GlobalCapital Leader

  • You don't always want what you want

    Investors complain often and vocally about so many aspects of new issue execution. Often their complaints fall on deaf ears, sometimes they are acknowledged, and occasionally they are acted upon. This week an issuer considered complaints that had rung in their ears for over a year, only to find investors did not want what they said after all.

    • 20 Jul 2017
  • Think before EU speak

    “What were they thinking?” cried the European ABS market this week as the full impact of what originally seemed like an innocuous ban on an already illegal mortgage product became clear.

    • 20 Jul 2017

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Southpaw

Southpaw logo
by David Rothnie

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Old Money

by Prof Richard Roberts 
  • Old Money: Banking’s era of fines

    Banks are in the grip of an era of regulatory fines. Boston Consulting Group (BCG) estimates that since the 2008 financial crisis banks globally have paid $321bn in fines, an average of $40bn a year. Most have been levied by US banking agencies, with the EU claiming that it has levied 800% more in bank penalties than its 28 member states have added together. The record fine to date is the $13bn paid by JP Morgan in 2013 in settlement of mortgage backed securities (MBS) violations.

    • 03 Jul 2017

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Clawback


by Philippe Espinasse
  • The Merlion roars again

    Something quite extraordinary has just been happening in Singapore. For the first time in several years, investors in the city-state have been able to punt on a local, multi-billion-dollar IPO, writes Philippe Espinasse in the latest Clawback.

    • 19 Jul 2017

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P&M Notebook

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The FIG Idea

  • The FIG Idea: assume the recovery position

    When Banco Popular lost the market's confidence, it ran out of road. Realistic assumptions for recovery rates on bad assets plunged to super-conservative levels. Confidence is the greatest form of solvency, its withdrawal a precursor to insolvency.

    • 22 Jun 2017
  • Close encounters with a third kind (of capital)

    Soon, banks will have more TLAC and MREL than equity. The new bond classes are a immensely important part of the financial structure of a bank, but the risks to investors aren’t yet clear. Just how will this alien new instrument class behave — or misbehave?

    • 01 Jun 2017
  • The FIG Idea: Dear Santa

    What's on a bank CFO's Christmas list

    • 15 Dec 2016
  • The FIG Idea: stress to impress

    On the surface, stress tests seem arcane and disconnected from reality. Perhaps they are, but they’re an increasingly important tool for bank regulators around the world.

    • 01 Dec 2016

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MTN Leak Table

  • MTN Leak: Summer days are here at last

    The summer holidays have arrived and jubilation abounds among school children. For the parents in the MTN market, there is perhaps a little trepidation mixed with the glee.

    • 20 Jul 2017
  • MTN Leak: wish you were here

    Société Générale invited the great and the good of London’s financial press to a viewing of the Victoria and Albert Museum’s new Pink Floyd exhibition this week. But for the hapless Leak team, it was The Doors that were of interest.

    • 13 Jul 2017
  • MTN Leak: Wimbledon season

    All across the City and the Wharf, eyes are roving from left to right, right to left, trained on a single monitor. These eyes are not comparing curves, nor checking swap prices. If you sneak around them quickly enough, before the reflexive twitch to Alt+Tab brings up a spreadsheet, you might catch a glimpse of green and white.

    • 06 Jul 2017
  • MTN Leaks: Heat-raves

    From the cobbled streets by a Mayfair tavern, to a breezy rooftop at one of London’s most prestigious hotels — there was plenty of schmoozing and boozing to be had this week.

    • 22 Jun 2017

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The Pained Trader

  • The Pained Trader: Everyday failure or every day, failure?

    One week in and already I’m fighting for my broking life. My licence came through from the FCA — the bastards — last Wednesday as soon as I returned from my tour of Europe’s best luce rossa districts and the heat came on, strong and immediate.

    • 20 Jul 2017
  • The Pained Trader: Business travel in style

    "Nobody does it better. Nobody does it quite the way you do. Baby, you're the best." Yes, even if I say so myself, there is no one out there who does a business trip like The Pained Trader.

    • 13 Jul 2017
  • The Pained Trader: silent prayers

    Dotted all over the City are ancient, obscure and often tiny churches, named after half-forgotten saints and usually with a little garden appended or perhaps just a bench under the shade of a yew tree outside. Despite being a licentious antiChrist, I spend a lot of time in the Square Mile’s houses of worship. I shall explain why.

    • 06 Jul 2017

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%