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  • Vicious swing from risk as markets price poor growth

    Volatility sprang back into global capital markets this week, tearing apart the calm, even complacently placid mood that had prevailed for most of the past two years. As with many true market shocks, the change was unexpected and to a large extent unexplained.

    • 16 Oct 2014
  • Bank regulation fails first big test as bond liquidity evaporates in flash crash

    Fund managers and capital markets bankers blamed the lack of liquidity in bond markets, caused by bank regulation, for exacerbating price swings in credit markets and US Treasuries this week. This kind of volatility might just be something investors have to get used to, they warned, writes Tessa Wilkie.

    • 16 Oct 2014
  • Greece flies into trouble but bankers defend PM’s early bail-out departure

    Greek yields flew higher than Icarus at the end of the week amid torrid market conditions, pushing up towards levels last seen in the dark days of the European sovereign debt crisis. But while many commentators were quick to blame the spectacular spike on Greek prime minister Antonis Samaras’ ambitious plan to leave its Troika sponsored bail-out package by the end of the year, market participants rallied round the sovereign — and pointed to the more technical factors that were at the heart of the turmoil. Craig McGlashan reports.

    • 16 Oct 2014
  • As Ebola fear chills Africa deals, experts warn against overreaction

    Some European and US investors are beginning to reconsider their involvement in Africa as a result of the spread of the Ebola virus, but local market specialists warned this week against a panic reaction to the epidemic, writes Olivier Holmey.

    • 16 Oct 2014
  • Sukuk eyes record as oil fall helps Turkey

    The dollar sukuk market is on course for a photo finish with 2012’s record volume, with flydubai pushing forward plans for a debut deal and market participants suggesting volatile macroeconomic conditions have added impetus for another prospective borrower, Turkey.

    • 16 Oct 2014
  • FGA Capital’s auto success fuels hopes for more mezz

    FGA Capital demonstrated strong appetite for Italian mezzanine debt this week, selling €22.5m of single-A rated bonds well inside guidance and fuelling hopes that more issuers can gain capital relief from selling subordinated notes.

    • 16 Oct 2014
  • Gazprom could print bond before 2015

    Gazprom is considering pricing a dollar or euro benchmark bond before the end of this year. Analysts and investors said it would be possible but only at the right price and with strong anchor orders.

    • 16 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

  • Stop Ebola now – before it stops us

    Don’t switch off. Ebola may not have hit your P&L yet, but it’s going to, soon, and hard, whatever your job is. And look at the charts. The logic is inexorable: the longer we take to overcome the disease, the worse the cost will be – for the global economy and in human life. This is not about a few percentage points of GDP. Modern civilisation itself is at risk.

  • The big prize is a capital markets union

    European investment banks, if you ask them, are having a rough time. Giant fines for breaking extraterritorial rules, bewildering and overlapping regulation that never quite matches up with international standards, and capital standards that seem calibrated to banks that have already sold their mortgage books. But hang in there. Capital markets union is coming.

  • ECB must buy covered bonds aggressively, or not at all

    The European Central Bank will face a dilemma when it embarks on its third covered bond purchase programme, which will probably start on Wednesday. Either the central bank buys covered bonds aggressively, something that it has vowed not to do, or it will fail to meet its own target for expanding its balance sheet.

  • Time for investors to make up their mind about Asia tech

    Alibaba’s record breaking $25bn IPO was supposed to be the trigger that dispelled investor fears about Asian technology companies and opened to door to future listings. But as the volatility in such stocks has shown, investor sentiment in the sector is subject to wild swings. And that is hurting the IPO pipeline.

  • Goldman's self-denying strategy debunks sukuk defences

    A grim secondary performance by Goldman Sachs’ debut sukuk has made it a soft target for anyone who holds that the Islamic market is not ready for such non-halal borrowers. But despite the performance, Goldman's sukuk will be remembered as the issuer which debunked the market purists' defences

  • 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
  • Today
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
  • 16 Oct 2014
1 JPMorgan 23,572.43 111 9.40%
2 Goldman Sachs 22,652.97 76 9.03%
3 Deutsche Bank 20,504.30 75 8.18%
4 UBS 19,203.17 78 7.66%
5 Bank of America Merrill Lynch 18,696.08 66 7.46%