Latest Sovereign Credit Commentary

  • Deutsche readies new investment bank line-up as Warren jumps from Goldman

    The wide-ranging management shake up at Deutsche Bank is set to continue after the German lender picked former Goldman Sachs partner Alasdair Warren to lead its new corporate and investment banking unit in Europe, the Middle East and Africa.

    • 05 Nov 2015
  • CDS Spreads On Hold For U.S. Data

    Amid all the talk of an emerging markets “crisis,” credit spreads in the western world took a breather as participants awaited crucial economic data in the U.S.

    • 07 Feb 2014
  • Peripheral Eurozone Debt Makes Positive Start To 2014

    Peripheral eurozone debt has made a strong start to 2014 and the positive momentum continued with Portugal tapping the capital markets for funds.

    • 09 Jan 2014
  • AQR Drives Slovenia CDS Rally

    Slovenia’s CDS spreads have rallied after the sovereign released results of its asset quality review and stress tests.

    • 13 Dec 2013
  • ECB Inaction Triggers Risk Aversion

    The European Central Bank’s role in the rally over the last 18 months is significant, but its inaction and cautious tone at its December meeting helped trigger a minor bout of risk aversion.

    • 05 Dec 2013
  • Reading Rate Signals Keeps Range Tight

    Conflicting signals from the world’s two most important central banks kept credit markets in a tight range.

    • 21 Nov 2013
  • Ireland Takes Step To Normality

    Ireland took a big step towards fiscal normality after it announced that it would make a clean exit from its E.U. bailout.

    • 14 Nov 2013
  • No Change At Fed Yields Tighter Spreads

    Credit spreads continued to grind tighter as the favorable monetary policy outlook in the developed world sets the scene for a solid end to the year.

    • 31 Oct 2013
  • Shutdown Weighs On CDS Mart

    Political stasis in the U.S. weighed on global credit markets as the government shutdown entered its second week.

    • 10 Oct 2013
  • Investors run rule over RMBS and housing in the Netherlands

    The RMBS market in the Netherlands has long been a cornerstone of the wider European RMBS market, but it faces some stiff headwinds. House prices have fallen 20% from their peak, putting a growing number of mortgage borrowers into negative equity. The government’s efforts at reforming the housing market and reducing the Netherlands’ high LTV/mortgage tax deductibility model have only added to the sense of uncertainty, making turnover of new sales and origination of new mortgages sluggish. Despite all of this, RMBS performance remains very robust with short term and long term arrears barely rising over the past year. A bigger problem could be the lack of primary supply this year. Issuers from the Netherlands are very well funded and, as a result, have publicly issued only €4bn of new RMBS this year to date. When the absence of UK issuance this year is also factored in, there is a danger some investors might rethink their commitment to the RMBS asset class as a whole. In this roundtable, EuroWeek asked a selection of leading investors and issuers in RMBS from the Netherlands for their take on the macroeconomic picture, the shrinking volume of paper and the problems this might create for liquidity and investor appeal, and where potential spread volatility could arise in this sector.

    • 30 Sep 2013
  • The Impact Of Fed Forecasting

    The Federal Reserve isn’t in the habit of shocking the markets. Back in 1994, when it surprisingly hiked rates, the central bank triggered a major sell-off in the bond markets.

    • 19 Sep 2013
  • Nokia & The Season Of Surprises

    Credit default swap spreads on Nokia more than halved earlier in the week after the surprise announcement that Microsoft will purchase the Finnish firm’s mobile phone business for USD7 billion.

    • 06 Sep 2013
  • Credit Crisis Dormant, Not Extinct

    “The crisis in Europe is over,” declared French President François Hollande last month during a visit to Japan. But it appears that EU politicians may be once again guilty of complacency after Portugal reminded the world that the crisis was dormant, rather than extinct.

    • 03 Jul 2013
  • People Databank

    Barclays made the most senior hire of the week, appointing ex-Goldman Sachs trader Michael Winkelgrund as head of exchange-traded fund trading. Deutsche Bank, meanwhile, hired Monty Lee as a senior index options trader from Barclays. In Asia Pacific, Nicholas Smith has replaced PJ Andersson as global head of pan-Asian equity derivative and convertible sales at Citigroup, after the latter left the firm last week.

    • 14 Jun 2013
  • Abenomics Takes Hold

    Credit spreads across the globe have rallied on the back of Abenomics, the unconventional, expansionary monetary policy implemented by the Bank of Japan in April.

    • 23 May 2013

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Oct 2016
1 JPMorgan 317,793.98 1355 8.72%
2 Citi 301,114.13 1092 8.26%
3 Barclays 259,580.63 846 7.12%
4 Bank of America Merrill Lynch 258,842.43 934 7.10%
5 HSBC 224,273.23 905 6.15%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 JPMorgan 29,669.98 55 6.95%
2 UniCredit 28,692.62 136 6.73%
3 BNP Paribas 28,431.90 139 6.66%
4 HSBC 22,935.49 112 5.38%
5 ING 18,645.88 118 4.37%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 JPMorgan 14,593.71 79 10.38%
2 Goldman Sachs 11,713.19 63 8.33%
3 Morgan Stanley 9,435.23 48 6.71%
4 Bank of America Merrill Lynch 9,019.27 40 6.41%
5 UBS 8,763.73 42 6.23%