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Comment - Tuesday View

Latest Tuesday Views

  • The ECB's purchases create the volatility it deplores

    The European Central Bank has expressed concern about extreme rates volatility. But until it stops buying and allows the private sector to become re-established, its true mission as liquidity provider of last resort will remain in conflict with its determination to expand its balance sheet.

    • 21 May 2015
  • There’s no shame in small bank group for Russian loans

    Russian borrowers must stop worrying about losing face if they cannot get many banks to participate in their loans — and worry more about a scheduling logjam.

    • 19 May 2015
  • The ECB's purchases create the volatility it deplores

    The European Central Bank has expressed concern about extreme rates volatility. But until it stops buying and allows the private sector to become re-established, its true mission as liquidity provider of last resort will remain in conflict with its determination to expand its balance sheet.

    • 19 May 2015
  • Harmonising insolvency law — nice, but not necessary

    Financial professionals would love Europe to harmonise its bankruptcy and insolvency laws. But examine any particular case — say, that of oil company Afren — and it is clear that goal is out of reach. That may even be a good thing.

    • 19 May 2015
  • Korea needs to catch up in Reit game

    Asia is making up for lost time in the race to make real estate investment trusts a cornerstone of its capital markets. One country that hasn’t kept up with the pace is South Korea. It is not too late to fix this.

    • 19 May 2015
  • Securitization never had a credit risk problem

    Promoting securitization is all well and good. After all, it performed through the crisis and offers a good way to keep finance flowing while cutting banks out of the picture. But regulation of the industry keeps trying to solve a problem that never existed.

    • 19 May 2015
  • Singapore issuers should strike while the iron's hot

    A bout of activity in the Singapore dollar bond market has shown that issuers and investors see opportunities after what has been a quiet year so far. A dip in yields and the fear of rising rates has helped encourage the sellside, while buyers have taken heart from a period of currency stability. Issuers that have been waiting should jump in now before it's too late.

    • 19 May 2015
  • Puking again: bond sell-off should purge excessive positions

    Bund-ageddon may be striking fear into the hearts of traders and investors across Europe. On paper, the price moves are brutal but calm is called for.

    • 12 May 2015
  • Do regulators like dual recourse as much as covered bond bankers?

    The European Covered Bond Council has proposed a new generation of secured funding notes, halfway between covered bonds and securitizations. But getting them off the ground is still in the hands of the regulators.

    • 12 May 2015
  • Can EM desks be split up?

    Emerging market teams have been struggling to justify their existence of late, with international bond volumes around 30% down for CEEMEA year-to-date. Are the days of independent emerging market desks numbered?

    • 12 May 2015
  • SDR: Stop Delaying Renminbi

    China's currency stands a chance this year of being admitted into the select club of those backing the International Monetary Fund's special drawing rights. But at the moment it is not certain that the RMB will be deemed to have made the grade. It should be.

    • 12 May 2015
  • The topsy-turvy view of Chinese data

    Poor data is again flowing out of China, with the Purchasing Managers’ Index (PMI) hitting a one year low. But instead of sparking more worries about a growth slowdown, it has seen a calm reception from bond investors, who are getting used to betting on stimulus. So far they have been proved right.

    • 12 May 2015
  • No piggybacking on Stock Connect success

    The Chinese and Hong Kong equity capital markets have been thriving since April, as relaxed capital controls on the Stock Connect fired up business. It’s only normal now for other markets to want to follow suit, with talks of Taiwan-Shanghai and Taiwan-Shanghai-Hong Kong links doing the rounds. The thinking is bold, but replicating the success of the Connect will not be easy.

    • 06 May 2015
  • Is the ‘UBS phenomenon’ cyclical or structural?

    UBS is the darling of the Street, for restructuring its investment bank early and vigorously. But the moment to “do a UBS” might have passed.

    • 05 May 2015
  • Format takes the sting out of Wasps’ retail bond

    Investors could be forgiven for steering clear of English rugby club Wasps’ retail bond, on the basis that investing in sports clubs is a mugs’ game. But this deal is worth a double-take.

    • 28 Apr 2015

More Comment - Tuesday Views

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 04 May 2015
1 JPMorgan 132,246.16 466 8.23%
2 Barclays 121,205.54 385 7.54%
3 Citi 119,844.04 442 7.46%
4 Bank of America Merrill Lynch 112,710.02 398 7.01%
5 Deutsche Bank 102,482.68 424 6.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 May 2015
1 JPMorgan 17,536.22 31 8.15%
2 Deutsche Bank 13,908.31 50 6.47%
3 BNP Paribas 11,126.04 65 5.17%
4 HSBC 10,623.80 56 4.94%
5 Credit Agricole CIB 10,593.99 45 4.93%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 May 2015
1 Goldman Sachs 12,065.18 35 10.48%
2 UBS 11,703.26 31 10.17%
3 Bank of America Merrill Lynch 11,440.58 42 9.94%
4 Deutsche Bank 9,063.07 38 7.87%
5 Morgan Stanley 8,404.86 40 7.30%