal in their opposition to Scottish independence than the country's own banks. Royal Bank of Scotland may share a name with the country, but that seems to be an end to its patriotism. Not surprising when banks domiciled in an independent Scotland would have to contend with higher risk weightings on their assets and an inflated cost of funding.

    • 11 Sep 2014
  • Scotland uncertainty raises contagion prospect

    As Scotland prepares to vote on September 18 opinion polls show the referendum is too close to call. One way this could impact the public sector markets is if other regions that have campaigned so far unsucessfully for independence from their sovereigns, such as Spain’s Catalonia, take courage from Scotland's attempt to try for themselves.

    • 11 Sep 2014
  • Corporate investors hold nerve, but Scots poll delays deals

    UK corporate credit markets are holding steady in the face of the alarming rise in polls suggesting Scotland could vote to become independent.

    • 11 Sep 2014

People and Markets

  • RBS's DCM strategy review delivers high profile promotions and departures

    Royal Bank of Scotland announced the new structure for its European debt capital markets business on Tuesday, following a review since April by Richard Bartlett, its head.

    • 11 Sep 2014
  • Barnier tackles bonuses as UK tries to scrap cap

    Michel Barnier, the outgoing European internal market commissioner, asked the head of the European Banking Authority to chase down banks using allowances to pay their bankers, thereby evading restrictions in the Capital Requirements Directive which are supposed to limit bonuses. Meanwhile, the UK had another hearing at the European Court of Justice to try to strike out the restrictions entirely.

    • 11 Sep 2014
  • VTB’s Solovyev optimistic on Asian business as Chunilal departs

    Russia’s VTB Capital has been making headway into Asian debt markets in an effort to keep its fixed income teams in London and Moscow busy during a sanctions enforced shutout from their usual hunting grounds. But even when normality returns the bank will remain committed to its Asian operations, and is hoping for more mandates from Asia — and potentially Africa — later in the year, Andrey Solovyev, global head of DCM at VTB Capital told GlobalCapital Emerging Markets.

    • 11 Sep 2014
  • Senior FIG banker returns to market at Lloyds

    A senior FIG banker has resurfaced at Lloyds, after being out of the market since the beginning of the year.

    • 10 Sep 2014

GlobalCapital View

  • No more size anxiety about the ECB

    Some market commentators seem to think the European Central Bank's ABS purchase programme is not the real deal, because it will be limited in size by the low volume of placed securitizations and the difficulty of pricing off-market deals. One research team estimates the ECB might buy €40bn over three years. But this seriously underestimates the potency of the ECB’s move.

  • India's Basel III U-turn: wrong decision, wrong reason

    India broke with its traditional instincts last week by scrapping a restriction on retail investors buying Basel III bonds. Not only is the U-turn in attitude towards retail protection startling given the country's past attitude to that investor base, but it could also be reckless.

  • The Scots don't owe the markets a no vote

    The markets may have an opinion on Scottish independence — but the No campaign has been acting like that matters more than anything else. Capital markets should follow the will of the people, not lead it.

  • Islamic accounts should look past Pakistan’s politics

    Islamic investors should not allow political turmoil to derail Pakistan’s plan to return to the sukuk market.

  • European leveraged issuers need to watch the US

    European leveraged loan issuers expect the good times to keep rolling this autumn. But issuers considering cross-border transactions should be cautious. Domestic supply is building in the US and this could mean lenders push back on margins.

  • People Moves in Brief

    Ellison joins Lloyds - Bayview plans CLO push - Nomura hires Steel for EQD - Spire appoints Reynolds CIO

    • 11 Sep 2014
  • RBC hires from RBS for agency MBS

    Royal Bank of Canada has added to its growing securitization team, hiring a CLO trader from Royal Bank of Scotland’s shrinking securitization team.

    • 10 Sep 2014
  • Jones Day beefs up securitization team

    Global law firm Jones Day has hired an expert CLO lawyer in London within a week of hiring a new high yield partner, and plans to add more partners as the structure finance markets expand.

    • 10 Sep 2014
  • Spire Partners hires CIO from 3i

    Robert Reynolds has joined Spire, the European leveraged debt asset manager, as chief investment officer and partner.

    • 10 Sep 2014

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Leaders

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Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 08 Sep 2014
1 JPMorgan 4,347.09 3257 8.10%
2 Goldman Sachs 3,579.79 1880 6.67%
3 Bank of America Merrill Lynch 3,455.58 2899 6.44%
4 Morgan Stanley 3,133.67 2358 5.84%
5 Deutsche Bank 2,921.01 2296 5.44%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 01 Sep 2014
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 236,669.42 907 7.79%
1 JPMorgan 236,669.42 907 7.79%
2 Barclays 223,438.56 768 7.36%
2 Barclays 223,438.56 768 7.36%
3 Deutsche Bank 218,228.09 863 7.19%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Sep 2014
1 BNP Paribas 39,660.36 154 8.11%
2 Credit Agricole CIB 24,330.07 97 4.97%
3 HSBC 23,779.73 134 4.86%
4 RBS 23,478.35 90 4.80%
5 Barclays 22,822.43 93 4.66%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Sep 2014
1 JPMorgan 20,902.10 99 9.14%
2 Goldman Sachs 20,719.76 65 9.06%
3 Deutsche Bank 18,927.22 64 8.28%
4 UBS 17,441.89 69 7.63%
5 Bank of America Merrill Lynch 17,285.81 59 7.56%