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  • US sanction-hit Gazprombank completes Korean roadshow but Japan unveils further sanctions on Russia

    Gazprombank, which is subject to US sanctions as of two weeks ago, held a series of meetings in Seoul with fixed income investors on 24 and 25 July, arranged by KDB Daewoo Securities. Russia was dealt a blow on Monday from elsewhere on the continent though as Japan announced that new sanctions on the country would be released shortly.

    • 28 Jul 2014
  • Sub holders in BES 75% likely to be repaid, says Soc Gen

    Holders of Banco Espírito Santo’s tier two subordinated debt are “in most cases” likely to be repaid, according to researchers at Société Générale.

    • 29 Jul 2014
  • LCR implementation delay may help ABS

    Implementation of the liquidity coverage ratio (LCR) in Europe is set to be delayed by 10 months according to a leak last week of a draft European Commission document. The treatment of ABS in the LCR, seen by the industry as unfavourable compared to covered bonds, was not changed in the leaked draft, but the delay could provide time to hammer out the details of more equitable regulatory treatment, said bankers on Monday.

    • 28 Jul 2014
  • Générale de Santé allocates after finishing oversubcribed, despite margin cut

    Générale de Santé, the French private healthcare provider, allocated its €1.1bn acquisition loan on Tuesday after cutting the margin on the term loan ‘B1A’ to 350bp over Euribor.

    • 29 Jul 2014
  • Lindorff on the road for €1.45bn LBO bond

    Lindorff, the Norwegian credit management firm, began roadshowing €1.45bn of senior notes on Tuesday, in part to finance its takeover by Nordic Capital.

    • 29 Jul 2014
  • Rare Latvian 4Finance embarks on roadshow

    Latvian short term finance company 4Finance has mandated Credit Suisse to arrange 144A/Reg S bond. When it prints, it will be the first time a non-sovereign Latvian issuer has tapped the international markets for seven years.

    • 29 Jul 2014
  • CDS notional drops by a third

    Overall credit default swaps notional that was reported to swap data repositories last week dropped by 30% from the previous week, according to data from the International Swaps and Derivatives Association. Overall interest rate derivatives trading that was reported, however, climbed by 19%.

    • 29 Jul 2014
  • Phase one down, two to go: Bank of Cyprus raises €1bn from share placing

    Bank of Cyprus has completed the first phase of its capital raise, taking in €1bn fby placing new shares with institutional investors.

    • 29 Jul 2014

Derivatives

  • CDS notional drops by a third

    Overall credit default swaps notional that was reported to swap data repositories last week dropped by 30% from the previous week, according to data from the International Swaps and Derivatives Association. Overall interest rate derivatives trading that was reported, however, climbed by 19%.

    • 29 Jul 2014
  • Exchange, broker-dealer connection rule needs relaxation: SIFMA

    Broker-dealers should not have to connect to all trading venues and policy makers should take steps to limit this number in a bid to reduce costs.

    • 28 Jul 2014
  • Foreign entities caught under Australian trade reporting proposals

    Some foreign subsidiaries of Australian deposit-taking institutions and financial services licensees will be required to report OTC derivatives transactions when Australia’s trade reporting goes live, according to an update from the Australian Securities and Investments Commission.

    • 28 Jul 2014

Securitization

  • Hatfield hopes to hold Deco 15 mandate with noteholder call

    Hatfield Philips has invited noteholders to a special update call on its strategy for servicing Deco 15 Pan Europe 6, as it tries to consolidate its hold on the servicing mandates in the CMBS. Cheyne Capital had tried to remove it from the Main loan and Plus Retail loan at the end of May.

    • 29 Jul 2014
  • Auto execs speak out to defend subprime credits

    Subprime auto executives are pushing back against a wave of negative reports that they say inaccurately draws parallels between their lending practices and those in the pre-crisis US subprime mortgage business. The fightback comes as at least two smaller auto financiers plan new asset-backed securities.

    • 28 Jul 2014
  • Blackstone’s US rental unit chases European investors

    Blackstone Group’s rental home unit Invitation Homes may be opening up its latest securitization to the European market, two months after paying US investors more than anticipated for every tranche of its last deal.

    • 28 Jul 2014

People and Markets

  • Financials trading head leaves HSBC

    Jose Mosquera, ex-head of financials trading, and Rob Illingworth, ex-senior investment grade corporates trader, have both left HSBC in London, writes Hazel Sheffield.

    • 24 Jul 2014
  • CFTC's O'Malia takes on global data mission as ISDA head

    When Scott O’Malia, commissioner at the Commodity Futures Trading Commission in Washington DC, takes up his new role as chief executive officer of the International Swaps and Derivatives Association, derivative trade data will be top of the agenda. Though swap data reporting has been running for two years in the US, there is still no automated way to crunch the data — a problem on both sides of the regulatory fence which O'Malia has been trying to solve for years at the CFTC.

