Capital Markets News, Data & Analysis

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  • Sukuk goes global as Goldman and South Africa drive record month

    A fresh wave of sukuk this week made September the biggest month ever for international sales of the product. But debut deals from Goldman Sachs and the Republic of South Africa have implications that go far beyond issuance records. These landmark transactions have paved the way for Western firms and African issuers to add their names to the expanding market.

    • 18 Sep 2014
  • Phones4U bankruptcy leaves senior bondholders powerless

    Holders of bankrupt UK phone retailer Phones 4U’s senior secured bonds were left dangling in the wind this week, after PricewaterhouseCoopers, the administrator, summarily rejected the offer by some bondholders of a debt-for-equity swap to keep the company alive. Lucy Fitzgeorge-Parker reports.

    • 18 Sep 2014
  • Muhyp pioneers socially responsible covered bond to pave way for new market

    Covered bonds backed by environmental and social governance (ESG) mortgage loans are expected to become an important component of the booming socially responsible investment market following a ground-breaking Pfandbrief issued this week by Münchener Hypothekenbank (Muhyp). But bringing trades to market will not be without its challenges, writes Bill Thornhill.

    • 18 Sep 2014
  • Spanish yields fall and Ireland hits zero as low TLTRO take-up hints at QE

    Spain wiped nearly 13bp from its three year borrowing costs at auction on Thursday, while investors lent Ireland three month cash for free. But periphery yields may have even further to fall, after take-up at the European Central Bank’s first targeted longer term refinancing operation (TLTRO) fell below analysts’ expectations, suggesting the central bank might have to dip into its dovish box of tricks once again.

    • 18 Sep 2014
  • Institutional buyers drive Nordea’s AT1 to make it tightest ever

    Institutional investors piled into Nordea’s debut additional tier one issue this week, taking the lion’s share of the order book. The bank’s high capital ratios, distance to trigger and solid reputation drew in a multiple times oversubscription, despite the leads bringing in pricing to the tightest level seen yet on an AT1 deal.

    • 18 Sep 2014

The GlobalCapital Derivatives Awards 2014

  • The Global Derivatives Awards 2014

    The annual Global Derivatives Awards from GlobalCapital Derivatives, the new Derivatives Week, took place on Thursday, September 18 at the Landmark Hotel in London. The awards honoured the people, companies and deals that made an impact on the global derivatives market over the last year. Winners in each of the award categories received their awards at a gala reception and dinner in London.

    • 19 Sep 2014

The GlobalCapital Derivatives Awards 2014

  • Outstanding Contribution Award: Blythe Masters

    GlobalCapital’s annual Global Derivatives Awards in London on September 18 will honour the people, companies and deals that shaped derivatives markets over the last year. Among those winners will be Blythe Masters of JP Morgan, winner of the Outstanding Contribution Award. Ahead of the gala evening, Masters granted a rare interview to GlobalCapital’s Beth Shah to talk about her life and extraordinary career.

    • 12 Sep 2014

People and Markets

  • European banks snub first round of cheap funds

    The European Central Bank said on Thursday that European banks only drew €82.6bn in the first round of its Targeted Long Term Refinancing Operation (TLTRO) – far below consensus expectations and previous rounds of cheap central bank money.

    • 18 Sep 2014
  • Struggle ahead for syndicate under ESMA abuse rules

    The European Securities and Markets Authority will hold a public hearing on new market abuse rules, which threaten to choke the new-issue process with burdensome reporting standards, and restrict syndicates’ ability to sound the market, writes Owen Sanderson

    • 18 Sep 2014
  • Irish Life bail-out swerves stockholder challenge

    The High Court of Ireland has backed the forced bail-out of Irish Life and Permanent against a challenge from equity holders in the group, who walked away with nothing, that the bail-out was illegal.

    • 17 Sep 2014
  • HSBC goes Long in equities

    HSBC has hired David Long as head of equities, EMEA, to be responsible for the “global expansion of the European product”, according to a memo seen by GlobalCapital.

    • 18 Sep 2014

GlobalCapital View

  • P4U bond buyers should shoulder blame

    The sudden collapse at the weekend of UK phone retailer and high yield bond issuer Phones 4U has provoked a vigorous round of mud-slinging. So far, not much has stuck to the bondholders, but they are still culpable.

  • What's the point of the South Africa sukuk?

    The South Africa sukuk might well go fine, but that doesn’t mean it was a good idea. The country is in no position to pay away basis points for spurious long term diversification benefits, and has no ambition to build a domestic Islamic finance market.

  • England needs a pledge too

    The leaders of the UK’s three main political parties have signed a pledge guaranteeing extra powers for the Scottish parliament if the country votes against independence at a referendum on Thursday. But that leaves people in England facing the prospect of even more decisions being taken by politicians that do not represent them. The Westminster elite should provide the English with some guarantees of their own.

  • India is right not to rush

    The Indian ECM market is set for a busy few months with a pipeline of government-led divestments teed up to hit investors soon, and the country in danger of meeting its target for once. But while some argue the government is not moving fast enough to reduce its fiscal deficit, slow and steady will prove to be the best strategy.


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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
  • 15 Sep 2014
1 Goldman Sachs 2,326.90 355 0.00%
2 JPMorgan 2,085.92 284 0.00%
3 Morgan Stanley 1,487.18 294 0.00%
4 Bank of America Merrill Lynch 1,469.19 238 0.00%
5 Credit Suisse 1,323.20 239 0.00%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Sep 2014
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
  • 16 Sep 2014
1 BNP Paribas 39,978.97 156 0.00%
2 Barclays 26,780.35 97 0.00%
3 Credit Agricole CIB 25,896.26 102 0.00%
4 HSBC 24,429.87 139 0.00%
5 RBS 23,936.58 93 0.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Sep 2014
1 JPMorgan 21,439.52 101 9.23%
2 Goldman Sachs 21,203.35 66 9.12%
3 Deutsche Bank 19,128.18 66 8.23%
4 Bank of America Merrill Lynch 17,942.00 61 7.72%
5 UBS 17,925.48 70 7.71%