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  • SSA funding stutters as ECB rally shatters pricing plans

    Public sector borrowers will feel the pressure in February to catch up on funding after the European Central Bank all but stopped new issuance at the end of January — SSAs’ busiest month of the year. The announcement of quantitative easing caused bond yields to tumble and left issuers and bankers puzzled over where they could price a new benchmark.

    • 29 Jan 2015
  • Egypt next: Tunisian landmark underlines Arab thaw

    Egypt is preparing to follow Tunisia’s landmark return to the international bond market as investors shrug off conflict in Syria and the oil price’s collapse to regain appetite for Middle Eastern credits. Underscored by this week’s $1bn deal, confidence in the region has rebounded to levels last seen before the Arab Spring in 2011, writes Virginia Furness

    • 29 Jan 2015
  • Spain leads ECM as Aena taxis to jumbo listing

    Aena, one of the world’s largest airport operators, this week launched what could be the biggest public listing in Spain since 2007, consolidating the country’s overwhelming lead in Europe’s equity capital markets so far this year.

    • 29 Jan 2015
  • QE momentum trumps Greece concerns in FIG... for now

    The one-directional trade that has dominated bond markets since the onset of easy monetary policy in Europe showed little sign of giving in to concerns about Greece’s creditworthiness and its future in the eurozone this week, as the prospect of quantitative easing in the region fuelled hunger for assets.

    • 29 Jan 2015
  • Oops! Lukashenko ‘restructuring’ slip up sparks Belarus sell-off

    Comments from Belarus’ president Alexander Lukashenko that the country may hold debt restructuring talks this year sent Belarus’ 2015 Eurobond crashing 26 cash points, according to one banker. However the Ministry of Economy later clarified that Belarus fully intends to service its debt and that the president had accidently said restructuring when he meant to say refinancing, sending the bonds back up nearly 18 points.

    • 29 Jan 2015
  • Risk retention breeds ‘ghost’ structures for new CLOs

    Apollo Global Management, Carlyle Group and Credit Suisse Asset Management are among CLO managers that have structured new deals with ‘ghost’ tranches that could be used to refinance the transaction after risk retention rules come into effect, without having to take down the 5% equity stake those rules require — if regulators deem it acceptable.

    • 29 Jan 2015
  • Negative yield first in MTNs as SSAs tighten

    Medium term note investors could be forced to swallow negative yields on private placements following dramatic pricing moves, after the European Central Bank’s announcement of quantitative easing last week. The first ever such deals are thought to have been sold this week, as supranationals and agencies tightened levels after the ECB’s decision.

    • 29 Jan 2015

People and Markets

  • UBS plans to rebuild European levfin after senior exodus

    After a brutal year in 2014, in which several senior staff were cut or left the bank, UBS’s European levfin business has a fixer in the shape of Jim Boland.

    • 29 Jan 2015
  • Bank capital and the war on risk sensitivity

    The regulatory tide has turned, and banks are no longer trusted to assess their own capital needs. The Basel Committee’s latest proposals on bank disclosure, published on Wednesday, would add detailed information on internal modelling to existing bank reporting.

    • 29 Jan 2015
  • Uncertainty on Russian bad bank plans

    Russian officials are due to present plans for a bad bank to the government on Friday, as part of a range of measures unveiled on Wednesday aimed at combating the sharp economic downturn. But the creation of a bad bank is the most uncertain of all the proposed measures, said Russian bank analysts, and has attracted opposition from high ranking ministers.

    • 29 Jan 2015
  • Bank of England flags limits to regulation in markets review

    Andrew Hauser, director of markets strategy at the Bank of England, said on Thursday market discipline must lie at the heart of attempts to fix conduct in wholesale markets.

    • 29 Jan 2015

GlobalCapital View

  • The Troika needs to soften its stance on Greece

    A lot of ink has been spilt over the moral hazard of allowing Greece to restructure its €240bn in Troika debt with haircuts. But seeing Greece's struggle with debt as an essentially moral problem leads to a stubbornness that precludes pragmatism.

  • The EFSI is a force for good – but cannot cure infrastructure’s biggest blockage

    The European Commission’s “Juncker Plan” to boost investment by €315bn ($356.14bn) is welcome. Scepticism that it cannot work because it only has €21bn of capital is unwarranted. The European Investment Bank is putting its shoulder to the wheel and should not be underestimated. But do not expect this to solve Europe’s infrastructure investment problems. Money is not the problem. The real obstacles is are governments' indecision about what infrastructure they want and how investors will make a return.

  • Finding alpha in high grade bonds? Nip it in the bud

    JP Morgan’s investor survey found 19% of high grade investors think new issue premium (Nip) will be the best source of alpha in the year ahead. With yields on the floor, it makes sense, but it is sign of a deep malaise in the fixed income market.

  • The Yanks are coming! US issuers will muscle out Asian names in euros

    Asian investment grade bond issuers have made their presence felt in the euro market in recent years as they seek diversification. With the European Central Bank’s quantitative easing programme set to lower rates, now would seem the be the ideal opportunity for more Asian names to target eurozone investors. But with US large caps also eyeing euros, Asian credits are likely to get pushed aside.

  • ECB must slow covered bond purchases or risk the market’s longer term damage

    Faced with shrinking yields, covered bond investors have been deserting the market. Unless the ECB moves out of the way and switches to sovereign purchases fast, there is a real risk that these buyers will not be there when the extraordinary stimulus measures now being delivered are taken away.

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Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Jan 2015
1 JPMorgan 175.60 105 7.99%
2 Goldman Sachs 175.01 80 7.97%
3 Bank of America Merrill Lynch 159.92 84 7.28%
4 Citi 146.93 98 6.69%
5 Deutsche Bank 107.22 92 4.88%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Jan 2015
1 Goldman Sachs 155.66 29 14.55%
2 JPMorgan 110.10 26 10.29%
3 Bank of America Merrill Lynch 93.09 22 8.70%
4 Morgan Stanley 75.45 23 7.05%
5 Citi 70.09 20 6.55%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Jan 2015
1 Barclays 28,419.66 77 8.76%
2 JPMorgan 26,688.86 72 8.23%
3 Citi 24,028.42 64 7.41%
4 HSBC 21,259.01 74 6.55%
5 Morgan Stanley 19,362.83 50 5.97%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Jan 2015
1 JPMorgan 7,654.17 3 47.87%
2 Credit Agricole CIB 2,846.92 3 17.81%
3 Deutsche Bank 508.74 2 3.18%
3 Commerzbank Group 508.74 2 3.18%
5 Santander 452.07 2 2.83%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Jan 2015
1 Goldman Sachs 4,919.26 4 36.34%
2 UBS 4,591.38 3 33.91%
3 Morgan Stanley 730.09 7 5.39%
4 Citi 569.24 4 4.20%
5 Liberum Capital Ltd 454.08 4 3.35%