• Senior preferred: the new cuckoo in the covered bond nest

    Senior preferred could prove a much more enduring threat to the viability of the covered bond market than the Term Long Term Refinancing Operation or the Covered Bond Purchase Programme.

    • 25 Apr 2017
  • Netflix — investors shouldn't chill

    Netflix is issuing its first bond in euros. It's a high yield bond, but not as we know it. It is single-B rated but the covenants are investment grade - though Netflix's leverage is racy. To buy it, you need to be a fan.

    • 25 Apr 2017
  • The beginning of the end for negative rates

    French spreads have crunched in tighter after Emmanuel Macron topped the first round of voting in the French presidential election at the weekend — but don’t expected them to rally much further from here. With Macron now a shoe-in for the presidency and the European Central Bank likely following a tightening path, European public sector issuers might find that this is the cheapest level they’ll be able to borrow at for some time.

    • 25 Apr 2017
  • Who needs a homegrown investment bank?

    Politicians and regulators might say they want a safer financial system, but they want their banks globally competitive. There’s no better way to ease regulations than to play on these fears — but they’re not always grounded in fact.

    • 25 Apr 2017
  • Sorry Korea, Netmarble stands alone in its success

    Netmarble Games produced South Korea’s largest IPO in seven years last week, in a deal many are hailing as a shining light for Asian ECM. But the optimists should be realistic about Korea. The success of the game maker’s W2.7tr ($2.4bn) IPO is an isolated case and unlikely to lead to a revival in domestic listings.

    • 25 Apr 2017
  • MSCI: Between BlackRock and a hard place

    With the world’s largest asset manager saying it backs the inclusion of A-shares in MSCI indices, the result now looks inevitable. However, the result is likely to be high on symbolism and little else and highlights the challenge for firms as they balance the demand for China exposure with the need to keep their integrity intact.

    • 24 Apr 2017
  • A hard Brexit beats a clueless Brexit

    Capital markets seem content with UK Prime Minister Theresa May’s election confidence on the back of commanding poll data but investors be wary of shocks on polling day. A move meant to shore up May could instead lead to more uncertainty.

    • 18 Apr 2017
  • Republican PACE plan conflicts with wider anti-CFPB stance

    A trio of Republican senators this month unveiled a proposal to bring Property Assessed Clean Energy (PACE) loans in line with other consumer debt products under the watch of the Consumer Financial Protection Bureau. Yet their rhetoric sends a conflicting message, in the context of the party's wider criticisms of the agency.

    • 18 Apr 2017
  • May’s Scottish referendum roulette spin with election call

    UK prime minister Theresa May’s shock general election call on Tuesday may be a calculated attempt to crystallise the Conservative Party’s strong opinion poll lead into actual seats at Westminster — but she could simultaneously weaken her strong stance against a second Scottish independence referendum. That would be bad news for anyone hoping for a favourable outcome for the UK’s economy and financial sector in the Brexit negotiations.

    • 18 Apr 2017
  • Time for China to loosen its grip on issuers

    Chinese regulators are keeping a tight control on offshore bond flows this year, as issuers report a lengthy registration process and an inconsistent approach to approvals. With borrowers itching to go offshore before the market backdrop becomes unreceptive, China’s overbearing approach could very well backfire.

    • 18 Apr 2017

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 Bank of America Merrill Lynch 10,650.87 23 11.13%
2 Deutsche Bank 8,169.49 17 8.53%
3 HSBC 6,243.46 23 6.52%
4 Citi 4,355.35 13 4.55%
5 SG Corporate & Investment Banking 4,273.37 17 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Apr 2017
1 JPMorgan 7,281.63 28 8.86%
2 Deutsche Bank 5,994.13 30 7.29%
3 UBS 5,678.69 26 6.91%
4 Citi 4,934.67 35 6.00%
5 Goldman Sachs 4,802.16 24 5.84%