    • 24 Jul 2014
  • Citi loses equity derivatives sales official to BAML

    Kim Stolz, vp in equity derivatives sales at Citigroup in New York, has left the firm and will join Bank of America Merrill Lynch as a director, Americas equity derivatives flow sales.

    • 24 Jul 2014
  • BAML’s David Ross emerges on the buyside

    David Ross, former head of EMEA leveraged finance at Bank of America Merrill Lynch, has joined a leveraged loan-focused buyside firm as chief operating officer.

    • 24 Jul 2014

GlobalCapital View

  • Ireland’s early IMF repayment sets a dangerous precedent

    Ireland’s finance minister Michael Noonan has proposed refinancing part of Ireland's bailout loans from the International Monetary Fund, while keeping its less expensive borrowing from the European Union — a decision that contravenes the original terms of the programme. It is good news that Ireland is strong enough to even consider this option, but EU leaders should think of the precedent it sets before agreeing.

  • How long until the Deutsche naysayers pipe down?

    Deutsche Bank, according to recent wisdom, trades too many bonds. Or rather, it doesn’t trade nearly as many as it had planned to. Global fixed income volumes are on the floor, banks cannot hold much inventory, margins are under pressure. Clients are over-broked, prop trading is over, and you still have to pay everyone. But is the German giant ramming that back down critics' throats?

  • South Korean issuers should rise to the IPO bait

    South Korea’s Cuckoo Electronics priced a blockbuster W255bn ($248m) IPO this week that saw the institutional tranche close to 600 times covered. But others looking to emulate it need to act sooner rather than later. With Samsung Group set to raise large amounts of equity later this year, they risk losing out.

  • Don’t expect the bear to bounce yet

    The Russian-Ukraine crisis has risen from its slumber in a roaring angry temper. Russia’s next recovery in the capital markets may not be as quick or as painless.

  • Summer is no solution for Russian loans

    Loans bankers are looking for silver linings in the imminent prospect of deeper Western sanctions against Russia. At least the market has shut down in August, when Russians take their summer holidays. No deals would have been done anyway, so no matter. But the situation will not be over by the autumn, and August is not the listless month many market participants assume.

  • Top EU politician lifts lid on five years of financial reform

    Sharon Bowles, who chaired the ECON committee of the European Parliament from 2009 to 2014, and was instrumental in all of the recent European Union’s financial market and banking reforms, testified to the UK House of Lords on Tuesday, exposing the inner workings of the financial regulatory agenda.

    • 23 Jul 2014
  • Euribor reforms to take in wider bank panel

    Euribor is likely to keep its status as the main unsecured reference rate for euro currency markets but will be heavily reformed, taking in a wider range of banks and transaction-based short term lending from a wider range of instruments, according to a report from the Financial Stability Board.

    • 23 Jul 2014
  • Barclays hits back over dark pool lawsuit

    Barclays has roundly rejected the New York attorney general’s complaint about its dark pool, saying that it is based on “clear and substantial factual errors” and that the very documents that the suit is based on “along with the complaint’s other fatal flaws” should get it thrown out.

    • 24 Jul 2014
  • SEC hits MMFs with FNAVs but eurozone bank reliance wanes

    US money market fund providers were faced with arguably the worst of all worlds this week when the Securities and Exchange Commission opted to impose not only redemption gates and liquidity fees — largely unopposed by the industry — but also floating net asset values. But for eurozone banks — many of which used to rely on US money funds to finance their US operations — the changes are likely to be inconsequential, after new evidence suggested their reliance on these investors has fallen.

    • 24 Jul 2014

Southpaw

More Stories

Global IB Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 JPMorgan 3,842.12 2838 8.31%
2 Goldman Sachs 3,153.97 1661 6.82%
3 Bank of America Merrill Lynch 2,959.85 2499 6.40%
4 Morgan Stanley 2,724.55 2042 5.89%
5 Deutsche Bank 2,533.61 1983 5.48%

Global M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 Goldman Sachs 1,083.63 309 10.17%
2 JPMorgan 961.71 245 9.02%
3 Morgan Stanley 660.84 259 6.20%
4 Bank of America Merrill Lynch 624.49 214 5.86%
5 Barclays 539.98 188 5.07%

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 JPMorgan 211,014.28 786 8.00%
2 Barclays 198,779.14 670 7.54%
3 Deutsche Bank 190,910.54 750 7.24%
4 Citi 184,833.75 681 7.01%
5 Bank of America Merrill Lynch 172,658.98 609 6.55%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 BNP Paribas 30,731.58 128 7.53%
2 Credit Agricole CIB 22,312.48 83 5.47%
3 HSBC 19,860.98 105 4.86%
4 UniCredit 19,386.12 93 4.75%
5 Commerzbank Group 19,255.22 109 4.72%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 JPMorgan 19,788.15 91 9.16%
2 Goldman Sachs 19,506.73 60 9.03%
3 Deutsche Bank 18,418.04 61 8.52%
4 UBS 16,709.68 64 7.73%
5 Bank of America Merrill Lynch 16,063.51 53 7.43%
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