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  • ECB should do QE — but not in my backyard

    Quantitative easing sounds like a great idea until it jumps on your own lap with its heavy boots.

    • 22 Oct 2014
  • FIG returns to life ahead of AQR

    Activity in the FIG market picked up on Wednesday after a sluggish start to the week, with Goldman Sachs and Wells Fargo both announcing euro denominated trades. The issuers are likely to benefit from improved sentiment compared to earlier in the week and a dearth of supply from European issuers ahead of the results of the Asset Quality Review and stress tests, which will be released on Sunday.

    • 22 Oct 2014
  • SSAs make cautious return to issuance

    Sovereign, supranational and agency bankers are waiting for a borrower — possibly Sweden — to attempt a benchmark in the belly of the curve to test the strength of sentiment after extreme volatility in US Treasury markets last week led to a pair of undersubscribed deals in dollars.

    • 22 Oct 2014
  • TSKB, Romania print as EM is revived

    CEEMEA deals have returned after the sell-off last week. Despite a persistent soft tone to the market TSKB printed its $350m five year bond on Tuesday while Romania sold a €1.5bn deal. Meanwhile, Polish coal company JSW has embarked on investor meetings for a bond and Lithuania has put out guidance for a new deal.

    • 22 Oct 2014
  • Colombia picks window to beat 30 year yield record

    Gloomy prospects for global growth may have caused severe bout of volatility in the past week, but Colombia emphatically demonstrated the silver lining that the Treasury has provided borrowers. The sovereign tapped its 10 and 30 year benchmarks for $500m each on Tuesday as part of a pre-funding exercise during what the country’s debt management head described as a “spectacular” window for new issuance.

    • 22 Oct 2014
  • JSW starts roadshow for bond

    Jastrzębska Spółka Węglowa started the roadshow for its dollar denominated Reg S/144A bond on Wednesday (22 October) via Credit Suisse and JP Morgan.

    • 22 Oct 2014
  • Some banks lacking enough CET1 disclosure: CreditSights

    Investors are still in the dark as to how well capitalised some of Europe’s major banks are, according to analysis firm CreditSights.

    • 21 Oct 2014

People and Markets

  • Business thriving but US banks crushed by conduct

    Conduct charges defined third quarter results at Bank of America, while Citi and JP Morgan also saw their numbers marred by litigation provisions or conduct failings. Only Goldman, of the first crop of US investment banks reporting this week, largely escaped a blow from past misdeeds.

    • 16 Oct 2014
  • Capital markets union “my dream”, says Barnier

    Michel Barnier, outgoing vice-president of the European Commission, has described a real European capital market as “my dream, which can be inherited by my successor”, writes Owen Sanderson.

    • 16 Oct 2014
  • Clean companies a commercial necessity, say Africa investors

    Good environment, social and corporate governance practices are moving from a bonus for investors to a commercial necessity, which is likely to add extra challenges for investors and issuers in Africa.

    • 16 Oct 2014
  • Green bond lending market faces up to limits

    A securities lending market in green bonds will remain all but non-existent until volumes grow to a much larger size — but even then, borrowing bonds could remain off the table for several reasons.

    • 16 Oct 2014

GlobalCapital View

  • BoC's AT1: big but not that clever

    You’ve got to hand it to Bank of China. This week it priced the biggest Basel III bank capital deal ever, in what bankers are calling the worst market conditions since 2008. But while the deal was certainly one step forward for Bank of China, it looked like two steps back for the international capital markets.

  • This was never about ABS — the ECB is rudderless

    The European Central Bank put a lot of effort into telling everyone securitization’s direct link to the real economy was the reason it deserved to be the principal target of asset purchases. Now that illusion has been shattered by reports it is considering corporate bond purchases, the ECB should just get on with the broad-based cash injection it clearly intends.

  • AQR and stress tests: this time, it's a real step forward

    European banks have been in limbo this month, waiting for the verdict of their regulators to be handed down in the Comprehensive Assessment (the Asset Quality Review and stress tests). There are gaping holes in the assessment process, but even so, it is something quite new and potentially revolutionary.

  • Kredi where it's due: Yapi was right to defy market tone

    Turkish bank Yapi Kredi printed a $500m five year bond last week on a day when its curve widened 25bp. Going ahead with the deal seemed self-defeating to many, but GlobalCapital believes Yapi Kredi behaved honourably, and investors should reward its honesty in future deals.

  • ECB to appoint multiple PMs, grow headcount 10-20 for ABS purchases

    The European Central Bank intends to appoint more than one external portfolio manager to scan the market for ABS transactions to buy, while its asset purchase programme will add between 10 and 20 to its headcount overall, GlobalCapital understands.

    • 16 Oct 2014
  • CS collapses covered bond trading into credit

    Two Frankfurt-based covered bond traders have left Credit Suisse, while two London-based traders will no longer focus on covered bonds, as the Swiss bank folds its separate covered bond market-making operation into investment grade credit trading.

    • 16 Oct 2014
  • Nomura’s global finance head EMEA departs as Deeny steps in

    The head of Nomura's EMEA global finance division will leave the bank, to be replaced by HSBC's Simon Deeny and head of ECM Ken Brown.

    • 15 Oct 2014
  • BAML bumps up de Silva to new SE Asia ECM role

    Bank of America Merrill Lynch has hired from within for the newly created role of head of southeast Asia equity capital markets in Singapore. The promotion adds to the bank’s Asian ECM senior management team.

    • 16 Oct 2014

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Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Oct 2014
1 JPMorgan 5,098.05 3806 7.99%
2 Goldman Sachs 4,189.85 2172 6.57%
3 Bank of America Merrill Lynch 4,177.56 3469 6.55%
4 Morgan Stanley 3,838.40 2755 6.02%
5 Deutsche Bank 3,502.24 2706 5.49%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Oct 2014
1 Goldman Sachs 1,483.35 400 9.36%
2 JPMorgan 1,269.13 322 8.01%
3 Morgan Stanley 1,017.18 339 6.42%
4 Bank of America Merrill Lynch 954.62 273 6.03%
5 Citi 849.07 296 5.36%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Oct 2014
1 JPMorgan 274,362.92 1088 8.09%
2 Barclays 246,500.00 850 7.26%
3 Citi 241,124.13 935 7.11%
4 Deutsche Bank 240,786.09 977 7.10%
5 Bank of America Merrill Lynch 235,519.40 841 6.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Oct 2014
1 BNP Paribas 45,034.29 183 7.39%
2 Citi 34,532.35 96 5.67%
3 Deutsche Bank 34,196.96 122 5.61%
4 Credit Agricole CIB 30,654.20 126 5.03%
5 Barclays 28,791.02 107 4.72%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Oct 2014
1 JPMorgan 23,663.67 112 9.36%
2 Goldman Sachs 22,917.78 77 9.07%
3 Deutsche Bank 20,595.54 76 8.15%
4 UBS 19,458.10 79 7.70%
5 Bank of America Merrill Lynch 18,899.80 68 7.48%