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Comment - Tuesday View

Latest Tuesday Views

  • No more size anxiety about the ECB

    Some market commentators seem to think the European Central Bank's ABS purchase programme is not the real deal, because it will be limited in size by the low volume of placed securitizations and the difficulty of pricing off-market deals. One research team estimates the ECB might buy €40bn over three years. But this seriously underestimates the potency of the ECB’s move.

    • 11 Sep 2014
  • European leveraged issuers need to watch out for the US

    European leveraged loan issuers expect the good times to keep rolling this autumn. But issuers considering cross-border transactions should be cautious. Domestic supply is building in the US and this could mean lenders push back on margins.

    • 11 Sep 2014
  • European leveraged issuers need to watch the US

    European leveraged loan issuers expect the good times to keep rolling this autumn. But issuers considering cross-border transactions should be cautious. Domestic supply is building in the US and this could mean lenders push back on margins.

    • 09 Sep 2014
  • Islamic accounts should look past Pakistan’s politics

    Islamic investors should not allow political turmoil to derail Pakistan’s plan to return to the sukuk market.

    • 09 Sep 2014
  • The Scots don't owe the markets a no vote

    The markets may have an opinion on Scottish independence — but the No campaign has been acting like that matters more than anything else. Capital markets should follow the will of the people, not lead it.

    • 09 Sep 2014
  • India's Basel III U-turn: wrong decision, wrong reason

    India broke with its traditional instincts last week by scrapping a restriction on retail investors buying Basel III bonds. Not only is the U-turn in attitude towards retail protection startling given the country's past attitude to that investor base, but it could also be reckless.

    • 08 Sep 2014
  • The tide is turning on Europe’s underloved IBs

    Cynicism is infectious, especially in the capital markets, and it has been easy to sneer at Europe’s investment banks. Lacking scale in the muscle-bound world of bond trading, and hobbled by scandal and regulation, the prevailing narrative has been that they should go big or go home.

    • 02 Sep 2014
  • Pushing maturities is the next stage of peripheral recovery

    Spain showed the rewards of being creative with its longest ever bond of the euro era on Monday, chopping €1bn from its funding needs with a deal that will mature when the eurozone debt crisis is a matter for history books, not newspapers. With more dovish measures possibly on the horizon at this week’s European Central Bank meeting, issuers could soon find that such deals are the best way to add some duration to their debt profiles.

    • 02 Sep 2014
  • Boris island ditched – disaster averted

    Boris Johnson’s plan for a new island airport east of London is a vainglorious waste of money. The UK’s decision to build new runway capacity at Heathrow or Gatwick is the right one. They are proven capital markets players and are best placed to deliver.

    • 02 Sep 2014
  • Let this be the autumn that ECM comes of age

    The last two Septembers in the equity capital markets have been marked by frenzy and excitement. This autumn, at last, should be the one the market returns to normal — and the winners will be those that adjust their strategy to match.

    • 02 Sep 2014
  • Alibaba’s IPO is well worth the wait

    There was plenty of speculation about the timing on Alibaba Group’s IPO even before the e-commerce company officially announced its listing plans. The saga took another turn this week as the launch date was postponed. But with the stakes high for the whole industry, it’s better for Alibaba to take its time and get the deal right.

    • 02 Sep 2014
  • Africa won’t make up for loss of Russian loans

    The international Russian syndicated loan market is in dreadful shape, as relations between Russia and the west plumb new depths. Lending banks are trying to reorient their personnel and capital to other regions — Africa and the Middle East are natural places to turn. But while they could be promising areas of growth in the future, banks should be wary of quick fixes.

    • 28 Aug 2014
  • CBs to price through swaps if QE comes

    European inflation, as well as expectations of inflation, is continuing to fall, and the European Central Bank is likely to announce a quantitative easing (QE) programme in December, economists told GlobalCapital on Thursday. With core eurozone yields set to tumble ever further, the allocation of real money demand to the currency bloc’s periphery will accelerate and pricing of core covered bonds could become established at sub-Euribor levels.

    • 28 Aug 2014
  • Africa is no quick fix for dearth of Russian loans

    The international Russian syndicated loan market is in dreadful shape, as relations between Russia and the West plumb new depths. Lending banks are trying to reorient their personnel and capital to other regions. Africa and the Middle East are natural places to turn. But while they could well be promising areas of growth for the future, banks should be wary of jumping for quick fixes.

    • 26 Aug 2014
  • Don't ignore Sing dollars once the summer lull is over

    While the rest of Asia’s markets have been taking their summer breaks, Singapore dollars have been revving up. Recent deals have shown that the market can offer a strong alternative, with bigger sizes and longer tenors than dim sum — and even the opportunity to price through the dollar curve.

    • 26 Aug 2014

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Sep 2014
1 JPMorgan 236,669.42 907 7.79%
1 JPMorgan 236,669.42 907 7.79%
2 Barclays 223,438.56 768 7.36%
2 Barclays 223,438.56 768 7.36%
3 Deutsche Bank 218,228.09 863 7.19%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Sep 2014
1 BNP Paribas 39,660.36 154 8.11%
2 Credit Agricole CIB 24,330.07 97 4.97%
3 HSBC 23,779.73 134 4.86%
4 RBS 23,478.35 90 4.80%
5 Barclays 22,822.43 93 4.66%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Sep 2014
1 JPMorgan 20,902.10 99 9.14%
2 Goldman Sachs 20,719.76 65 9.06%
3 Deutsche Bank 18,927.22 64 8.28%
4 UBS 17,441.89 69 7.63%
5 Bank of America Merrill Lynch 17,285.81 59 7.56%