Capital Markets News, Data & Analysis

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  • Russian rouble collapse leaves bond market on edge

    The beating that Russia’s markets took this week wasn’t on the same scale as the 1998 crisis but it was nevertheless shocking even for veterans of the earlier collapse, who were left slack-jawed at the free-fall of the rouble on Tuesday, writes Francesca Young. Even after the authorities got their act together and produced a package of stabilising measures and interventions on Wednesday, investors are now acutely aware of the heightened risk of defaults next year as weakness cascades through the economy.

    • 18 Dec 2014
  • SSA market braces for volatility as Federal Reserve rate rises loom

    US Federal Reserve interest rate hikes and potential European Central Bank sovereign bond buying are the leading factors expected to make 2015 issuance calendars more difficult to negotiate than 2014’s for sovereign, supranational and agency borrowers. Bankers are warning that printing at the short end of the dollar curve could get tough at times.

    • 18 Dec 2014
  • Rabobank Samurai creates new option for capital

    Next year is going to be a big one for bank capital, with supply predicted to reach as much as $375bn, or 50% more than in 2014. More supply means banks are going to need more investors — so treasury officials should then be thanking their colleagues at Rabobank, who ended the year with a bang by opening the Samurai market for tier two debt.

    • 18 Dec 2014
  • German Bundesrat pauses threat to bank, corporate hybrids

    German hybrid capital instruments, from both financial institutions and companies, have escaped - for the time being - a serious threat from a tax proposal by the Bundesrat, the upper house of Germany's parliament, writes Richard Metcalf.

    • 18 Dec 2014

People and Markets

  • US regulators lambast levfin banks for ever worsening underwriting standards

    The Office of the Comptroller of the Currency, one of the top financial regulators in the US, said this week that risk within US leveraged lending had slipped to levels last seen in 2006, in the lead-up to the financial crisis.

    • 18 Dec 2014
  • Russia skewers foreign rating agencies with sanctions threat

    Russian authorities are mulling forcing international rating agencies to continue rating all Russian entities, including borrowers subject to US and EU sanctions.

    • 18 Dec 2014
  • Bonds Without Borders: A history of the Eurobond Market — Chris O’Malley

    Looking for a present for the bond geek in your life? Maybe YOU are the bond geek in someone else’s life. Either way, a copy of Chris O’Malley’s history of the bond market, Bonds Without Borders: A History of the Eurobond Market, is a worthy addition to the Christmas stocking.

    • 17 Dec 2014
  • VTB will renew focus on the Middle East, says regional CEO

    Makram Abboud is VTB Capital's chief executive officer, Middle East and Africa and vice-chairman, international. Dan Alderson spoke to him about how the bank is carving out its niche in these regions, which have become a focus for Western banks with the shut out of the Russian loan market in 2014. Abboud also discussed challenges and opportunities in the year ahead and the prospect of VTB issuing its first sukuk.

    • 17 Dec 2014

GlobalCapital View

  • There are only bears left in Russia

    In a bid to support the weakened rouble, the Central Bank of Russia surprised the market on Monday night, hiking its main policy rate by 650bp to 17%. But the move has failed and has only served to demonstrate that even Russia’s hardiest investors have finally given up.

  • Equity-linked: New Year needs new resolutions

    China Petrochemical Development Corp (CPDC) issued a convertible bond last week that was backed by not one but two SBLCs — allowing the company to join a very small list of issuers that have used unusual structures this year to pull off successful deals. The success of transactions with new features this year shows Asia needs more innovation if it wants to develop its equity-linked market

  • Securitization shouldn’t over-promise on real economy benefits

    Securitization has come a long way in the past two years, not least in the minds of regulators. But the industry needs to start managing expectations. It is not going to solve Europe's problems on its own.

  • What Joseph Conrad might say about the European bond markets

    Even if you’ve never sailed a boat through a storm, avoiding a potential one is the obvious choice. But investors in the European bond markets have been sailing into storms they knew were coming all year.

  • Get your dollar funding hats on, but be prepared

    Dollar issuance from sovereign, supranational and agency borrowers is set to be a big theme next year as a negative euro/dollar basis swap, plus low rates in euros, encourages euro-funders to look across the Atlantic. But market participants should be prepared for a rough ride in a market which will remain vulnerable to volatility.


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Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Dec 2014
1 JPMorgan 6,166.62 4279 8.05%
2 Bank of America Merrill Lynch 5,122.26 4191 6.69%
3 Goldman Sachs 5,117.84 2582 6.68%
4 Morgan Stanley 4,638.97 3272 6.05%
5 Deutsche Bank 4,140.49 3184 5.40%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Dec 2014
1 Goldman Sachs 1,931.22 485 9.75%
2 JPMorgan 1,620.27 379 8.18%
3 Morgan Stanley 1,321.38 388 6.67%
4 Bank of America Merrill Lynch 1,197.38 322 6.04%
5 Citi 1,013.77 333 5.12%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Dec 2014
1 JPMorgan 342,922.92 1311 8.41%
2 Barclays 300,648.86 1032 7.37%
3 Citi 290,963.57 1128 7.14%
4 Deutsche Bank 287,219.96 1136 7.04%
5 Bank of America Merrill Lynch 282,489.76 1009 6.93%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Dec 2014
1 BNP Paribas 52,003.11 221 7.02%
2 Deutsche Bank 51,241.89 139 6.92%
3 Citi 40,105.19 112 5.41%
4 JPMorgan 36,476.66 84 4.92%
5 Credit Agricole CIB 36,447.56 151 4.92%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Dec 2014
1 JPMorgan 26,935.89 136 8.98%
2 Goldman Sachs 26,008.57 92 8.68%
3 UBS 23,085.08 92 7.70%
4 Deutsche Bank 22,844.76 91 7.62%
5 Bank of America Merrill Lynch 21,916.84 81 7.31%